In this report: JinkoSolar Holdings (NYSE:JKS), Cray Inc. (NASDAQ:CRAY) and Amylin Pharmaceuticals (NASDAQ:AMLN).
JinkoSolar Holdings (NYSE:JKS) dropped more than 13 percent on Monday after the company cut its shipment and revenue forecast for the third quarter and full year. The company said that continued weak demand as well as lower selling prices have forced the company to change its guidance for the fiscal periods going forward. The company said that it now expects to see shipments of solar modules of 210 to 220 megawatts during the third quarter, dropped from its previous expectations of 230 to 250 megawatts. Revenue during the period is expected to be between $270 million and $280 million, lowered from its previous forecast of $310 million to $330 million. Analysts expect revenue for $289 million during the three months ending on September 30th.
For the full year JinkoSolar expects solar module shipments of between 870 to 900 megawatts, down from its previously expected 950 to 1000 megawatts. Revenue for the full year its now anticipated to be between $1.1 billion and $1.2 billion, dropped from $1.4 billion to $1.5 billion. Analysts on average have predicted revenue to reach $1.29 billion.
Cray Inc. (NASDAQ:CRAY) rallied by over 8.6 percent today after the company was awarded a $188 million contract from the University of Illinois. The company will take over construction of the $300 million Blue Waters supercomputer project which IBM pulled out of three months earlier.
Amylin Pharmaceuticals (NASDAQ:AMLN) jumped over 4.8 percent today after it was upgraded by analysts at Robert W. Baird to an ‘Outperform’ rating from ‘Neutral’. The firm also increased its price target on Amylin to $15 a share from $13 and cited that the move was a contrarian, near-tern idea due to its removal of a conflicting partner in the form of Eli Lilly.
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