Energy Conversion Devices (ENER) stock is down 25% today after bad news from the company in its earnings report last night after the bell. The shares are currently sitting at $13.52, down from a close of $18.43 yesterday.
Via Reuters, here’s what brought on the tumble:
The company also withdrew its forecast for 2009 and said it would consolidate some production and cut about 70 jobs.
…The company in February had forecast revenue of $95 million to $110 million for the quarter. Now, revenue is expected to be about flat with the $70 million it brought in during the same period last year.
Analysts, on average, had been expecting revenue of $101.3 million for the quarter ending this month, according to Reuters Estimates. The company’s full-year forecast had been $395 million to $440 million.
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