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.
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