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FCEL

FuelCell

$2.25

0.05 (2.27%)

07:17
12/01/16
12/01
07:17
12/01/16
07:17

FuelCell announces restructuring, 96 positions impacted

FuelCell Energy announced a business restructuring to reduce costs and align production levels with current levels of demand in a manner that is consistent with the company's long-term strategic plan. The company is reducing materials spend as well as implementing various cost control initiatives. The workforce was reduced at both the North American production facility in Torrington, Connecticut, as well as at corporate offices in Danbury and remote locations. A total of 96 positions, or approximately 17% of the global workforce, was impacted. In conjunction with the personnel reduction, the company is implementing other measures to reduce operating costs by at least $6M on an annualized basis. The production rate has been reduced to 25 megawatts annually, from the prior rate of 50 megawatts annually, in order to position for delays in anticipated order flow. A personnel-related restructuring charge of approximately $3.0M will be incurred in fiscal 2017, with approximately one half of the charge composed of cash severance costs and the remainder representing non-cash charges. This production level is anticipated to be temporary and will be reevaluated as order flow dictates, with any future increases being undertaken from what is now a lower cost basis.

  • 13

    Dec

FCEL FuelCell
$2.25

0.05 (2.27%)

11/30/16
FBRC
11/30/16
NO CHANGE
Target $3
FBRC
Market Perform
FuelCell price target lowered to $3 after Connecticut shutout at FBR Capital
FBR Capital analyst Carter Driscoll cut his price target on FuelCell to $3 from $5.50 after the Connecticut Department of Energy and Environmental Protection privately announced the winners of its clean energy RFP, selecting 25 projects but excluding any fuel cells projects. FuelCell had bid multiple projects of various sizes into the RFP, noted Driscoll, who keeps a Market Perform rating on the shares.
10/26/16
FBRC
10/26/16
DOWNGRADE
Target $5.5
FBRC
Market Perform
FuelCell downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Carter Driscoll downgraded FuelCell to Market Perform and lowered his price target for the shares to $5.50 from $9 citing the loss of the Beacon Falls project.
10/25/16
ROTH
10/25/16
DOWNGRADE
Target $4
ROTH
Neutral
FuelCell downgraded to Neutral from Buy at Roth Capital
Roth Capital analyst Craig Irwin downgraded FuelCell Energy to Neutral after the company announced that the New England Clean Energy RFP did not select its Beacon Falls project for funding. The news is a "material negative" as the project likely had one of the most attractive cost structures in FuelCell's entire $2B pipeline, Irwin tells investors in a research note. He cut his price target for the shares to $4 from $7.50. FuelCell is down 39%, or $2.05, to $3.15 in pre-market trading.
10/11/16
FBRC
10/11/16
NO CHANGE
Target $9
FBRC
Outperform
FuelCell added to Alpha Generator list at FBR Capital
FBR Capital analyst Carter Driscol added FuelCell (FCEL) as his firm's Alpha Generator pick saying he sees "multiple positive catalysts" over the next couple of months. The company replaces SolarEdge Technologies (SEDG). Before the end of 2016, Driscol expects FuelCell to win the 63.3 MW Beacon Falls project. The analyst sees a second catalyst when the company announces the carbon capture site selection with the Department of Energy. He believes a third catalyst could come as soon as January 2017 when PSE&G announces the awards of its Long Island-based 40 MW fuel cell RFP. Driscol thinks FuelCell's current share price does not reflect these near-term awards. He keeps an Outperform rating on the stock with a $9 price target.

TODAY'S FREE FLY STORIES

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PVTB

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AVGO

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  • 08

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SPWR

SunPower

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0.99 (14.22%)

14:45
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FNSR

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0.51 (1.61%)

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MBLY

Mobileye

$35.64

-1.735 (-4.64%)

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MGNX

MacroGenics

$26.47

-1.77 (-6.27%)

14:40
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Conference/Events
MacroGenics to host research and development day »

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AAP

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  • 14

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ESRX

Express Scripts

$75.85

-0.88 (-1.15%)

, VRX

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VRX

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0.455 (3.02%)

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  • 13

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DAL

Delta Air Lines

$51.69

0.59 (1.15%)

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  • 15

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MTN

Vail Resorts

$161.72

-1.01 (-0.62%)

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  • 08

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$168.55

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CHK

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VLO

Valero

$68.72

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, WNR

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LVS

Las Vegas Sands

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LVS

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MGM

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WYNN

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KBH

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  • 11

    Jan

LVS

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$62.50

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Wynn Resorts

$101.99

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MPEL

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NFLX

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