(Wind power stock story, updated for market close)
NEW YORK (TheStreet) -- Wednesday was a day for bottom-fishing in wind stocks and big orders being reported by the wind energy sector.
China Ming Yang shares -- which have declined 16% year-to-date since the company's initial public offering -- ended Wednesday's trading up 6.6% and surpassed their average daily trading volume before the midday mark. In all, triple the average Ming Yang Wind Power shares were traded on Wednesday.Broadwind Energy shares, down an unenviable 70% this year, were up close to 6% on Wednesday and saw a similar trading spike -- with more than 2.3 million shares traded, three times its average volume. It was the second consecutive trading session during which Broadwind trading eclipsed the two million share mark, and it's the first time that has happened since October. It was a notable day of trading in the depressed U.S.-traded wind energy stocks, especially since overall market trading is unusually light during the holiday week. However, it's not an atypical occurrence for shares of these two companies to see elevated trading, and quickly give back those gains. Broadwind ended trading on Wednesday at a share price of $2.27, which it hadn't seen since October. Broadwind announced on Tuesday that it had received a government grant to support its drive-train service center in Abilene, Texas. If there was major news in the U.S. wind market on Wednesday, though, it didn't involve Broadwind Energy. Berkshire Hathaway (BRK.B) energy subsidiary MidAmerican Energy announced a major purchase of wind turbines from Broadwind competitor Siemens (SI). While Broadwind doesn't build its own turbines, it does supply gear boxes and other components to turbine manufacturers like Siemens. Siemens owns its own gear box manufacturer. While Broadwind listed Siemens among its stable of "current and historic" customers in its last annual report, it did not single out Siemens as a customer that accounted for more than 10% of revenue. The Berkshire Hathaway energy affiliate is purchasing 258 wind turbines from Siemens and acquiring wind power projects in Iowa with a total capacity of 593 megawatts, MidAmerican Energy announced on Wednesday.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV