(Akeena Solar article updated for market close price and volume.)
LOS GASTOS, Calif. (
) -- Thursday's biggest gainer in the solar sector was Friday flare out.
which on Thursday soared more than 56% on news that it would be the first solar company to offer do-it-yourself solar panels through
stores, was down 10.3% by the close of the market on Friday.
The pace of the losses slowed by mid-day, with Akeena shares moving between a drop of 7% and 10% -- as opposed to an early morning drop of 15% -- but the level of trading volume was still way up, with 3 million shares in play by mid-day Friday, well above Akeena's normal volume.
The reversal in trading from yesterday, when Akeena was top dog in Nasdaq trading, is not a big surprise given the level of the Lowe's spike, and the big questions that still remain unanswered about Akeena's ability to execute.
Simply having the panels available in Lowe's stores is not the same as convincing consumers that they are easy to install and that they should go ahead and buy them. What's more, high energy prices in California and the northeast are the only U.S. areas that compel a high number of consumers to go solar. Indeed, the deal with Lowe's is only for 21 stores in California.
Akeena was not the only solar star to burn out on Friday.
, which had gained more than 3% on Thursday after comments made by one of its executive at a conference about moving production to China, was flat to close out the week.
Energy Conversion Devices
, which had spiked yesterday on rumors that it might be an acquisition target of
, was also down, with a decline of a shade under 3%, and elevated trading of close to 3.6 million shares versus an average of 2.2 million shares traded.
-- Reported by Eric Rosenbaum in New York.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.