Yesterday, 2:36 PM
- Though the Nasdaq is down 0.8% and the S&P 0.6%, solar stocks remain in rally mode. The Guggenheim Solar ETF (TAN +1%) is now up 32% YTD, following a rough 2014.
- SunEdison (SUNE +3.8%) is among today's standouts; its TerraForm Power YieldCo announced this morning it's buying 521MW of wind projects from Atlantic Power for $350M. Trina is also faring well after announcing the sale of a 50MW U.K. solar plant.
- Other standouts include Chinese plays ReneSola (SOL +2.7%), Yingli (YGE +2.2%), JinkoSolar (JKS +5.2%), JA Solar (JASO +2.5%), and China Sunergy (CSUN +7.6%).
Mon, Mar. 30, 3:13 PM
- Today's notable tech gainers include industrial laser maker IPG Photonics (IPGP +4.3%), cloud classroom software provider 2U (TWOU +5.8%), California solar installer Solar3D (SLTD +10.3%), Korean analog/mixed-signal chipmaker MagnaChip (MX +6.8%), privileged account security software vendor CyberArk (CYBR +5.3%), haptic tech provider Immersion (IMMR +4.6%), and solar power optimizer maker/recent IPO SolarEdge (SEDG +4.8%). The Nasdaq is up 1.1%.
- There are relatively few major decliners. The group includes Chinese online video platform Youku (YOKU -4.5%), Chinese solar cell/module maker Yingli (YGE -5.6%), authentication hardware/software provider Vasco (VDSI -3%), and IP licensing firm Marathon Patent Group (MARA -8.8%).
- Solar3D is now up 97% from a March 18 close of $2.57. SolarEdge is up 23% from last week's $18 IPO price. Immersion might be getting a lift from a Barclays report stating Analog Devices will be supplying converter ICs to help enable haptics support on future iPhones/iPads.
- Youku has fallen to fresh 52-week lows, and is now down 18% since posting Q4 results and disclosing an SEC inquiry on March 19. Marathon is down 11% since reporting last Thursday.
- Previously covered: BlackBerry, Altera, Ambarella, OTI, Angie's List, You On Demand, 500.com, Chinese online real estate
Wed, Mar. 25, 9:41 AM
- Yingli (NYSE:YGE) is guiding for 2015 solar module shipments of 3.6GW-3.9GW, up a moderate 7.1%-16% Y/Y. 400MW-600MW are expected to go towards Yingli's downstream projects.
- In spite of the Q4 miss, the company managed to ship 939.2MW of solar modules (73.7MW for Yingli's downstream projects) in Q4, up from Q3's 903.4MW an topping guidance of 880MW-930MW. Japan (up nearly 3x Y/Y in 2014) and "new emerging markets" (up 90%) were strong points. China accounted for 37% of 2014 shipments.
- Gross margin was 16.8%, down from Q3's 20.9% and up from Q4 2013's 12.2%, and near the high end of a 15%-17% guidance range. ASP declines (also seen by peers) and the euro/yen's weakness affected margins, while cost improvements provided a boost. ASP and forex pressures, of course, also pressured Q4 revenue.
- Operating expenses fell to 22.6% of revenue from 28.2% a year ago. A $19M forex loss was taken, as was a $14.6M bad debt provision. The downstream project pipeline stands at 1.6GW.
- Yingli ended 2014 with $172.3M in cash, $214.7M in restricted cash, $1.57B in short-term borrowings, $276.1M in medium-term notes, and $460.7M in long-term debt. The company is "exploring various financing options, including utilizing credit facilities from local banks and other financial institutions, the renewal and rollover of short-term borrowings and other financing alternatives to support its medium-term notes payment obligations in 2015."
- Q4 results, PR
Wed, Mar. 25, 9:11 AM
Wed, Mar. 25, 6:26 AM| Comment!
Tue, Mar. 24, 5:30 PM
Tue, Mar. 17, 11:02 AM
- Chinese solars, many of which remain sharply below their 52-week highs, are among the standouts on a morning in which the Nasdaq is off 0.2%.
