Suntech Power (STP) NewsBite - Supply Deal Lifts STP

Posted: Wednesday, November 04, 2009 10:45 AM EDT

Suntech Power (NYSE: STP) opened at $13.25. So far today, the stock has hit a low of $13.01 and a high of $13.40. STP is now trading at $13.05, up $0.34 (2.68%). Over the last 52 weeks the stock has ranged from a low of $5.09 to a high of $21.43. EDF Energies Nouvelles announced last night that it has entered into a sales agreement with STP to supply up to 115 megawatts of photovoltaic modules in 2010 to enXco, a unit of EDF. 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 December out-of-the-money bull-put credit spread below the 11 range. [ABR-Seven Summits Strategic Investments NewsBite]

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