Wall Street Manna

An irreverent look at Wall Street

Wednesday, June 18, 2008

Evergreen Solar: $600 million order

The big houses hate this stock, but they've hated Canadian Solar also, and that number has tacked on 12 points in three days. At the end of May, both Citigroup and Merrill Lynch had downgraded ESLR stock to sell, even after getting contracts for a billion dollars.
http://aaronandmoses.blogspot.com/2008/05/eslr-battlefied.html

After the close, ESLR announced two new contracts valued at $600 million, and the stock traded up a dollar and a half in after hour trading.
http://biz.yahoo.com/bw/080618/20080618006311.html?.v=1

With 24 million shares short, $135 oil, and stock players hungry for another solar play, it looks like the shorts may face a squeeze. And judging by the action in CSIQ, it probably will be vicious.

And the prop desks at Citi and Merrill will lose a few million more for their firms, when they try and bring in their shorts.

So what else is new!

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