05/13 14:09 DJ US HOT STOCKS:
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Canadian Solar Inc. (CSIQ, $44.58, $10.48, 30.74%) swung to a first-quarter profit Tuesday on strong market demand and increased solar-cell production, while it issued second-quarter guidance above analysts' expectations. The solar power cells posted net income of $19 million, or 61 cents a share. Excluding stock-compensation expenses, earnings came in at 65 cents a share. Revenue surged to $171.2 million. Canadian Solar expects second-quarter revenue of $185 million to $190 million and backed its 2008 revenue forecast of $650 million to $750 million.
Solar stocks rose after Citi said the U.S. House of Representatives is likely to propose a new bill that will extend the solar investment tax credit for several years, longer than the one-year extension that has recently been discussed. The firm noted The House hopes to pass a bill before the Memorial Day recess, however nothing is imminent as the bill could face meaningful revision. Citi also noted the entire sector would benefit from tax credit extension, although SunPower Corp. (SPWR, $89.07, $4.67, 5.53%) widely regarded to have most leverage to an extension. First Solar Inc. (FSLR, $303.98, $19.14, 6.72%), Suntech Power Holdings Co. Lts. (STP, $44.97, $3.37, 8.10%) and Emcore Corp. ( EMKR, $7.48, $0.56, 8.09%) were among several solar stocks moving higher in Tuesday's trading session.
05-13-08 1409ET
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