Energy Conversion Devices (NASDAQ: ENER) tumbled to a new 52-week low today as investors panned the company's earnings report. This morning, ENER confessed to a fourth-quarter loss of $15.8 million, or 37 cents per share, more than reversing its year-ago profit of 24 cents per share. Revenue for the period tumbled 38% to $51.4 million. Both figures fell short of analysts' consensus estimates, which called for a loss of 8 cents per share on $55 million in revenue.

"Demand for solar products in our target markets weakened further from the third quarter into the fourth quarter as commercial construction declined, building owners deferred reroofing projects and project financing constraints continued," explained Chief Executive Mark Morelli.

After the closing bell sounds this afternoon, LDK Solar (NYSE: LDK) will report quarterly earnings. Expectations are pegged at a loss of 91 cents per share for the solar firm, so what can you expect in the wake of the report? Let's take a look at LDK's technical prospects and what an earnings miss or stronger-than-expected earnings could do for the company.

First things first, LDK manufactures and sells solar wafers to other solar manufacturers, both in China (the company's home) and across the globe. The company performed well in the past, when the new global conscience had companies and individuals looking for cleaner forms of energy. Unfortunately, this little thing called a recession occurred, pulling many customers away from LDK and hurting the company on the bottom line.

Today was supposed to be all about GDP. We got a mere 1% preliminary reported drop in Q2 GDP, much narrower than the -1.5% expected. Yet the market sold off on the news. The the indexes spent much of the day deciding whether to stay up or to go down.

Here were today's unofficial closing bell levels:

Dow 9,171.39 +16.93 (0.18%)
S&P 500 987.44 +0.69 (0.07%)
Nasdaq 1,978.50 -5.80 (-0.29%)

Top Analyst Upgrades & Downgrades

Wells Fargo & Company (NYSE: WFC) and solar technology company SunPower Corporation (NASDAQ: SPWRA) teamed up today with an agreement for Wells to finance up to $100 million in new solar energy systems. SunPower will create agreements with end power users and handle operational issues, and Wells will finance and retain ownership of the systems, according to a pair of press releases from the two companies.

The Business Insider says that a research note from FBR Capital says this amount will allow SunPower to add about 20-25 MW of capacity, and that pricing for the solar power will be at competitive rates of under $0.15/kwh. The overall effect on earnings is expected to be immaterial. The average estimate for EPS for the 2009 fiscal year is $1.07, but with a wide range of $0.03 to $1.48. EPS last year was $2.28.

We're still in the early stages of this trend, but it's pretty clear that the green energy sector is fast becoming a venture capital darling. Today, for example, five deals were announced in one publication alone (three VC, two acquisitions). The three investments account for $47.4 million in VC investment. And only yesterday, Solazyme picked up another $57 million in its Series C round.

In what remains a capital-constrained market, the cash is still flowing. In the private equity space, investments in clean technologies have remained steady from 2007 to 2008, despite broader economic calamity. Such commitment this early in the game may hint at what the next bubble will be.

This post was written by Minyanville contributor Smita Sadana.

A trade doesn't simply have an initiation and finale – the most important part of a trade is its evolution and constant re-assessment if the original thesis that the trade was initiated with, still holds true.

On that note, let's look at First Solar (NASDAQ:FSLR). I started a short position in it on 6/1 when instead of participating in the market advance, it lagged (due to a LA Times story that FSLR's acquisition of "strategic land rights" is under scrutiny). Recall, it came on the heels of a cautious mention in Barron's on May 26th. So, both times, FSLR reacted negatively to negative news and volume picked up on both those instances.

Today, Pacific Crest Securities reiterated its buy rating on FSLR and called the recent weakness a "buying opportunity."

I

Using photovoltaic arrays made of polysilicon isn't the only, or even the most efficient, way to turn the power of the sun into electricity. A rising form of heliocentric electrical generation is called Concentrated Solar Power (CSP).

The basic concept is simple. Use mirrors to focus heat from the Sun's rays on a small area that contains water or some other liquid. The heat is transferred to the liquid, which then turns a generator and creates electricity. Sort of like cooking a hot dog over one of those backyard solar oven kits but writ very, very large.

