Energy Stocks to keen an eye on during this downturn
My first day back from vacation and the market takes its biggest hit in six years. Some of my high fliers such as Suntech Power (NYSE: STP) and FuelTech (Nasdaq: FTEK) have taken a big time beating. Suntech Power has gotten the worst of it being a Chinese company. What this downturn has done is made some quality stocks cheaper and more attractive. I plan to either buy the following stocks or add to my position in the near future depending on the overall market conditions.
Here’s my list (in no particular order):
- Suntech Power (NYSE: STP): Suntech Power has taken a major beatdown in the last three days and I am still not convinced if the beating is over. I am still comfortably up in my position and actually bought a call option on Tuesday as well. I don’t see anything fundamentally wrong with the company and expect it to recover once the market settles down.
- FuelTech (Nasdaq: FTEK): My Fuel Tech position has gone from a nice profit to a small loss in the last three days. The company has won some nice contracts from the Chinese government due to their preparation for the Beijing Olympics. I still see tremendous upside for this company. Hoping to see a bounce before Q4 earnings are announced next week on Tuesday.
- American Superconductor (Nasdaq: AMSC): This company has been on a nice run the last few weeks. Being one of the few pure play Wind Energy stock also helps. I am already up more than 100% on my Jan 08 call options which I am planning to hold for now. One of the few stocks that has been on a uptrend that last three days.
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* Full Disclosure: I am long STP, FTEK, UA, AMSC. I don’t have positions in BA, HDB, IBN, INFY or SIRF.
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