New solar company had IPO today, and a nice one!
Up more than 50% at close. ;D
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China Sunergy rises more than 20%
Marketwatch - May 17, 2007 12:24 PM ET
Related Quotes
Symbol Last Chg
CSUN Trade 16.56 +5.56
NEW YORK (MarketWatch) -- China Sunergy rose nearly 20% after pricing above priced above its range in its stock market debut Thursday as the latest energy-related deal in the market for initial public offerings.
The IPOs are tapping into hunger for alternative energy deals as well as continued growth pressure in the traditional oil, gas and electricity sectors.
China Sunergy Co. Ltd. (CSUN) offered 8.5 million shares at $11 a share, raising $94 million. The newly minted stock opened at $12 and rose to $13.06 for a gain of 19% over its IPO price.
In a sign of strong interest in the deal, China Sunergy priced above its $8-$10 range.
The Nanjing, China-based maker of solar cell products reported net income of $11.8 million on $150 million in revenue in 2006, compared to a net loss of $307,000 and revenue of $14 million in 2005.
Cramer just pumped and dumped FSLR and the entire solar sector. A two week flip flop, "I believe you sell any single solar stock you have in your portfolio." MEH... I just loaded up on TSL for their earnings on the 21st.
http://www.thestreet.com/_tscs/funds/madmoneywrap/10357496_2.html
Thank you for the warning!
What I think of Jim Cramer is not fit to print, but the power of the man can't be dismissed.
I can't believe that what he does is legal?
I'll have to take a good, hard look at my own solar-stock today.
I saw CSUN go from from $12 to $13'ish and was too chicken to jump in, then it just went fast and furious. Couldn't find anything more than this:
http://moneycentral.hoovers.com/global/msn/factsheet.xhtml?COID=156661
NASDAQ (GM): CSUN
Fiscal Year-End: December
2006 Sales (mil.): $149.5
1-Year Sales Growth: 987.4%
2006 Net Income (mil.): $11.8
2006 Employees: 1,349
1-Year Employee Growth: 491.7%
Shares Offered (mil.): 8.50
Offering Amount (mil.): $93.50
Post-Offering Shares (mil.): 38.28
EPS is about 31 cents, P/E was about 40 when it was trading at $12. Now granted net income doubles this year, we're still talking a rather fully priced stock. So $12 and even $14 was a buy. I'm not so sure about upwards of $16.
I agree with Cramer on the point that competitions of all these solar companies will drive their profit margin down. Econ majors would say that "these firms will make only normal profit" in the long run. (See Perfect competition - Wikipedia, the free encyclopedia (//http://) for your nerdy need.)
CSUN on fire...
Wow. Nice, I definitely missed the boat on this one.
Off topic..general market comment. I think we go higher. No reasoning, I think we are just underpriced. Lots of great stocks haven't caught up to their valuations I don't think. Like Sully's MELI holy smokes!
I like CSUN's chart set-up....but volume is low today(New Year's Eve)....I will watch closely into the close. ;)