Shares of SolarCity Corp. (NASDAQ: SCTY) rallied about 14% by afternoon trade. The stock has been gaining since last week after the company announced that it entered in a financing deal with Goldman Sachs. According to the deal, Goldman Sachs will fund in excess of $500 million on solar projects managed by San Mateo, Calif. based Company.
Shares of First Solar Inc. (NASDAQ: FSLR) climbed about 8.75% by afternoon trade after the Company’s Global Communications Director, Steve Krum said that construction has restarted on First Solar’s 230 megawatt solar power plant located in Antelope valley, according to Green Tech Media. Krum said that issues related to dust management in the Antelope Valley Solar Ranch One (AVSR1) have been sorted out.
The solar power plant has been through several glitches in the recent past. First a bush fire during the initial stage of the operation and later fears about safety standards of Company’s PV panels slowed down the project’s momentum.
In April, the Company had to slow down the pace of the construction which was in its final stage, in response to a notice from Antelope Valley Air Quality Management District (AVAQMD) and the County of Los Angeles; however, it continued produce electricity from its already completed 150 megawatt phase.
Shares of Foster Wheeler AG (NASDAQ: FWLT) climbed about 10% by afternoon trade. The Zug, Switzerland based Company, which supplies engineering, construction and project management solutions, announced on Monday that it has appointed Dave Lawson as its President and Global Leader of Metals & Mining effective today. In his new role, Mr. Lawson will oversee the execution strategy of the Foster Wheeler so that the Company is able to gain traction on metals and mining market. Mr. Lawson, who has more than 30 years of experience in the engineering and construction sector, served as a President of Mineral and Metals for Ausenco Ltd (a diversified project management and engineering firm in Australia), before joining Foster Wheeler.
Shares of Raven Industries Inc. (NASDAQ: RAVN) slumped about 8% by afternoon trade after the Company said that net income fell 26% in the fiscal first quarter. Adjusted earnings and revenue were also lower-than-expected for the fiscal first quarter. For the quarter, the Company reported earnings of 38 cents a share while Wall Street’s consensus estimate was for 44 cents a share. Revenue for the quarter came at $103.70 million compared to analysts’ consensus expectation for $112.64 million.
The Company attributed “modest softness” in its applied technology business which resulted in 5% drop in sales to $51.2 million. The Company also cited weak demand from U.S. agency customers, resulting in 15% steep fall in sales at its Aerostar business to $21.7 million.
Shares of Warner Chilcoot Plc (NASDAQ: WCRX) gained about 3.30% by afternoon trade after U.S generic drug maker, Actavis Inc. (NYSE: ACT) announced that it has agreed to acquire the Irish Company in all stock swap deal, valued at about $5 billion. The deal is likely to close by the year-end. The newly created Company will be referred to as Actavis Plc and remain listed at the NYSE with a ticker ACT.
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