JA Solar, Expedia, Manulife: Ratings Changes

BOSTON (TheStreet) -- TheStreet.com's stock-rating model is warming to companies that improved fundamentals during the fourth-quarter. Here are three timely upgrades.

3. The model upgraded Chinese panelmaker JA Solar(JASO), which reported quarterly results on Thursday, to "hold."

The numbers: Fourth-quarter net income declined 1.9% to $22 million. On a per-share basis, JA Solar swung to a profit of 14 cents from a loss of 24 cents a year earlier, beating analysts' consensus estimate of 11 cents. Revenue increased 62% to $238 million. JA Solar's operating margin improved to 15%. Its balance sheet has a liquid tilt, with $280 million of cash and $273 million of debt.

The stock: JA Solar soared 102% during the past year, outperforming major U.S. indices and American rivals SunPower(SPWRA) and First Solar(FSLR). However, the stock dropped 20% over the past four weeks. The shares are cheap relative to those of electrical-equipment peers based on projected earnings, book value and sales. A beta of 3.2 indicates that JA Solar magnifies market movements.

2. The model upgraded online travel company Expedia(EXPE), which released quarterly numbers and inaugurated a dividend policy on Thursday, to "hold."

The numbers: Expedia swung to a fourth-quarter profit of $102 million, or 35 cents a share, from an impairment-related loss of $2.8 billion, or $9.60, a year earlier. Revenue grew 12% to $698 million. Expedia's operating margin widened from 17% to 20%. The company holds $702 million of cash and $895 million of debt. Its 0.6 quick ratio indicates poor liquidity.