China Parts The Clouds For Solar Stocks (AMAT, JASO, STP, ENER, TSL, EMKR, ESLR, RSOL, WFR)
China plans to double its solar power capacity 10 gigawatts by 2015 and an Applied Materials (AMAT) executive that said the country’s solar industry is poised to “boom” over the next decade. China is likely to double its former target for solar energy capacity from 5 gW to 10 gW by 2015. It plans to achieve capacity of 50 gW by 2020, according to China Daily. The country is already the world’s largest maker of solar panels.
There are more catalysts jolting the Solar Stocks Index higher by 1.5%. Shares of JA Solar Holdings (JASO) are surging 5% after the company, the second-largest solar cells maker behind Suntech Power Holdings Co (STP), reported a first-quarter profit of 41 cents a share on revenue of $556.4 million. That easily beat the profit 31 cents on revenue of $551.7 million analysts were forecasting. The company said second-quarter sales would slow due to subsidy cuts in Italy, but still said it expects to ship 2,200 megawatts in cells and modules in 2011.
Select solar names are facing some headwinds today with Energy Conversion Devices (ENER) a prime example. That stock is plunging 9% after the company showed its eighth consecutive quarterly loss and said it will eliminate 300 jobs. The company posted a fiscal third-quarter loss of 41 cents a share, which actually beat estimates, but Energy Conversion was still hurt by subsidy cuts in Europe. CEO Mark Morrelli also announced his resignation. Shares of Energy Conversion traded as high as $75 in 2008. Today the stock trades for less than $2.
Shares of Trina Solar (TSL) are off 1% after the company said first-quarter module shipments of 320-322 MW compared to previous that was above the 350 MW shipped in the fourth quarter. Trina still expects full-year module shipments of 1.75-1.8 MW. The company reports results on May 17.
Investors can track the Solar Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
Will Solar Industry’s Overcapacity problems be solved by 2015? (Green World Investor, 5/15/13)
Solar Soars Again: Is A Pull Back Looming? (The Market Financial, 5/13/13)
Every Solar thermal Plant in India is delayed, still the Government wants to award more (Green World Investor, 5/13/13)
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