What the heck Rubicon Tech, First Solar, and Wynn Resorts?
In this report: Rubicon Technology (NASDAQ: RBCN), First Solar (NASDAQ: FSLR), and Wynn Resorts (NASDAQ: WYNN).
Rubicon Technology (NASDAQ: RBCN) is trading over 8 percent lower today after a Piper Jaffray analyst downgraded the stock on concerns about falling prices for LED accessories and its products. Ahmar Zaman stated that the LED industry has significant MOCVD. added [metalorganic chemical vapour deposition – equipment used to make LEDs] Capacity in the past 2 years, some to meet actual demand, but much of the additional capacity expansion has been funded by subsidies in China. Chinese subsidies have sparked a flood of MOCVD reactors. We assume that the industry will go through a digestive phase in the next 4 quarters, which will lead to declining orders. Sapphire prices are suffering from low industry utilization with no current demand for LED backlighting for television and is unlikely to recover once significant capacity is added in 2012 and beyond with the help of distributors from equipment suppliers. ”He continued to lower its rating for the company from “neutral” to “underweight” and to set a new price target for the company of $ 7 per share from $ 15 per share.
First Solar (NASDAQ: FSLR) fell to a fresh 52-week low after analysts lowered their estimates for 22 companies in the clean tech sector. Commenting on the cuts, an analyst said of the cuts, “Solar is the biggest culprit: price and margin assumptions are falling drastically as the global photovoltaic limbo has deteriorated well beyond our expectations from the beginning of the year.” First Solar is currently trading at 55.94 Trading at $ 55.55 per share.
Wynn Resorts (NASDAQ: WYNN) is trading 1.2 percent lower today at $ 138.01 per share. A report released by the Nevada Gaming Control Board showed that Nevada casinos closed $ 887 million in August. For the fiscal year beginning in July, Nevada state’s gaming revenue fell 1.5 percent to $ 1.75 billion.