Solar Stocks Weekly report and price change vis-a-vis Oil Price – Week ending November 19th, 2006
Crude Oil was down about 2.18% last week which played a role in the major US indexes closing the week up. However, it turned out to be a good week for solar stocks.
Key highlights:
- First Solar Inc. (Nasdaq: FSLR) had a very nice debut on Friday. The Phoenix based company priced its IPO at $20/share and closed the day at $24.74 to register a gain of 23.7%. I wrote about First Solar here and it seems like I was right to think it will do better then the dissapointing Canadian Solar IPO from a week earlier.
- SunTech Power Holdings (NYSE: STP) got upgraded Friday from ‘Market Weight’ to ‘Overweight’ by Thomas Weisel. Suntech Power also entered into an agreement for purchasing silicon wafers for about $475 million to $580 million over a 5-year period from a China-based, U.S.-owned company. Suntech Power reports earnings early Monday, November 20th.
- Canadian Solar Inc. (Nasdaq: CSIQ) barely closed the week above its IPO price of $15
- Sunpower Corp. (Nasdaq: SPWR) bought PowerLight Corp. for $265 million in cash and stock. The company said in a statement, “Together, SunPower and PowerLight aim to accelerate the reduction of solar power costs to compete with retail electric rates without incentives.” There was talk of this deal negatively affecting Evergreen Solar (Nasdaq: ESLR) as PowerLight was a customer of Evergreen Solar.
- Meanwhile, Evergreen Solar filed to sell upto $250 million in common and preferred stock, depositary shares, warrants and debt securities.
* I am long STP and ESLR
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