May 8, 2014, 8:13 AM
- JA Solar's (JASO) Q1 cell/module shipments totaled 638.1MW, -4.1% Q/Q and +44.1% Y/Y, and soundly above guidance of 580MW-610MW. Shipments are expected to grow to 670MW-700MW in Q2.
- For now, full-year guidance of 2.7GW-2.9GW (200MW for JA's downstream projects) is being reiterated.
- Gross margin rose to 16.7% in Q1 from 15.5% in Q4 and 6% a year ago. Opex rose 18% Y/Y, less than rev. growth of 35.7%.
- While cell shipments fell 17.2% Q/Q to 250MW, module shipments rose 6.8% to 388MW.
- Thanks to surging Japanese demand, Asia-Pac markets other than China made up 52.8% of Q1 shipments. Europe (14.8% of shipments) was also a geographic strong point. China only accounted for 26% of Q1 shipments (seasonality), and the U.S. 4.1%.
- Q1 results, PR
May 8, 2014, 7:14 AM
May 7, 2014, 5:30 PM
- AEE, AES, AGO, AMCX, AMED, AMRC, APA, APO, BBEP, BCRX, BDBD, BITA, BPI, CAJ, CBB, CCC, CCOI, CDW, CECE, CECO, CRIS, CRNT, CSTE, CVC, DF, DISH, DNDN, FLY, FSYS, FUN, FXCM, GBDC, GLP, GOLD, GTN, GTXI, HCN, HII, HIMX, HSC, ICE, IRC, JASO, KEM, KERX, LIOX, LNCE, LPI, LPX, LQDT, LXP, LXRX, MGA, MMS, MNK, MPEL, NICE, NPSP, NXST, NXTM, ONE, PCLN, PCP, PKD, POZN, PRFT, REGN, RGEN, RSTI, SKYW, SNI, SPH, SRPT, STE, SUNE, TDC, THS, VC, VITC, VNDA, VRX, WAC, WD, WEN, WIN, WMC, WWAV.
Apr. 28, 2014, 2:15 PM
- The latest rout in once-high-flying tech momentum plays isn't leaving solar stocks unscathed. The Guggenheim Solar ETF (TAN -6.2%) is now down 21% from its March 7 high of $51.07.
- Likely adding fuel to the fire: Credit Suisse has slashed its 2014 Chinese solar installation forecast by 500MW to 11.5GW, soundly below the government's 14GW target (set in February). CS thinks policy changes related to utility-scale projects, feed-in tariff reimbursement, and distributed solar incentives are needed for investment to pick up.
- The firm adds JinkoSolar (JKS -10.8%), Trina (TSL -12.2%), and Canadian Solar (CSIQ -12.8%) are well-positioned to profit from downstream projects, given they have access to financing from the China Development Bank and other sources. On the other hand, it thinks Yingli (YGE -4.1%) and ReneSola (SOL -8.8%) are "less likely to access project capital due to their strained balance sheets." Yingli recently priced a stock offering expected to yield $83M in net proceeds.
- Other decliners: FSLR -5.3%. SCTY -7.1%. SUNE -6.8%. CSUN -9.8%. JASO -9.4%. DQ -9.3%. HSOL -5.9%. SPWR -5.1%.
Apr. 22, 2014, 3:56 PM
- Solar stocks are among the biggest winners (TAN +5.2%) on a good day for momentum stocks.
- SunEdison (SUNE +11.6%) is leading the pack after David Einhorn disclosed he has added to the position he started in Q4, and predicted lower solar costs and rising electricity prices should make the company a "winner." Einhorn is less crazy about tech momentum plays in general.
- Meanwhile, Canadian Solar is benefiting from a Japanese module deal, and SunPower (SPWR +6.5%) and SolarCity (SCTY +6.4%) are getting a lift from a Goldman note calling the companies its two best solar ideas. SunPower reports on Thursday.
- Other notable gainers: YGE +7.9%. DQ +9.2%. JKS +7.4%. SOL +6.8%. HSOL +6.7%. ENPH +6.2%. JASO +4.5%.
Apr. 16, 2014, 9:43 AM
- The U.S. Energy Department plans to offer up to $4B in loan guarantees to renewable energy projects, focusing on advanced electric grid technology and storage, biofuels that can be used in conventional vehicles, energy from waste products and energy efficiency improvements.
- Despite the high-profile collapse of Solyndra, the Obama administration believes most of its energy investments have done well, and it credits the program with strengthening the U.S. solar industry.
- Solar stocks: TAN, JASO, SPWR, TSL, FSLR, LDK, CSIQ, YGE, SOL, JKS, CSUN, SCTY, HSOL, EMKR, SUNE, DQ.
- Battery related names: PLUG, BLDP, CBAK, ZBB, ABAT, ULBI, ENS, HPJ.
- EV cars: TSLA.
