Why Canadian Solar Stock Just Dropped 10%
Shares of solar module maker Canadian Solar (NASDAQ: CSIQ) were down 9.6% at 10:40 a.m. EDT on Thursday, and the company has only itself to blame. After today's sell-off, the stock has given up every bit of gain it has accrued since GLJ Research initiated coverage of it with a buy rating two weeks ago. Yesterday, after the close of trading, the company announced it will float $200 million worth of convertible senior notes due in 2025 (i.e., debt convertible into common stock).