Today’s Trade Alerts include: Evergreen Solar Inc. (Nasdaq: ESLR), Waste Management Inc. (NYSE: WMI), Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW), Capstone Turbine Corp. (Nasdaq: CPST), Clean Energy Fuels Corp. (Nasdaq: CLNE) and Advanced Battery Technologies Inc. (Nasdaq: ABAT).
Evergreen Solar Inc. (ESLR) Trade Alert – ESLR Receives High Ratings for its ES-Series String Ribbon Solar Panels, Reports Sharp Rise in Revenue but Wider Loss in Q4
Evergreen Solar Inc. (ESLR) shares gained 5.79% to $1.28 this morning. Evergreen engages in the development, manufacture and marketing of solar power products primarily in the United States and Europe.
The company recently announced its solar panels have received high ratings in two key industry performance tests. Evergreen’s ES-Series String Ribbon solar panel was the top-rated panel after completing six months of a year-long test being conducted by TÜV Rheinland Group, a leading independent test institute in Germany. The test found that the Evergreen product delivered greater kilowatt hours (kWh) of electricity from April through September 2008, the best of 14 major panel brands tested.
In a similar test completed by PHOTON, Evergreen’s ES-Series String Ribbon solar panels received high ratings as well, delivering 1038 kilowatt hours (kWh) of electricity for the entire year. The panels are guaranteed initially to deliver at least 100% of the nameplate power rating, which ensures greater warranted power for the life of the system, unlike many competitors who only guarantee initially 95% to 97% of the nameplate power rating.
On increased production of its solar panels, Evergreen recently posted a sharp rise in fourth-quarter revenue. However, related costs resulted in a widened loss for the business. It reported a net loss of $52.1 million, or 32 cents per share, on revenue of $44.2 million. Its fourth-quarter revenue nearly doubled over 2007’s $22.2 million, but the loss proved a major setback compared to the prior year’s $788,000 net profit.
As a part of its closure of a pilot manufacturing facility in Marlborough and the launch of a new, larger facility in Devens at the end of 2008, the company said inefficiencies and added costs squeezed gross margins and ballooned operating expenses. Evergreen took a $23.1 million restructuring charge on the closure of the Marlborough plant, and booked $8 million in equipment costs and $9.6 million in facility startup costs.
For the full year, its revenue grew 60% to $112 million, but Evergreen’s net loss widened to $84.9 million, or 65 cents a share, from $16.6 million, or 19 cents per share, last year.
Evergreen utilizes its proprietary ‘String Ribbon’ technology process to produce multi-crystalline silicon wafers by growing thin strips of multi-crystalline silicon that are then cut into wafers. These wafers are the primary components of photovoltaic cells that are used to produce solar panels.
The company principally offers solar wafer, a flat piece of crystalline silicon that can be processed and assembled into a solar cell; solar cell, a device made from a silicon wafer that converts sunlight into electricity; and solar panel, an assembly of solar cells that are electrically interconnected and laminated for electric power generation, such as on-grid and off-grid generation.
Evergreen sells its products through distributors, systems integrators, project developers and value-added resellers. It has a strategic partnership agreement with Q-Cells AG.
In today’s daily chart, ESLR’s MACD reflects a weak bullish signal, with the indicator trending above the 9-day moving average signal line but still below the 0 level, indicating bearish moving averages. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. With share prices currently above the stock’s 13-day moving average, a bullish trend is generally indicated.
Waste Management Inc. (WMI) Trade Alert – WMI Declares Quarterly Cash Dividend of 29 Cents per Share, Expects Greater Cash Flow in 2009
Waste Management Inc. (WMI) shares slipped .70% to $24.23 in today’s early trading. Waste Management provides integrated waste management services in North America. It serves commercial, industrial, municipal and residential customers, as well as other waste management companies, electric utilities and governmental entities.
The company recently declared a quarterly cash dividend of 29 cents per share payable March 20, 2009, to stockholders of record March 9, 2009.
