Hanwha SolarOne (HSOL) is surging nearly 10% today, but off a nearly two year bottom.  Perhaps it’s a buy the news kind of day for HSOL as traders believe the worst is over.  However, the downtrend remains firmly in place for now so it’s too soon to jump in. 

The company reported mixed results with an EPS of .28/share vs the analyst estimate for .29/share on revenues of $335 million which topped the analyst estimate of $318.  On the EPS side that’s a 30% reduction over the year ago quarter but a 55% increase on the revenue side.  The profit decline was due to a combination of a decrease in average selling prices and an increase in raw material costs (gross margins decreased about 4% sequentially).  The CEO indicated that while Q2 will remain fairly soft, he’s confident of a rebound in the 2nd half of the year.