CLNE - Clean Energy crushed as Ray Jay says Amazon deal lacks substance

Clean Energy Fuels ([[CLNE]] -17.2%) could close below $10 for the first time since January as Raymond James turns bearish, downgrading shares to Underperform from Market Perform as investors have gotten "carried away by headlines over substance" and the new pact with Amazon lacks "substance."Clean Energy shares soared as much as 26% yesterday before pulling back to close 6.3% higher, after the company announced a fuel supply agreement with Amazon and said it issued Amazon warrants to by up to 53.1M shares, which would represent 27% of shares outstanding.Ray Jay analyst Pavel Molchanov says yesterday's rally is "the latest instance of sentiment-driven multiple expansion with minimal read-through for profitability."On Amazon's receiving warrants to buy 53M CLNE shares at $13.49, Molchanov poses the question: "A non-exclusive supply deal pertains to 8% of Clean Energy's stations - is that worth 27% dilution?"Clean Energy Fuels has a massive market opportunity ahead, but the

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Clean Energy crushed as Ray Jay says Amazon deal lacks substance