Solar stocks down on dim results

NEW YORK (Reuters) – Shares in solar power companies fell on Thursday, led by a 14-percent drop in LDK Solar Co Ltd, which posted a wider-than-expected quarterly loss.

The slump came as Barclays Capital downgraded the U.S. solar energy sector to “neutral” from “positive,” as it sees slower-than-expected demand growth and recommended investors wait for better entry points.

And in Germany, Q-Cells AG, one of the world’s largest makers of solar cells, said it would slash its workforce by about a fifth as a result of a price slump in the industry that caused a first-half loss before interest and tax.

Reuters