Among the biggest winners in Tuesday’s early trading are BP (NYSE: BP), Broadwind Energy (Nasdaq: BWEN) and JA Solar (Nasdaq: JASO).

BP’s Options Clarify

Shares of beleaguered oil giant BP (NYSE: BP) are up about +7% on Tuesday — and have now risen +17% from their lows — as investors start to assess how the company will raise funds to meet obligations. BP may sell stock, borrow money or sell off assets. The first move creates dilution, the second move raises interest expenses and third move diminishes future cash flow generation capabilities.

#-ad_banner-#Of the three options, debt-raising is seen as most palatable, as future cash flow could retire that debt within a few years. BP’s moves depend on perceived time frames. If the company has ample to time to raise funds, management has signaled that sales of non-core assets may be the wise move. But an article in today’s Wall Street Journal suggests that Libya is keen to be an investor. That could prove to be a win/win for both parties, as BP would gain access to Libya’s coveted oil fields. Comments from BP indicate that it would only look to sell shares to a strategic investor (like Libya) and not a financial investor.

Action to Take –> Much of the near-term action in the stock is also likely to be centered on well-capping efforts. It’s a race against the clock to put a final fix in place before the hurricane season really cranks up in late July and into August. If well-capping efforts fail or are slowed, shares could re-visit the 52-week low on fears that a major storm would exacerbate an already difficult situation. If the damaged well is contained in coming weeks, shares could quickly move toward the $40 mark.

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Broadwind News Finally Hits the Tape

Shares of Broadwind Energy (Nasdaq: BWEN) rose roughly +25% last Wednesday morning for no apparent reason. Some folks in the know must have seen some good news coming. That good news arrived Tuesday morning in the form of a big new contract with Spain’s Gamesa, the second-largest maker of wind turbine generators in the world. Broadwind specializes in the construction of very robust windmill towers, which can withstand especially stressful environments. The new contract is pushing shares up another +28% today, capping a recent +65% move during the past five weeks.

But looked at another way, the $3.60 current share price is well below the $20 mark seen back in the summer of 2008. Since then, investors have soured on the business model which seems to still be a long way from generating profits. Gross margins have been in negative territory and even this new Gamesa contract is unlikely to push Broadwind into the black.

Action to Take –> Broadwind’s value probably lies in its technological expertise and customer base, which is more appealing to industry players than professional investors. The company is increasingly looked at as a takeover target, but it’s unclear what kind of value it would fetch. If you find this business model to be appealing, you may want to wait for a pullback as shares are in the hands of momentum investors right now. And you know how quickly they can change course.

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JA Solar Lines up a Supply Agreement

Speaking of the clean energy sector, one of the biggest concerns dogging solar stocks centers on a growing imbalance between supply and demand. So many new factories are coming on line right at a time when global demand for solar panels may be flattening. Demand is expected to catch up with supply in a few years, but a 2010 glut is hammering prices. So whenever a key supplier can line up a new major customer for its rising output, investors can exhale. That’s what they are doing today, bidding shares of JA Solar (Nasdaq: JASO) up +6% on word that the company will supply solar modules to MEMC Electronics (NYSE: WFR). The supply agreement kicks in right away and will last at least two years.

JA Solar slots right into the middle of MEMC’s food chain, as MEMC makes both raw solar wafers (that eventually are stamped into panels) and also has a service division that helps build solar wind farms. MEMC’s wafers will become JA Solar’s panels, which will be sold to MEMC’s end customers.

Action to Take –> What’s this deal worth? That’s anybody’s guess. Contract terms were likely intentionally vague, as sales will depend on how well MEMC’s end-customer base comes together. Even with today’s spike, shares of JA Solar trade for less than 10 times 2010 and 2011 profits. It’s worth noting that profits are expected to fall a bit in 2011, which is why investors had been shunning these stocks. But a case can be made that the outlook for 2012 and beyond is still quite bright, and shares are only temporarily cheap.