SunPower Corporation (SPWRA) has been tapped to install a high-efficiency solar power system in South Brunswick, New Jersey, at the corporate offices of Dow Jones & Company. The installment will include 3.6 megawatts of elevated solar panels, as well as a 522-kilowatt rooftop installation. The project is expected to be complete by early 2011, and will provide approximately 15% of the facility's current electricity needs.
SPWRA has added 2.7% in electronic trading, but the stock has a lot more climbing to do before erasing its year-to-date deficit of 37.2%. On a positive note, the shares finished last Friday above their 10-week moving average, marking the first weekly victory above this trendline resistance since mid-March.
Amid the equity's positive momentum last Friday, speculators loaded up on call options. SPWRA's July 15 call was most popular, with 1,084 contracts crossing the tape -- the majority of which traded at the ask price, suggesting they were purchased. Open interest rose over the weekend by 790 contracts, confirming that new bullish bets were added at this near-the-money strike.