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
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
