Canaccord Genuity Morning Coffee on Canadian Solar (CSIQ): Where There's Smoke There's Fire?
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Price: $14.55 -1.22%
Rating Summary:
13 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on Canadian Solar (Nasdaq: CSIQ): Where there's smoke there's fire?
Shares of Canadian Solar were shining bright after a report came out that China National Offshore Oil Corp. (NYSE: CEO) is in talks to buy the maker of solar modules. China Business Media said the company is in negotiations to be bought by China’s national oil producer, without saying where it obtained the information. Canadian Solar, which is based in Kitchener, Ontario, and manufactures most of its products in China, denied the reports, stating, "Canadian Solar is not currently in discussion with CNOOC regarding a potential strategic transaction between the two companies." CNOOC was not immediately available to comment on the reports. Like others in the solar industry, Canadian Solar has been hurt by the steep decline in prices for solar panels amid a massive oversupply of the equipment used to turn sunlight into electricity. Bloomberg noted that CNOOC wouldn’t be the first petroleum producer to buy a solar manufacturer, as French oil giant Total SA (NYSE: TOT) purchased two-thirds of SunPower (Nasdaq: SPWR) last year. CNOOC signalled its intentions as early as 2007 to expand into renewable energy, and in February formed a $300-million joint venture with the Spanish solar company Isofoton SA to develop photovoltaic plants in Asia.
This morning, shares are trading flat
Shares of Canadian Solar were shining bright after a report came out that China National Offshore Oil Corp. (NYSE: CEO) is in talks to buy the maker of solar modules. China Business Media said the company is in negotiations to be bought by China’s national oil producer, without saying where it obtained the information. Canadian Solar, which is based in Kitchener, Ontario, and manufactures most of its products in China, denied the reports, stating, "Canadian Solar is not currently in discussion with CNOOC regarding a potential strategic transaction between the two companies." CNOOC was not immediately available to comment on the reports. Like others in the solar industry, Canadian Solar has been hurt by the steep decline in prices for solar panels amid a massive oversupply of the equipment used to turn sunlight into electricity. Bloomberg noted that CNOOC wouldn’t be the first petroleum producer to buy a solar manufacturer, as French oil giant Total SA (NYSE: TOT) purchased two-thirds of SunPower (Nasdaq: SPWR) last year. CNOOC signalled its intentions as early as 2007 to expand into renewable energy, and in February formed a $300-million joint venture with the Spanish solar company Isofoton SA to develop photovoltaic plants in Asia.
This morning, shares are trading flat
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