Solar Stocks Weekly Report – Week ending December 03, 2006
Solar stocks didn’t run up with the price of oil this week. It was mixed week for Solar stocks even though crude oil went up 6.70%.
Key Highlights:
- Canadian Solar Inc. (Nasdaq: CSIQ) IPO went from bad to worse as the stock closed the week down 20.12% to close at $11.99.
- Daystar Technologies (Nasdaq: DSTI) announced the appointment of a new CEO. Dr. Stephan DeLuca will replace the John Tuttle, who founded the company. John Tuttle will stay on as chairman. The market reacted positively to the news as the stock closed the week up 14.48%.
- Jefferies & Co initiated coverage on MEMC Electronics (NYSE: WFR) with a ‘Buy’ rating and a target price of $54.
- SunTech Power (NYSE: STP) continued with its positive momentum as it announced a multi-year contract to supply solar modules to a division of Sun Edison, LLC, North America’s largest solar energy service provider. The contract value is ranges from $50 million to $90 million. The deal with Sun Edison enhances Suntech Power’s position in United States.
Full Disclosure: I own STP and ESLR
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