Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of wind turbine maker China Ming Yang Wind Power Group (NYSE: MY) fell as much as 13% in early trading today after the company reported earnings.
So what: Second quarter revenue dropped 33%, to $87.6 million, and total comprehensive loss was up 160%, to $11.3 million. On a per-share basis, the company lost $0.08.
Now what: Management said it won 396 MW of new orders in the quarter versus shipments of just 161 MW, and expects market share in China to grow. I just don't see any positive trends with this company, or any other company in the wind business, and a growing loss isn't a reason to jump into shares today. I wouldn't be a buyer until it can show a consistent profit, which I don't see any time soon.
Interested in more info on China Ming Yang Wind Power? Add it to your watchlist by clicking here.
