Shares of Canadian Solar jumped 25% to $42.50 after touching a record of $43.37 in intraday trading. Volume of about 9.4 million shares was more than 5 times the issue's 30-day average daily volume of 1.8 million.
The company earlier reported first-quarter adjusted earnings of $21.2 million, or 65 cents a share, handily topping the mean estimate of analysts polled by Thomson Reuters of 31 cents a share.
Revenue for the three months ended March 31 rose to $171.2 million from $17.5 million, against expectations of $151.9 million.
Canadian Solar expects second-quarter revenue of $185 million to $190 million, above analyst expectations of $167.6 million.
Separately, George Kotzias, an analyst at Calyon Securities, said in a note to clients Tuesday that the massive earthquake in China, which has killed more 10,000 people, may impact several polysilicon producers, though initially it seems there has been no structural damage to polysilicon plants in the region, which is the center of Chinese polysilicon production.
Kotzias recommended that solar investors seek safety in U.S. names until more clarification of the situation in China is reached.
He said solar cell makers that may be impacted by a slowdown of polysilicon from these suppliers include Yingli Green Energy Holding, Solarfun Power Holdings Co. and to a much lesser extent Suntech Power Holdings Co.
In Tuesday's trading, shares of China Sunergy Co. rallied 10% to $10.94, while Solarfun Power gained 6.7% to $15.91 and First Solar Inc. added 4.4% to $297.06.
Also in the group, shares of J.A. Solar Holdings Co. rose 4.1% to $22.94 and Trina Solar Ltd. climbed 3.4% to $43.
Yingli Green rose 3.6% to $23.40 and Sunpower Corp. tacked up 2.9% to $86.46. Suntech Power jumped 5.1% to $43.75.
The PowerShares WilderHill Clean Energy ETF (PBW) rose 1.3% to $21.63.
The Market Vectors Global Alternative Energy ETF (GEX) added 1.1% to $53.52. Wanfeng Zhou wz/vj/wz/vj
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