Investors Focused Stocks: SunEdison, (NYSE:SUNE), Capnia, (NASDAQ:CAPN), Progressive, (NYSE:PGR)


On Thursday, Shares of SunEdison, Inc. (NYSE:SUNE), lost -12% to $2.86.

SUNE yieldco TerraForm Power (TERP) closed Thursday at the relatively healthy-looking $8.34, but that represented a 17% one-day drop. Its other yieldco, TerraForm Global (GLBL), closed at $4.86, an 11% decline.

UBS dropped its price target to $3 a share from $6 on Wednesday. Analyst Julien Dumoulin-Smith explained:

We value SUNE on a SOTP [sum of the parts] basis using a combination of EV/EBITDA and DCF [distributable cash flow] approaches plus the market value of LP ownership stakes in TERP and GLBL. We no longer assign any credit for GP incentive distribution rights (~$2/sh formerly) and we now subtract the value of -$169M of expensive (9.25%) term loans taken out in August as revealed in the most recent 10Q (another $0.50). We’ve reduced Vivint Solar (VSLR)’s cash balance from ~$150mn to $82mn per the earnings update. It remains unclear the new sale price for the VSLR assets to TERP via SUNE (who is responsible for pricing this sale, presumably driving further downside if unable to receive relief on VSLR terms).

SUNE shares have been sliding this month following third quarter results that raised questions about its liquidity and ability to afford all its recent acquisitions. Reports that hedge funds were unloading their holdings in the third quarter and that administration was not providing answers to analysts questions have made matters worse.

SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials. The Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, operations, and maintenance portions of the downstream solar market. It also manufactures polysilicon, silicon wafers, and solar modules.

Shares of Capnia, Inc. (NASDAQ:CAPN), inclined 6.74% to $1.90, during its last trading session.

Capnia, declared financial results for the third quarter ended September 30, 2015.

The third quarter was highlighted by our acquisition of revenue-generating, neonatal pulmonary resuscitation solutions from NeoForce, said Anish Bhatnagar, M.D., Chief Executive Officer of Capnia. This transaction enabled us to improvement our presence in neonatology by expanding our neonatal product line and also broadens the expertise of our sales organization, both of which should assist drive sales of our CoSense(R) ETCO monitor.

Since our last quarterly update, we accomplished two financings that provide access up to $20 million of capital to fund the Companys ongoing development and commercialization activities, said David OToole, Chief Financial Officer of Capnia. With our strengthened balance sheet, we are well-positioned to achieve key milestones in the coming months and quarters.

Capnia, Inc. develops diagnostics and therapeutics based on its proprietary technology for precision metering of gas flow primarily in the United States. The company offers CoSense for the diagnosis of excessive hemolysis in neonates, a condition that causes long-term developmental disability due to the degradation of red blood cells.

Finally, Shares of Progressive Corp. (NYSE:PGR), ended its last trade flat, and closed at $31.40.

The Progressive Corporation, operating earnings for Oct 2015 came in at 16 cents per share, down 8% from 17 cents earned in the year-ago month. Though revenues raised, higher expenses offset the upside.

Progressive recorded $1.9 billion net premiums written, up 11% from $1.7 billion in the year-ago month. Net premiums earned of $1.9 billion were up 12% from $1.8 billion in the year-ago month.

Combined ratio deteriorated 120 basis points from the prior-year month to 94%.

In the month of October, policies in force were healthy, with the Personal Auto segment increasing 4% year over year to 9.6 million. Special Lines raised 2% year over year to 4.1 million.

In Progressives Personal Auto segment, Direct Auto improved 9% year over year to 4.9 million policies. However, Agency Auto remained flat with the year-ago level at 4.7 million. Progressive’s Commercial Auto segment showed 7% improvement to 0.5 million policies on a year-over-year basis. Property business had about 1.1 million policies in force in the stated month.

The Progressive Corporation, an insurance holding company, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States. The company’s property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. 

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About Travis Garlick 1803 Articles
Been writing about and trading stocks since 2013. Manage a group of micro-cap investors on Facebook with over 15,000 members. Turned $8,500 into 185k the first year I started trading stocks and haven't looked back.