SunPower, Veeco, PVG, SNP Among Biggest Stock Price Percentage Decliners Mar 20th

March 20, 2012

Pretium Resources, Inc. Ordinary Shares (NYSE:PVG): The Prospectus will enable the company to make offerings of up to an aggregate principal amount of C$180M of common shares, warrants, units or subscription receipts of the company, which includes up to C$36M in common shares owned by Silver Standard Resources that may be offered by way of a secondary offering under the Prospectus. The shares closed at $14.86, down $1.96, or 11.65%. They have traded in a 52-week range of $7.98 to $18.43.

SunPower Corporation (NASDAQ:SPWR): The U.S. Commerce Department ruled that Chinese solar cell and panel makers received government subsidies worth 2.90%-4.73% of the value of their product and said importers will have to post bonds or cash deposits based on the preliminary countervailing duty rates, reported Reuters, citing sources. The report noted the duties were preliminary while the department continues its investigation. The shares closed at $7.31, down $0.59, or 7.47%. They have traded in a 52-week range of $4.94 to $23.36.

Veeco Instruments Inc. (NASDAQ:VECO): CLSA believes investors are too optimistic on a order recovery in MOCVD tools. The analyst believes 2012 will likely see capital intensity compression and that increased price competition will impact earnings. Price target lowered to $26 from $28. The shares closed at $31.03, down $1.57, or 4.82%. They have traded in a 52-week range of $20.35 to $57.67.

China Petroleum & Chemical Corp. (NYSE:SNP): Sinopec April call option implied volatility is at 29, July is at 26; below its 26-week average of 32 according to Track Data, suggesting decreasing movement.

The shares closed at $111.30, down $6.41, or 5.45%. They have traded in a 52-week range of $82.50 to $125.36.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com