This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

The results from Suntech Power (STP) and Trina Solar (TSL - Get Report) were no surprise, but the market still rewarded the companies with major gains today and a major spike in trading volumes.

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
LDK $0.00 0.00%
STP $0.53 0.00%
TSL $12.00 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs