24/7 Wall St. » YGE

Solar Saga Continues Downward Spiral (STP, TSL, SOL, FSLR, SPWR, LDK, JASO, YGE)

Paul Ausick — Wed, 23 May 2012 16:52:34 +0000

The string of losses in the solar PV industry is really not news any longer. Stock prices have been hit hard by collapsing panel prices and vanishing margins. Today is really no different.

Chinese solar makers Suntech Power Holdings Co. Ltd. (NYSE: STP) and Trina Solar Ltd. (NYSE: TSL) both announced results for their first quarters. Suntech managed to beat revenue expectations, posting sales of $409.5 million versus a consensus estimate of $406 million. But the total reflects a decline of -34.9% sequentially and 53.3% year-over-year. The company posted an EPS loss of -$0.74 compared with an estimate of -$0.50. Gross margins fell to just 0.6%, down from 9.9% in the fourth quarter of 2011 and 20.8% in the same period a year ago.

Trina did even more poorly. Revenues totaled $350 million versus a consensus estimate of $398.5 million and the loss per ADR totaled -$0.42 compared with an estimated loss of -$0.29. Gross margins came in at 13.3%, but the company’s operating margin fell to -11.4%, somewhat better than the operating margin of -14.4% in the fourth quarter of 2011.

Profits and margins for both companies include reserves taken to pay the anti-dumping duties recently approved the US Department of Commerce.

Of the solar makers, only Renesola Ltd. (NYSE: SOL) put up solid enough numbers for the first quarter to enjoy any kind of bump in share price. First Solar Inc. (NASDAQ: FSLR) posted a surprise EPS loss for the first quarter and SunPower Corp. (NASDAQ: SPWR) missed on revenues while coming in slightly ahead of EPS estimates. Chinese solar maker LDK Solar Co. Ltd. (NYSE: LDK) posted horrible results in its fourth quarter and expected results for the first quarter don’t look good either. Neither do estimates for JA Solar Holdings Co. Ltd. (NASDAQ: JASO) or Yingli Green Energy Holding Co. Ltd. (NYSE: YGE).

Suntech said it expects shipments to increase by 20% in the second quarter and gross margins to improve to 3%-6%. The company maintained its full-year shipment guidance of 2,100-2,500 megawatts.

Trina forecast shipment growth of about 31%-37% in the second quarter and gross margins of around 10%. For the full year the company expects to ship 2,000-2,100 megawatts.

Shares of Suntech have fallen about -2.5% by early afternoon today to $1.93 in a 52-week range of $1.70-$8.50. Trina’s shares are up 0.75% at $5.37 in a 52-week range of $5.20-$23.64.

Paul Ausick

Filed under: Alternative Energy, China, Earnings, Green Biz Tagged: FSLR, JASO, LDK, SOL, SPWR, STP, TSL, YGE

Chinese Solar Dumping Gets Mild Penalty

Paul Ausick — Fri, 18 May 2012 13:03:27 +0000

Late yesterday the US Department of Commerce released its preliminary findings in the anti-dumping case against Chinese solar panel makers. The principal finding of the International Trade Administration, the DoC agency that rules on international trade cases, is simple:

Commerce preliminarily determined that Chinese producers/exporters sold solar cells in the United States at dumping margins ranging from 31.14 percent to 249.96 percent.

By ITA’s definition, “dumping occurs when a foreign company sells a product in the United States at less than fair value.”

Two Chinese companies, Suntech Power Holdings Co. Ltd. (NYSE: STP) and Trina Solar Ltd. (NYSE: TSL), will have to pay “dumping margins” (tariffs) of 31.22% and 31.14%, respectively. An additional 59 companies and subsidiaries, including Canadian Solar Inc. (NASDAQ: CSIQ, Hanwha Solarone Co. Ltd. (NASDAQ: HSOL), Yingli Green Energy Holding Co. Ltd. (NYSE: YGE), LDK Solar Co. Ltd. (NYSE: LDK), Jinkosolar Holding Co. Ltd. (NYSE: JKS), and JA Solar Holdings Co. Ltd. (NASDAQ: JASO), will pay dumping margins of 31.18%.

