The same stock that scorched David Einhorn is burning Leon Cooperman

Solar and wind energy company SunEdison is brutalizing two big names on Wall Street, Greenlight Capital’s David Einhorn, and Omega Advisers’ Leon Cooperman.

Einhorn said on a call earlier this week that his fund lost 5.9% in July, the portfolio’s worst monthly performance since October 2008.

“The losses were broad-based, but the biggest loss is coming from SunEdison”, he said.

Cooperman’s Omega Advisors, which is the 11th biggest shareholder of SunEdison with 8.8 million shares, is also feeling the pain.

The stock started to collapse on July 20th and has fallen 45% since, giving up all the gains it made in the second quarter.

Here’s what the collapse looks like in chart form.

It’s not pretty:

Cooperman jumped on the company’s earnings conference call on Thursday to ask executives exactly what they planned to do about the plunging stock price.

“I must admit to having a certain amount of lack of knowledge of your business, but I have a partner that’s done a terrific job in staying on top of you,” Cooperman said.

“My question really is more philosophical. Is there a massive change in the absolute relative prices of a number of your entities you’re involved with? Does this create an opportunity for you creating additional value for shareholders by capitalising on the short-term pessimism in midterm market or is that financial resource pretty much earmarked for reinvestment in the business?”

In English, Cooperman was basically asking CEO Ahmad Chatila and CFO Brian A. Wuebbels if the company would buy back more stock to increase its share price, or if any cash they had lying around would be reinvested into the business.

“Lee, I think you said it well,”Wuebbels began carefully. “I mean — for us these movements of dislocation provide opportunities. I think for us, though, the most important thing at this moment is execution.”

In English, that means no.

Omega and Greenlight will have to wait this one out.

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