Solar Stocks Up With Canadian Solar (CSIQ, SPWR, STP, JASO, SOL)
Shares of several Chinese solar stocks gapped up on Monday on reports from China Business Media that China National Offshore Oil Corp. is negotiating a deal to acquire Canadian Solar Inc.(NASDAQ:CSIQ).
The report further added that CNOOC’s discussions with Canadian Solar have stalled over disagreements on the terms. CNOOC, China’s national oil company, didn’t immediately respond to a call to its investor relation department. Canadian Solar didn’t immediately respond to calls to its headquarters.
Shares of CSIQ soared 7.30% to $3.53 on high volume of 444K shares so far. So far this year the stock is up over 33% and down 65% over the past one year.
SunPower Corporation(NASDAQ:SPWR) shares climbed 1.40% to $5.81 in the opening session. The company this morning, Philippine manufacturing operations will be merged into cell fabrication plant 2, which is now running under a new process that should improve supply chain efficiency and lower its manufacturing cost per watt. The company is decreasing about 125 megawatts of nameplate capacity at its cell fabrication plant 1. The company is working with Deca Technologies, an electronic interconnect systems provider in which it hold a minority stake, and others to repurpose the plant.
The company projects to book a pretax restructuring charge of $51 million to $69 million, asset impairment charges of $40 million to $54 million and other associated costs of $11 million to $15 million from the closure of Fab 1. Most of the restructuring charges will likely be recorded in the second quarter.
Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP) rose 0.40% to $2.74. So far this year the stock is up over 24% and down 69.50% over the past one year.
JA Solar Holdings Co., Ltd. (ADR)(NASDAQ:JASO) added 2.30% to $1.36. So far this year the stock is up over 3% and lumped 75% over the past one year.
ReneSola Ltd. (ADR)(NYSE:SOL) was up 1.64% to $1.86.