was one of the bigger losers of the day after seeing its shares drop $11.71, or 6.8%, to finish at $159.48 at closing.
The company gave expected and underwhelming news at its analyst day yesterday. The solar concern said it thought costs would decrease by 2014 to within a range of 52 cents and 63 cents per watt, while it set a capital spending target of 50 cents per watt in the same time-frame.
Apparently, that wasn't enough to wow
analyst Jonathan Dorsheimer today, who dropped the company to hold from buy.
ADRs finished the day at $23.93, down 37 cents, or 1.5%. Earlier today, Trina Solar announced that it secured new credit facilities totaling $57 million. According to a press release, Trina Solar plans to use the funds to purchase raw materials, mitigate its risks related to currency and support product sales.
ADRs finished the day up 7 cents, or 1.2%, to come to $5.76. Today, the company filed documents to offer up to a $100 million in a common stock shelf.
Some other solar stock moves:
ADRs finished the day at $18.35, up 1.4%, or 25 cents.
Yingli Green Energy
ADRs lost 2.4%, or 33 cents, to come to $13.21 by the closing bell.
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