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Timely Tech: Evergreen Solar, Silicon Laboratories


Companies to watch now.

  • S&P's timing on this product may prove to be canny on the long side.

  • Evergreen Solar (ESLR) announced new contracts totaling over $600 million. This is just a week or so after announcing a billion dollar deal (see my prior Buzz post). Backlog now stands at $1.7 billion. ESLR does need funding to complete production builds. However, in the last conference call it said it was favoring the debt markets, even given the tighter conditions. I believe the overhang on this stock is due to fears of potential dilutive equity offerings. Even so, I would say this stock is starting to remind me more and more of Energy Conversion Devices (ENER) and American Superconductor (AMSC) -- and AMSC issued equity which only served to be a great buying opportunity. Moreover, if ESLR does get financing through the debt markets and issues no equity, this should be yet another positive catalyst.

  • Silicon Laboratories (SLAB) is a semi I've written favorably about in the past with one of the best balance sheets on the planet (over $8.50 in net cash). It's spiking today on an upgrade from Friedman. This stock has held well of late so any good news could push it well higher.

  • Alvarion (ALVR) and Ceragon Networks (CRNT): There's lots of Wimax news out of late and I've added these two stocks to my buy list and have owned ALVR recently. Additionally, Acatel-Lucent (ALU) signing a billion dollar deal perked my ears up as it goes towards my China infrastructure thesis. See my related article.

  • Morgan Stanley (MS): The boys on Fast Money were talking bullish on MS last night and I concur. I've added to my long on this name for the first time since after the BSC lows into this morning's weakness. I think the stock can make a run to the $45 level even in a sluggish market. If RBS is proven incorrect on its crash call, then we well might see much higher levels than that.

  • While the rest of the world including RBS is leaning increasingly ursine, I'm with Prof. Tatro on his moderately more bullish views. I have not felt compelled to buy an I-bank for a longer term trade for some time, and the Citigroup (C) news notwithstanding I'm seeing a relative return to an operating environment we can understand. Leverage in the system has been greatly reduced, I don't buy the inflation story and in fact was early on expressing my concerns (on the 'Ville), about potential deflation late last summer.

  • MF Global (MF) global is trying to clarify the confusion from yesterday's announcement. As I suspected something looked weird with the AP release and the fact that very few news services gave comps yesterday on the initial release served to add fuel to the selling. Today the company has added more information and it seemed to slow down the selling as of mid-day, but recently the stock has resumed their downward pull.

    Here is what I've gathered. Year ago net revenues were $377 vs. MF's new guidance of $360-390mm. For the quarter just reported net revenues were $413mm. Based on the AP release yesterday I had questioned whether MF was experiencing a large decline in trading volumes and based on various releases today that does not look to be the case.

    Bottom line, while I have no idea whether this is yet another trading low for MF Global or not, (and I was a buyer the last time the stock cratered) -- the one thing that looks crystal clear is that the elimination of the uptick rule was absolutely terrible. This isn't my first mention of this and somehow I feel it won't be the last.
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Positions in ESLR, MS.

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