The government of China has already rejected the findings, and the Associated Press reports that a Commerce Ministry official said, “The U.S. ruling is unfair, and the Chinese side expresses its extreme dissatisfaction.”

In reality, the Chinese got off easy. The dumping margins are set at the absolutely lowest end of the scale. In March the Commerce Department hit the Chinese makers with tariffs of less than 5%, far below the 100% tariff demanded by SolarWorld and its co-complainants.

The Commerce Department even left the Chinese makers a way out:

Modules, laminates, and panels produced in a third-country from cells produced in the PRC are covered by this investigation; however, modules, laminates, and panels produced in the PRC from cells produced in a third-country are not covered by this investigation.

So China can move its solar cell manufacturing to Thailand or the Philippines or Vietnam, re-import the parts to China for final assembly, and sell the finished goods in the US without penalty, and presumably at whatever price the manufacturers want.

The largest part of the US solar industry is also likely to be dissatisfied by the preliminary ruling. Companies like Real Goods Solar Inc. (NASDAQ: RSOL) and SolarCity — which has filed for an IPO — have been able to turn low prices for solar panels into a healthy installation business. US solar makers First Solar Inc. (NASDAQ: FSLR), SunPower Corp. (NASDAQ: SPWR), and MEMC Electronic Materials Inc. (NYSE: WFR) all own their own project management and installation businesses as well.

Yesterday’s ruling by the ITA is a not much more than a loss of face to China’s makers, while it could be a real job-killer in the US. Anyone who believes that manufacturing solar cells and modules in the US will become a massive industry probably also believes in the Easter Bunny.

A final ruling on the case is not due until November, and appeals are possible — and likely — fairly quickly.

The ITA’s preliminary ruling is available here.

Most Chinese solar stocks are trading higher in the pre-market this morning. That should tell you all you need to know about this ruling.

Paul Ausick

Filed under: General Tagged: CSIQ, FSLR, HSOL, JASO, JKS, LDK, RSOL, SPWR, STP, TSL, WFR, YGE

Renesola: Finally Some Good News in the Solar Sector (SOL, FSLR, SPWR, LDK, STP, YGE, JASO, JKS)

Paul Ausick — Fri, 11 May 2012 12:26:04 +0000

When the company reported fourth quarter earnings in March, it set expectations for the first quarter fairly low. Renesola posted an EPS loss of -$0.23, better than the expected loss of -$0.31, and revenue came in at $211.5 million, considerably above the consensus estimate of $177.6 million.

When the company reported fourth quarter earnings in March, it set expectations for the first quarter fairly low: shipments of 400-420 megawatts of modules and wafers and revenues of $180-$190 million. Now it might be that Renesola was managing expectations, but based on today’s results and the fourth quarter’s report, the company appears to have won its first battle with managing costs. That solution has so far eluded First Solar Inc. (NASDAQ: FSLR), SunPower Corp. (NASDAQ: SPWR), LDK Solar Co. Ltd. (NYSE: LDK), Suntech Power Holdings Co. Ltd. (NYSE: STP), Yingli Green Energy Holding Co. Ltd. (NYSE: YGE), and JA Solar Holdings Co. Ltd. (NASDAQ: JASO). Jinkosolar Holding Co. Ltd. (NYSE: JKS) is scheduled to report earnings later today and analysts expect an EPS loss of -$1.07 on revenue of just $158.9 million, about half the revenue of a year ago.

In March, Renesola’s CEO said this about his company’s cost structure:

Although we achieved our year-end cost-reduction targets, which placed our cost structure among the lowest in the industry, it was not enough to offset extremely low solar wafer and module prices.

In the first quarter the company’s module manufacturing cost fell to $0.74/watt and Renesola expects to lower that to $0.70/watt in the second quarter. Half the cost savings will come from lower wafer costs and the rest from lower pricing for polysilicon. The company is vertically integrated and makes its own wafers and polysilicon, which helps keep its costs down.

For the first quarter Renesola had positive gross margin of 9% on its solar modules while its overall gross margin was negative, -3.8%. That’s not good, but it’s a lot better than the negative gross margin of -28.1% the company posted in the fourth quarter. In the first quarter of 2011 gross margin rang in at 21%. Those were the days.

Shares in Renesola are up nearly 12% in pre-market trading, at $2.00, in a 52-week range of $1.45-$8.83.