After being down 25% for the year in early March, the NASDAQ is back to even for 2009. It is an extraordinary rally which shows that tech can still dig the market out of a funk. The fact that shares in companies like Intel Corporation (NASDAQ: INTC) and Apple, Inc. (NASDAQ: AAPL) are up for the year helps.

For the day:

Dow 7,908.55 +158.74 (2.05%)
S&P 500 832.72 +18.84 (2.31%)
Nasdaq 1,587.00 +58.05 (3.80%)

Yesterday, solar firm First Solar (NASDAQ: FSLR) announced that its fourth-quarter profit more-than doubled in the face of declining demand for its products. Arizona-based FSLR raked in $1.61 per share in the fourth quarter, up from 77 cents per share a year earlier. The Street expected earnings of $1.30 per share.

Fourth-quarter sales increased to $433.7 million, far better than the expected $410.4 million. Full-year sales totaled $348.3 million, with earnings checking in at $4.24 per share.

Weakness in the euro hurt Yingli Green Energy's (NYSE: YGE) earnings, but the company still managed to top analyst expectations. Quarterly income came in at 12 cents per share, down from 15 cents per share a year ago. Nevertheless, YGE's earnings were a nickel better than the consensus estimate. Adjusted earnings hit 15 cents per share. Quarterly revenue increased 21%, checking in at $258.1 million.

The solar firm continues to estimate 2009 shipments between 550 and 600 megawatts, with gross margins coming in between 22% and 24%. The estimated gross margin would be better than last year's margins of 21.6%.

The stock is higher on the open, allowing it to continue enjoying support from its 10-, 20-, and 50-day moving averages. In addition to this potential support, the shares are situated atop their 10-week moving average, which has bullishly crossed its 20-week counterpart. This technical formation often hints at a continued run higher. The stock may need this support, as it faces overhead resistance at the $7 level in the past -- and this level rests right in YGE's path higher.

Visit AOL Money & Finance for more earnings coverage.

Shares of First Solar (NASDAQ: FSLR) have been pummeled this week, as analysts, starting with Citigroup (NYSE: C), downgrade the stock.

Previously, the stock had enjoyed high ratings, generally in the Buy or Accumulate range. With Citi leading the way, other analysts have followed suit with rating reductions.

Citi cited concerns regarding the amount of solar panel inventory waiting to be absorbed, along with worries about future demand.

By some estimates, only 10% of the solar panels in inventory at the end of the year will be taken up by the anticipated increased demand generated from the adoption of the Obama energy proposals. An additional 20% reduction of inventories is projected to result in 2010.

The market is not distinguishing among the companies in the solar panel manufacturing business. Regardless of the strength of an individual manufacturer, all are being treated with the same lack of enthusiasm by analysts and investors. A closer look at First Solar suggests that this should not be the case.

First Solar is a leading designer and manufacturer of solar modules using thin-film semiconductor technology, which converts sunlight to electricity. Based in Phoenix, Ariz., First Solar has long-term supply contracts with 12 European project developers and systems integrators.

The solar module industry has come into recent criticism for its impact on the environment. Concerns are being raised that the eventual disposal of solar panels will result in the emission of large amounts of greenhouse gasses as the semiconductors disintegrate.

First Solar, however, has established a model for extended producer responsibility, which creates an obligation of the producer to have policies and practice to ensure that the company takes responsibility for environmental consequences from cradle to grave. The company provides the purchaser of its products with a guarantee to take back all its panels at the end of their useful life.

First Solar has received acclaim for building concern for environmental impact into all phases of the manufacturing and recycling of its products.

FSLR stock is trading around $142 per share. Shares had rallied last week to $165 per share on the heels of President-elect Obama's energy proposals. The stock had increased in price by 76% from its 52-week low, and was approaching its 12-month target price of $167.70.

The sell-off of FSLR has been greatly overdone. The company's balance sheet is strong, with a long-term debt-to-equity ratio of 0.10 and a current ratio of 3.23. The 21.84% on equity should also be of comfort to investors.

An additional plus for FSLR is the likelihood of a push to solar energy as part of the job stimulus program of the new administration.

