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Coal Stocks Rise and Utilities Fall during Bad Week for S&P 500 (Continued from Prior Part) Canadian Solar
During the week ending August 21, Canadian Solar (CSIQ) lost 30% owing to weak 2Q15 earnings and 3Q15 guidance. The company revenues dropped 26% in 2Q15 to $636.7 million. The shipments also came in lower at 850 megawatts compared to the earlier guidance of 950 megawatts to 1 gigawatt. The company expects to ship 970 megawatts to 1.02 gigawatts in solar modules in 3Q15 and generate revenues of around $570 million to $620 million. The stock closed the week at $17.40 with a market capitalization of $955.1 million.
Apart from the earnings and guidance disappointment, Canadian Solar was down also due to industry and macroeconomic issues.
Solar ETF loses 17.8%
Guggenheim Solar ETF (TAN) lost a whopping 17.8% during the week ending August 21. Concerns over China’s economic growth hit the industry hard as substantial growth in solar installations was expected to come from China in the future. Slower growth in China means less incentive to set up solar power plants in a country where coal still commands over 70% of the market share in electricity generation. Falling crude oil prices, as we discussed in part three, also weighed heavily on the sector.
Other losers
SunEdison’s (SUNE) plunge continued with the stock falling by another 24% last week to $10.72. The stock has been on a downturn since its 2Q15 earnings on August 6.
Trina Solar (TSL) lost 16.5% and closed at $8.25 even after raising its fiscal 2015 guidance, as concerns over the Chinese company’s home country overshadowed the company-specific developments.
SolarCity (SCTY) lost 16%, as sentiments about the broader market and the energy sector remained bearish.
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Trina Solar Ltd.
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CODE : TSL |
ISIN : US89628E1047 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Trina Solar is based in China. Trina Solar is listed in United States of America. Its market capitalisation is US$ 2.5 billions as of today (€ 2.4 billions). Its stock quote reached its highest recent level on April 22, 2016 at US$ 9.99, and its lowest recent point on January 16, 2018 at US$ 0.01. Trina Solar has 449 180 000 shares outstanding. |