Paul Ausick

Filed under: Alternative Energy, China, Earnings, Green Biz, Pre-Market Activity Tagged: FSLR, JASO, JKS, LDK, SOL, SPWR, STP, YGE

Solar Industry Takes Another Blow (WFR, FSLR, SPWR, STP, YGE)

Paul Ausick — Thu, 10 May 2012 17:41:47 +0000

One piece of the solar industry that has taken a bigger hit to prices than the panel makers, it’s the polysilicon wafer makers. Case in point is MEMC Electronic Materials Inc. (NYSE: WFR) which posted an EPS loss of -$0.40 on revenue of $519.2 million. The consensus estimate had called for an EPS loss of -$0.26.

Solar panel makers like First Solar Inc. (NASDAQ: FSLR), SunPower Corp. (NASDAQ: SPWR), Suntech Power Holdings Co. Ltd. (NYSE: STP), and Yingli Green Energy Holdings Co. Ltd. (NYSE: YGE) have watched panel prices erode about -50% in the last year. Polysilicon prices have dropped -70% and companies like MEMC simply can’t reduce costs fast enough to keep up with collapsing demand and a race to the bottom on polysilicon prices.

MEMC’s adjusted gross margins for the quarter were down to 10% from 11.6% in the previous quarter and full year 2011 margin of 18%. Perhaps the worst news of all for the company is that its SunEdison division which designs and installs solar PV systems installed new projects totalling 49 megawatts in the first quarter, down -55% sequentially and -11% year-over-year.

The company also forecast somewhat weak revenue growth for the second quarter and a revenue drop for the full fiscal year. The company said its sales volume for the full year would be more than 400 megawatts and that second quarter volume would be 130-170 megawatts. Taking a midpoint of 150 megawatts and first quarter sales of just 47 megawatts, that estimate indicates expected growth in the second half of the year. MEMC better hope so.

Shares of MEMC are down -24% today, at $2.47 after posting a new 52-week low of $2.46 earlier. The prior 52-week range was $3.20-$11.31.

Paul Ausick

Filed under: Alternative Energy, Earnings, Green Biz, Semiconductor Tagged: featured, FSLR, SPWR, STP, WFR, YGE

First Solar Sinks to Another New Low (FSLR, SPWR, YGE)

Paul Ausick — Tue, 08 May 2012 18:46:06 +0000

Shares of First Solar Inc. (NASDAQ: FSLR) just can’t seem to find a bottom. The only thing to say about this is that maybe today’s the day. Yet the company’s singular story is part of a larger tale that, not surprisingly, is being played out on different stages around the world.

Shares of First Solar are down another -6% today, currently trading at $16.61, after putting up (down?) a new 52-week low of $16.51 earlier. The other large US solar panel maker, SunPower Corp. (NASDAQ: SPWR) is down -5.5% at $5.50 in a range of $4.94-$23.36. Even China’s Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) is down about -3.6%, and that’s after the news that the company completed a $238 million bond sale at yields as low as 5.78%.

Compare Yingli’s yield to Germany’s SolarWorld AG, the country’s largest solar panel maker, which saw rates on its 5-year notes rise to 49.4% last week. And the government of Angela Merkel wants to cut the country’s subsidies for solar installations even more in a move that has drawn opposition from political foes and even some allies.

Four of Germany’s solar panel makers have filed for bankruptcy since December. This is leading to job losses in an industry that had been adding jobs to the country’s economy for years. First Solar will close its plant in Germany and eliminate 1,200 jobs. Q-Cells, the largest of the German countries to file for bankruptcy, could be forced to fire as many as 1,300 German workers.

Merkel and her government have taken a hard line on the subsidy cuts, insisting that the subsidies are driving up the cost of electricity to consumers. The government’s environment minister said last month that the industry will just have to learn to live with lower subsidies and he believes that employment in renewable energy will continue to rise. He told Bloomberg Businessweek:

The success story in the job sector continued last year, and everything points to that it will continue this year. If enormous overcapacity exists in the solar sector, this will lead to adjustments that we can’t and shouldn’t stop with excessive subsidies.

Germany’s state governments and representatives to the federal government don’t agree, though. The governor of one state — and a member of Merkel’s political party — has said that the planned subsidy cuts “are detrimental to the many companies producing in our region and we want a fundamental change.”

