Morning Spy: Good News from Europe for Once, Solar Snaps Back (LDK, CSIQ, VIT, CNIT, NAFC, SPTN, SI, LTD, PAL, SWC, TM, HMC, POT, MOS, NOK)

Positive headlines from Europe over the long weekend helped markets kick off Tuesday in positive territory. A somewhat tepid consumer confidence number, meanwhile, hasn’t been enough to put too much of a damper on things.

Today’s Top tickerspy Indexes:

Solar Stocks (up 3.7%, see graph): Solar stocks are rallying amid a growing sense that the recent sell-off across the sector may have been too extreme. Positive analyst comments on LDK Solar Company (LDK) and news of a Canadian Solar (CSIQ) plan to team with GCL in China are underpinning the positive sentiment.

Chinese IT Stocks (up 3.3%, see graph): Like many small-cap-dominated Chinese Indexes, the big storyline here remains the concern that accounting irregularities will lead to delistings. With the market rallying today, investors are betting that names like VanceInfo Technologies (VIT) and China Information Technology (CNIT) are going to weather the scrutiny.

Food Wholesale Stocks (up 2.9%, see graph): Both Nash-Finch (NAFC) and Spartan Stores (SPTN) are soaring on much higher than average volume, despite the absence of a headline catalyst.

Germany Stocks and ADRs (up 2.9%, see graph): Word of a bailout for Greece is boosting sentiment across Europe, but especially in Germany which is seen as the bulwark against a European debt meltdown. Siemens AG (SI) is among the leaders after the industrial giant’s CFO told a German newspaper over the weekend that he expects “robust growth.”

Today’s Top Market Headlines

Tech Up In Early Trading As World Equities Rise: The market is in rally mode after the long weekend.

Limited Brands Declares Special $1 Dividend : Retailer Limited Brands (LTD) is returning cash to investors via a special dividend.

Palladium Rising as BMW Becomes Catalyst for Biggest Shortage in 32 Years: The palladium (and platinum) bull market continues, a boon to miners like North American Palladium (PAL) and Stillwater Mining (SWC).

May Auto Sales-A Stunning Victory For South Korea: The Japanese earthquake in March has driven a huge shift in the auto market, pushing Hyundai/Kia ahead of Japanese giants Toyota Motor (TM) and Honda Motor (HMC).

Citigroup Upgrades Potash and Mosaic to “Buy”: Fertilizer is in focus with Citi going positive on the big players, Potash Corp of Saskatchew (POT) and Mosaic (MOS).

Nokia Sees Q2 Worse Than Expected; Shares Whacked: Nokia’s (NOK) woes continue as the Finnish tech giant issues a profit warning amid the firm’s efforts to rework its mobile phone strategy.

Tags: CNIT, CSIQ, HMC, LDK, LTD, MOS, NAFC, NOK, PAL, POT, SI, SPTN, SWC, TM, VIT