Suntech Power (NYSE: STP) NewsBite - STP Dips on Competitor's Loss

Posted: Wednesday, August 19, 2009 10:14 AM EDT

Suntech Power (NYSE: STP) opened at $15.79. So far today, the stock has hit a low of $15.15 and a high of $15.79. STP is now trading at $15.31, down $1.01 (-6.19%). The stock hit its 52-Week high of $48.64 in August of last year and set its 52-Week low of $5.09 in March. STP is down today after competitor Yingli Green Energy (YGE) posted a Q2 loss before the market opened and is down more than 13% so far this morning. 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 September out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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