First Solar shares hit fresh 52-week low
By Steve Gelsi
Oct. 11, 2011, 12:30 p.m. EDT
marketwatch.com
NEW YORK (MarketWatch) -- Shares of First Solar FSLR -2.65% fell 3.4% at midday to $57.73 as one of the biggest decliners among components of the S&P 500 SPX +0.04% . Earlier the stock touched a 52-week low of $55.55 a share. Meanwhile, shares of First Solar competitor Suntech Power Holdings STP -6.80% dropped 6.8% after Raymond James downgraded the China-based photovoltaic manufacturer to underperform from market perform. Analysts reduced their profit estimates for 22 stocks in the clean technology sector, including First Solar. "This is the steepest (earnings) cut we've ever had in this sector," analysts said. "Solar is the biggest culprit: pricing and margin assumptions go drastically lower, as the global photovoltaic glut has worsened well beyond our expectations from earlier in the year." Raymond James upgraded Power-One PWER +1.58% to outperform from market perform. Shares rose 1.4%.
This New Pressure is Scorching Solar Stocks Now
On Tuesday October 11, 2011, 10:14 am EDT
finance.yahoo.com
The solar industry’s woes intensified last week when prices of 6-inch solar wafers made by companies such as MEMC Electronic Materials and LDK Solar Co , fell last week by around 3.3%. During the same period silicon solar modules, made by Suntech Power Holdings , Trina Solar Limited , and Yingli Green Energy dropped by 4%.
The falling product prices and the resultant decline in the stock prices of companies in the solar industry are attributed to unfair Chinese competition. According to the CEO of German solar company Solarworld, massive government loan guarantees have enabled Chinese companies to unleash a price war.
Solar stocks to watch as the industry tries to rebound: First Solar Inc. , Suntech Power Holdings , Yingli Green Energy Hold. Co. Ltd. , LDK Solar Co. , Canadian Solar Inc. , JA Solar Holdings Co. , MEMC Electronic Materials , and GT Solar International Inc. , SunPower Inc and Trina Solar Limited . |
