Watchout for Suntech Power Holdings Co. Ltd. (NYSE:STP), LDK Solar Co. Ltd (NYSE:LDK)

Posted by Michael Korte May 16, 2013 0 Comment 1974 views


Miami, FL 05/16/2013 (GDPInsider) – Suntech Power Holdings Co., Ltd. (NYSE:STP): Wednesday’s trading session saw Suntech Power Holdings Co., Ltd. (NYSE:STP) climbing up by 11.11%. It opened at a price of $0.63 which touched an intraday high of $0.67, before moving down to close at $0.65 per share. Around 4.16 million shares exchanged hands in the previous trading session, which stood below the average volume of 5.65 million, measured over a 30-day period.

STP is one of the largest producers of solar panels in the world. It announced that the New York Stock Exchange (the “NYSE”) has sent it a notification that it has failed file its Form 20-F for the financial year ended 31 December 2012, in a timely manner.  Suntech Power Holdings produces solar products for commercial, residential, utility and industry applications. Its regional headquarters are located in China, Switzerland as well as in the United States. The company has delivered over 25,000,000 photovoltaic panels to more than a thousand customers across more than 80 countries. Suntech’s pioneering Research & Development team creates innovations that are customer-centric and are designed to drive solar to the grid parity against fossil fuels.

Is STP a solid investment at these levels? Get valuable updates and exclusive insights here.

LDK Solar Co., Ltd (NYSE:LDK): Wednesday’s trading session saw LDK Solar Co., Ltd (NYSE:LDK) climbing up by 2.92%. It opened at a price of $1.45 which touched an intraday high of $1.51, before moving down to close at $1.41 per share. Around 3.39 million shares exchanged hands in the previous trading session, which stood above the average volume of 1.46 million, measured over a 30-day period.

Solar stocks, specifically for China-based companies have been bracing themselves for new tariffs set that have been announced by the EU. The tariffs are looked-upon as a being hostile towards Chinese solar companies. These companies are accused of selling panels in the European Union below standard cost. While a few solar stocks for China-based companies reacted very poorly to the impending tariffs, it seems like LDK Solar Co., Ltd (NYSE:LDK) has taken it in its stride. The stock has been ascending and is trading 16.39 percent over its 50-day simple moving average and 21.44 percent above its 20-day, simple moving average. The target price set by analysts is 1.10 while the RSI of the stock is 64.07.

How Should Investors Trade LDK Now? Get the latest trends and data here.

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About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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