Crude oil fell 70% from its high in mid-2008, and with it came a fall in demand for alternative solar energy.
Emcore reported a loss of $19.4 million for the fourth quarter of 2008, or 25 cents a share. Exclosing items, net loss was 12 cents a share.
EMCORE announced its first deployment of a concentrator photovoltataics (CPV) system in China with the XinAo Group, one of China's largest energy companies. The 50 kW test and evaluation system is fully installed and operational.
Canaccord Adams analyst downgraded stock from buy to hold - said his trip to south korea and conversations with Emcore customers showed their planned purchases were lower than Emcore had previously announced.
Citron Research, which publishes reports about companies it believes are overvalued, said EMKR's businesses, including fiber optics, space solar, and solar energy businesses are "built on a foundation of illusions."Citron said some of the company's customers wouldn't be able to pay for its products, and announced orders may be inflated.
Emcore announces a number of new features for its broadband transmitters and optical amplifiers, which are used in cable TV and fiber optic data transmission. Shares drop investors worry about the money EMCORE is spending on developing products for a highly competitive market.
Regulators approve EMCORE's purchase of Intel's Fiber Optic Telecommunications segment. Shares fall as investors worry about the wisdom of spending $85 million on assets that a telecom giant does not want.
EMCORE announces it will pa $85 million for Intel's Fiber Optics Telecommunications segment, causing shares to surge as investors get excited about the company's increasing competitiveness.