Stock Track | Daqo New Energy Soars as Deputy CEO Appointment and Narrowing Losses Fuel Optimism

Stock Track10-31 04:35

Shares of Daqo New Energy Corp. (NYSE: DQ), a leading manufacturer of high-purity polysilicon for the global solar PV industry, soared 11.95% on October 30, 2024. The stock surge was fueled by two key developments announced by the company.

Firstly, Daqo New Energy appointed Xiaoyu Xu as the Deputy Chief Executive Officer, effective October 30, 2024. Xiaoyu Xu, the daughter of Chairman and CEO Xiang Xu, has been serving as the company's Investor Relations Director and Board Secretary since May 2023. Her promotion to the Deputy CEO role is expected to sharpen Daqo's corporate strategy and drive its next phase of growth, as the company seeks to capitalize on significant opportunities in the renewable energy transition.

Additionally, Daqo New Energy reported narrowed net losses of $60.7 million for the third quarter of 2024, indicating improvements amid the ongoing challenges in the solar market. While the industry faces headwinds, Daqo's ability to mitigate losses and maintain its position as one of the world's lowest-cost producers of high-purity polysilicon could be bolstering investor confidence in the company's future prospects.

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