Photowatt Withdraws IPO

Canadian solar cell maker Photowatt Technologies has withdrawn its IPO plans, according to a regulatory filing, and reported by Reuters. The company sites “unfavorable market conditions.” Could this mean a turning point in the market for shares of solar companies?

A CNN article from earlier this month quotes a solar analyst as saying:

“There’s a lot of media hype in current solar stock prices. We certainly can expect a correction at some point.” — Jenny Chase, a London-based solar analyst at New Energy Finance, via CNN

Among solar companies today, shares of SunPower [SPWR] are currently down $3.15 at $62.40, shares of LDK Solar [LDK] have slipped 84 cents to $41.66, while shares of Suntech [STP] are up slightly 28 cents to $35.16.