Diamonds and Dogs
6/5/13Trina Solar Limited (TSL)
Trina Solar is flaring up today, down 8.73% at $5.60. The solar panel company saw its shares crash after news that European Union will initiate new tariffs on PV panels. The tariff which begins on June 6th, is an 11.8% duty on all crystalline silicon photovoltaic wafers, cells, and modules originating in or consigned in China. After August 6, 2013, increased provisional AD duty rates of 37% to 67% are to be applied to these imports, including a rate of 51.5% on PV products from Trina Solar, unless the EU and China reach agreement on an alternative resolution to the matter. Trina Solar shares fell nearly $0.55 per share, but managed to stay above its 52-week low of $2.04.
Harvest Natural Resources Inc. (HNR)
Harvest Natural Resources is in the green today, up 32.86% at $3.72. The energy company saw its shares jump after it released first quarter earnings. Harvest reported first quarter net income of approximately $36.1 million, or $0.91 per share; that compares to a net loss of $1.0 million or $0.03 per share, for the same period last year. The company saw improvements in three of their drilling areas (Venezuela, Gabon, and Indonesia). In Venezuela the company continued to improve production, in Gabon drilling was completed allowing for extraction, and in Indonesia the company received approval for transfer. The positive quarter and news helped shares jump $0.92 today.