Wednesday, August 13, 2008

Canadian Solar Swoons Despite Beat-And-Raise Q2 (CSIQ)

The Trend* continues.
From Tech Trader Daily:
Canadian Solar (CSIQ) shares are taking a pounding this morning despite a beat-and-raise Q2 earnings report....
We commented yesterday (the stock closed up $4.01):
Canadian Solar is reporting before the open tomorrow, although the stock is rallying into the numbers (up 10 %) expect the same kind of currency losses that hit Yingli....
The currency loss wasn't as bad as feared: from"...says Q1 gain from forex to be a one time event; expect forex to be unfavorable into 2009 but expects decline to be modest; says they have currency hedging in place..."
Eric Savitz continues:
...That all seems good, right? No, apparently not right. CSIQ this morning is down $2.25, or 7.3%, to $28.66.
JA Solar managed to close up 46 cents after their report yesterday, they're down 40 today. CSIQ was off as much as $3.87 earlier today.

*That's six out of seven, ESLR, FSLR. WFR, YGE, JASO and CSIQ, LDK being the exception to date. See:

Evergreen Solar Q2 In Line, But Shrs Fall On Light Outlook (ESLR)

"A trend is emerging."

First Solar to Beat and Raise, Market Yawns (FSLR)

Earnings: Calpine; Capstone Turbine; LDK Solar; Fuel Tech (CPN;CPST; LDK;

LDK Solar shares soar after quarterly results