Worldwide Energy and Manufacturing (fka WEMU)

[2morrowsGains]

Sam...WEMU is currently down 38%. I guess that's what happens when management guides for $1.50 EPS this year and then just 3 months later changes it to $0.56. That's a 63% reduction! It's hard to believe that they did not see the softness in their solar business 1 1/2 months before the quarter ended when they reiterated the FY2009 $1.50 EPS estimate in the Q1 cc in May.
Add that to the misleading statements about the NASDAQ listing back in the early part of this year and it's no wonder the stock price tanked this morning. (If I remember right, they said they would be listed no later than the first week in May, and they're still not listed with no real guidance).
Over time WEMU will probably be just fine, but they need to work on building back up shareholder confidence IMO.
Who knows, a year from now WEMU could be trading on NASDAQ/AMEX in the $20's, $30's if and when the solar market strengthens, but after Q2's results, I think we're probably better off following the sector rather than managements guidance. LOL.

Current PE (based on FY2009 $0.56 EPS) = 7. That seems to be quite a bit lower than sector avg, so we'll see where things go from here.