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New York, NY -- (SBWIRE) -- 03/22/2013 -- The Chinese renowned solar energy giant Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) decided to proceed with the insolvency of Wuxi Suntech, its wholly owned subsidiary. In order to meet with the strategic partners the company’s top tier executives will soon visit Taiwan.
On March 15 Suntech Power Holdings failed to make a 541 million US dollars payment on its convertible notes. However, the petition was again filed with the court in Wuxi, China that was accepted on March 21.At the current point in time Suntech has less availability of finances to continue operations. The insolvency is necessary to keep the operations going.According to estimates the aggregate foreign and domestic loans to Suntech from Chinese lenders have climbed to 1.14 billion US dollars by the end of February 2013.
Shares of Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) in last session opened at $0.36 hit a high price of $0.62 and then closed at $0.400 by plummeting -24.91%. Suntech Power Holdings generated sales of 2.68 billion in the last twelve months with income of $ -643.90 million.
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Intel Corporation (NASDAQ:INTC) went down 0.38% and trading at $21.09. Intel Corporation designs and manufactures integrated digital technology platforms. A platform consists of a microprocessor and chipset. The Company sells these platforms primarily to original equipment manufacturers (OEMs), original design manufacturers (ODMs), and industrial and communications equipment manufacturers in the computing and communications industries.
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Sirius XM Radio I (NasdaqNM:SIRI) is very active today and traded between $3.085 - 3.1101 with total traded volume of 1606856 shares. At a current price of 3.09, SIRI is -0.01 - -0.32% from the previous close of $3.10. Moreover, At Current Market Price, SIRI is in distance of -1.74% from its 50-day Moving Average price of $3.1447 and +6.81% from its 200-day Moving Average price of $2.8929.
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Financial Select Sector SPDR Fund (NYSEARCA:XLF) seeks to provide investment results that correspond generally to the price and yield performance of the Financial Select Sector Index . The share of XLF is +0.03 - +0.17% from the previous close of $18.07. It traded between $18.08 - 18.17 with total traded volume of 3514344 shares. At Current Market Price, XLF is in distance of -0.82% from its 50-day Moving Average price of $18.25 and -0.82% from its 200-day Moving Average price of $18.25.
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