The Democratic Party's victory has turned attention back to the Alternavtive energy sector. Solar stocks were up this past week despite crude oil closing the week up 1.33%. The failure of Proposition 87 (pdf) in California didn’t cause a downturn either.
We saw a strong debut by Canadian Solar Inc. (Nasdaq: CSIQ) this week but all the gains were given back by Friday’s close. Canadian Solar's IPO took place on Thursday at $15/share. The stock went up all the way to 16.73 but closed Friday at $15.08, near its offering price. I wrote about Canadian Solar Inc. (Nasdaq: CSIQ) IPO here. Let’s see what happens with Canadian Solar in the coming weeks.
Energy Conversion Devices (Nasdaq: ENER) trimmed its first quarter loss to $2.3 million from $6.5 million a year ago. The stock closed the week up 8.80%.
MEMC Electronics (NYSE: WFR) reported its third quarter results. Profit declined 10% and the sell off saw the stock give away its gains from earlier this week in anticipation of strong earnings. From Reuters, UBS analyst Stephen Chin, who has a “Buy” rating on the stock, raised his price target to $60 from $55, and predicted that sales to solar panel manufacturers would likely drive upside in the fourth quarter.
* Net sales of $407.9 million
* Gross margin of $192.5 million (47.2% of net sales)
* Operating income of $160.7 million (39.4% of net sales)
* Ending cash and short-term investment balance of $451.9 million
Hoku Scientific (Nasdaq: HOKU) closed the week down 11.05% as second quarter results were below expectations.
Disclosure: I own STP and ESLR.