Updated May. 8, 2014 at 4:20 p.m.

Premium Lock PowerSecure shares plunge 62% despite CEO's mea culpa

Published: 2014-05-08 10:46:00
Updated: 2014-05-08 16:20:47

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Wall Street is pummeling Wake Forest-based PowerSecure after a disappointing earnings call and a cut in financial projections. Shares plunged 60 percent after the company went from a 4-cent-per-share profit a year ago to a 17-cent-per-share loss in the first quarter even though revenues jumped 17 percent. Outspoken CEO Sidney Hinton went out of his to repeatedly apologize for the energy company's performance. He asked for patience and trusts from customers as well as investors. Five analysts firms downgraded the stock, however, and investors are bailing....

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