REC competitor warns

Renewable Energy Corporation (OSE: REC) is down over 6% to another long time low of 8.5 Krone per share after one of its Chinese competitors ReneSola (NYSE: SOL) (ADR) warned its second quarter revenue will miss forecasts by a wide margin due to falling wafer prices and a challenging solar module market. ReneSola believes its situation will be eased by still decreasing manufacturing costs, something REC Wafer factories in Norway will have a hard matching.