Renewable Energy Trade Option: Energy Conversion Devices Review
  • Stock Alert for Energy Conversion Devices Inc. (ENER)
  • Alternative Energy Trade Option: Pacific Ethanol Inc. (PEIX)
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    Alternative Energy Trade Option: Energy Conversion Devices Inc. (ENER) Review

    Alternative Energy Trade Option: Energy Conversion Devices Inc. (ENER) Review

    Shares of Auburn Hills, Michigan-based solar company Energy Conversion Devices Inc. (ECD) (NASDAQ: ENER), climbed as much as 105% Friday, extending gains spurred by an upbeat report on Germany’s solar market. ENER shares gained $0.36, or 63.4%, to close at $0.93, with over 18.8 million shares exchanged. Friday’s trading volume was nearly seven times the 10-day average.

    Solar stocks also traded higher last week as investors welcomed a report on stabilizing prices for polysilicon. Avian Securities’ Mark Bachman said the industry’s key raw material was selling for about $30 a kilogram on the spot market after bottoming at around $24. However, the analyst stated that solar cell and panel prices are still dropping and that more companies will need to go out of business this year to ease the industry’s massive oversupply.

    Further boosting shares, ECD on Friday announced it has made its previously deferred semi-annual interest payment on its 3% convertible senior notes due June 2013. The payment brings the company current with its obligations on the debt, the company said in a statement.

    ECD, a pioneer in materials science and renewable energy technology development, manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD also pioneers other alternative technologies – including being the inventor and developer of NiMH to licensees worldwide and a new type of nonvolatile digital memory technology that is significantly faster and less expensive, ideal for use in a variety of applications, including cell phones, digital cameras and personal computers.

    The company reported total consolidated revenue from continuing operations of $22.0 million for its first quarter of fiscal year 2012, which ended September 30, 2011.  The compares to $65.3 million reported in the first quarter of fiscal year 2011, and $70.5 million in the fourth quarter of fiscal year 2011.

    ECD has recently undergone a strategic corporate restructuring involving significant leadership changes, staffing and fixed cost reductions and a repositioning of its corporate strategy.

    ENER shares have gained 220.5% in the last five days and 173.4% in the last month.  Year-to-date, the stock is down 78.8%.

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