Solar Stock Losers: Suntech Selling Heavy

Chinese solar stock Suntech Power faces strong selling pressure on Thursday.
By Eric Rosenbaum ,

NEW YORK (

TheStreet

) -- Shares of Chinese solar company

Suntech Power

(STP)

are taking a sizable hit on Thursday morning. Solar trading has been negative this week after the spate of negative subsidy news, in particular the news that Spain would retroactively remove support of existing solar subsidies. However, trading has been light in solar, as it has been for most equities during the holiday week.

The Suntech early dip on Thursday, though, of 3%, was notable for the trading volume. Suntech trading was quickly nearing its average daily volume before the mid-day mark. Roughly 3 million shares of Suntech had changed hands on Thursday morning, versus an average daily volume of 4 million shares.

Trading was mixed in other solar stocks on Thursday.

Yingli Green Energy

(YGE)

and

SunPower

( SPWRA) had the biggest declines after Suntech, but both stocks were down by only 1%. Trading volume was more or less average in these stocks.

Losing days for solar stocks recently have not been notable for the trading volume.

There was no news of note on SunPower, though several solar analysts said the trading volume in Suntech caught their attention on Thursday morning.

Many solar stocks are, in the least, tax loss selling candidates as the year ends. Suntech Power shares are down 53% this year.

-- Written by Eric Rosenbaum from New York.

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