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Why Solar Stocks Fell Sharply on Monday
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Key Takeaways
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Stocks fell broadly across the solar-energy sector Monday, weighed down by a warning from SolarEdge.
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FirstSolar was among the biggest decliners. Its shares had been lifted recently by optimism about the energy-generation needs of artificial intelligence.
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Investors will get a look at FirstSolar’s next quarterly results on July 30.
Downbeat news from SolarEdge (SEDG) weighed on solar-energy shares Monday, with stocks falling across the sector.
FirstSolar (FSLR) stock, which had jumped in May amid enthusiasm for the sector’s prospects to provide the energy needed to power developments in artificial intelligence, fell 8.5% and was among the S&P 500’s biggest losers on the day. Its latest quarterly financial results are expected July 30.
Enphase Energy (ENPH) dropped more than 5%, while SunRun (RUN) tumbled 9%. The Invesco Solar Exchange-Traded Fund (TAN) fell nearly 6%.
SolarEdge, which warned of excess inventory and cut its staff, fell 15%. Its CEO said in a regulator filing cited a “current downturn in the solar industry,” highlighting particular weakness in Europe but more encouraging signs in North America.
The pullback in solar shares came as the S&P 500’s energy sector rose, lifted by shares of oil companies such as Chevron (CVX) and ExxonMobil (XOM).
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