3 months ago
Key Takeaways
- Stocks fell broadly crossed nan solar-energy assemblage Monday, weighed down by a informing from SolarEdge.
- FirstSolar was among nan biggest decliners. Its shares had been lifted precocious by optimism astir nan energy-generation needs of artificial intelligence.
- Investors will get a look astatine FirstSolar's adjacent quarterly results connected July 30.
Downbeat news from SolarEdge (SEDG) weighed connected solar-energy shares Monday, pinch stocks falling crossed nan sector.
FirstSolar (FSLR) stock, which had jumped successful May amid enthusiasm for nan sector’s prospects to supply nan power needed to powerfulness developments successful artificial intelligence, fell 8.5% and was among nan S&P 500’s biggest losers connected nan day. Its latest quarterly financial results are expected July 30.
Enphase Energy (ENPH) dropped much than 5%, while SunRun (RUN) tumbled 9%. The Invesco Solar Exchange-Traded Fund (TAN) fell astir 6%.
SolarEdge, which warned of excess inventory and trim its staff, fell 15%. Its CEO said successful a regulator filing cited a “current downturn successful nan star industry,” highlighting peculiar weakness successful Europe but much encouraging signs successful North America.
The pullback successful star shares came arsenic nan S&P 500’s power assemblage rose, lifted by shares of lipid companies specified arsenic Chevron (CVX) and ExxonMobil (XOM).
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