This morning’s market headlines out of Europe aren’t kind to Vestas Wind Systems. The Copenhagen based wind turbine company with a significant presence in Weld and Pueblo Counties saw its stock drop 16 percent by the end of trading to closing under $59 per share, reflecting a trend investors have suffered since the end of the first quarter of 2011 when Vestas stock was flying high at $228.30.
Today’s headlines include:
- Wall Street Journal MarketWatch: Europe stocks drop: Unicredit, Vestas off
Vestas Wind Systems A/S was the biggest loser in the Stoxx 600. Its shares sank 16% in Copenhagen after the wind-turbine maker said late Tuesday it now expects 2011 adjusted earnings to be zero compared with a previous forecast of around 255 million euros ($332 million).
- Reuters: Vestas cuts guidance, blames cost overruns
- Reuters: Vestas to review U.S. operations if PTC expires: CEO
- Reuters: Vestas shares dive after profit warning
No word on what this means for the Colorado manufacturing plants, which received significant taxpayer-funded incentives. According to the Denver Post in 2009, the Windsor plant received $4 million, nearly $800,000 from Weld County over ten years.
The Pueblo Chieftain reported in 2008 that the Pueblo plant got significantly more — $31 million.
