Pursuits
Solars Tumble on Oversupply as Suntech Slumps: China Overnight
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Chinese solar companies fell in New York, sending the benchmark index to its biggest decline in a week, on concern an oversupply of panels and reduced subsidies in Europe will erode revenue.
The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. dropped 1.4 percent to 86.92 yesterday in New York. Yingli Green Energy Holding Co. lost 11 percent while Trina Solar Ltd. sank after cutting its forecast for second-quarter shipments. Suntech Power Holdings Co. tumbled 15 percent after the world’s largest solar-panel maker said it may have been the victim of fraud. Youku Inc. and Tudou Holdings Ltd. slid the most in two weeks.