The broader market hobbled on in laconic trading Monday, but the solar sector, along with related exchange traded funds, is blazing forward.
Leading the charge, Elon Musk’s SolarCity (SCTY) surged 16.8% Monday after offering $54 million buyout in asset-backed notes, Bloomberg reports. [Solar ETF Shines on Installation Estimates with SolarCity Surging 22%]
Industry watchers will also be looking for SolarCity’s earnings report Wednesday, Nov. 6. [The Solar ETF Has A Bright Future]
Other solar stocks were also shining. SunPower Corp. (SPWR) was up 10.2% after revealing a its intent to acquire Greenbotics Inc., which would help SunPower expand its energy services portfolio for global customers, especially in markets with dirt and dust environments, according to a press release.
Canadian Solar (CSIQ) was 10.5% higher after upgrading its third quarter outlook due to higher solar module shipments, according to Schaeffer’s Investment Research. Additionally, the company increased estimates for quarterly gross margin to 18%-20%.
Solar stocks have been on fire during this earnings season, with First Solar (FSLR), the largest company in the sector, jumping over 18% last Friday after beating earnings expectations. First Solar was up another 4.0% Monday.
Looking at TAN’s holdings, First Solar is 7.2%, SolarCity is 5.9%, Canadian Solar is 5.7% and SunPower is 4.9%. KWT has 7.3% allocated to FSLR, 4.4% to SPWR, 3.8% to CSIQ and 4.7% to SCTY.
Guggenheim Solar ETF
For more information on the solar industry, visit our solar category.
Max Chen contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.