Andalay Solar, Inc., f/k/a Westinghouse Solar, Inc. (OTCMKTS:WEST) Slumps by 14%
After an excited run late last week that sent the price of Andalay Solar, Inc., f/k/a Westinghouse Solar, Inc. (OTCMKTS:WEST) 58% up, the stock corrected immediately in Monday’s session and dropped a little over 14% by the closing bell, stopping at $0.04 per share.
Share volume was even higher yesterday, clocking at 10.2 million shares traded. The heavy volume in the morning hours pressed the ticker down right after the open and even though the price attempted recovery late in the session, it was pressed back down to $0.04 per share when the bell rang.
Friday’s price and volume explosion still looks very hard to explain, considering WEST has not given traders a lot to get excited about. We already mentioned in a previous article that WEST lost the Westinghouse brand name that was a recognizable part of the business and still had overdue name-related license fees to clear, amounting in total to over $880 thousand.
The company’s Q2 revenues for 2013 are a far cry from their values from last year. Here is a brief overview of WEST‘s last published balance sheet:
- $216 thousand in cash
- $5.3 million in current liabilities
- $130 thousand in Q2 revenues, down from $1.2 million in 2012
- $408 thousand in Q2 net loss
The sinking revenue figures can to an extent be explained with WEST‘s failed merger deal with CBD Energy, an Australian company. The deal was supposed to close in 2013 but was eventually canceled after repeated delays. The cancellation, according to WEST, resulted in ‘disruptions’ in supplier relations and revenues took a blow. The price spike is not the first for WEST – they surged again in February and once again the drop was almost immediate. Considering how volatile the stock has turned once again, traders are advised to be extra careful and do their own due diligence before making a move.
Other stocks that crashed in yesterday’s session include Nutranomics, Inc., f/k/a Buka Ventures, Inc. (OTCBB:NNRX) – a pump job that caved in after several days of getting filled with hot air by promoters and tanked 67% yesterday. Alkaline Water Company, Inc. (OTCBB:WTER) had another disappointing session and dropped another 14% to a close of $0.58 per share.