This is the austerity vs. growth argument writ small. If Merkel is getting pushback from her own party on an austerity measure, it’s not so hard to believe that she’ll begin to feel the pressure soon to be coming from France and maybe even Greece.

The solar industry could be a bellwether for Germany as the steep cuts in jobs could begin to pinch local and regional governments. The country has already lost many of its manufacturers and is not really an exporter of solar panels. And exports have been the key to Germany’s ability to withstand the financial woes that have hit other Eurozone countries.

None of this matters to First Solar, though, and probably doesn’t matter much to SunPower. But Yingli, a low-cost, high-volume manufacturer, that looks like it can weather the current storm in the solar industry could be a longer term winner.

Paul Ausick

Filed under: Alternative Energy, Economy, Green Biz, International Markets, Politics Tagged: FSLR, SPWR, YGE

Second Look at Solar Earnings: Still Cause for Concern (FSLR, SPWR, TSL, YGE, LDK, STP, JASO)

Paul Ausick — Fri, 04 May 2012 16:00:09 +0000

After markets closed last night, the two leading US solar PV makers, First Solar Inc. (NASDAQ: FSLR) and SunPower Corp. (NASDAQ: SPWR), reported first quarter earnings. Both reported EPS losses, but SunPower’s loss was not as large as expected and First Solar’s loss was not expected at all.

Two of China’s five large solar PV makers will report quarterly results later this month. Trina Solar Ltd. (NYSE: TSL) reports on May 17th and is expected to post an EPS loss of $0.29 on revenues of $396.3 million, a revenue decline of about -28% compared with the same period last year. Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) reports on May 15th and the consensus estimates call for an EPS loss of -$0.21 on revenue of $448.8 million, a drop of nearly -15% in revenues year-over-year.

LDK Solar Co. Ltd. (NYSE: LDK) won’t report first quarter earnings until later, but it posted a huge EPS loss of -$4.63 in the fourth quarter and is expected to show an EPS loss of -$0.88 on revenue of $265.4 million, a revenue drop of more than -65% year-over-year. Suntech Power Holdings Co. Ltd. (NYSE: STP) also reports late, but its fourth quarter EPS loss totaled -$0.76 and first quarter estimates call for an EPS loss of -$0.50 on revenue of $410.9 million, a -53% dive in sales. JA Solar Holdings Co. Ltd. (NASDAQ: JASO) reports later as well, following a fourth quarter loss of -$0.11 and estimates for another EPS loss of -$0.15 on revenues of $234.7 million, a revenue decline of more than -57%.

First Solar’s quarterly sales of $497 million were $163 million lower sequentially and $70 million lower than the same period a year ago. The adjusted EPS loss for the quarter was -$0.08, and the GAAP loss was a whopping -$5.20/share, some $4.64 of which went to cover restructuring charges and another $0.48 covered excess warranty expenses. Analysts had consensus estimates for EPS of $0.59 on revenue of $681.5 million.

SunPower’s quarterly revenues came in light as well, at $494.1 million versus an estimate of $525.4 million. The adjusted EPS loss of -$0.12 was better than the estimated loss of -$0.15.

The dismal report notwithstanding, First Solar raised its full-year adjusted EPS guidance from $3.75-$4.25 to $4.00-$4.50, compared with a consensus estimate of $4.07. The company also anticipates an increase in its operating cash flow, from $800-$900 million to a new range of $850-$950 million.

SunPower said next quarter’s EPS loss would range from -$0.20 to -$0.05, compared with a consensus estimate of -$0.05. The second quarter revenue estimate was unchanged at $575-$650 million versus a consensus estimate of $638.9 million.

First Solar and SunPower are both restructuring (shrinking) as fast as they can with an eye toward lowering costs to a level at which the companies can again make a profit. The catch is that their Chinese competitors are doing the same thing, and in this race to the bottom there can never be a real winner. Any companies left standing will be staggering badly.

First Solar’s shares are down more than -5.5% today at $17.05 after posting a new 52-week low of $16.93 earlier. The previous range was $17.50-$142.22. SunPower’s shares are down about -1.8% at $5.60 in a 52-week range of $4.94-$23.36.

