Energy
LDK Solar Raising Cash, but Shares Drop
Stock quotes in this article:LDK
Titus Menzies, an analyst with Libertas Partners in London, said it is not surprising that the news of the spin off of the polysilicon business was dominated by other concerns.
"This is a step in the right direction, as from our cash-burn analysis we think LDK needs to put aside $20 million per quarter for interest payments. This deal will cover the next 6 to 8 months of interest payments, but the Q-Cells reduction could take down earnings for two to three quarters," Menzies said. Menzies thought the market might be overreacting, but that's solar. "I am surprised that the stock is down this much. I would have thought 2% to 3% would be a fair correction, but you do get knee jerk reactions in solar," Menzies said. -- Reported by Eric Rosenbaum in New York.RELATED STORIES:
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
Oil *
107.05
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DOWN
74.92 |
DOWN
2.86 |
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1.85 |
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0.14 |
10 Yr
1.74%
SPDR Gold
152.68
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-0.60%
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-0.22%
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-0.07%
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-0.80%
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