Sep. 13, 2013, 11:26 AM
- Suntech (STP +5.9%) CEO and acting CFO David King is resigning. Executive Director Zhou Weiping has been named interim CEO and CFO. Suntech says it will "first commence a search for a new CFO." (PR)
- King was named CEO in Aug. 2012, replacing founder Shi Zhengrong in the wake of a startling Italian accounting fraud disclosure. King held the CEO position Suntech's as Chinese unit filed for bankruptcy, and the company launched a massive restructuring.
- Shares have rallied on news of the C-suite shakeup.
Sep. 12, 2013, 8:16 AM
- Solar panel installations in the U.S. jumped 15% to 832 MW during Q2 as booming business for utility-scale systems helped offset weaker demand for residential and commercial projects, according to a report from GTM Research and the Solar Energy Industries Association.
- The utility-scale solar market soared 42% Q/Q, but the report says utilities in California and other key states have slowed their procurement of power from new solar projects.
- The average installed price of solar systems fell to $3.05/watt from $3.36 in Q1 and $3.43 a year ago, but prices vary greatly state to state and project to project.
- ETFs: TAN +6.6% premarket; KWT.
- Related tickers: JASO, FSLR, JKS, TSL, SOL, STP, LDK, SPWR, CSIQ, YGE, CSUN, SCTY, RSOL, SUNE, HSOL.
Sep. 6, 2013, 9:10 AM
Sep. 5, 2013, 1:22 PM
- A day after JPMorgan provided a big lift to Chinese solar stocks, Deutsche is giving a boost to both Chinese and U.S. names.
- Analyst Vishal Shah predicts U.S. solar installation growth will total 6GW-8GW in the 2013-2014 timeframe, and that the market could see "an inflection point" in 2015 ahead of a 2016 tax credit expiration.
- He expects the adoption of new incorporation and leasing structures - a SolarCity (SCTY +4.4%) specialty - to boost growth by lowering financing costs, and views the potential arrival of residential leasing options as another major growth catalyst. In spite of ITC anti-dumping tariffs, Chinese firms are expected to gain share.
- In addition to SolarCity, winners include First Solar (FSLR +4.9%), Canadian Solar (CSIQ +5.1%), Daqo (DQ +11.9%), Suntech (STP +14%), Trina (TSL +4%), Yingli (YGE +5.6%), SunEdison (SUNE +2.4%), and ReneSola (SOL +2.5%). ETFs are also up: TAN +3%. KWT +2.6%.
Sep. 3, 2013, 9:12 AM
Sep. 3, 2013, 7:49 AM
- Suntech Power (STP) -34% premarket after Friday night's announcement of an "understanding" with creditors that will allow a conversion of debt to equity and the introduction of a strategic investor who will offer funds through buying new shares.
- "The restructuring will allow us to cut our costs and optimize our margins and production," STP's Zhou Weiping says. "Although there is expected to be substantial dilution for our existing shareholders, we believe that these measures will put us in a better and stronger position."
Aug. 28, 2013, 8:14 AM
- Three Suntech Power (STP) directors including the former chairwoman resigned, saying they weren't provided with the information they needed to fulfill their responsibilities.
- The former directors cited concerns about cash flow, negotiations with bondholders, the lack of clear business plan, the potential erosion of internal controls, and the impairment of employees’ ability to function effectively.
- "Rather than the incapability of the management team, the more intrinsic difficulty the company is facing is the huge debt compared with its value," a Beijing-based Bloomberg analyst says.
Aug. 21, 2013, 1:06 PM
- Solar stocks, among the biggest standouts in a year that has been very good to many high-beta tech names, have staged a strong two-day rally in the wake of Trina's (TSL +13.2%) Q2 beat and guidance hike.
- Trina's numbers have sparked three upgrades, the most recent of which came today, courtesy of Cowen.
- Bloomberg notes Trina, SunPower (SPWR +4.3%), and JinkoSolar (JKS +5.6% - just announced a new 23MW supply deal) are all operating at full capacity, and thinking of expanding.
- S&P's Angelo Zino: "I think it’s safe to say that we’ll see a number of tier-one manufacturers add capacity, probably in 2014."
- That would be a positive for equipment suppliers such as AMAT, GTAT, and VECO, who have seen their solar orders plummet as module makers scramble to stabilize crashing prices and margins.
- Other names rising today: CSIQ +9.7%. SOL +6.7%. YGE +6.2%. JASO +4.2%. CSUN +5.4%. ASTI +5.1%. STP +3.8%. LDK +4.1%.
Aug. 16, 2013, 12:45 PM
Aug. 15, 2013, 12:45 PM
Aug. 6, 2013, 8:37 PM
- Solar stocks, many of which have seen enormous 2013 gains, finished AH trading down moderately after First Solar missed Q2 estimates (the company blamed solar project sale push-outs) and lowered its 2013 guidance.
- SPWR -2.6% AH. SCTY -2%. SUNE -1.2%. LDK -2.6%. CSIQ -2.4%. JKS -2.2%. STP -2.2%. JASO -2.8%. TSL -2.7%. YGE -3.4%. SOL -2.8%.
Jul. 29, 2013, 9:16 AM
Jul. 22, 2013, 12:02 PMSolar stocks are having another good day (TAN +3%), possibly aided by project announcements from ReneSola (SOL +9.4%) and bankrupt Suntech (STP +6.3%). ReneSola is providing 63MW of modules from August-October for a Thai project, and Suntech is providing 30MW of modules for a Mexican project set to be completed in August, and deemed "the largest solar power plant in Latin America." JASO +6.6%. SPWR +3.6%. JKS +8.8%. CSIQ +5.3%.SUNE +3.7%. TSL +3.7%. | Jul. 22, 2013, 12:02 PM | Comment!
Jul. 16, 2013, 12:41 PM
Jul. 15, 2013, 12:45 PM
Jul. 15, 2013, 11:01 AMSolar stocks enjoy a bright session as China says it will up its installed solar capacity to 35 gigawatt over the next two years in a move Bloomberg says is designed to "help reduce the industry’s reliance on exports and ease oversupply that contributed to a 20% plunge in the average price of solar panels last year." LDK +12.5%, DQ +2.33%, JKS +10.7%, TSL +11%, SPWR +5.2%, SUNE +5.79%, YGE +7.75%, CSIQ +7.62%, STP +9.96%. | Jul. 15, 2013, 11:01 AM | 3 Comments
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