Obviously everyone has been following the attempts by the Japanese to avert nuclear disaster. That is making everyone very skittish of all things nuclear and conversely is causing alternative energy stocks to rise. That is why we have seen SOLR and PWER go up. PWER is up 15% the past few days and SOLR is up 6%.
But wait! There is one more MFI stock that is associated with alternative energy? SCEI! What is slurry coal anyway? I am not sure, but it did finally dawn on me why SCEI was up 6% today. But that essentially made back their losses in the post-CCME sell-off that hit many Chinese stocks.
NEP Reports Earnings
Speaking of Chinese stocks, NEP reported earnings this morning. I think we can safely assume they are a real company. All they do is drill and pump oil and then sell it to PTR. Pretty simple business that I do not think can fool auditors and is not subject of massive short speculation. They earned $1.86 per share in 2010. They have $60m in cash and are a $136m company.
Pretty tempting? I already have in my portfolio of course.
I know, I know, you have heard this siren's song before. But I always said some of the stocks would run into trouble (in my chinese basket) and you had to be willing to accept that risk for the upside of the others.
And a quick note regarding CCME. Even if the stock goes to zero (which I sincerely doubt) I will have made money on CCME. I had fortunately sold half my shares during the drop from $20 to the current (stalled) $11. And am actually up more than the remaining value. So while it will be a bummer when it finally re-opens and crashes, there will still be a Christmas turkey.