The Chinese companies are mixed, with Yingli up about 3% and JA Solar down about -3% with the others spread around in between.

Paul Ausick

Filed under: China, Earnings, HI/LOW, Technology Companies Tagged: FSLR, JASO, LDK, SPWR, STP, TSL, YGE

24/7 Wall St. Closing Bell (WPI, AZN, ANF, SPWR, YGE, COST, MERU, ACI, VECO, PBY, ADM, CPO, AVP, DPZ, PFE, VLO, ABX, JDSU, MRO, FSLR, V, PFCB, DAL, CHK)

Paul Ausick — Tue, 01 May 2012 20:03:50 +0000

The major US stock indexes opened flat this morning but started to move higher following the better-than-expected ISM report on manufacturing (our coverage here). Construction spending in the US was a bit lower, but not enough to quell the enthusiasm over the manufacturing report. The US dollar index rose slightly today, now up 0.056% at 78.820. The GSCI commodity index is up fractionally at 684.88, with commodities mostly lower on the rising dollar. Cocoa put up a big gain today, while orange juice posted another sharp decline. WTI crude oil closed up 1.2% at $106.16/barrel, and Brent crude trades up 0.17% at $119.67/barrel. Gold settled up 0.1% today, at $1,662.40/ounce.

The unofficial closing bells put the DJIA up nearly 67 points to 13,280.31 (0.5%), the NASDAQ rose about 4 points (0.13%) to 3,050.44, and the S&P 500 rose 0.57% or nearly 8 points to 1,405.89.

There were several analyst upgrades and downgrades today, including Watson Pharmaceuticals Inc. (NYSE: WPI) reiterated as ‘buy’ at Canaccord Genuity; AstraZeneca PLC (NYSE: AZN) raised to ‘neutral’ at BofA; Abercrombie & Fitch Co. (NYSE: ANF) raised to ‘buy’ at UBS; SunPower Corp. (NASDAQ: SPWR) raised to ‘buy’ at Citigroup; Yingli Green Energy Holdings Co. Ltd. (NYSE: YGE) raised to ‘buy’ at Citigroup; Costco Wholesale Corp. (NASDAQ: COST) cut to ‘hold’ at Deutsche Bank; and Meru Networks Inc. (NASDAQ: MERU) cut to ‘neutral’ at RW Baird.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Arch Coal Inc. (NYSE: ACI) is down -3.8% at $9.39 (more coverage here); Veeco Instruments Inc. (NASDAQ: VECO) is up 14.8% at $34.67 (more coverage here); Pep Boys – Manny, Moe & Jack (NYSE: PBY) is down -21.8% at $11.67 (more coverage here); Archer Daniels Midland Co. (NYSE: ADM) is up 7.9% at $33.25; Corn Products International Inc. (NYSE: CPO) is down -0.14% at $56.98; Avon Products Inc. (NYSE: AVP) is down -7.6% at $19.95; Domino’s Pizza Inc. (NYSE: DPZ) is down -9.6% at $34.18; Pfizer Inc. (NYSE: PFE) is down -0.14% at $22.87; and Valero Energy Corp. (NYSE: VLO) is up 0.9% at $24.92.

Tomorrow we get earnings from Barrick Gold Corp. (NYSE: ABX), JDS Uniphase Corp. (NASDAQ: JDSU), Marathon Oil Corp. (NYSE: MRO), First Solar Inc. (NASDAQ: FSLR), and Visa Inc. (NYSE: V).

Other standouts from today include the following stocks:

P.F. Chang’s China Bistro Inc. (NASDAQ: PFCB) is up 29.7% at $51.46. The company is being taken private in a deal worth $1.1 billion. More coverage here.

Delta Air Lines Inc. (NYSE: DAL) is up 0.8% at $11.05. The airlines bought an oil refinery from newly-public Phillips 66 (NYSE: PSX). More coverage here.

Chesapeake Energy Corp. (NYSE: CHK) is up 6.3% at $19.60. The company’s chairman will be replaced and the company reports earnings after markets close today. More coverage here.

