Energy stocks were generally higher yesterday as shares reacted positively to China’s latest stimulus package and the expectations for more. Coal stocks did particularly well, but solar stocks also moved a little higher. The move continues today.
First Solar Inc. (NASDAQ: FSLR) announced this morning that it had signed a power-purchase agreement with Pacific Gas & Electric Co. (NYSE: PCG) for 72 megawatts of electricity from two California plants. Project construction is expected to start next year. That’s really a pretty paltry amount, but First Solar shares are up more than 5% on the news.
Korean-owned but China-based Hanwha SolarOne Co. Ltd. (NASDAQ: HSOL) reported a loss of $0.50 per U.S. ADS this morning, much worse than the expected loss of $0.31, and revenues missed estimates as well. Normally that would crush a solar maker’s shares, but Hanwha is down only 2.4%. Investors seem to believe that Hanwha’s acquisition of Germany’s bankrupt Q-cells will allow Hanwha to avoid the 31% tariffs slapped on Chinese solar makers because the German company owns manufacturing facilities in Germany and Malaysia. That may happen, and Hanwha, a major Korean conglomerate, has the cash to wait. We’ll see.
Other solar makers, with the exception of SunPower Corp. (NASDAQ: SPWR) are also getting a boost today. SunPower signed a power-purchase agreement for 100 megawatts last week.
First Solar is up 5.2% at $21.87 in a 52-week range of $11.43 to $93.64.
Hanwha Solarone is down 2.8% at $1.03 in a 52-week range of $0.81 to $3.33.
SunPower is down 0.4% at $4.71 in a 52-week range of $3.71 to $9.54.
LDK Solar Co. Ltd. (NYSE: LDK) is up 2.4% at $1.26 in a 52-week range of $1.20 to $6.92.
Suntech Power Holdings Co. Ltd. (NYSE: STP) is up 8.4% at $0.805 in a 52-week range of $0.71 to $4.40.
Trina Solar Ltd. (NYSE: TSL) is up 2.4% at $4.20 in a 52-week range of $3.95 to $ 12.19.
Paul Ausick
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.