Gordon Johnson News
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Short interest in Suntech Power Holdings Co. has plunged to its lowest level since 2007, suggesting investors have closed out positions betting it will decline after the Chinese solar company’s main unit went bankrupt.
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The plunge in shares of Suntech Power Holdings Co., the Chinese solar-panel maker forced into bankruptcy last month, highlights risks with structured notes that can leave investors exposed to collapsing equities.
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Chinese solar manufacturers rallied in New York, led by Suntech Power Holdings Co., on a report that billionaire Warren Buffett may be interested in buying the company forced into bankruptcy after defaulting on debt.
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Chinese equities rose in New York, driven by Trina Solar Ltd. and Yingli Green Energy Holding Co. on speculation investors are favoring solar makers with sufficient cash after Suntech Power Holdings Co. defaulted.
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Investors stand to lose most of the $1.28 billion they put into Suntech Power Holdings Co. after the solar manufacturer said it wouldn’t resist a bankruptcy petition filed in China.
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A day after Suntech Power Holdings Co. became the solar industry’s biggest corporate failure, workers continued to load and unload trucks at its main factory in China, adding to the global oversupply of panels.
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Suntech Power Holdings Co., once the world’s biggest solar-panel maker, said it received a two- month forbearance on repaying $541 million of bonds as negotiations to restructure the debt continue.
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Chinese stocks rose in New York as NQ Mobile Inc. surged to a 10-month high after raising its 2013 revenue forecast. China Lodging Group Ltd. sank the most on record as fourth-quarter profit trailed estimates.
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Solar panel makers from Arizona to Shanghai face a price crunch in 2011 because they’re adding manufacturing capacity just as global demand is poised to fall, Axiom Capital Management Inc. said.
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Trina Solar Ltd., China’s third- largest maker of solar panels, is shifting its focus to profitable orders and away from deals aimed primarily at gaining market share, in an effort to curtail “irrational” pricing.
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