CEO David P. Steiner commented, “Our board of directors and the executive management continue to have great confidence in the ability of this company to produce strong and consistent cash flows. This dividend payment is a 7.4% increase to the quarterly dividends paid in 2008 and reflects a yield of over 4% based on today’s closing stock price.”
Waste Management is the nation’s largest garbage company and now operates as almost a duopoly after Republic Services has acquired Allied Waste. These two companies now control over 40% of the country’s waste business, having the ability to influence prices.
News said Waste Management throws off significant amounts of cash and has been buying stock and increasing the dividend. The current dividend rate equates to a yield of 4.9% and a 49% payout ratio. It said cash flow for 2008 was $2.5 billion with about $1.2 billion spent on capital expenditures. The company expects cash flow to grow in 2009 and intends to lessen capex to only $500M after aggressive upgrade of vehicles and equipment in prior years. This will leave around $2 billion of discretionary money.
Waste Management offers collection, transfer, recycling, disposal and waste-to-energy services. Its recycling operations include collection and materials processing, plastics and rubber materials recycling, electronics recycling services and commodities recycling.
The company also provides additional waste management services, such as in-plant services, methane gas recovery, and third-party sub-contracted and administrative services. In addition, it rents and services portable restroom facilities to municipalities and commercial customers, as well as provides street and parking lot sweeping services.
Further, the company offers portable self-storage, fluorescent lamp recycling services, and healthcare solutions services, as well as provides services on behalf of third parties for construct waste facilities.
In today’s daily chart, WMI’s Bollinger Bands indicate greater than normal volatility as reflected by an increase in distance between the upper and lower bands. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. MACD reflects a strong bearish signal, with the indicator below the 9-day moving average signal line, and also below the critical 0 level, indicating that moving averages are trending lower. With share prices currently below the stock’s 13-day moving average, the bearish signal is more pronounced with decreasing moving averages.
Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) Trade Alert – QTWW Posts 17% Q3 Revenue Decrease, Affiliate Unveils Karma and Karma S Luxury Plug-in Hybrid Cars
Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) shares plummeted 12% to 66 cents this morning. Quantum Fuel, an integrated alternative energy company, engages in the development and production of propulsion systems, energy storage technologies, and alternative fuel vehicles.
The company recently reported results for the three-month period ended January 31, 2009. Quantum Fuel said its total revenue in the third quarter of fiscal 2009 was $5.9 million compared to $7.1 million in the third quarter of fiscal 2008, a net decrease of 17%. Quantum Fuel said the decrease in consolidated net revenue is primarily related to a decline in product shipments and engineering services provided to General Motors in fiscal 2009 compared to fiscal 2008.
Quantum Fuel’s net loss from continuing operations increased from $3.8 million, or 5 cents per share, in the third quarter of fiscal 2008 to $13.6 million, or 14 cents per share, in the third quarter of fiscal 2009. Its net loss increased from $1.4 million, or 2 cents per share, in the third quarter of fiscal 2008 to $13.6 million, or 14 cents per share, in the third quarter of fiscal 2009.
Quantum Fuel’s affiliate, Fisker Automotive, the new American manufacturer of premium green automobiles, recently unveiled its Karma and Karma S luxury plug-in hybrid cars for the first time on European soil at the Geneva Motor Show March 3, 2009. The 408 horsepower, 100 mpg Karma sedan incorporating the Quantum Q-Drive will appear in the production trim that customers will receive when deliveries begin at the end of this year. The Karma S hardtop convertible coupe concept is scheduled for production in 2011.
The company’s portfolio of technologies include electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in electric hybrid, fuel cell and alternative fuel vehicles.
Quantum Fuel also provides powertrain engineering; system integration; manufacturing and assembly of packaged fuel systems; and battery control systems for vehicles and other applications, including fuel cells, hybrids, plug-in electric hybrid, alternative fuels, and hydrogen refueling. In addition, Quantum Fuel Systems Technologies designs, engineers, and manufactures hybrid and fuel cell vehicles.
Its powertrain engineering, system integration, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular and transportable hydrogen refueling stations.
The company’s customer base includes automotive original equipment manufacturers, military and governmental agencies, aerospace and other strategic alliance partners.
