JIASHAN, China ( TheStreet) -- The European Union bailout plan isn't the only news suggesting a big rally day for solar stocks to start the week on Monday, as ReneSola ( SOL - Get Report) reported earnings 5 cents above the Street consensus for the first quarter and revenue that exceeded expectations too.

Given the recent strength in solar wafer and solar cell pricing, a strong quarter was not a surprise from ReneSola.

Shares of ReneSola were up more than 10% in the pre-market on Monday morning on the earnings beat, but most of the Chinese solar companies were also rallying by as much as 10% in the pre-market with the news that Europe was unleashing a near-$1 trillion rescue plan for its indebted nations.

ReneSola reported earnings per share of 14 cents, five cents better than the Street consensus of 9 cents earnings in the first quarter. ReneSola revenue of $206.6 million was also well ahead of the Street consensus of $189 million.

ReneSola reported record shipments in the quarter of 242 megawatts.

The Chinese solar wafer maker was also bullish on full-year shipment levels, raising its shipment guidance for 2010 to between 1 gigawatt and 1.1 GW, up from the 900 MW to 950 MW.

On pricing, ReneSola said it expected stable average sales prices in the third quarter, and a decline of 5% to 10% in the fourth quarter. Yet even with the fourth quarter price decline, ReneSola expects ongoing cost reductions to move gross profit margin in 2010 to the range of 21% to 23%.

Yingli Green Energy ( YGE) and Suntech Power ( STP), Chinese solar module makers that reached 52-week lows last week as Europe descended into crisis mode, were up by double digits in per-market trading on Monday.

ReneSola solar wafer making Chinese peer LDK Solar ( LDK) was also up close to 10%.

-- Reported by Eric Rosenbaum in New York.

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