Stock Alert: Canadian Solar Rises 15%

Shares of solar power company Canadian Solar Inc. (CSIQ) are climbing more than 15% Thursday morning after the company’s fourth-quarter earnings and revenue beat estimates. The company also said it plans to continue with its share repurchasing.

Net income in the fourth quarter was $67.7 million, or $1.12 per diluted share compared with $111.6 million, or $1.81 per share in the comparable quarter last year. In year-ago quarter, the company had $6.4 million benefit of the AD/CVD true-up. On average 5 analysts polled by Thomson Reuters expected earnings of $0.45 per share.

Net revenue for the quarter increased to $920 million from $901 million in the prior-year quarter, on increased module shipments. Analysts’ view was at $865.46 million.

For the first quarter, revenue is expected to be in the range of $780 million to $810 million. The Street view is at $888.06 million.

For the full-year, total revenue is seen in the range of $3.4 billion to $3.9 billion. The consensus estimate is at $4.02 billion.

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer said, “We plan to continue with our stock repurchase program to create extra value for shareholders as recent COVID-19-related panic-selling has brought our equity valuation below book value.” Canadian Solar had announced a share buy-back program of $150 million in December last year.

CSIQ is currently trading at $17.89. It has traded in the range of $12.00- $25.35 in the past 52-weeks.

Stock Alert: A10 Networks Up 10%

Shares of networking solutions provider A10 Networks, Inc. (ATEN) are climbing more than 10% Thursday morning after the company reaffirmed first quarter results amidst the rapidly spreading coronavirus epidemic.

For the firs-quarter, A10 expects revenue to be in the range of $51 million to $53 million and adjusted EPS to be in the range of $0.01 to $0.03. Analysts polled by Thomson Reuters have a consensus earnings estimate of $0.01 on revenue of $50.33 million.

Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks, commented, “Thankfully, to date, we have not experienced any meaningful negative impact to our business or our supply chain, and we anticipate our first quarter financial results to be in line with the guidance provided in our fourth quarter earnings release.”

“Amidst the global quarantine and shelter in place orders, networks across the globe are being stressed with unprecedented usage and increasing demand for bandwidth, underscoring the need for the critical communications infrastructure solutions we provide. We are taking the necessary steps to mitigate any potential disruption given the macro uncertainty and unprecedented nature of the current environment, while remaining focused on the significant opportunity in front of us,” he added.

ATEN is currently trading at $5.41. It has trade in the range of $3.43- $8.29 in the past one year.

Stock Alert: A10 Networks Up 10%

Shares of networking solutions provider A10 Networks, Inc. (ATEN) are climbing more than 10% Thursday morning after the company reaffirmed first quarter results amidst the rapidly spreading coronavirus epidemic.

For the firs-quarter, A10 expects revenue to be in the range of $51 million to $53 million and adjusted EPS to be in the range of $0.01 to $0.03. Analysts polled by Thomson Reuters have a consensus earnings estimate of $0.01 on revenue of $50.33 million.

Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks, commented, “Thankfully, to date, we have not experienced any meaningful negative impact to our business or our supply chain, and we anticipate our first quarter financial results to be in line with the guidance provided in our fourth quarter earnings release.”

“Amidst the global quarantine and shelter in place orders, networks across the globe are being stressed with unprecedented usage and increasing demand for bandwidth, underscoring the need for the critical communications infrastructure solutions we provide. We are taking the necessary steps to mitigate any potential disruption given the macro uncertainty and unprecedented nature of the current environment, while remaining focused on the significant opportunity in front of us,” he added.

ATEN is currently trading at $5.41. It has trade in the range of $3.43- $8.29 in the past one year.

Mnuchin Says Surge in U.S. Unemployment Claims ‘Not Relevant’

Treasury Secretary Steven Mnuchin said the surge in Americans filing for unemployment benefits is “not relevant.”

“The president is protecting those people,” Mnuchin said Thursday on CNBC.

Unemployment benefit filings surged to a record 3.28 million last week as businesses shuttered and laid off workers as part of efforts to slow the spread of the coronavirus.

Mnuchin said the $2.2 trillion aid package the Senate passed late Wednesday will provide assistance to laid-off workers through unemployment insurance and cash sent directly to families. The legislation will also provide small businesses with support that Mnuchin said will encourage them to re-hire workers.

Mnuchin said he talks as many as 30 times a day with Federal Reserve Chairman Jerome Powell to coordinate the U.S. governments response to the outbreak. The Treasury Secretary said he’s approved all of the Fed’s requests for lending facilities.

“We both have the same objective to protect American workers and companies,” Mnuchin said.

European Economics Preview: Bank Of England Rate Decision Due

The interest rate announcement from the Bank of England is due on Thursday, headlining a busy day for the European economic news.

At 3.00 am ET, the Office for National Statistics releases UK retail sales data for February. Economists forecast sales to grow 0.2 percent on month, following a 0.9 percent increase in January.

Also, Germany Gfk consumer confidence survey data is due. The forward-looking consumer sentiment index is seen at 7.1 in April versus 9.8 in March.

At 4.00 am ET, the Swedish National Institute of Economic Research is set to issue economic tendency survey data.

Half an hour later, Sweden foreign trade data is due from Statistics Sweden.

At 5.00 am ET, the European Central Bank is set to issue economic bulletin and money supply data. Economists forecast euro area M3 growth to remain unchanged at 5.2 percent in February.

At 8.00 am ET, the Bank of England publishes the outcome of the monetary policy meeting. Economists expect the bank to retain its record low interest rate and to expand asset purchase programme to GBP 635 billion from GBP 435 billion.

In the meantime, the Czech National bank announces its monetary policy decision. The two-week repo rate is likely to be lowered to 1.25 percent from 1.75 percent.