Does the remainder of the U.S. solar industry have Solyndra disease?
Bloomberg reports,
SunPower Corp. (SPWRA) and First Solar Inc. (FSLR), the two largest U.S. solar manufacturers, will reorganize as increased competition from China drives down prices and pushes weaker companies into bankruptcy.
SunPower is seeking to cut operating expenses as much as 10 percent next year, it said yesterday in a statement. First Solar said it will consolidate its manufacturing in response to slowing global demand for panels. They’ve both cut their profit forecasts since last week, as did MEMC Electronic Materials Inc (WFR), the second-largest U.S. polysilicon maker.
Looks like it might be a good time for a bear raid.
This further puts the lie to Paul Krugman’s notion that solar is viable.