JA Solar announced a hefty 22 cent loss for the June quarter today, way worse than the 6 cent loss expected by analysts. However, after gapping down 11% the stock appeared to find a solid bid and is currently trading up on the day, despite the turmoil in the overall market.
Interestingly, on August 8th the company announced Board approval of a $100m share repurchase program related to its American Depositary Shares (ADSs). Given that the company currently has a market cap of some $633m the size of the program is obviously significant. Today’s price action may suggest that the program is now in action.
You can read the company’s Press Release on the announcement of the repurchase program here.
Certainly, this is a reasonable indication that on any further weakness, it might be worth buying against the company’s own bid.
Disclosure: I have no position in JA Solar. I may use further weakness in solar stocks to build a position.