Stay tuned for Wednesday. Fed Governor Daniel Tarullo and Richmond Fed President Jeffrey Lacker are giving speeches. We have noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
7:30 a.m. – Challenger job cut report
8:15 a.m. – ADP employment report
10:00 a.m. – Factory orders
10:30 a.m. – EIA weekly petroleum status report

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ABX, ACI, ADM, ANF, AVP, AZN, CHK, COST, CPO, DAL, DPZ, featured, FSLR, JDSU, MERU, MRO, PBY, PFCB, PFE, SPWR, V, VECO, VLO, WPI, YGE

LDK Implodes (LDK, FSLR, TSL, STP, JASO, YGE)

Paul Ausick — Mon, 30 Apr 2012 11:40:28 +0000

Shares of solar PV maker LDK Solar Co. Ltd. (NYSE: LDK) are pointed toward a new 52-week low today following the company’s report on its fourth quarter 2011 earnings. The company had delayed the report until now, probably hoping for some sort of miracle.

No such luck. For the quarter the company reported a loss per diluted ADS of -$4.63 compared with a consensus estimate for a loss of -$0.85. Revenue for the quarter came in at $420.2 million versus an estimate of $431.6 million. Gross margins were not only negative, they were abysmal — -65.5%. In the same period a year ago, gross margins were 27.3%.

Other solar makers like First Solar Inc. (NASDAQ: FSLR) had rotten fourth quarter results, but nothing like this. First Solar is expected to post EPS of $0.59/share in the first quarter, after delivering EPS of $1.26 in the fourth quarter, a big miss on expectations. Trina Solar Ltd. (NYSE: TSL) is expected to recover a bit in the first quarter, with an EPS loss of $0.29 compared with a loss of $0.93 in the fourth quarter. Suntech Power Holdings Co. Ltd. (NYSE: STP) is expected to post an EPS loss of $0.50 in the first quarter, better than the company’s loss of -$0.76 in the fourth quarter. JA Solar Holdings Co. Ltd. (NASDAQ: JASO) put up a loss of -$0.11 in the fourth quarter and is expected to post an EPS loss of -$0.15 in the first quarter. Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) put up a loss of -$0.38 last quarter and is expected to improve to a loss of -$0.21 this quarter.

More than half of LDK’s quarterly loss was due to writedowns:

During the preparation of its fourth quarter 2011 financial results, LDK Solar’s management determined that an inventory write-down and provision for firm purchase commitment of $232.6 million was required as a result of the significant drop in market price for polysilicon, wafers and modules during the fourth quarter. As a result, gross margin and results from operations were negatively impacted in the fourth quarter of fiscal 2011.

The total loss for the quarter amounted to $531.4 million. LDK is not particularly optimistic either:

In 2012, we expect that excess capacity and further policy uncertainties in Europe and the U.S. will result in continued intense competition within the solar industry.

The company forecasts revenue of $2.0-$2.7 billion, with a prior consensus estimate of $2.19 million. The expected ADS loss in 2012 is $1.37, but that is almost sure to drop after today.

The question for LDK and the other Chinese solar maker is whether or not the government will ride to their rescue. In late 2010, the government made more than $25 billion in loans available to its solar makers so that the companies could expand production. That idea didn’t work out too well, so now the country and the country’s solar industry must go to Plan B. And that has to include consolidation and picking winners. LDK is probably not on the list.

LDK’s shares are down just over -1% in the pre-market at $2.93 in a 52-week range of $2.55-$11.73.

Paul Ausick

Filed under: Alternative Energy, China, Earnings, Green Biz Tagged: featured, FSLR, JASO, LDK, STP, TSL, YGE

Germany Could Soften Solar Subsidy Cuts (TSL, YGE, LDK, JASO, STP)

Paul Ausick — Fri, 23 Mar 2012 17:28:22 +0000

The German government had been expected to cut the country’s solar PV subsidy by 15% in April, and by 2% a month thereafter. PV Magazine is reporting today that following a meeting last night, “it has come to light that the changes proposed for photovoltaics in Germany will be made more moderate.”

Stocks of China’s biggest solar PV makers are getting a boost from the news, with Trina Solar Ltd. (NYSE: TSL) up 4.9%, Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) up 3.7%, LDK Solar Co. Ltd. (NYSE: LDK) up 2.4%, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) up 2.9%, and Suntech Power Holdings Co. Ltd. (NYSE: STP) up 0.6%.

