Before the opening bell on July 30, Northern California-based Akeena Solar Inc. (NASDAQ: AKNS) reported a 17% decline in second-quarter revenue year over year. However, like we've seen so often this earnings season, the company's cost-savings efforts resulted in a better-than-expected bottom-line earnings numbers.

Akeena reported a net loss of 9 cents per share in the quarter, a number well above the 11-cent loss expected by Wall Street.

With the high fuel prices over the past year, solar stocks have been making some nice gains. But there are some signs that they may not be as safe as they appear. Investors' interest in solar companies increased due to soaring crude futures, but there are some factors to take into account before investing money into solar.

The current BusinessWeek looks at stocks such as First Solar (NASDAQ: FSLR), SolarWorld and Evergreen Solar (NASDAQ: ESLR), which have been facing increased volatility based on contract deal news or the lack thereof.

A major impact came in May, with speculation that Germany would lower subsidies given to companies and individuals who install alternative energy equipment. But the cut was not as deep as expected and stocks rebounded nicely.

MOST NOTEWORTHY: GTX Inc, Akeena Solar and NexMed were today's noteworthy initiations:

• Rodman & Renshaw is positive on GTX Inc's (NASDAQ: GTXI) opportunity for Acapodene in prostate cancer and Ostarine for muscle wasting. The firm started shares with an Outperform rating and $22 target.
  
• Akeena Solar (NASDAQ: AKNS) was initiated with a Buy rating at Merriman. The firm believes the company is positioned to generate a high margin recurring revenue stream through the licensing of its Andalay proprietary rack mounting system.
  
• Roth Capital expects NexMed's (NASDAQ: NEXM) Phase III data for its antifungal Lamisil, expected in mid-2008, to be positive. The firm, which started NexMed with a Buy rating and $2.50 target, said early clinical data demonstrated a roughly 7-8X improvement in fungal reductions versus the competitive topical formulation sold as Penlac. The analyst said Phase III trial will admittedly have a different end point, but this data makes them bullish.

OTHER INITIATIONS:

• Lehman initiated Liberty Entertainment (NASDAQ: LMDIA) with an Overweight rating and $30 target.
  
• Canaccord Adams assumed Priceline.com (NASDAQ: PCLN) with a Hold rating and $120 target.
  
• Home Inns (NASDAQ: HMIN) was started at Morgan Stanley with an Overweight rating and $28 target.

Akeena Solar, Inc. (NASDAQ: AKNS): A recent licensing deal is still pushing shares up. It hit 52-week high of $15.65 against period low of $2.97.

Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA): TEVA recently got an FDA green light on new generic nausea drug. It's up to $49.08 from 52-week low of $30.81.

Superior Energy Services, Inc. (NYSE: SPN): Superior won a major contract to repair Gulf drill rigs. It jumped to $44.70 from 52-week low of $28.20.

Monsanto Company (NYSE: MON): Monsanto posted outstanding financial results. It traded up up to $123 from 52-week low of $49.10.

Occidental Petroleum Corporation (NYSE: OXY): The market is mad for energy stocks. This one climbed up to $80.93 from 52-week low of $42.06.

Douglas A. McIntyre is an editor at 247wallst.com.

This would seem to be a hard day to find stocks hitting new highs, but some industries produced winners.

Silver Wheaton Corp. (NYSE: SLW): It was a good day for metals stocks. This one ran up to $19.16 against a 52-week low of $8.83.

Southwestern Energy Company (NYSE: SWN): It was a good day for energy stocks. SWN moved higher to $58.63 from 52-week low of $31.14.

Peabody Energy Corporation (NYSE: BTU): This coal company traded up to $63.97 from 52-week low of $36.20.

Apache Corporation (NYSE: APA): This oil and natural gas operator hit $111.78 compared to 52-week low of $63.01.

Akeena Solar, Inc. (NASDAQ: AKNS): This company licensed technology to Suntech Power Holdings Co., Ltd.(ADR) (NYSE: STP). It moved to $11.99 from 52-week low of $2.97.

Douglas A. McIntyre is an editor at 247wallst.com.