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Suntech (STP +1.1%) ticks higher after following the lead of solar peers in announcing a...

Suntech (STP +1.1%) ticks higher after following the lead of solar peers in announcing a restructuring plan. The company, still coping with the fallout from an Italian fraud scandal, says it has temporarily lowered its solar cell manufacturing capacity, and is aiming for a 20% drop in opex and a 30% drop in non-silicon manufacturing costs this year. Cash-strapped Suntech also says it has retained UBS to "evaluate alternatives" for convertible notes due March 2013.
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