Trina Solar Ltd. (NYSE: TSL) beat earnings and raised capacity projections ahead. It could not avoid the mud slide and shares closed down 6.5% at $22.32 versus a 52-week range of $14.85 to $31.89. Auriga USA research noted today on Trina, "Trina Solar provided a bigger beat and raise than even our bullish preview had expected. Higher sales and better cost programs led the charge, with bullish commentary on 2011 pricing and volume supporting our above consensus view on 2011. Qualitative fears rule the day, however, and continued volatility in the dollar/euro exchange rate will likely keep investors cautious until companies — TSL included — provide 1Q11 guidance. We maintain our Buy rating and $38 target on slightly increased 2011 estimates." A $38 target implies upside of 70% to a $22.32 close. Unfortunately, the world is not heading the right way.