The Big Reason SunPower Stock Is Surging Today
Solar stock SunPower (NASDAQ: SPWR) ripped higher on Wednesday, riding the rally in solar stocks driven by unexpectedly strong numbers from Enphase Energy (NASDAQ: ENPH). With SunPower shares also languishing this year, today's big event was the perfect incentive for investors to jump into the stock. And don't forget that SunPower also owns shares in Enphase Energy, so today's big move in the latter's stock price is great news for SunPower.
SunPower shares were up 8.5% at 11:10 a.m. EDT after popping 11.7% in early-morning trading.
After market close Tuesday, Enphase Energy released a stunner of a third-quarter earnings report: Its revenue nearly doubled year over year to hit a record quarterly high of $351.5 million, driven by strong demand for microinverters and a 51% jump in its storage systems shipment. Investors may recall that Enphase Energy acquired the microinverter business from SunPower three years ago for $25 million in cash and 7.5 million shares of Enphase Energy.
Source Fool.com
