NASDAQ 9-week resurgence ends
For the first time since the week of March 2-6, the NASDAQ composite finished at 1680.14, nearly 59 points down, a 3.5% loss from last week. Still, the index is up 386 points from March 6, nearly 30%. The DJIA finished down 306.01 points wiping out 82% of last week's gain of 362. Seventeen of the 20 Solar Stocks Index (20SSI) lost value and the composite finish was off nearly 13% from last week.
MarketWatch (www.marketwatch.com) attributed Dow losses to a slide for life insurers and some large American banks. Energy companies were affected by a drop in crude oil prices. Decline in the financial sector may have stemmed from the Fitch Ratings which stated it is considering lower credit ratings on nine U.S. financial companies which implies a higher vulnerability to a tightening of credit. All nine banks named by Fitch traded sharply lower this week.
Not much information if available as to why solar stocks dropped as much as they did. Obviously, profit-takers yield much of the answer after last week's great showing but continuing credit tightening exacerbated by Chrysler and GM shuttering nearly 2000 dealerships nationwide must account for the market's shakiness of late. However, cleaner energy demands and urgently-needed job creation points to solar as the industry most expected to grow during the current bad economy.
Week of May 11-15
| Monday Open | Friday Close | Up/Down | % Change | Close 1/5/09 | |
| Dow Jones DJIA | 8574.65 | 8268.64 | -306.01 | -3.700% | 8952.89 |
| NASDAQ | 1739.00 | 1680.14 | -58.86 | -3.503 | 1628.03 |
| Akeena Solar AKNS | 1.42 | 1.16 | -.26 | -22.41 | 2.28 |
| Amtel Systems ASYS | 5.00 | 4.13 | -.87 | -21.06 | 4.00 |
| Applied Materials AMAT | 11.89 | 10.71 | -1.18 | -11.02 | 10.67 |
| Canadian Solar CSIQ | 8.50 | 7.71 | -.79 | -10.25 | 7.00 |
| ECD (UniSolar) ENER | 17.01 | -14.80 | -2.21 | -14.93 | 29.33 |
| Entech Solar ENSL.OB | .215 | .22 | +.005 | +2.325 | .28 |
| Evergreen Solar ESLR | 2.39 | 2.08 | -.31 | -14.90 | 3.60 |
| First Solar FSLR | 191.05 | 177.43 | -13.62 | -7.676 | 157.80 |
| GT Solar Int. SOLR | 7.49 | 5.37 | -2.61 | -48.60 | 4.00 |
| JA Solar JASO | 3.92 | 3.11 | -.81 | -26.05 | 5.09 |
| Kyocera KYO | 81.11 | 77.51 | -3.60 | -4.645 | 71.87 |
| LDK Solar LDK | 9.61 | 8.02 | -1.59 | -19.83 | 14.84 |
| MEMC Elect. WFR | 17.49 | 15.74 | -1.75 | -11.12 | 15.76 |
| Renesola SOL | 4.04 | 3.36 | -.68 | -20.24 | 5.15 |
| Satcon SATC | 1.97 | 2.05 | +.08 | +4.061 | 1.60 |
| SolarFun SOLF | 5.49 | 4.78 | -.71 | -.14.71 | 6.12 |
| SunPower SPWRA | 29.00 | 25.05 | -3.95 | -15.77 | 45.13 |
| SunTech STP | 16.45 | 14.34 | -2.11 | -14.71 | 13.55 |
| Trina Solar TSL | 16.64 | 16.98 | +.34 | +2.043 | 10.09 |
| Yingli YGE | 8.92 | 8.50 | -.42 | -4.941 | 7.25 |
| Percent change all 20 stocks this week: | -12.98% |
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