Suntech Power (STP) NewsBite - STP Rises With Solar Sector

Posted: Tuesday, June 16, 2009 10:42 AM EDT

Suntech Power (NYSE: STP) opened at $18.12. So far today, the stock has hit a low of $18.05 and a high of $18.91. STP is now trading at $18.78, up $0.94 (5.27%). Over the last 52 weeks the stock has ranged from a low of $5.09 to a high of $48.64. Shares of STP are rising today after competitor Yingli Green Energy Holding Co Ltd (YGE) said it has seen a sizeable increase in demand for solar panels since the beginning of the year. YGE also forecast solar panel shipments would rise up to 70 percent in the second quarter from the previous period. This could be a good sign for STP. Technical indicators for the stock are neutral and S&P gives STP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on STP the stock seems like it could be a candidate for a July out-of-the-money bull-put credit spread below the 16 range. [ABR-Seven Summits Strategic Investments NewsBite]

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