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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV