Chinese Solar Stocks Rise Early on Sector Takeover Speculation
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Beaten-down Chinese solar stocks are seeing a bid early Monday following reports from DigiTimes that China National Offshore Oil Company (CNOOC) could be interested in buying Canadian Solar (Nasdaq: CSIQ).
The move is being exacerbated by the fact that the sector is heavily-shorted on the view that the bankruptcies in the sector will keep stacking-up with prices for solar panels in a death spiral.
Around the sector:
Canadian Solar - up 18%
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) - up 7%
LDK Solar Co., Ltd. (NYSE: LDK) up 6%
Trina Solar Limited (NYSE: TSL) up 6%
JA Solar Holdings Co., Ltd. (Nasdaq: JASO) up 5%
ReneSola Ltd. (NYSE: SOL) up 2%.
The move is being exacerbated by the fact that the sector is heavily-shorted on the view that the bankruptcies in the sector will keep stacking-up with prices for solar panels in a death spiral.
Around the sector:
Canadian Solar - up 18%
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) - up 7%
LDK Solar Co., Ltd. (NYSE: LDK) up 6%
Trina Solar Limited (NYSE: TSL) up 6%
JA Solar Holdings Co., Ltd. (Nasdaq: JASO) up 5%
ReneSola Ltd. (NYSE: SOL) up 2%.
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