Why SunPower Shares Popped 38.6% in November
Shares of residential solar company SunPower (NASDAQ: SPWR) jumped 38.6% in trading during November, according to data provided by S&P Global Market Intelligence, as solar energy stocks pushed higher overall.
The biggest news out of SunPower last month was that it had offered to buy back all of its 0.875% convertible senior debentures due 2021. There was $301.6 million outstanding on the debt as of Nov. 23, 2020. The move will reduce SunPower's short-term debt risk and be paid for with cash on hand and through sales of as much as 1 million shares of Enphase Energy stock.
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Source Fool.com