Quantum Fuel operates in the United States, Germany, Japan, Iceland, Hungary and internationally. Quantum has strategic alliance with General Motors, Fisker Automotive, Asola and Advanced Lithium Power Inc.
In today’s daily chart, QTWW’s MACD reflects a weak bullish signal, with the indicator trending above the 9-day moving average signal line but still below the 0 level, indicating bearish moving averages. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. With share prices currently above the stock’s 13-day moving average, a bullish trend is generally indicated.
Capstone Turbine Corp. (CPST) Trade Alert – CPST Reports 25% Q3 Revenue Increase, Wider Net Loss of $10 Million
Capstone Turbine Corp. (CPST) shares rose 3.51% to 59 cents in this morning’s trading session. Capstone Turbine engages in developing, manufacturing, marketing and servicing microturbine technology solutions.
The company recently announced third-quarter revenue of $11.5 million up 25% from the same period last year. Its backlog increased to a record $57.0 million, an increase of approximately $6.6 million, or 13%, from the prior quarter and an increase of approximately $43.9 million, or 335%, from the same period last year.
Darren Jamison, Capstone’s president and CEO, said, “This quarter we continued our increased production rates and achieved $11.5 million in revenue and over $2.8 million in finished goods in inventory. In addition we had another strong bookings quarter with over $14 million in new orders, despite the overall global market conditions. I am also proud of our achievements in the successful launch of the C1000 product line as this new key product represents 29 megawatts, or 44% of our backlog in megawatts.”
Capstone Turbine’s gross loss for the third quarter was $0.6 million, or 5% of revenue, compared to $40,000, or less than 1% of revenue, for the same period last year. The increase in the gross loss and gross loss percentage reflects lower margin product mix, primarily attributable to the product launch of the C200 and C1000 systems along with an increase in manufacturing expenses, offset by a decrease in warranty expense and higher absorption of overhead costs into ending inventory.
The company’s net loss was $10.0 million, or 6 cents per share, for the third quarter, an increase of $2.3 million from the $7.7 million loss, or 5 cents per share, reported for the same period last year.
Capstone Turbine’s microturbine technology solutions are used in stationary distributed power generation applications, including cogeneration, resource recovery and secure power. The microturbines are also used as generators for hybrid electric vehicle applications.
It sells microturbine units, subassemblies, components and various accessories, including rotary gas compressors with digital controls; heat recovery modules for CHP applications; dual mode controllers that allow automatic transition between grid connect and stand-alone modes; batteries with digital controls for stand-alone or dual-mode operations; power servers for multipacked installations; protocol converters for Internet access; packaging options; and miscellaneous parts, such as frames, exhaust ducting and installation hardware.
The company also remanufactures microturbine engines, as well as provides after-market parts and services. It sells its products to commercial, industrial, and utility users through distributors and original equipment manufacturers, as well as to distributors, authorized service companies, and end users in North America, Asia, the Pacific Rim and European market, including Russia.
In today’s daily chart, CPST’s MACD reflects a weak bullish signal, with the indicator trending above the 9-day moving average signal line but still below the 0 level, indicating bearish moving averages. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. With share prices currently above the stock’s 13-day moving average, a bullish trend is generally indicated.
Clean Energy Fuels Corp. (CLNE) Trade Alert – CLNE Posts 10% Full-year 2008 Revenue Increase, Strongly Supports AT&T’s Commitment to Natural Gas Vehicles
Clean Energy Fuels Corp. (CLNE) shares slipped 1.16% to $5.10 in today’s early trading. Clean Energy provides natural gas as an alternative fuel for vehicle fleets in the United States and Canada.
The company recently announced revenue for the quarter ended December 31, 2008, was $29.6 million, compared with $29.7 million in the same period in 2007. For the year ended December 31, 2008, its revenue increased 10% to $129.5 million, up from $117.7 million in 2007. Clean Energy’s net loss for the fourth quarter of 2008 was $22.4 million, or 47 cents per share, compared with a net loss of $2.9 million, or 7 cents per share, in the fourth quarter of 2007. Its net loss for 2008 was $40.9 million, or 90 cents per share, compared with a net loss of $8.9 million, or 22 cents per share last year.
