Trina Solar (NYSE: TSL), a maker of solar photovoltaic products and a colleague of Suntech Power Holdings (NYSE: STP), issued second-quarter results on Monday after the market closed. According to Reuters, Trina Solar beat market expectations.

Revenues decreased over 26% year-over-year (according to the actual press release, revenues increased over 13% on a sequential basis). Net income was 71 cents per American depositary share (ADS). Analysts were betting on 37 cents per ADS being the likely profit figure.

"The way to win in solar is to invest in the industry leaders and SunTech Power Holdings Ltd. (NYSE: STP) is a big as they come," says growth expert Toby Smith in his ChangeWave Investing.

"China will surpass the US as the world's largest market for wind turbines -- after doubling wind power capacity in each of the last four years.

"Chinese government mandates for cleaner energy are a big factor driving the blossoming wind and solar projects, but other forces are at work, too. Chinese power companies are loaded with cash and state-owned banks are eager to lend them more money.

Analyst upgrades:

• Baird upgraded Starwood Hotels (NYSE: HOT), Host Hotels (NYSE: HST) and Marriott (NYSE: MAR) to Outperform from Neutral based on valuation and indications that negative sentiment has reached a bottom.
• Citigroup upgraded Torchmark (NYSE: TMK) to Buy from Hold as they find the valuation attractive and think management can grow earnings and book value in 2009/2010. Despite upgrading, the firm lowered their target price to $37 from $45.
• ASM International (NASDAQ: ASMI) was added to Goldman's Conviction Buy List.
• Credit Suisse (NYSE: CS) was raised to Overweight from Equal Weight at Morgan Stanley.
• Live Nation (NYSE: LYV) was upgraded at Natixis to Buy from Hold.

As a long-term value investor, Kevin Kerr is undeterred by market "noise" and looks beyond the "headlines of gloom and doom" that have been so prominent in the wake of the market setback.

Here, the editor of the Marketwatch Global Resources Trader assesses the pullback, the role of the yen carry-trade, and the reasoning behind a favored China-based stock pick -- Suntech Power Holdings Co., Inc. (NYSE:STP).

"The recent sell-off in commodities was a necessary and, quite frankly, overdue event.All the commodities from grains to gold had swung too far too fast." Indeed, the advisor quips, "As a long-term commodities bull, I can see the lumber through the trees."

Was the carry trade to blame, he asks, as so many pundits have stated? He notes, "Sure it played a role, but it was more like the primer for the pump of pain. Once it got flowing the hysteria took over and that was the real driver."