North Coast Solar Stocks

December 10, 2009

Rumor Revived: AMAT To Buy ENER? Still Doubtful

Filed under: AMAT, ENER — Tags: , , , , — Jason @ 1:00 pm

By Eric Savitz
barrons.com

Energy Conversion Devices (ENER) shares are trading higher on the dusty old rumor that the solar company could be a target for Applied Materials (AMAT). Both Briefing.com and TheFlyOnTheWall today noted that rumors have lifted ENER shares. The rumor seems to pop up once a month or so; it gave the stock a lift in September, and again in October. And today it is back, in all its illogical glory.

Why would Applied want to do such a thing? ENER lately has been a fount of rotten news, posting rotten earnings, resulting in analyst downgrades and triggering large layoffs. Meanwhile AMAT shares have been pressured by the weak performance of its solar operations; instead, it has been beefing up its semi business. Double-down on solar? That seems unlikely.

So, does this rumor make any sense? Nope.

ENER today is up 43 cents, or 4.1%, to $10.96.

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