Clean Energy also said it strongly supports AT&T in its major commitment to natural gas vehicles in its fleet nationwide. Recently, AT&T chairman and CEO, Randall Stephenson, announced the company’s plan to invest up to $565 million as part of a long-term strategy to deploy more than 15,000 alternative-fuel vehicles over the next 10 years. AT&T expects to spend an estimated $350 million of that amount over five years to purchase about 8,000 natural gas (CNG) vehicles. At present, this represents the largest corporate commitment to CNG vehicles.
Addressing the commitment, Clean Energy president and CEO, Andrew J. Littlefair, said, “This action by AT&T is a giant step forward by American business to address the new energy needs of our nation, particularly for deploying natural gas vehicles to help reduce imports of foreign oil and clean our environment. Many countries in Europe, South America and Asia already have moved aggressively to the use of natural gas vehicles, and the United States is beginning to respond as evident by the new AT&T announcement. Clean Energy stands ready to support this and other fleet commitments to natural gas fuel with advanced fueling infrastructure and services around the country.”
Clean Energy designs, builds, finances and operates fueling stations and supplies compressed natural gas and liquefied natural gas.
The company serves approximately 275 fleet customers operating 14,000 natural gas vehicles in public transit, refuse hauling, airports, taxis, seaports and regional trucking markets.
As of December 31, 2007, Clean Energy owned and operated 170 natural gas fueling stations in Arizona, California, Colorado, Maryland, Massachusetts, Nevada, New Mexico, New York, Texas, Washington, Georgia, Wyoming and Canada.
In today’s daily chart, CLNE’s MACD reflects a strong bearish signal, with the indicator below the 9-day moving average signal line, and also below the critical 0 level, indicating that moving averages are trending lower. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. With share prices currently below the stock’s 13-day moving average, the bearish signal is more pronounced with decreasing moving averages.
Advanced Battery Technologies Inc. (ABAT) Trade Alert – ABAT Announces CFO Resignation, Introduces Three Hybrid Motorcycles Developed with Wuxi Angell Autocycle Co.
Advanced Battery Technologies Inc. (ABAT) shares opened at $1.69 this morning, maintaining the trade throughout the morning. Advanced Battery, through its subsidiary, Heilongjiang ZhongQiang Power-Tech Co. Ltd., designs, manufactures and markets rechargeable polymer lithium-ion (PLI) batteries in the People’s Republic of China, Taiwan, Japan, the United States and Europe.
The company recently announced that Taylor Zhang, the company’s CFO, is leaving the company for personal reasons. However, Zhang will continue to serve as a consultant on a part-time basis.
Guohua Wan, general manager of ZQ Power-Tech, the company’s principal operating subsidiary, will assume the position of CFO of the company, effective immediately. Wan has been general manager of ZQ Power-Tech since 2003 and also served as chief financial officer of Advanced Battery from 2005 to 2007.
Advanced Battery also announced that three hybrid motorcycles jointly developed by the company and Wuxi Angell Autocycle Co. Ltd, recently debuted at the Dealer Expo 2009 in Indianapolis, Indiana. All three models are equipped with a lithium-ion battery pack (48V rated voltage and 15 amp hour rated capacity) developed by the company.
The computerized control puts the motorcycle on pure-electric drive at low speed, and switches to the gasoline engine at high speed while recharging the batteries. The new design greatly increases total driving distance and optimizes the use of electric power to achieve 35% pollution reduction and a 20% increase in fuel efficiency, compared to comparable gasoline motorcycle engines.
Advance Battery’s products include rechargeable PLI batteries for use in consumer products, such as portable computers, personal digital assistants and cellular telephones.
In today’s daily chart, ABAT’s MACD reflects a strong bearish signal, with the indicator below the 9-day moving average signal line, and also below the critical 0 level, indicating that moving averages are trending lower. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. With share prices currently below the stock’s 13-day moving average, the bearish signal is more pronounced with decreasing moving averages.
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