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Mon, Feb. 8, 9:43 AM
- Daqo New Energy (DQ -7.8%) sinks deep into the red to start the week.
- DQ shares have fallen 24% over the past 52 weeks.
Dec. 18, 2015, 2:43 PM
- The Nasdaq is down 1.1% and the S&P 1.2%, but solar stocks are once more higher (TAN +1.6%) after the House and Senate officially passed multi-year extensions for the solar investment tax credit (ITC) and wind production tax credit (PTC). The group skyrocketed on Wednesday after Congressional Republicans gave their support to a budget compromise that featured the extensions.
- Notable gainers include SunEdison (SUNE +4.3%), Vivint (VSLR +3.7%), Trina (TSL +4.2%), Sunrun (RUN +7.2%), TerraForm Power (TERP +1.6%), TerraForm Global (GLBL +7.4%), Solar3D (SLTD +6%), ReneSola (SOL +5.6%), and RGS Energy (RGSE +7.3%). RGS, a microcap, could be benefiting from news it has signed a letter of intent for a $5M loan facility.
- SolarCity (SCTY +1.6%) is up moderately after starting the day lower thanks to fresh bearish remarks from Jim Chanos. Canadian Solar (CSIQ +3.1%) is higher after announcing it's partnering with Southern Co. on a new 200MW project. Daqo (DQ +5.5%) is rallying following bullish coverage from Northland Securities.
Dec. 18, 2015, 12:01 PM
- Northland Securities has launched coverage on Daqo (NYSE:DQ) with an Outperform rating and $37 target (over 2x current levels).
- The Chinese polysilicon maker remains down 36% YTD. Unlike many other solar names, Daqo didn't receive much of a lift this week from news Congress is set to extend a U.S. solar tax credit that has been due to expire at the end of 2016.
Nov. 18, 2015, 12:47 PM
Nov. 17, 2015, 3:28 PM
- SunEdison is down 33% as fears about the solar/wind project developer's balance sheet and cash flow profile continue unabated, and 13F filings indicate many hedge funds pared or liquidated their positions in Q3.
- The Guggenheim Solar ETF (TAN -4.8%) has fallen towards $26; the 52-week low (set in September) is $25.25. The Nasdaq and S&P are down modestly.
- Aside from SunEdison and its YieldCos, notable decliners include Canadian Solar (CSIQ -6.7%), SunPower (SPWR -7.5%), Enphase (ENPH -11.1%), SolarEdge (SEDG -7.7%), Daqo (DQ -4.3%), and Sunrun (RUN -4.9%). All but Daqo have strong North American exposure.
- SolarCity (SCTY -7.7%) is also off sharply, though Elon Musk has disclosed fresh purchases over the last few days. JA Solar (JASO -2.6%) is lower in spite of posting a Q3 beat and issuing solid Q4 shipment guidance.
Oct. 2, 2015, 12:13 PM
- Hammered over the last several months as macro concerns and plunging local markets took a toll, U.S.-traded Chinese tech stocks are up strongly (CQQQ +3.2%) today even as the Nasdaq and S&P post modest declines.
- Web/mobile stocks posting big gains include giants Alibaba (BABA +5.3%) and Baidu (BIDU +4.5%), with the former naturally taking Yahoo (YHOO +4%) higher with it. Yahoo rose earlier this week after stating it's still pushing ahead with a spinoff of its 384M-share Alibaba stake.
- Other gainers include Vipshop (VIPS +6.6%), SouFun (SFUN +6.2%), Qihoo (QIHU +6.7%), Youku (YOKU +5.8%), Jumei (JMEI +8%), Bitauto (BITA +5.3%), Weibo (WB +5.9%), Jumei (JMEI +8%), and Cheetah Mobile (CMCM +6.6%). Online travel leaders Ctrip and Qunar are also up big, possibly aided by new efforts from Beijing to boost Macau tourism.
- Solar winners include Yingli (YGE +4.1%), ReneSola (SOL +5.6%), and Daqo (DQ +9.4%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 18, 2015, 1:52 PM
- Roth is reiterating a Buy rating and $35 target on Daqo (NYSE:DQ) after talking with CEO Gongda Yao. It forecasts polysilicon prices will rise with or without a deal ending the U.S. and China's ongoing solar trade dispute, and declares Daqo has the industry's best cost structure and highest polysilicon quality.
- Shares remain down 40% YTD. They trade for just 4.8x a 2016 EPS consensus of $3.28. Nearly $27/share in debt was on the balance sheet at the end of June, to go with over $9/share in cash.
Sep. 14, 2015, 12:45 PM
Aug. 25, 2015, 12:34 PM
- The Nasdaq is up 3.4% - a Chinese rate cut is helping - and solar stocks are among the day's standouts. The Guggenheim Solar ETF (TAN +7.4%) is now up 14% from a Monday morning low of $25.51, albeit still down 13% from where it traded going into last week.
