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By Jeff Siegel

The euro is crumbling... the oil spill will completely annihilate entire ecosystems... the New York Stock Exchange needs duct tape...

Is the sky falling? It sure seemed that way last Thursday...

One piece of bad news after the other seemed to be the trend last week. But on Thursday afternoon, as we sat around the flat screen in our Baltimore office, a hefty dose of reality smacked us upside the head with all the subtlety of a brick.

What was happening? Had the day of reckoning finally come? After all, we've been past due for some serious consolidation.

But minutes after we witnessed a fall most of us have never seen aside from the stories we read in our history books — the talking heads on the television started talking about some kind of market glitch.

Not sure if I'm buying that one. But that's not important right now.

What is important is that we're now looking at some pretty sweet deals — if you don't mind diving into the deep end of some risk to scoop up a few bucks.

A Quick LED Opportunity

Now I'm not suggesting that today's enthusiastic rebound is sustainable... Although, that $1 trillion EU recovery package has definitely settled some shakes.

But one thing's for certain — after last week's Wall Street mudslide, there are now a handful of green stocks that are trading at some mouth-watering levels.

The first is Veeco Instruments (NASDAQ: VECO). This is a play on the light-emitting diode (LED) boom. The company makes equipment for LED manufacturers.

As many of you have read in these pages before, the LED market is on fire. In fact, a few months ago, electronics research firm iSuppli released a report that indicated the global supply of LEDs will face a shortage this year, with the end of the year facing an acute undersupply. According to iSuppli, total consumption of LEDs reached 63 billion units in 2009. That's up from 57 billion in 2008.

Researchers also noted that with the LED market growth forecast to rise by double-digit percentages for at least the next three years, a drastic undersupply situation could occur in 2010, unless additional capacity is brought online to meet increased demand.

As a key provider of LED equipment, VECO is in a very lucrative position to benefit. Green Chip Stocks Premium members can review our coverage on VECO here.

The company crushed earnings last month and has landed a fair amount of upgrades. The stock got taken down a few notches last week, but this is easily a $60 dollar stock. I expect to see a lot of accumulation on VECO this week.

Setting Up For Solar Gains

One sector that got hit particularly hard last week was solar.

You see, Europe — for the time being anyway — is still the solar hot spot in the global community. And nearly every major solar player out there has exposure to the euro. So when the euro falls, the outlook for European solar gets murky. This is something that could plague the solar market over the next few months.

That being said, this euro exposure is not going to kill these companies. As we've noted time and time again, today's solar focus is on China and the United States; this is where solar has its brightest future. And these are the markets that will allow these solar stocks to come back strong.

After last week, we see a number of bargains with Trina Solar (NYSE: TSL), Canadian Solar (NASDAQ: CSIQ), JA Solar (NASDAQ: JASO), Suntech Power (NYSE: STP), and First Solar (NASDAQ: FSLR).

We should see some solid rebounds on these stocks this week. More importantly, these are great long-term investments for those of you who are willing to wait a year or two before cashing out.

Natural Fertilizer Profits

If you're looking for something that could carry a bit more risk — but that could ultimately deliver some solid gains this year — take a look at Converted Organics (NASDAQ: COIN).

While the stock actually held pretty strong last week, some light selling on Thursday and Friday opened a window of opportunity for those looking for a better entry point.

This is a company that produces a natural fertilizer made from food waste recycling. And folks looking to bypass harmful synthetic chemical fertilizers and pesticides are coming out in record numbers to shell out a few bucks for COIN's products.

This is still a small company, delivering about $2.6 million in revenue in FY 2009. But as I've said time and time again, do NOT underestimate the power of the LOHAS (Lifestyles of Health and Sustainability) consumer.

Natural fertilizers may not sound all that exciting to some... but it's going to make this company a boatload of cash. And we're more than happy to tag along for the ride.

Converted Organics distributes through Whole Foods (WFMI), Wal-Mart (NYSE:WMT), Sam's Club, and Home Depot (NYSE:HD).

Source: 7 Green Stocks to Watch This Week