Solar Energy Stocks...Performance Solid in Wake of Democrat Victory

[jpak]

http://energy.seekingalpha.com/article/20469

Himanshu Pandya submits: The Democratic Party's victory has turned attention back to the Alternavtive energy sector. Solar stocks were up this past week despite crude oil closing the week up 1.33%. The failure of Proposition 87 (pdf) in California didn’t cause a downturn either.

We saw a strong debut by Canadian Solar Inc. (Nasdaq: CSIQ) this week but all the gains were given back by Friday’s close. Canadian Solar's IPO took place on Thursday at $15/share. The stock went up all the way to 16.73 but closed Friday at $15.08, near its offering price. I wrote about Canadian Solar Inc. (Nasdaq: CSIQ) IPO here. Let’s see what happens with Canadian Solar in the coming weeks.

Energy Conversion Devices (Nasdaq: ENER) trimmed its first quarter loss to $2.3 million from $6.5 million a year ago. The stock closed the week up 8.80%.

MEMC Electronics (NYSE: WFR) reported its third quarter results. Profit declined 10% and the sell off saw the stock give away its gains from earlier this week in anticipation of strong earnings. From Reuters, UBS analyst Stephen Chin, who has a “Buy” rating on the stock, raised his price target to $60 from $55, and predicted that sales to solar panel manufacturers would likely drive upside in the fourth quarter.

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