SunPower Shares Jumped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of solar efficiency leader SunPower (NAS: SPWRA) jumped 10% today in a very curious move.
So what: SunPower hasn't released any news, and the move is especially odd because most solar stocks are down but SunPower and Hanwha SolarOne (NAS: HSOL) are up significantly. The only analyst movement today was Auriga lowering SunPower's price target to $12.50 and Brigantine upgrading shares to a hold rating.
Now what: I would love to take credit since I did call SunPower the best stock in solar just yesterday, but I have the sneaking suspicion I don't hold that kind of sway with the market. This could be something of a dead cat bounce, but it certainly isn't a rallying cry for the solar sector. For now I'll stick to my analysis that SunPower is a good buy for investors but brush off today's bounce as a wild move from the market.
Of course, there's always the possibility that traders have gotten a hold of some news before it's released, but I would only be speculating and that isn't a great reason to buy a stock.
Interested in more info on SunPower? Add it to your watchlist byclicking here.
At the time this article was published Fool contributor Travis Hoium owns shares of SunPower. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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