Canadian Solar (CSIQ) NewsBite - Canadian Solar Swings to Q3 Profit of $19M

Posted on Tuesday, May 13, 2008 10:27 AM

Canadian Solar Inc. (CSIQ) opened at 42.79. So far today, the stock has hit a low of 40.24 and a high of 42.87. CSIQ is now trading at 40.84, up 6.75 (15.77%). The stock hit its 52 week high of 42.87 today and set its 52 week low of 6.50 in August. CSIQ has been moving upwards since the month of August of last year. Canadian Solar announced this morning it swung to a profit in the first-quarter of $19 million on a big increase in its European business. The company reported earnings of 61 cents per share on revenue of $171.2 million, beating analysts' forecast for earnings per share of 31 cents on revenue of $151.9. Canadian Solar also predicted second-quarter revenue well ahead of what analysts expect for the period. Technical indicators for the stock are bullish and steady. If you’re looking for a hedged play on this stock, consider a July bull-put credit spread below the $25 range. CSIQ stock could fall up to 38.8% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]