Solar Stocks Tumble On Triple Whammy (SPWRA, FSLR, SOLF, ESLR, STP, More...)
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Shares of solar companies, which are expected to benefit from an Obama Presidency, are under heavy pressure today. Three things seem to be driving today's downside action:
1. A profit warning from SunPower (Nasdaq: SPWRA). Shares of SunPower are down 33% after adjusting its profit guidance lower, citing the recent strength in the U.S. dollar versus the Euro.
2. Crude fell $5 per barrel to $65.50, after data from the U.S. Department of Energy showed another sharp increase in gasoline inventories. Gasoline supplies rose 1.12 million barrels to 196.1 million barrels last week. Economists were looking for a 650,000 barrel drop in gasoline supplies.
3. Proposition 7 failed in California. The measure would have forced California electrical utilities to get 50% of their power from renewable sources by 2025.
Solar Stocks Today:
SunPower (Nasdaq: SPWR) 33% LOWER
First Solar (Nasdaq: FSLR) 12% LOWER
MEMC Electronic (NYSE: WFR) 10% LOWER
Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) 18% LOWER
Evergreen Solar Inc. (Nasdaq: ESLR) 18% LOWER
Suntech Power Holdings Co. Ltd. (NYSE: STP) 19% LOWER
Trina Solar Ltd. (NYSE: TSL) 15% LOWER
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) 17% LOWER
ReneSola Ltd. (NYSE: SOL) 16% LOWER
Canadian Solar Inc. (Nasdaq: CSIQ) 15% LOWER
Energy Conversion (Nasdaq: ENER) 6% LOWER
Claymore/MAC Global Solar Energy ETF (NYSE: TAN) 15% LOWER
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