Energy
Solar Winners: China Sunergy
NANJING, China (TheStreet) -- On Thursday, a news report of a sooner-than-expected cut in Germany's solar feed-in tariffs led to one of the biggest selloffs in popular Chinese solar stocks in recent market history.
The little Chinese solar firm that could -- could eek out a gain during Thursday's solar rout, that is -- was China Sunergy(CSUN). China Sunergy's 0.2% gain on Thursday was tops in the solar sector. What's more, China Sunergy experienced near-quadruple its average daily trading volume on Thursday -- with 2.6 million shares traded versus a daily average of 700,000. China Sunergy's Thursday run may have been far better if news of the German solar tariff reduction had not broken mid-morning, sending the solar sector into a selloff. China Sunergy had surpassed its average daily volume of shares 90 minutes after the market open on Thursday morning, and its shares had spiked 8% before the solar investor jitters and short selling reverberated through the solar sector. There was no specific news from China Sunergy on Thursday. And even positive news in the solar sector on Thursday was buried beneath the Reuters report that Germany would move ahead of schedule to cut its solar feed-in tariffs. The big news in solar on Thursday morning was related to geographic plays by some of the big solar-module and solar-systems companies.TheStreet Premium Services
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