If you think the Nasdaq is having a bad day, imagine how holders of solar stocks feel.
The solar sector is under assault this morning, with many shares down twice as much as the broad market. The stocks are suffering from a host of woes that I’ve written about repeatedly on the blog, including worries about the impact of a sharp appreciation in the dollar and the effects of a tightening credit market. There are a number of research notes on the sector that are worth mentioning; here’s a rundown on some of what you ought to know....
...Robert Stone, of Cowen, notes this morning that Suntech (STP) shares have completed a round-trip to its IPO price, hitting a new 52-week low yesterday. Stone says that the company told him that “in recent days a number of shareholders have called to apologize, because they are being forced to sell in order to raise cash.” He says action in the stock seems more driven by fund flows than fundamentals, and notes that Q4 production is sold out. Stone contends the company has adequate capital to execute planned growth through 2009. Stone repeats his Outperform rating on the stock....MUCH MORE