Solar Stocks Help ADR Shares End Higher By A
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Posted On: 05/20/2013 9:23:41 PM
Solar Stocks Help ADR Shares End Higher
By Anna Prior
International companies trading in New York closed higher Monday amid rising solar stocks and positive comments out of Japan about its economy.
The Bank of New York index of ADRs added 0.3% to 142.69.
The Japanese government raised its assessment of the country's economy, which offset some strengthening in the yen following comments over the weekend by Japanese Economy Minister Akira Amari that further weakness in the currency could be harmful.
In the U.S., investors looked ahead to Wednesday, when Federal Reserve Chairman Ben Bernanke is scheduled to testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting.
The Asian index climbed 0.6% to 147.88.
Chinese solar-panel maker JA Solar Holdings Co. (JASO) posted a narrower first-quarter loss than analysts predicted, sending shares soaring as a slight growth in revenue gave some investors a measure of hope. JA Solar had seen its revenue fall for six straight quarters, as the company struggled to compete in a global market that has been saturated with solar panels and plagued with low prices. Investors appeared to take the company's unchanged annual outlook as cause for celebration. Shares surged 70% to $9.56.
The rally in JA Solar shares pushed up the shares of other solar firms, including Chinese solar-panel maker Suntech Power Holdings Co. (STP, K3ND.SG), which has been in bankruptcy proceedings in China. Suntech shares rose 27% to 84 cents. Meanwhile, China Sunergy Co. (CSUN) rose 50% to $2.52, Hanwha SolarOne Co. (HSOL) rose 31% to $1.57, LDK Solar Co. (LDK) rose 20% to $1.83, Trina Solar Ltd. (TSL, K3KD.SG) rose 20% to $6.78 and Yingli Green Energy Holding Co. (YGE) rose 13% to $3.10.
Adding to gains were shares of Pactera Technology International Ltd. (PACT). The Chinese information technology outsourcing firm said Monday a consortium led by U.S. private-equity firm Blackstone Group L.P. (BX) has put forward a take-private bid at $7.50 a share. Pactera shares rose 31% to $6.87.
The European index edged up 0.2% to 134.22.
Shares of Ryanair Holdings PLC (RYAAY, RYA.DB, RYA.LN) jumped 5.3% to $47.19, after the Dublin-based budget airline reported a 13% rise in full-year profit and a 5% increase in passengers. The company also forecast further growth in 2014 as it continued to open new bases and routes and take market share from struggling rival European carriers.
J.P. Morgan Cazenove reinstated coverage of chip maker STMicroelectronics NV (STM, STM.MI, STM.FR) with an overweight rating, after the company said it will cut costs and improve revenue mix through a different customer focus. Shares rose 1.8% to $9.61.
The Latin American index increased 0.5% to 321.78 and the emerging-markets index rose 0.7% to 284.52.
Brasil Plural cut its year-end price target on Brazilian steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR) by 25%, but it reiterated its equal-weight recommendation on the shares. Though the firm highlighted several major unknowns--including CSN's possible acquisition of ThyssenKrupp's Steel Americas division and a series of large tax liabilities--shares still rose 2.1% to $3.38.
By Anna Prior
International companies trading in New York closed higher Monday amid rising solar stocks and positive comments out of Japan about its economy.
The Bank of New York index of ADRs added 0.3% to 142.69.
The Japanese government raised its assessment of the country's economy, which offset some strengthening in the yen following comments over the weekend by Japanese Economy Minister Akira Amari that further weakness in the currency could be harmful.
In the U.S., investors looked ahead to Wednesday, when Federal Reserve Chairman Ben Bernanke is scheduled to testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting.
The Asian index climbed 0.6% to 147.88.
Chinese solar-panel maker JA Solar Holdings Co. (JASO) posted a narrower first-quarter loss than analysts predicted, sending shares soaring as a slight growth in revenue gave some investors a measure of hope. JA Solar had seen its revenue fall for six straight quarters, as the company struggled to compete in a global market that has been saturated with solar panels and plagued with low prices. Investors appeared to take the company's unchanged annual outlook as cause for celebration. Shares surged 70% to $9.56.
The rally in JA Solar shares pushed up the shares of other solar firms, including Chinese solar-panel maker Suntech Power Holdings Co. (STP, K3ND.SG), which has been in bankruptcy proceedings in China. Suntech shares rose 27% to 84 cents. Meanwhile, China Sunergy Co. (CSUN) rose 50% to $2.52, Hanwha SolarOne Co. (HSOL) rose 31% to $1.57, LDK Solar Co. (LDK) rose 20% to $1.83, Trina Solar Ltd. (TSL, K3KD.SG) rose 20% to $6.78 and Yingli Green Energy Holding Co. (YGE) rose 13% to $3.10.
Adding to gains were shares of Pactera Technology International Ltd. (PACT). The Chinese information technology outsourcing firm said Monday a consortium led by U.S. private-equity firm Blackstone Group L.P. (BX) has put forward a take-private bid at $7.50 a share. Pactera shares rose 31% to $6.87.
The European index edged up 0.2% to 134.22.
Shares of Ryanair Holdings PLC (RYAAY, RYA.DB, RYA.LN) jumped 5.3% to $47.19, after the Dublin-based budget airline reported a 13% rise in full-year profit and a 5% increase in passengers. The company also forecast further growth in 2014 as it continued to open new bases and routes and take market share from struggling rival European carriers.
J.P. Morgan Cazenove reinstated coverage of chip maker STMicroelectronics NV (STM, STM.MI, STM.FR) with an overweight rating, after the company said it will cut costs and improve revenue mix through a different customer focus. Shares rose 1.8% to $9.61.
The Latin American index increased 0.5% to 321.78 and the emerging-markets index rose 0.7% to 284.52.
Brasil Plural cut its year-end price target on Brazilian steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR) by 25%, but it reiterated its equal-weight recommendation on the shares. Though the firm highlighted several major unknowns--including CSN's possible acquisition of ThyssenKrupp's Steel Americas division and a series of large tax liabilities--shares still rose 2.1% to $3.38.
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