- Today's gains come after Pres. Obama announced several new incentives meant to boost solar investment. Among them: $1B in additional loan guarantee authority for distributed energy projects, the unlocking of Property-Assessed Clean Energy (PACE) financing for solar installations involving single-family homes, and the creation of a HUD/DOE program to give homeowners "a simple way to measure and improve the energy efficiency of their homes, by increasing homeowners' borrowing power."
- The announcement follows the White House's early-August unveiling of its Clean Power Plan, which aims to cut carbon emissions by 32% by 2030, relative to 2005 levels. Solar still only accounts for less than 1% of U.S. electricity output; renewable sources collectively account for 13%, with hydro responsible for half of the total and wind about a third.
- It also follows the launch of Google's Project Sunroof, which (with the help of satellite imagery) provides would-be home solar installers with advise on installation size and financing options, among other things.
- Major gainers include First Solar (FSLR +8.4%), JinkoSolar (JKS +27.1%), Trina (TSL +17.2%), Canadian Solar (CSIQ +13.2%), SunPower (SPWR +6.6%), JA Solar (JASO +10.6%), China Sunergy (CSUN +12.3%), Yingli (YGE +7.3%), SolarEdge (SEDG +6.9%), and Daqo (DQ +5.9%).
- Cowen has launched coverage on Canadian Solar with an Outperform rating and $28.50 target. Meanwhile, First Solar thin-film module rival TSMC announced today it's shuttering its solar manufacturing ops, while citing a lack of scale/competitiveness.
Aug. 11, 2015, 12:27 PM
- In its latest move to boost slowing economic growth, the PBOC has devalued the yuan, while insisting it's a one-time move. The yuan/dollar ratio is currently at 6.33, down from 6.21 yesterday.
- A number of Chinese Internet stocks that record the lion's share of their revenue in yuan are seeing their U.S. shares (denominated in dollars, of course) underperform (CQQQ -3.4%) amid a 1.3% drop for the Nasdaq. Major decliners include Baidu (BIDU -3.8%), Qunar (QUNR -10.2%), Ctrip (CTRP -5.9%), JD.com (JD -5.8%), Sina (SINA -5%), NetEase (NTES -3.9%), Jumei (JMEI -10.7%), Youku (YOKU -6.2%), Bitauto (BITA -6.4%), Leju (LEJU -6%), Changyou (CYOU -7.7%), and Autohome (ATHM -5.3%).
- Among Chinese solar names, Daqo (DQ -14.4%) and JinkoSolar (JKS -3.3%) are seeing big losses.
- JD.com is adding to the Monday losses seen following a Morgan Stanley downgrade and news Alibaba has formed an alliance with major electronics retailer Suning. Both JD and Jumei could be affected by fellow online retailer Vipshop (down 11.1%), which yesterday afternoon provided light Q3 sales guidance to go with a Q2 EPS beat.
- ETFs: KWEB, QQQC, EMQQ
- Yesterday: Chinese Internet stocks rally after Shanghai/Shenzhen post big gains
Jul. 9, 2015, 1:28 PM
- Down sharply yesterday, solar stocks (TAN +5.3%) are among today's standouts after Chinese regulators announced a fresh round of aggressive measures aimed at halting a local market crash. Among them: Investors holding 5%+ stakes aren't allowed to sell shares for six months.
- Like their Web/mobile peers, Chinese solar names are surging: Big gainers include Yingli (YGE +5.3%), Daqo (DQ +7.1%), Trina (TSL +5.6%), JA Solar (JASO +10.1%), China Sunergy (CSUN +12.4%), JinkoSolar (JKS +5.2%), Sky Solar (SKYS +10.7%), and ReneSola (SOL +4.8%).
- Major non-Chinese gainers include Canadian Solar (CSIQ +4.1%), Solar3D (SLTD +11.3%), SolarEdge (SEDG +4.4%), and Vivint (VSLR +7.1%).
- Some news: 1) The U.S. DOC has decided to maintain anti-dumping tariffs on Chinese module imports, while slightly modifying its rates. Yingli says it will now have a 21.7% combined rate, down from a 2012 level of 29.2% and the lowest among peers. 2) SolarEdge has struck a deal with #2 U.S. residential solar installer SunRun (RUN - about to go public) to be SunRun's "preferred supplier of optimized inverter solutions." SolarEdge also sells to SolarCity and Vivint. 3) Sky Solar has obtained an $85M loan to finance a Uruguay solar project.
- Update (1:50PM ET): Yingli is now down 4.9%, thanks to a report stating the company has halted production after talks with creditors broke down.
Jul. 8, 2015, 2:46 PM
- Solar stocks are seeing big losses once more today. The Nasdaq is down 1.7%, the S&P is down 1.5%, and worries about the economic effects of a Chinese stock market crash are easy to find. Those less concerned make note of China's high savings rate, and the relatively low portion of Chinese household assets invested in equities.
- The Guggenheim Solar ETF (NYSEARCA:TAN) is now down 32% from its April peak, and roughly flat on the year.
- Chinese firms Trina (TSL -5.7%), JinkoSolar (JKS -8.9%), Yingli (YGE -4.9%), ReneSola (SOL -6%) China Sunergy (CSUN -5.1%), and Daqo (DQ -4.2%) are adding to yesterday's losses.
