Chinese Solar Firms Flare Higher
NEW YORK (TheStreet) -- It's been a shiver-inducing day for the market, but Chinese solar companies continue to generate heat. Two more Chinese solar companies posted third-quarter earnings that made analyst estimates look modest by comparison, and investors reacted in droves, and quickly.
Trina hit a record earnings level, up 25% to $40 million. The $1.29 per share far outdistanced the analyst expectation of $0.84.
Suntech's earnings fell by 30% to $29.8 million, but the share price of $0.16 was well above analysts' estimate of $0.08.SunTech also indicated that fourth-quarter shipments would be at least 10% higher than the previous quarter, in line with optimistic guidance provided by most Chinese solar companies in this earnings period. Trina was trading at twice its average daily volume in the early afternoon, and with a share price of $44, was just off the 52-week high of $45.23 that it had attained earlier in the session. Suntech was up more percentage wise, 5.43% with trading volume of 8.4 million shares, almost double its average level of 4.8 million.
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