I didn't mention CSIQ this morning for two reasons:
1) It is so darn tiny I almost don't follow it.
2) A few sources I looked at had takes on the earnings that were nearly opposite each other, which to go with? Neither.
From Tech Trader Daily:
Canadian Solar Slashes ‘09 Forecast; Shrs Set To Slide
From the Wall Street Journal:
Canadian Solar Swings To 1Q Loss As Revenue Plummets
UPDATE 3-Canadian Solar posts narrower-than-expected Q1 loss
In fairness, TTD and the Journal wrote their pieces before the market opened.
Here's the headline story from Schaeffer's:
Canadian Solar Inc. (CSIQ) is up more than 10% on the heels of its latest quarterly report. The solar issue confessed to a first-quarter loss of just 13 cents per share, compared to analysts' expectations for a loss of 25 cents per share....
...The equity plunged 12% right out of the gate this morning on the heels of this downbeat forecast, and the drop was likely more than sufficient to prompt a wave of short-covering activity. Short sellers have amassed a sizable bearish position on CSIQ, with nearly 11% of its float dedicated to short interest....MORE
Update: So what did Oppenheimer's Sam Dubinsky know?
He upgraded the stock on Thursday afternoon before the long weekend and preceeding the earnings release.
That's about as gutsy (or crazy) a timing scenario as I can imagine.
Oppenheimer ups Canadian Solar to outperform, shares up