- Major non-Chinese decliners include Canadian Solar (CSIQ -7%), SolarEdge (SEDG -9.9%), Vivint (VSLR -4.4%), and Solar3D (SLTD -8.3%). Enphase is off sharply following a JPMorgan downgrade. SolarEdge and Solar3D are now respectively down 23% and 18% on the week.
Jul. 7, 2015, 1:32 PM
- While most major North American solar names are down moderately or trading higher, Chinese firms are seeing heavy losses as a domestic rout in equities continues. Many Chinese Web and mobile stocks are seeing similar drops; margin calls and general panic selling appear to be contributing.
- Major decliners include Trina (TSL -9.1%), Yingli (YGE -10.2%), Daqo (DQ -14.6%), China Sunergy (CSUN -13.8%), JA Solar (JASO -7.7%), JinkoSolar (JKS -7%), and ReneSola (SOL -6.6%).
- Solar ETFs have felt the impact. TAN -2.7%. KWT -4%.
- Yesterday: Solar stocks off sharply after oil plunge, Greek "no" vote, Chinese tech selloff
Jul. 6, 2015, 12:41 PM
- While the demand link continues to be argued, the stock price link remains real: WTI crude is down 5% to $54.10/barrel, and many solar stocks are posting outsized losses on a day the Nasdaq is off 0.4%. The Guggenheim Solar ETF (TAN -4.9%) is at its lowest levels since February.
- The selloff comes after Greek voters soundly rejected austerity measures demanded by creditors. It also coincides with major losses for Chinese tech stocks, many of which have already been clobbered over the last month.
- Chinese solar plays JinkoSolar (JKS -5.8%), Daqo (DQ -6.1%), Yingli (YGE -6.5%), and JA Solar (JASO -7.4%) are down sharply. Also seeing large declines: Canadian Solar (CSIQ -4.3%), Sky Solar (SKYS -11.2%), SolarEdge (SEDG -5.9%), Solar3D (SLTD -7.7%), Vivint (VSLR -8%), and Enphase (ENPH -4.2%).
- Last Wednesday: Solar stocks drop as oil falls; Deutsche defends
- Update: Also of interest: Canada's International Trade Tribunal has joined U.S. and EU regulators in placing anti-dumping tariffs on Chinese solar module exports. However, the move was expected, and Canada accounts for a small % of global solar demand. CSIQ has responded to the decision by noting "most of our modules supplied to Canada markets are produced locally."
Jun. 10, 2015, 2:38 PM
- The Nasdaq is up 1.4% and the S&P 1.3%, and Chinese and Internet solar names aren't missing out on the fun. The Guggenheim China Tech ETF (CQQQ +0.9%) is up 20% YTD, as is the Guggenheim Solar ETF (TAN +2.2%).
- The gains come even though the Shanghai exchange fell fractionally overnight, following news MSCI is delaying (but not abandoning) plans to include Chinese A-shares in its global benchmark index. The more volatile (some argue frothier) Shenzhen index rose 2%.
- Major Internet gainers include ChinaCache (CCIH +20.2%), YY (YY +5.1%), NQ Mobile (NQ +6.3%), Bitauto (BITA +4.4%), Autohome (ATHM +6.1%), Sky-mobi (MOBI +6.4%), 51job (JOBS +10.9%), Xunlei (XNET +11.3%), Leju (LEJU +6.4%),and KongZhong (KONG +6.8%). Earlier today, Renren and 21Vianet joined the ranks of Chinese tech firms to announce they've received going-private offers, and LightInTheBox disclosed a major investment from shoe retailer Aokang.
- Solar gainers include Trina (TSL +3.7%), JinkoSolar (JKS +3.2%), ReneSola (SOL +3.8%), Daqo (DQ +3.3%), and China-exposed Canadian Solar (CSIQ +3.8%). U.S. peers First Solar and SunPower are also doing well after setting IPO pricing for their solar project YieldCo.
- Last Friday: Chinese Internet stocks surge as Shanghai tops 5K
Jun. 5, 2015, 1:26 PM
- Solar stocks are doing well (TAN +1.1%) on a quiet morning for equities after JA Solar disclosed a going-private offer from its CEO, and beaten-down Yingli provided mixed Q1 results (revenue beat, EPS missed) and better-than-feared guidance.
- Aside from JA/Yingli, gainers include First Solar (FSLR +3.4%), Canadian Solar (CSIQ +3.6%), JinkoSolar (JKS +4.1%), ReneSola (SOL +10.8%), China Sunergy (CSUN +5.4%), Trina (TSL +3%), Sky Solar (SKYS +2.9%), and Daqo (DQ +4.2%).
- Chinese solar names might also be benefiting from an overnight rally in Shanghai (see Chinese Internet stocks). First Solar, meanwhile, has seen a (questionable) rumor about a Wal-Mart buyout offer surface.
Daqo New Energy Corp is polysilicon manufacturer based in China. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, who further process its polysilicon into ingots, wafers, cells and modules for solar power solutions.
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