Looming GM bankruptcy blights Dow's week
With just days left for General Motors officials to complete a major financial revamping, the former cornerstone of blue chippers could file for bankruptcy next week. Although this action would enable the troubled automaker to get $30M in federal money, it drove down GM's stock by 25% today and took several other down with it.
The DJIA finish up just .001% for the week; the NASDAQ was up .007%. The 20 Solar Stocks Index (20SSI) fared better at 5.667% up regaining about one-quarter of last week's losses.
Solarfun Power Holdings was the biggest gainer for the week at +30.54% attributed to a strong first quarter earnings report released Tuesday.
Canadian Solar Inc (CSIQ) was close behind, gaining nearly 30% since Monday. The AP reported yesterday that CSI's "healthy balance sheet, product line strategy and underappreciated stock prompted an analyst to upgrad the solar energy product manufacturer, sending shares jumping."
Trina Solar was another PV industry winner climbing nearly 23% during the week. Evidently, investor sentiments are positive for solar stocks seen as being driven up by rising crude oil prices.
Solar stock watchers seem convinced the industry hit bottom in early March. Dow and NASDAQ averages generally have climbed since then, as well.
Week of May 18-22, 2009
| Monday Open | Friday Close | Up/Down | % Change | Close 1/5/09 | |
| Dow Jones DJIA | 8268.64 | 8277.32 | +8.68 | +.0010 | 8952.89 |
| NASDAQ | 1680.14 | 1692.01 | +11.87 | +.0070 | 1628.03 |
| Akeena Solar AKNS | 1.16 | 1.12 | -.04 | -3.571 | 2.28 |
| Amtel Systems ASYS | 4.13 | 4.50 | +.37 | +8.958 | 4.00 |
| Applied Materials AMAT | 10.71 | 10.67 | -.04 | -.0037 | 10.67 |
| Canadian Solar CSIQ | 7.71 | 10.01 | +2.30 | +29.83 | 7.00 |
| ECD (UniSolar) ENER | -14.80 | 15.06 | +.26 | +1.757 | 29.33 |
| Entech Solar ENSL.OB | .22 | .191 | -.029 | -15.18 | .28 |
| Evergreen Solar ESLR | 2.08 | 1.76 | -.32 | -18.18 | 3.60 |
| First Solar FSLR | 177.43 | 191.72 | +14.29 | +8.054 | 157.80 |
| GT Solar Int. SOLR | 5.37 | 6.25 | -+.88 | +16.38 | 4.00 |
| JA Solar JASO | 3.11 | 3.70 | +.59 | +18.97 | 5.09 |
| Kyocera KYO | 77.51 | 76.68 | -.83 | -1.082 | 71.87 |
| LDK Solar LDK | 8.02 | 7.77 | -.25 | -3.217 | 14.84 |
| MEMC Elect. WFR | 15.74 | 17.06 | +1.32 | +8.386 | 15.76 |
| Renesola SOL | 3.36 | 3.69 | +.33 | +9.821 | 5.15 |
| Satcon SATC | 2.05 | 2.02 | -.03 | -1.485 | 1.60 |
| SolarFun SOLF | 4.78 | 6.24 | +1.46 | +30.54 | 6.12 |
| SunPower SPWRA | 25.05 | 26.60 | +1.55 | +6.187 | 45.13 |
| SunTech STP | 14.34 | 12.48 | -1.86 | -14.90 | 13.55 |
| Trina Solar TSL | 16.98 | 20.73 | +3.75 | +22.08 | 10.09 |
| Yingli YGE | 8.50 | 9.35 | +.85 | +10.00 | 7.25 |
| Percent change all 20 stocks this week: | +5.667% |
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