NEW YORK, NY--(Marketwire -04/25/12)- After producing gains for investors at the beginning of the year solar companies across the board have seen some significant losses recently. Chinese solar companies tumbled this week as recent data suggested that manufacturing in China was shrinking, underlying concerns of China's growing economic problems. Shares of U.S. Based First Solar Inc. also took a beating after they were downgraded to "sell" by Maxim Group LLC. Five Star Equities examines the outlook for companies in the Solar Industry and provides equity research on Suntech Power Holdings (STP - News) and JinkoSolar Holding Co. (JKS - News).
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The China Purchasing Managers Index showed a preliminary reading of 49.1, according to HSBC Holdings Plc and Markit Economics, signaling that manufacturing in China has contracted for the sixth consecutive month. This reading supports the growing concerns that the second biggest economy in the world may continue to falter. "Investors and analysts are trying to determine who are going to be the survivors in the industry in the long term," said Michael Obuchowski, chief investment officer at First Empire Asset Management. "The manufacturing numbers out of China are apparently panicking people and downgrades don't help either."
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Suntech Power Holdings Co. produces industry-leading solar products for residential, commercial, industrial, and utility applications. With regional headquarters in China, Switzerland, and the United States, and gigawatt-scale manufacturing worldwide, Suntech has delivered more than 20,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are driving solar to grid parity against fossil fuels.
JinkoSolar Holding Co. is a solar product manufacturer. The Company has built a vertically integrated solar product value chain from recovered silicon materials to solar modules. Its principal products are silicon wafers, solar cells and solar modules. The Company sells its products in China and to overseas markets.
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