What: Shares of ReneSola Ltd. (NYSE: SOL ) jumped more than 14% Wednesday on the heels of Trina Solar's (NYSE: TSL ) better-than-expected first-quarter report. Separately, ReneSola announced it has hired a new vice president of marketing.
So what: ReneSola won't release its own first-quarter results until late next week, but investors are primarily excited today considering shares of Trina Solar skyrocketed nearly 30% after crushing earnings expectations.
ReneSola also announced it has appointed Jason Wu in a newly created position as vice president of marketing, in which he'll oversee global marketing, new product management, and "brand enhancement." Wu, for his part, previously served as VP of global solutions for Huawei Technologies.
Now what: Keep in mind that Trina Solar's pop came as it focused on operational efficiency and profitable growth in the face of broader industry headwinds. As a result, a similar beat next week from ReneSola isn't guaranteed. Still, ReneSola currently trades at a rock-bottom 0.15 times trailing 12-month sales and seven times next year's estimated earnings, so it may be worth a look as it strives toward sustained profitability.
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