Solar Losers: Akeena Solar
Those days probably seem like a distant memory after Thursday's disappointing earnings from Akeena Solar.
On Dec. 10, 2009, Akeena shares soared by 68% intra-day after the solar company announced a deal with Lowe's (LOW) to have the home giant stock its shelves with the first do-it-yourself solar kit for U.S. consumers.
On Thursday, the do-it-yourself solar kit potential was not evident, but Akeena investors were doing it themselves in terms of selling shares of Akeena. Lowe's optimism was replaced by a low for Akeena.This earnings season has so far been very unkind to U.S. solar companies, with some big disappointments and share selloffs from Evergreen Solar (ESLR)and Energy Conversion Devices (ENER). Shares of Akeena Solar were down more than 6% and the thinly traded solar stock had already hit its average daily volume of shares traded by 11 A.M. Thursday, after an earnings shortfall. At the time of the Lowe's deal, an analyst who covers Akeena -- and there are only a handful -- said investors should be cautious and that the potential from the Lowe's deal did not offset the short-term financial constraints faced by Akeena, and it would be likely be a long-time until the Lowe's deal was reflected in sales figures.
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