SunEdison (NYSE: SUNE)
Shares of SUNE stock has exhibited strong and sustained performance and I think it’s only fair to surmise that the bulls have had a field day as of late. As you all know, Monday, May 25 was Memorial Day and markets were closed. In Tuesday’s trading SUNE had a change in pace in that the shares closed lower at 30.29 after opening at 30.46. Is this reversal only a minor correction or is this the beginning of a long journey southward for SUNE? Is it profit taking time? Are the bears prevailing over the bulls?
SUNE Activist Attention
According to a GuruFocus.com article featured in Yahoo finance on Monday, February 23, the following notable investors David Einhorn, Steven Cohen, Ron Baron, Daniel Loeb, George Soros, Larry Robbins, Leon Cooperman, Chuck Royce, Louis Moore Bacon and John Hussmann have SunEdison in their portfolios.
My sincere assessment of the situation is as follows: If SUNE shares are good enough for the portfolios of knowledgeable activist investors such as David Einhorn; surely they must know a thing or two. Surely, the future must be bright for SUNE. What do you think?
The Business
On Tuesday, May 12, SunEdison announced an agreement with the County of Alameda, California to install 3 megawatts worth of solar systems. “We are honored that Alameda County has chosen to expand their partnership with SunEdison,” said SunEdison Managing Director of DG Western USA Sam Youneszadeh. “Adding a second phase to the successful R-REP is a testament to Alameda’s commitment to maximize solar power in Bay area communities and become a sustainable county.”
Can SUNE Continue?
“SunEdison has been a great partner to us” said Susan S. Muranishi, Alameda County Administrator. “The company’s ability to deliver reliable, low-cost energy solutions across a variety of challenging sites has been an important reason our R-REP project is flourishing – and a pivotal factor in allowing this partnership to bring clean renewable energy to dozens of sites in Alameda County and across the Bay Area.”
Benzinga Professional Leaderboard 728×90
On Thursday May 21, SunEdison got a boost after its announcement that it had been awarded contracts to build 33 megawatts of rooftop solar with Southern California Edison (SCE). “We are very pleased to be working with Southern California Edison to modernize and upgrade the utility grid,” said SunEdison Managing Director of Western USA Distributed Generation Sam Youneszadeh. “As this project demonstrates, solar systems can be sized and strategically located to provide maximum benefit to both the utility grid and California homeowners and businesses.”
SunEdison currently has about 7,300 employees, is an American solar supplier and manufacturer based in Missouri.
