Chinese Solar Stocks Slide After China 'Crash'
Market moves south, and Solar Stocks follow:
Shares of China-based solar stocks are down across the board today after the Shanghai stock market fell 6.7% overnight on fears that the country’s economic growth could slow due to a slowdown in lending growth. Acording to Bloomberg, former Morgan Stanley Asian economist Andy Xie said the China market could drop another 25%, on top of a 22% slide in August.
Among the China-based solar names:
JA Solar (JASO) is down 14 cents, or 3.9%, to $3.48.
LDK Solar (LDK) is down 32 cents, or 3.5%, to $8.92.
China Sunergy (CSUN) is down 29 cents, or 6.3%, to $4.29.
Suntech (STP) is down 78 cents, or 5.2%, to $14.27.
Canadian Solar (CSIQ) is down 60 cents, or 4%, to $14.59.
Yingli Green Energy (YGE) is down 46 cents, or 4.2%, to $10.56.
ReneSola (SOL) is down 9 cents, or 1.6%, to $5.64.
Labels: Bearish, China, CSIQ, CSUN, JASO, LDK, Solar Stocks, STP
First Solar global marketing head leaves company
- U.S. solar company First Solar Inc (FSLR.O) said on Wednesday that John Carrington, executive vice president of global marketing and business development, has left the company.
First Solar, a bellwether of the solar power industry, said in a U.S. Securities and Exchange Commission filing that Carrington and the company had "mutually agreed" on the departure, which was effective on Aug. 24.
The filing did not reveal the terms of Carrington's compensation.
Carrington joined First Solar in 2008 to direct the company's global sales and marketing, including its expansion in Europe. He previously worked at General Electric Co (GE.N).
SourceLabels: First Solar Inc, FSLR, Solar News, Solar Stocks
Up Swing coming for Solar Stocks?
After these last weeks, Solar Stocks are trading in new lows, but today these stocks seem to be giving some reversal signals.
First Solar Inc. (FSLR) and Suntech Power Holdings (STP) are showing some Technicals that indicate a possible short term reversal.
The Bulls might return on these solar stocks, so I will just link the charts for now:
Suntech Power Holdings Co., Ltd. (ADR) (Public, NYSE:STP)
First Solar, Inc. (Public, NASDAQ:FSLR)
Labels: Bullish, First Solar Inc, FSLR, solar charts, Solar Stocks, STP, Suntech Power
Yingli Green Posts Loss
Yingli Green Energy Holdings Co. swung to a second-quarter loss amid a steep drop in revenue; losses on derivative liabilities and debt extinguishment; and slumping prices for its solar-energy products.
But Chairman and Chief Executive Liansheng Miao said shipments soared sequentially amid improved project financing and a pickup in demand in its markets, especially Germany. The company also is optimistic about rapidly growing demand for solar energy in China.
The Chinese maker of photovoltaic products said previously it believed this year's first quarter marked a low for the solar industry, which struggled late last year and early this year on the drop in demand and tight credit. The sector is poised to benefit from favorable U.S. and Chinese government policies, but that isn't expected to solve the near-term issue of oversupply.
Yingli Green reported a loss of 393.7 million yuan ($57.6 million), or 3.03 yuan an American depositary share, compared with a prior-year profit of 203.9 million yuan, or 1.57 yuan an ADS.
The latest period included a 204.2 million yuan loss on derivative liabilities and a 244.8 million yuan loss on debt extinguishment. Excluding items, earnings per ADS were down at 0.91 yuan from 1.81 yuan.
Top Solar investing Hedge Fund List
Last week HedgeTracker.com released its list of Top Solar-Focused hedge funds by percentage of assets. This week we look at the top hedge funds based on their total investment in the solar sector. The only hedge fund to make both of HedgeTracker’s lists is Partner Fund Management. The others on this week’s list include: Maverick Capital, Water Street Capital, Seasons Capital Management, Alkeon Capital Management and Galleon Management.
The top solar hedge fund investor is Lee Ainslie’s Maverick Capital. Mr. Ainslie is a “Tiger Cub,” or a former protégé of Julian Robertson of Tiger Management. As of Q1 ’09, the fund had $180.33mm of its $5,529mm, or 3.26% of its portfolio, invested in solar. However, Maverick Capital is not necessarily a believer in the solar sector overall, as the firm’s solar exposure is entirely concentrated in First Solar Inc. (FSLR) with 1,358,902 shares. Notably, over the first quarter, the firm purchased $85.29mm or 642,756 shares of FSLR.
