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Solar: Panic Sets In as Demand Crumbles

November 12, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

The big warning from JA Solar (JASO) this morning has triggered another day of big losses for solar stocks–and provided clear evidence of an industry in deep trouble.

Several analysts have followed up the news with comments on what the news means for the state of the industry; here are a few key takeaways:

Mehdi Hosseini, an analyst with Friedman Billings Ramsey, asserted that he expects other solar companies reporting over the next few weeks to similarly miss forward earnings expectations. Hosseini notes that JASO on its post-earnings conference call characterized the current industry dynamic as “complete panic.” He reports that the company sees selling prices in 2009 down at least 20 percent, while margins are coming down even faster than that. Hosseini notes that the company is trying to renegotiate its poly supply contracts to lower pricing. He also points out that JASO has shut 40 percent of its production lines for now.

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