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Martin Tillier

Martin Tillier

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A Unique Play In Solar

Usually, when a stock has jumped around fifty percent in five months and twenty percent in just the last week or so, I am looking to sell. The market tends to overdo moves like that and it is reasonable to assume at that point that you have missed most of the move up, so playing the retracement is the only logical thing to do. That is what I intended when I started to look at Canadian Solar (CSIQ) this week, but when I started to research the stock, I realized that far from being a sell it was a solid buy, even after such a big recent gain.

(Click to enlarge)

The point here is that CSIQ’s move up is not just a move based on trader sentiment or market technicals, it is a readjustment to new information. That came when the company reported Q3 earnings of $1.09 per share, more than double Wall Street’s consensus estimate of $0.48. That is reason enough for a stock to gain, but even more impressive was the way they achieved that.

The stock had been suffering earlier this year, which is no surprise given the company’s extensive ties to China and the Trump administration’s apparent determination to pursue a trade war with that country. That has definitely created a headwind for Canadian Solar, and the President, Chairman and CEO of the company, Xiaohua Qu, acknowledged as much in his opening remarks during the conference call that followed the earnings release. To quote Qu though, “…good companies can manage it…”…

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