Solar stocks drove Chinese companies traded in the U.S. to a four-month high, after panel manufacturers said the country may double installations this year as the government pushes to consolidate the industry.
First Solar Inc., the world’s largest maker of thin-film solar panels, reduced profit estimates for this year and next and said it will cut about 100 jobs as it shifts its focus to large-scale utility plants.
Solar stocks gained after LDK Solar Co., China’s second-largest panel maker, agreed to buy Sunways AG of Germany, the first acquisition by a Chinese solar company in the world’s largest photovoltaic market.
First Solar Inc. , the world’s biggest maker of solar power modules, said second-quarter profit fell as panels were held for use on its own projects, reducing sales to customers, and as the euro declined against the dollar.
Canadian Solar Inc., a manufacturer of solar power cells and modules, sank to a five-month low after saying depreciation of the euro against the U.S. dollar would result in a first-quarter charge of up to $20 million.
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, fell 3 percent to 350.27. The New York Stock Exchange Arca China Index sank 3 percent to 210.29. Markets in China were closed this week for a holiday.