LDK Solar Co. and Trina Solar Ltd. slumped in New York after Piper Jaffray & Co. cut its recommendation on the shares of the Chinese solar companies.
LDK, the world’s second-largest maker of wafers, lost 3 percent to $1.79 at 12:54 p.m. in New York. Trina, China’s fifth-largest solar-panel maker, fell 4.7 percent to $5.91.
American depositary receipts of Xinyu, China-based LDK were cut to underweight from neutral, while Changzhou, China-based Trina was lowered to neutral from overweight, Ahmar Zaman, an analyst at Piper Jaffray in New York, wrote in an e-mailed report today.
Yingli Green Energy Holding Co. Ltd., China’s second-biggest solar-panel maker, was reduced to neutral from overweight, Zaman wrote. Shares slipped 2.5 percent to $2.73.