The S&P500 traded mostly sideways last week but managed to eke out a 0.2% gain and maintain its upward trajectory. Emerging markets were mostly down until a Friday rally brought the MSCI Emerging Market Index to a gain of 0.4% on the week.
Analysis have noticed a shift in Chinese solar manufacturers’ focus to the United States as the European debt crisis has caused demand uncertainty in the one-time hotbed of solar deployment. This move could explain some of the activity we are seeing in our screens.
Now that last week’s big macro and monetary policy events are out of the way, traders have time to return to earnings reports that were ignored in the news tsunami. Here are a few tickers on our radar.
Shares throughout the world’s emerging markets are bouncing today, but China’s solar industry is leading the pack as euphoria over Europe combines with solid earnings news.
Solar wafer fabricator ReneSola (SOL) reported a first quarter profit that beat consensus by 5 cents a share and gave investors encouraging guidance on pricing trends in the forward half of the year.
Since environmentally conscious Europe is a key market for solar equipment makers, news that the EU is committing up to $1 trillion to keep Greece from turning into another Lehman Brothers is also boosting solar stocks.