NEW YORK (TheStreet) -- Shares of SunPower Corp (SPWR) continue to slip, down 4.1% to $27.95 in afternoon trading Thursday on heavy volume, following the the second largest U.S. solar panel maker's lowered full year earnings forecast on fears that lower oil prices will hurt demand, according to Trefis Research.
Despite a small drop in October production reported by OPEC, brent crude hit a four year low yesterday of $80.93 per barrel amid global growth concerns and strong supply, added Trefis analysts.
The company said it now expects to earn between $1.10 and $1.50 per share for the full year, falling below the adjusted profit of $1.69 per share analysts are expecting.
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SunPower also said that it expects 2015 revenue between $2.4 billion and $2.6 billion, lower than analysts' forecast of $2.8 billion for the full year.
About 6.58 million shares of SunPower traded hands by 2:37 p.m., compared to its normal trading volume of about 2.5 million shares a day.
Separately, TheStreet Ratings team rates SUNPOWER CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNPOWER CORP (SPWR) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and poor profit margins."