- JinkoSolar (JKS +2.8%), which was down premarket following news of a fire at one of its plants, is among the gainers. As are JA Solar (JASO +3.3%), Daqo (DQ +5.3%), Yingli (YGE +7.1%), ReneSola (SOL +6.9%), Trina (TSL +5.6%), and China Sunergy (CSUN +2.1%). Canadian Solar (CSIQ +3.1%), which has extensive Chinese manufacturing ops, is also rallying.
- The gains come as WTI crude oil continues trading near $43/barrel. The Q4 results and full-year guidance provided by solar firms in February and March suggest oil (responsible for only a small % of global electricity output) isn't having a big near-term impact on solar investments.
Thu, Mar. 5, 11:13 AM
- Solar stocks are up sharply in early trading (TAN +3.9%) after Canadian Solar offered strong Q1/2015 guidance to go with more subdued Q4 results, and stated it's "planning to form a YieldCo vehicle." Vivint Solar's Q4 solar installation beat also might be helping.
- Aside from Canadian and Vivint, gainers include SunEdison (SUNE +2.1%), ReneSola (SOL +7%), Yingli (YGE +3.2%), Trina (TSL +4.7%), JinkoSolar (JKS +4.6%), Enphase (ENPH +6%), and China Sunergy (CSUN +15.7%).
- SunEdison has announced it's entering the solar/wind battery storage market by acquiring "the energy storage project origination team, project pipeline, and ... four operating storage projects" from private Solar Grid Storage. In addition to offering battery storage, SunEdison will integrate its Renewable Operation Center with Solar Grid's solar/battery control services.
- ReneSola and Trina moved higher yesterday following their Q4 reports (I, II). Many solar names rallied 9 days ago in response to First Solar and SunPower's YieldCo JV plans.
Tue, Mar. 3, 3:07 PM
- With the Nasdaq down 0.6%, the number of tech companies posting outsized declines easily surpasses the number posting significant gains.
- Chinese firms are well-represented on the ranks of notable decliners. In addition to Alibaba, the list includes CDN owner ChinaCache (CCIH -4.6%), mobile app developer Cheetah Mobile (CMCM -9.8%), solar module vendor Yingli (YGE -4%), polysilicon provider Daqo (DQ -5.1%), real estate sites SouFun (SFUN -4.5%) and Leju (LEJU -4.3%), and data center owner 21Vianet (VNET -2.9%).
- Other decliners include chip equipment giant Applied Materials (AMAT -4.2%), seismic tech provider Geospace (GEOS -4.9%), VoIP infrastructure hardware/software firm Sonus (SONS -4.7%), IT services firm WidePoint (WYY -3.7%), auto site TrueCar (TRUE -7.4%), and online grocery coupon provider Coupons.com (COUP -5.2%).
- SouFun fell hard yesterday following news 58.com is buying real estate site Anjuke. Many Chinese tech firms sold off last Friday as the yuan made 3-year lows against the dollar.
- Previously covered: Seagate/Western Digital, Micron, Overstock
- Notable gainers: Veeva, Gogo, Vringo, Finjan, Aviat
Tue, Feb. 24, 10:18 AM
- Beaten down over the last several months as oil and natural gas prices tumbled, solar stocks are rallying today (TAN +3.9%) after First Solar and SunPower announced they're in talks to form a solar project YieldCo, with plans to eventually do an IPO for it.
- The announcement comes less than a year after SunEdison (SUNE +1.5%) took its TerraForm Power (TERP +1.8%) solar project YieldCo public. Canadian Solar (CSIQ +8.1%), which has said it's looking to do a YieldCo at some point, is among today's biggest gainers (not counting First Solar/SunPower).
- Other standouts: SCTY +3.6%. JKS +6.2%. SOL +5.2%. TSL +4%. JASO +3.1%. YGE +4.3%. CSUN +4.5%. ENPH +2.4%.
