(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.
Shares of beaten-down wind stocks
China Ming Yang Wind Power
were up big on Wednesday.
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.
energy subsidiary MidAmerican Energy announced a major purchase of wind turbines from Broadwind competitor
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.
There was also news of note regarding China Ming Yang's home market of Chinese wind energy.
Taiwan's government plans to offer as much as NT$600 million in subsidies for installation of offshore wind turbines starting next year, according to a report in the
cited on Wednesday by
Danish wind power giant
, the world's largest maker of wind turbines, said it had secured 50 megawatts in new orders from China, and indicated that orders from China reached a record level in 2010 -- close to 1 gigawatt. Vestas also announced 20MW worth of wind turbine orders in Germany.
Even with the record sales in China, Vestas has disappointed investors in 2010. The wind power bellwether recently guided investors to flat profits next year, even after layoffs and operating gains that were expected to help buffer the bottom line.
Broadwind does have a multi-year agreement in place with Vestas to supply wind towers.
-- Written by Eric Rosenbaum from New York.
>To contact the writer of this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to: