Canadian Solar (NASDAQ:CSIQ) Soars in Pre-Market
Modern Energy Roundup - April 16, 2012
- Capstone Turbine (NASDAQ:CPST) announced this morning that it landed a deal with a Michigan hospital to supply a dual-mode C1000 Power Package. The unit will provide both prime and backup power to save energy and increase reliability at the facility. Not sure how much this will do for the stock today, but I still maintain that Capstone Turbine below $1.00 is a gift. Particularly for those who can exercise a little patience.
- Consolidation looks to continue in the solar space. On Saturday, the China Business Journal reported that China National Offshore Oil Co (CNOOC) is in talks to buy solar player Canadian Solar (NASDAQ:CSIQ). As a result, we're seeing a lot of positive movement in solar this morning. Don't know if this will actually play out, but as we've been saying for almost two years now, the solar space is undergoing some serious consolidation. And we expect this to continue for some time. CSIQ is up almost 12% at the time of this writing.
Reps from Canadian Solar have denied the CNOOC takeover talk. A spokesperson wrote in an email:
"Canadian Solar is not currently in discussion with China National Offshore Oil Corp regarding a potential strategic transaction between the two companies."
And this is why I wrote, "Don't know if this will actually play out. . ." Until the deal is done, it's not a deal.
Of course, this doesn't change the fact that Canadia Solar popped nicely this morning. The stock has shed a small amount of what it picked up in pre-market. Will be interesting to see how this plays out throughout the rest of the day.
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