Energy Conversion Devices (ENER: sentiment, chart, options) stepped into the earnings spotlight this morning, with the alternative-energy firm reporting a first-quarter profit of $12.7 million, or 29 cents per share. In the year-ago period, ENER lost $7.6 million, or 19 cents per share. Revenue for the period more than doubled, jumping to $95.8 million. Ahead of the report, analysts were predicting a quarterly profit of just 26 cents per share. Gross margin for the period also vaulted higher, coming in at 34.1%.

Looking ahead, ENER said that solar-product sales should continue to improve during the second quarter. They rose 16% to $89.5 million in the first quarter, and the company said they should increase to $95 million to $103 million during the second quarter. ENER forecast total second-quarter revenue of $100 million to $108 million, encompassing analysts' estimate for $103.6 million in sales.

Expectations were low on Wall Street ahead of ENER's earnings report. This morning, Deutsche Bank downgraded the shares from "buy" to "hold," and Wedbush Morgan on Friday slashed the stock's price target from $62 to $43.

While ENER caught an early lift on the heels of its positive earnings surprise, the stock is now struggling to stay on positive ground. The equity's intraday high stands at $39.49, which indicates that it may continue to find resistance at the round-number 40 region. This area has stifled the shares throughout November.