There's been a triumvirate of macroeconomic concerns out of China of late. First was the declaration of currency war against China with implications for Chinese companies exporting products. It was followed by last week's decision from the Obama administration to pursue the petition made by the United Steelworkers Union alleging unfair trade support for China's clean energy sector. (There was a selloff in the solar sector on Friday that has been attributed to a combination of both factors by solar analysts.)
Finally, this morning's announcement from China's central bank that it will raise interest rates sparked a market selloff. The Chinese central bank move may have less specific implications for solar stocks than the currency or trade war, but its general impact on the markets on Tuesday could be the primary culprit for a losing day in solar.
(STP) at a buy, citing low valuation, but Suntech shares were down by more than 7% and also reached twice their average daily trading volume by the early afternoon on Tuesday. Raymond James also upgraded Suntech Power on Tuesday.
Deutsche also reiterated a buy on Tuesday big loser ReneSola, as well as Trina Solar.
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