Apr. 14, 2014, 11:57 AM
- JA Solar (JASO +7.4%) now expects Q1 solar cell/module shipments to top 620MW, putting them above prior guidance of 580MW-610MW. In addition, gross margin is expected to rise from a Q4 level of 15.5% (already up 420 bps Q/Q).
- Full-year cell/module guidance (2.7GW-2.9GW, of which 200MW is expected to involve JA's downstream projects) is being reiterated.
- JA's Q1 guidance hike comes in spite of recent warnings from Yingli and Trina.
Apr. 10, 2014, 4:01 PM
- Following a two-day rebound, high-beta tech stocks are seeing monumental losses once again. The Nasdaq is closing with its biggest one-day decline since 2011 (eclipsing last week's 110-point drop).
- Security hardware/software providers were hard-hit following Imperva's (IMPV -43.8%) big warning: FEYE -11.6%. PANW -6.4%. PFPT -9.8%. FFIV -4.7%. KEYW -6.5%. FTNT -6.9%. QLYS -10.4%.
- Other high-beta enterprise names didn't fare much better: DATA -10%. SPLK -10.3%. WDAY -9.3%. VRNS -8%. EOPN -7.9%. FIO -7.6%. BLOX -9.7%.
- Major Internet decliners: P -11%. YELP -10.6%. ZNGA -6.6%. YY -7.3%. QIHU -9.3%. SINA -6.6%.
- Solar: TSL -10.4%. CSIQ -10.4%. JKS -7.9%. SPWR -7.4%. JASO -6.8%. CSUN -8.2%.
- 3D printing: DDD -10.6%. VJET -13.3%. ONVO -8.1%. XONE -7.7%. SSYS -6.7%.
Apr. 1, 2014, 9:40 AM
- Nvidia (NVDA +3.4%) has been upgraded to Outperform by JMP. The company made a flurry of product announcements last week.
- InvenSense (INVN -2.2%) has been cut to Market Perform by Oppenheimer. A Galaxy S5 teardown recently turned up a 6-axis InvenSense motion sensor.
- Rubicon (RBCN +10%) has been upgraded to Overweight by JPMorgan.
- JA Solar (JASO +5.2%) has been started at Outperform by Northland.
- Tablueau (DATA +1.4%) has been upgraded to Outperform by Baird.
- Informatica (INFA +4.2%) has been upgraded to Overweight by Barclays.
- MagnaChip (MX -2.5%) has been cut to Neutral by Chardan Capital following Friday's restatement/CFO news. UBS downgraded shares to Sell yesterday.
- Extreme Networks (EXTR +6%) has been started at Buy by Wunderlich. The company recently launched several new software products, as well as 100-gig Ethernet blade for its switches.
- Coupons.com (COUP -2.2%) has received a bullish rating from BofA/Merrill, and neutral ones from Goldman and RBC, on underwriter coverage day.
Mar. 17, 2014, 10:06 AM
- JA Solar (JASO +9.6%) expects cell/module shipments in seasonally weak Q1 to total 580MW-610MW, and full-year shipments to amount to 2.7GW-2.9GW, 200MW of which will be for the company's own solar projects. The full-year guidance range compares with a 2013 level of 2.1GW.
- Q4 shipments totaled 665.MW, +33% Q/Q and Y/Y, and well above a guidance range of 500MW-550MW. Cells accounted for 302.2MW of shipments (+55% Q/Q and +70% Y/Y), and modules 363.3MW (+19% Q/Q and +13% Y/Y).
- Helping JA's bottom line: Gross margin rose to 15.5% from 11.3% in Q3 and -4.6% a year ago, and opex fell 34% Y/Y to $45.6M even as revenue rose 29.5%.
- China made up 53.2% of Q4 shipments, up sharply from 38.7% in Q3. The rest of Asia-Pac accounted for 31.7% vs. 39.3%, Europe 8.3% vs. 9.5%., and the Americas 5.9% vs. 10.7%.
- JA ended Q4 with $350.2M in cash/equivalents, and $583.5M in debt.
- Q4 results, PR
Mar. 17, 2014, 9:09 AM
Mar. 17, 2014, 7:22 AM
Mar. 17, 2014, 12:05 AM
Mar. 16, 2014, 5:30 PM
Mar. 14, 2014, 9:20 AM
Mar. 7, 2014, 9:40 AM
- GT Advanced (GTAT +4.8%) has been upgraded to Outperform by Credit Suisse, and is making new 52-week highs. Goldman started shares at Buy on Tuesday.
- JA Solar (JASO +2.6%) has been started at Buy by Sidoti. The company was one of several Chinese solar names to post big gains yesterday.
- Polycom (PLCM +3.3%) has been upgraded to Buy by Citi.
- AppliedMicro (AMCC +1.1%) has been started at Buy by Roth.
- Quality Systems (QSII +3.6%) has been upgraded to Market Perform by FBR.
- Imagination (IGNMF) has been cut to Sell by Canaccord. Shares are down 1.7% in London.
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