Friday, February 20, 2009

Solar Stock Update: Go Figure...


Dow at lowest since October '02


On Tuesday President Obama signed the American Recovery & Reinvestment Act and the DJIA drops 298 points, the NASDAQ 64. The Dow lost 485 points for the week, the worst in over six years. Even for those who look at the stock market as just one barometer of the U.S. economy, it's not a pretty picture. The solar industry got a whopping $80 billion in combined benefits in the stimulus package so they must have done okay, right? 'Fraid not. All but two stocks in this index were down; an average decline of 6.87% on Tuesday alone. If that wasn't enough all 20 stocks were down an average 19.38% for the week. Go figure.

Word on the (Wall) street says talk of Bank of America and CitiGroup being nationalized has put a chink in investor confidence. Now talk about BofA head Ken Lewis's being subpoenaed by NY Atty. Gen. Andrew Cuomo about the Merrill Lynch acquisition last fall is a reason for today's funky stock market showing, i.e. down again. (Wasn't Lewis on 60 Minutes in December talking about BofA's great market position?) Add to that continuing crappy home sales and GM's verging on bankruptcy (scratching EVs for Hummers? Real smart.) exacerbates the downer mood.

Maybe the mainstreaming of solar stocks--which the PV industry always wanted--is not such a good thing anymore. If investors are sour on stocks generally then solar stocks are likely lumped in with the rest. But solar has to become a good investment on the roof and in a portfolio before very long. As more solar projects fall into place this spring and summer (and it's already starting), solar stock prices must logically do an about face. But let's face it: Had their been any uniform financial logic over the past eight years we wouldn't be in this mess.

Week of February 17-20

Tuesday Open Friday Close Up/Down % Change Close 1/5/09
Dow Jones DJIA 7850.41 7365.67 -484.74 -6.18% 8952.89
NASDAQ 1534.36 1441.23 -93.13 -6.07 1628.03






Akeena Solar AKNS 1.81 1.47 -.34 -18.79 2.28
Amtel Systems ASYS 3.38 3.01 -.34 -18.79 4.00
Applied Materials AMAT 9.51 8.76 -.75 -7.89 10.67
Canadian Solar CSIQ 5.00 4.20 -.80 -16.00 7.00
ECD (UniSolar) ENER 28.95 24.62 -4.33 -16.96 29.33
Entech Solar ENSL.OB .35 .272 -.078 -32.29 .28
Evergreen Solar ESLR 1.66 1.30 -.36 -21.69 3.60
First Solar FSLR 144.45 134.01 -10.44 -7.33 157.80
GT Solar Int. SOLR 5.13 4.22 -.91 -17.44 4.00
JA Solar JASO 2.66 2.27 -.39 -16.67 5.09
Kyocera KYO 64.00 61.34 -2.66 -4.16 71.87
LDK Solar LDK 10.65 6.12 -4.53 -42.54 14.84
MEMC Elect. WFR 16.11 13.75 2.36 -14.65 15.76
Renesola SOL 3.58 2.37 -.39 -16.67 5.15
Satcon SATC 1.28 1.19 -.09 -7.04 1.60
SolarFun SOLF 4.53 2.97 -1.56 -34.44 6.12
SunPower SPWRA 35.00 30.92 -4.08 -11.66 45.13
SunTech STP 9.46 6.86 -2.60 -31.49 13.55
Trina Solar TSL 8.54 7.49 -1.05 -12.30 10.09
Yingli YGE 5.76 4.07 -1.69 -29.35 7.25
Percent change all 20 stocks this week:


-19.38%


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