Andalay Solar, Inc., f/k/a Westinghouse Solar, Inc. (OTCMKTS:WEST) Drops Further
After another red session Andalay Solar, Inc. (OTCMKTS:WEST) slipped another 13% and ended up at $0.037 per share. Volume was even heavier than on Monday, at over 11 million shares traded.
The ticker is proving to be a real cash cow for day traders, surging then slumping dramatically twice over the last two weeks. The commotion is a little difficult to explain in the absence of any detectable pump targeting WEST and considering the long press release drought.
The company’s latest financial report does not exactly inspire frenzied confidence that WEST is going to be a huge success. Here is a brief summary of the numbers posted by WEST as of June this year:
- $216 thousand in cash
- $5.3 million in current liabilities
- $211 thousand in revenues for the first six months of 2013
- $1.4 million in net loss for the first six months of 2013
In addition to the uninspiring financials the company last displayed, they only recently dropped the Westinghouse name and will discontinue using the recognizable brand. As a matter of fact, because WEST kept using the brand in 2012 and 2013, as of August this year WEST was notified of non-payment and had over $880 thousand in overdue license fees.
Revenues are also in a hole, with the figure for the first six months of this year down over 15 times from the figure for the same period in 2012. A merger deal that WEST was negotiating for quite some time with Australia’s CBD Energy was finally announced to be canceled this July. WEST explained that the delays caused trouble with suppliers and this led to revenues taking a serious hit.
While traders on discussion boards are speculating that WEST has reached and bounced off a perceived resistance point at $0.030 already, technical analysis for stocks moving as wildly and unpredictably as WEST is hardly the best approach. Traders are advised to exercise caution and do their own due diligence before making a decision.
Other big movers and shakers in yesterday’s session include Alkaline Water Company, Inc. (OTCBB:WTER) who sunk by almost 13% on considerable volume. The newest pump target of both Awesome Penny Stocks and Victory Mark – Pacific Clean Water Technologies, Inc., f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) had a disappointing session despite the efforts of promoters, closing 13% down.