Chinese Solar Stock Ratings Hiked on Cost Advantage
The Chinese solar segment has gotten crushed over the last week, with seven of its nine components slipping by more than -10%.
China’s three largest solar players are all extending their recent slides despite receiving upgrades at Deutsche Bank. The segment has gotten crushed recently as pricing worries followed negativity surrounding subsidy cuts in Germany, a major solar energy producer. Yesterday’s EPS beat from Trina Solar (NYSE: TSL – News), a Buy upgrade recipient, spurred a gap higher, after which the bears quickly stomped the stock down to near one-month lows on margin worries. It will be interesting to see whether Trina can reverse its recent trend, and head towards the fresh $30 price target Deutsche Bank issued it this morning.
As a whole, the Chinese Solar Stocks Index slipped by -16% in the five sessions ended Wednesday’s close. That’s the worst of tickerspy’s more than 250 sector-based Indexes. [Read the full article]
Sirius XM Radio Inc. on Thursday posted a small profit for the fourth quarter as it added subscribers and cut costs.
The satellite radio broadcaster was on the brink of bankruptcy just a year ago, hurt by plummeting auto sales, which meant fewer of its radios were installed in new vehicles. It’s turned that trend around, adding a net 257,028 subscribers in the fourth quarter.
The company also said the results demonstrated the economic benefits of the merger of XM and Sirius, which was completed in July 2008 after some controversy. In the quarter, it cut expenses in several areas, including on-air talent and customer call centers.
New York-based Sirius XM earned $14.2 million, or less than 1 cent per share in the last three months of 2009. That compared to a loss of $245.8 million, or 8 cents per share, a year earlier.
Revenue rose 6.2 percent to $683.8 million from $644.1 million in the year-ago period. Analysts expected $664 million. [Read the full article]