Last week, in my look at LDK Solar's (NYSE:LDK) tough outing, I pointed to SunPower (NASDAQ:SPWRA) (NASDAQ:SPWRB) and Energy Conversion Devices (NASDAQ:ENER) as "better places for your money," provided you were inclined to bank on a bounce-back sometime later this year. On Monday, ECD trotted out not only a warning on its fiscal third quarter, but a corporate restructuring and an expansion slowdown to boot!

So that's kind of embarrassing for yours Fool-ly. But having based my opinion on a financial report delivered just about a month prior, I think this turn of events is a bit more embarrassing for the management team that got its near-term outlook so wrong. It was one thing to get caught flat-footed by the freeze in the fall, but becoming prematurely optimistic mid-meltdown is quite another.

Of course, ECD did point out in the last quarterly press release that its guidance was "subject to a variety of risks, including customer credit availability, timing of project closures and consumer and corporate confidence." Given ECD's -- or practically anyone else's -- inability to correctly anticipate such unpredictable shifts, this would seem like a great time to do away with quarterly guidance. But that's another conversation.

Let's dig into the actual changes afoot here, shall we?

First off, top-line guidance for ECD's solar product revenue in the present quarter has been cut from the $90 million to $105 million range to a level approximately on par with the prior year ($65 million, for those wanting an actual number). We're thus talking about solar revenues roughly one-third lower than recently projected (and sequentially as well).

It's clear that First Solar (NASDAQ:FSLR) had the benefit of a few extra weeks of market data before sharing a gloomy outlook that shocked a lot of solar investors. Recall that the thin-film leader's top concern was overproduction. ECD is clearly on the same page, judging by its decision to halt production for two weeks, postpone ramp-up of the new Battle Creek site, and consolidate its two Auburn Hills facilities. That last move will involve 70 layoffs.

Fools, I have to recommend remaining in show-me mode when it comes to these solar shops. These cloudy conditions could mark a decent time to initiate a partial position in your favorite PV player, but I think it's far too soon to go "all-in."

Motley Fool CAPS players are mixed on ECD, awarding the company a middle-of-the-road three-star rating. Join the conversation and share your own opinion right here.

Fool contributor Toby Shute is better known in CAPS as TMFSmashy, and recently ranked 46th out of more than 130,000 players. He doesn't have a position in any company mentioned. The Motley Fool has a disclosure policy.