ZHABEI, China (TheStreet) -- The last thing a Chinese solar company needed was a downgrade on Tuesday, adding salt to the wound opened last week by Germany's plans to cut solar feed-in tariffs.
Too bad for JA Solar (JASO), in that case, which received a healthy pinch of salt on Tuesday morning as a Broadpoint Amtech research analyst downgraded the solar Chinese player.
Most of JA Solar's Chinese solar peers were finally seeing reduced levels of selling on Tuesday morning. Yingli Green Energy (YGE), Trina Solar (TSL), Suntech Power (STP), Solarfun Power (SOLF) and Canadian Solar (CSIQ) were all marginally positive to start Tuesday, after last week's solar bloodbath in Chinese stocks.
ReneSola (SOL) was up more than 3% to start the week, with a gain of 17 cents on Tuesday morning to $5.27. ReneSola shares had dropped last week more than $1, from a Monday close of $6.13 to a Friday close of $5.10.Significant selling action in JA Solar shares early Tuesday morning was the result of the downgrade. Shares of JA Solar were down more than 3% and reached above the 4 million share-traded mark within an hour of the market open on Tuesday. The $5.43 price for JA Solar on Tuesday morning was the lowest price level for shares in more than a month. JA Solar experienced a double-digit percentage decline last Thursday and Friday, on the German reports and fears of a glut in the solar market if Germany moves ahead with feed-in tariff reductions by April -- the original expectation had been July or January 2011. The extent of the selling in JA Solar seemed to be moderating within an hour of the market's open also, with the share decline of 6% down to a 3% decline by 10:15 am on Tuesday.
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