Tue, Feb. 17, 5:37 PM
Thu, Feb. 12, 4:02 PM
- SunEdison (SUNE +4.2%), Yingli (YGE +6.5%), Daqo (DQ +7.7%), Trina (TSL +4.3%), Canadian Solar (CSIQ +6.2%), and JinkoSolar (JKS +4.7%) took part in today's market rally in a big way as WTI crude rose 4.9% to $51.25/barrel. The Nasdaq closed up 1.2%.
- Chinese solar names also rallied strongly on Monday. The industry as a whole got some favorable PR on Tuesday when Apple announced it's backing an $850M California First Solar project.
Mon, Feb. 9, 1:46 PM
- While U.S. solar names are generally posting moderate gains or trading near breakeven, many of their Chinese peers are up strongly. Yingli (YGE +4.5%), JinkoSolar (JKS +3.6%), ReneSola (SOL +3.8%), Trina (TSL +3%), and China Sunergy (CSUN +2.8%) are notable gainers. As is Canadian Solar (CSIQ +4.8%), which leans heavily on its Chinese ops.
- Solar stocks (Chinese or otherwise) gained last week (I, II) amid a sharp rally in oil prices. WTI crude is currently at $53.18/barrel, and Brent crude at $58.48/barrel.
Tue, Feb. 3, 10:59 AM
- Solar stocks are adding to yesterday's gains in a big way (TAN +3.6%) as oil prices (and oil/gas stocks) continue their recent rally: WTI crude is up $1.51 today to $51.08/barrel. The Nasdaq is close to breakeven.
- Also possibly helping solar firms: Canadian Solar's (CSIQ +21.2%) $265M deal to buy North American solar project developer Recurrent Energy from Sharp. The deal, which CSIQ estimates spells a $2.3B+ revenue opportunity, acts as a fresh vote of confidence for the downstream U.S. solar market in the wake of oil and natural gas' big declines.
- Notable gainers (besides CSIQ): FSLR +4%. SPWR +5.1%. JKS +8%. JASO +6.5%. SOL +7.1%. VSLR +6.3%. ASTI +7.7%. CSUN +7.7%. YGE +4.7%. HSOL +8.8%. DQ +3.4%. ENPH +5.8%. TSL +5.5%.
Mon, Feb. 2, 11:30 AM
- WTI crude oil soared above $48/barrel on Friday after ISIS attacked the Iraqi city of Kirkuk, and is holding its ground today. Oil/gas producers are rallying, and so are beaten-down solar firms (TAN +2.2%).
- Notable gainers: FSLR +6%. SCTY +9.2%. SUNE +5.5%. SPWR +4.9%. TSL +6.6%. JKS +4.8%. CSIQ +4.6%. DQ +13.2%. VSLR +4.4%. JASO +3.8%. ENPH +3.4%. HSOL +3.6%. YGE +4.3%. ASTI +3.1%. SOL +3.4%.
- RBC made a contrarian call on Friday, upgrading SunPower, JA Solar, and Trina to Outperform. A long list of U.S. and Chinese solar firms are expected to post Q4 results this month.
Sat, Jan. 10, 8:25 AM
- Kinder Morgan (NYSE:KMI) tops Credit Suisse's list of its nine favorite energy and utility stocks to own for 2015, believing KMI’s recent MLP acquisitions will lower the company’s cost of capital and open the door for double-digit dividend growth and additional potential acquisitions.
- Noble Corp. (NYSE:NE) is the top pick among offshore drillers, despite the fact that analysts don’t believe the inflection point in the drilling down-cycle is coming until at least 2016; fulfilling the firm's $30 price target would mean nearly 90% upside.
- Also recommended: SUNE, EXC, RDS.A, RDS.B, TSO, DVN, PDCE, SLB.
- SandRidge Energy (NYSE:SD) is one of Credit Suisse's five energy and utility stocks to avoid despite an upbeat quarterly report, believing the risk associated with SD’s extremely high leverage likely will lead to significant capex cuts, thus limiting production growth and cash flows.
- The firm also would avoid CVRR, SFY, YGE and SO.
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