Those who were betting SunPower was going to report a poor quarter are now racing for the exits, buying back shares, and sending the stock higher. The stock, SPWRA, is now up over 25% due in large part to a classic short squeeze. As of last month, 3.87M were short the stock, roughly 10% of the float. If you were long the stock this morning you woke up eyes wide with joy.
SunPower SPWR +25.94% reported fourth-quarter results that came in better than management’s expectations: a profit of 16 cents a share on an adjusted basis, even with the prior quarter and down from a comparable $1.36 a share in the final three months of 2010. The San Jose Calif.-based company posted a net loss of $83.1 million, or 84 cents a share, on revenue of $563.4 million for the latest quarter. And for the first quarter, SunPower said it expects a loss of 5 cents to 20 cents a share on an adjusted basis, along with a net loss of 45 cents to 60 cents a share as well as net revenue of $420 million to $495 million. SunPower also said it ended 2011 with more than $683 million in available cash and liquidity. (MarketWatch)