Diamonds and Dogs
9/10/13Model N Inc. (MODN)
Model N is getting crushed today, down 31.77% at $10.05. The revenue management company saw its shares fall nearly $4.70 after being downgraded by three companies. Pacific Crest downgraded Model N from sector perform from outperform, and Stifel downgraded the company from buy to hold. Finally, JP Morgan came out with another downgrade after the company cited weaker than expected revenue outlook for the year. Model N shares were down well over $5.00 earlier, and set a new 52-week low of $9.26 intraday.
SolarCity Corporation (SCTY)
SolarCity is on fire today, up 22.38% at $36.58. The solar energy system company saw its shares skyrocket after announcing another financial deal. SolarCity and Direct Energy have created a dedicated investment fund that will offer up to $124 million to build solar projects. Direct Energy will contribute up to $50 million to the fund, which will service commercial and industrial customers. The deal will help to push SolarCity's market cap up to around $400 million, and should help the company pull in an addition $25 million in earnings. Shares of the company are trading in their 52-week range of $9.20-$52.77.