Shares in Norwegian REC plunge on profit warning.(Financial report)

(ADPnews) - May 24, 2011 - The stock in Renewable Energy Corp (OSL:REC), or REC, plummeted after the Norwegian solar power group issued a profit warning, saying that its operating result in the second quarter of 2011 will be reduced to a level well below the first quarter.

As reason for this, REC pointed the weak wafer and module market and lower selling prices for these products.

At 1417 CET on Tuesday, the shares in REC traded at NOK 13.05, down 14.14% on the Oslo Stock Exchange (OSE).

The company also said that the production volumes for wafers, cells and modules will be cut as of July 1, due to "the current market conditions".

In the …