LDK Solar , a China-based manufacturer of multicrystalline solar wafers, offered a fourth-quarter earnings guidance earlier today. The company expects to bank between 37 cents and 41 cents per share on revenue of $165 million to $170 million.
Furthermore, LDK said it is currently unable to offer a specific time for the completion of its investigation into allegations that the firm has incorrectly reported its inventories of polysilicon. The claims were reportedly filed by a former employee. LDK noted that its audit committee expects to be able to report the findings from its investigation early next month; third-quarter earnings will then be able to be released shortly thereafter.
On this outlook, LDK shares have leapt 9.5% higher but remain below trendline resistance in the form of the stock's 10-day and 20-day moving averages. The equity's 10-week and 20-week trendlines are also located overhead and are actually colliding in the direction of a bearish crossover.