HedgeTracker Full ArticleLabels: FSLR, hedge funds, Solar Industry, Solar Stocks
JA Solar posts wider 2Q loss on charges
Most Solar Stocks are on neutral ground at the moment, but for JASO, the earnings didn't do so well.
JASO is loosing around -15% today, while other solar stocks are showing some short-term strength.
olar cell maker JA Solar Holdings on Wednesday posted a wider second-quarter loss on sharply lower revenue, stock-related expenses and buying back bonds.
JA Solar said it lost 195 million yuan ($28.5 million or 18 cents per share) for the quarter ended June 30 compared with a loss of 1 cent per share in the year-ago quarter.
Revenue fell 51 percent to 600.7 million yuan ($88 million) for the quarter compared with 1.2 billion yuan ($181 million) in the year-ago quarter.
Labels: Earnings, JA Solar Holdings Co., JASO, Solar Stocks
Suntech Power to be biggest panel maker in 2009
China's Suntech Power Holdings Co Ltd (STP) will overtake Germany's Q-Cells AG (QCEG.DE) as the world's largest producer of solar panels this year, according to a report issued on Monday by industry research firm iSuppli.
Suntech, Japan's Sharp Corp (6753.T), and China's Yingli Green Energy Holding Co Ltd (YGE.N) and JA Solar Holdings Co Ltd (JASO) are defending their market positions by continuing to increase production "as if a recession had never occurred," iSuppli analyst Henning Wicht said in a statement.
Meanwhile, producers including Q-Cells, U.S.-based SunPower Corp (SPWRA.O) and Britain's BP Solar (BP.L) have cut output or expansion plans in response to a massive oversupply of solar panels and cells that is driving down prices.
Nearly half of all solar panels made in 2009 will not be sold this year due to the solar supply glut, iSuppli said.
Total solar panel production will rise to 7.5 gigawatts (GW) this year, up 14.3 percent from last year, the report said. However, only 3.9 GW of solar installations will take place in 2009.
Source: Reuters
Labels: Q-CELLS AG, Solar Industry, solar panels, Solar Stocks, STP, Suntech Power
China to unveil plan for "new energy"
Coal-dependent China will unveil a plan to foster the development of "new energy" sources, including wind, solar and nuclear, by the end of this year, state media on Monday quoted a senior energy policy official as saying.
Sun Qin, vice head of the National Energy Administration (NEA), told a forum in southern Guangzhou city that a guide for developing energy technologies would also be released, but gave no further details.
The development and utilization of clean coal technologies would be an important part in the "new energy" plan, Sun was quoted as saying.
China has long been seeking to diversify away from coal, which currently provides over 70 percent of its power, but produces large amounts of greenhouse gas carbon dioxide and pollutants like acid-rain causing sulfur dioxide
Source:
ReutersLabels: China, Solar News, Solar Projects, Solar Stocks
Renewable Ventures
The project developer, now part of Fotowatio, says it has enough funds to finance about 35 megawatts of projects. Meanwhile, Borrego Solar says it has lined up $30 million to make solar more affordable.
Renewable Ventures said Monday it has raised roughly $200 million to finance commercial and government solar projects in the United States.
The San Francisco project developer has pegged a 2-megawatt project in Colorado as the first to be funded by this new Solar Fund V.
The company has changed its corporate profile ever since it told Greentech Media in January this year that it was raising Solar Fund V and had lined up most of the projects (see MMA Renewable Ventures to Raise Its Fifth Solar Fund).
Greentech MediaLabels: Solar News, Solar Projects, Solar Stocks, Solar Technology
First Solar Earnings in detail
Some of the First Solar Inc (FSLR) Earnings results in detail, from reuters:
First Solar, Inc. (Nasdaq: FSLR) on Thursday of last week announced 2Q09 profits that exceeded industry expectations. Nonetheless, the company's share price fell on news that it would offer rebates in Germany and maintain, rather than raise, its full-year outlook.
Net income for 2Q09 was $180.6 million or $2.11 per share, up from $164.6 million or $1.99 per share for 1Q09 and up from $69.7 million or $0.85 per share for 2Q08.
For the quarter ending June 27, 2009 revenues were $525.9 million, up from $418.2 million in 1Q09 and up from $267.0 million in 2Q08. Revenues for the first six months of fiscal 2009 were $944.1 million compared to $464.0 million for the first six months of fiscal 2008.
Shares of First Solar--an SB20 List company--fell 10% Friday afternoon, pulling the rest of the sector with it. A decrease in silicon prices has caused First Solar to loose some of its competitive edge. Read Reuters coverage at the link below.
Labels: Earnings, First Solar Inc, FSLR, Solar Stocks
