NEW YORK (
) -TheStreet Ratings' stock model downgraded
Suntech Power Holdings
to 'Sell' from 'Hold'. Net income at this $1.6 billion market cap maker of photovoltaic cells cratered to a loss of $175 million in the second quarter from a gain of $10 million in the year earlier quarter.
TheStreet Ratings released rating changes on 18 additional U.S. common stocks for August 18, 2010. In total, 10 stocks were downgraded and nine stocks have been upgraded by our stock model.
Gross sales at Suntech Power Holdings nearly doubled, up 95% to $625 million in the second quarter. The company expects to boost shipments and begin producing its own wafers for photovoltaic cell production.
Heading the other way, being upgraded to 'Buy' from 'Hold' is
Reliance Steel & Aluminum
. This $3 billion market capitalization, metals processor, improved its top-line revenue by 30% to $1.6 billion in second quarter over the second quarter of 2009. Net income rebounded to a profit of $61.6 million from a loss of $5.8 million in the second quarter of 2009.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.