Solar Stock Week-over-Week Price change vis-a-vis Oil Price – Week Ending November 12, 2006
Democrats victory has turned the attention back to the Alternavtive energy sector. Solar stocks were up this week despite Crude Oil closing the week up 1.33%. The failure of Proposition 87 (pdf) in California didn’t cause a downturn either.
We saw a strong debut by Canadian Solar Inc. (Nasdaq: CSIQ) this week but all the gains were given back by Friday’s close. Canadian Solar IPO took place on Thursday at $15/share. The stock went up all the way to 16.73 but closed Friday at $15.08 near its offering price. I wrote about Canadian Solar Inc. (Nasdaq: CSIQ) IPO here. Let’s see what happens with Canadian Solar in coming weeks.
Energy Conversion Devices (Nasdaq: ENER) trimmed its first quarter loss to $2.3 million from $6.5 million a year ago. The stock closed the week up 8.80%.
MEMC Electronics (NYSE: WFR) reported its third quarter results. Profit declined 10% and the sell off saw the stock give away its gains from earlier this week in anticipation of strong earnings. From Reuters, UBS analyst Stephen Chin, who has a “Buy” rating on the stock, raised his price target to $60 from $55, and predicted that sales to solar panel manufacturers would likely drive upside in the fourth quarter.
Highlights:
- Net sales of $407.9 million
- Gross margin of $192.5 million (47.2% of net sales)
- Operating income of $160.7 million (39.4% of net sales)
- Ending cash and short-term investment balance of $451.9 million
Hoku Scientific (Nasdaq: HOKU) closed the week down 11.05% as second quarter results were below expectations.
* I own STP and ESLR
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