Louis Navellier's PortfolioGrader Pro, which rates Wall Street stocks, rates FSLR a B or Buy.

Jamie Dlugosch is a contributor to NavellierGrowth.com.

One of Obama's top priorities is making our nation energy independent with alternative energy. A barrel of oil trades in the $60s and has been coming down for awhile. But over time, energy will probably rise. If our country can build energy independence, it creates jobs, helps our national security and stops the dramatic wealth transfer to potential enemies of our country.

If Obama does what he promises, there will be more investments in the alternative energy field. Instead of trying to pick the best stocks and learn all about these companies, you can own one stock, an ETF (exchange traded fund) that is a basket of the top companies in this sector.

The Market Vectors Global Alternative Energy ETF (NYSE: GEX) is a low cost way to play alternative energy. GEX is built around an index developed by Ardour Global which includes companies that generate power through eco friendly and non-traditional sources. It started the year at $60.45 and has corrected down to $23.27 today.

It was going so great for a while. Investors were eagerly pouring cash into renewable energy stocks as solar and wind energy seemed the perfect answer to the looming energy crisis. The more the news became grim and gas prices went up, the more investors fled to companies like First Solar (NASDAQ: FSLR), driving the stock to over $300 a share in the spring and summer of 2008. Today, the stock closed at $115.75 and has hovered in the low 100s for past few weeks.

This climate has changed, all right: it's changed to "fear." No longer are investors content to contribute to long research & development cycles for unproven business models; nor are they satisfied that credit will be available to finance the major capital expenses which accompany wind and solar energy systems. The world may be sinking ever faster into an energy crisis, but it's the financial one that matters far more to opportunistic investors -- and with a recent drop in demand, industry watchers are concerned prices may not hold up to mid-2008 expectations. According to green fund manager Chris Walsh, quoted in a Reuters article, "There are too many players out there, and there are too many smaller players."

In my opinion, while the best-performing alternative energy stocks were certainly pricey in early summer, the downturn they've taken is shortsighted. The recent plunge in oil prices (and let's remember it's a plunge only compared to the newly-set benchmark of 2008) won't last for more than a few years, at most, if worldwide oil production models are correct; and then alternative energy sources will gain renewed interest from investors; making it a likely long-term bet.

After the closing bell last night, silicon-wafer producer MEMC Electronic Materials (NYSE: WFR) offered a mid-quarter update that's sent the shares reeling into negative territory this morning. The report started auspiciously enough, as CEO Nabeel Gareeb noted that current production rates "could allow us to achieve results in the upper half of our targeted financial range" of $560 million to $620 million in revenue.

His comment seemed to indicate that MEMC might exceed analysts' expected revenue of $596.7 million, as reported by Thomson Financial. But Gareeb then tempered his optimism by adding, "However, there is increased softness in demand from semiconductor applications customers, primarily due to their inventory reduction initiatives. These elements warrant a continued degree of caution in our outlook, given the amount of time left in the quarter."

Additionally, MEMC warned that it expects operating expenses of approximately $43 million for the third quarter, up from its previous projection of $41 million. The increase is largely attributable to one-time, non-cash severance-related expenses.

Evergreen Solar (NYSE: ESLR) shares are trading higher today after the company announced today it has signed a sales contract with Germany's IBC Solar AG valued at $1.2 billion. Under the deal, the company will make the solar panels at a recently opened plant in Devens and at another factory expected to open in 2010. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on ESLR.

After hitting a one-year high of $18.85 in December, the stock hit a one-year low of $7.52 in March. ESLR opened this morning at $10.16. So far today the stock has hit a low of $9.58 and a high of $10.22. As of 12:40, ESLR is trading at $10.11, up $0.95 (10.4%). The chart for ESLR looks bullish but deteriorating while S&P gives ESLR a very positive 5 STARS (out of 5) strong buy rating.

For a bullish hedged play on this stock, I would consider a September bull-put credit spread below the $7.50 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 19.0% return in just two months as long as ESLR is above $7.50 at September expiration. Evergreen would have to fall by more than 25.7% before we would start to lose money. Learn more about this type of trade here.