The stocks slid earlier this week following the US Commerce Department’s decision to apply a tariff to solar panels imported into the US, and could slide further as the anti-dumping case proceeds to a conclusion.

Paul Ausick

Filed under: Alternative Energy, Green Biz, Politics Tagged: JASO, LDK, STP, TSL, YGE

24/7 Wall St. Closing Bell (HD, LNKD, MU, RGLD, BX, ORCL, GIS, KKD, SAI, DQ, FRED, BHI, LOOK, SEED, GMCR, YGE)

Paul Ausick — Wed, 21 Mar 2012 20:07:01 +0000

Markets opened slightly higher this morning, expecting good news from today’s report on existing home sales. Alas, the number came in lower than expectations and sent the DJIA to a daily low that it still hasn’t recovered from. The report itself wasn’t bad (our coverage here). The US dollar index rose fractionally today, now up 0.08% at 79.656. With some major exceptions, commodities fell on the dollar strength. The US EIA weekly petroleum report showed a drawdown of 1.2 million barrels in US inventories, sending crude prices higher (our coverage here). WTI crude oil closed up 0.9% at $106.96/barrel, and Brent crude trades up 0.06% at $124.19/barrel. Gold settled up 0.2% today, at $1,650.30/ounce.

The unofficial closing bells put the DJIA down nearly 46 points to 13,124.62 (-0.35%), the NASDAQ rose more than 1 point (XXX%) to 3,075.32, and the S&P 500 fell -0.19% or nearly 3 points to 1,402.90.

There were several analyst upgrades and downgrades today, including Home Depot Inc. (NYSE: HD) reiterated ‘outperform’ and target price raised to $55 at Credit Suisse; LinkedIn Corp. (NYSE: LNKD) raised to ‘buy’ at Goldman Sachs; Micron Technology Inc. (NASDAQ: MU) started as ‘outperform’ at RBC; Royal Gold Inc. (NASDAQ: RGLD) raised to ‘outperform’ at National Bank; and Blackrock Inc. (NYSE: BX) cut to ‘equal weight’ at Morgan Stanley.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: Oracle Corp. (NASDAQ: ORCL) is down -2.2% at $29.45 (more coverage here and here); General Mills Inc. (NYSE: GIS) is down -0.4% at $38.59; Krispy Kreme Doughnuts Inc. (NYSE: KKD) is down -7.2% at $7.88 (more coverage here); SAIC Inc. (NYSE: SAI) is up 3.8% at $13.65; Daquo New Energy Corp. (NYSE: DQ) is down -7.5% at $2.58; and Fred’s Inc. (NASDAQ: FRED) is up 2.4% at $14.38.

Other standouts from today include the following stocks:

Baker Hughes Inc. (NYSE: BHI) is down 5.9% at $45.02. The oil field services firm cut its profit estimates for the current quarter. More coverage here.

LookSmart Inc. (NASDAQ: LOOK) is down -15% at $1.19 after posting a new 52-week low of $1.10 earlier today. The search network posted awful results today. More coverage here.

Origin Agritech Inc. (NASDAQ: SEED) is up more than 26% at $3.18. The modified seed maker jumped on a report that its GMO corn seed would be approved for use in China. More coverage here.

Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) is up nearly 11% at $56.05. The coffee roaster signed a new deal with Starbucks Corp. (NASDAQ: SBUX). More coverage here.

Yingli Green Energy Holding Company Ltd. (NYSE: YGE) is down -10.3% at $3.83. The solar panel maker did not fare well in the anti-dumping suit brought against Chinese solar makers. More coverage here.

Stay tuned for Thursday. Federal Reserve Chairman Ben Bernanke, Fed Governor Daniel Tarullo, and Chicago Fed President Charles Evans are giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – New unemployment benefits claims
10:00 a.m. – Federal Housing Finance Agency house price index
10:30 a.m. – EIA weekly natural gas storage report
1:00 p.m. – Treasury Inflation-Protected Securities (TIPs) auction
4:30 p.m. – Federal Reserve balance sheet and money supply

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: BHI, BX, DQ, FRED, GIS, GMCR, HD, KKD, LNKD, LOOK, MU, ORCL, RGLD, SAI, SEED, YGE