Sunedison Inc (NYSE:SUNE) shares surged by 15.71%


Dallas, Texas 08/23/2013 (Financialstrend) – It had recently been announced that Sunedison Inc (NYSE:SUNE) had decided to spin off its business operations through an initial public offering and to thereby utilize the net proceeds from this offer to fund the company’s solar power business. The company had thereby made its decision to sell off a part of the newly formed subsidiary, SunEdison Semiconductor to the public in an attempt to raise more capital to boost up the business operations of this segment. Shares of the company had presented significant gains on Thursday after the announcement on the spinoff of business operations had been made.

It is worth noting that the semiconductor unit of Sunedison Inc (NYSE:SUNE) had posted sales at $239 million for the recent quarter that ended on June 30, 2013, which was considerably higher from the sales posted at $232.7 million for the same quarter of previous year. The company had overall reported net losses at $96.4 million for the second quarter of the fiscal year 2013, compared to the net losses reported at $75.4 million for the previous year. Further the net sales had been reported to have declined by 50.4 percent to touch $401.3 million for the second quarter.

Sunedison Inc (NYSE:SUNE) had shown considerable gain in share prices on Thursday to close at $7.88 per share, which was observed to be a surge of 15.71% over the previous day closure. The stock had further movement during the day to present intraday prices in the range of $7.75 to $8.35 per share. The company’s stock on Thursday had reported trading volume at 12.70 million shares, with an average level of stock trade at 5.67 million shares per day. The yearly low price for the stock is presently at $2.15 and high price for the year is at $10.47 per share.