SunPower Outlook Extends Solar Sector Sell-Off

SunPower Corporation's SPWR lower-than-expected 2015 outlook served to extend a sell-off in solar stocks sparked by lower oil prices.

SunPower told analysts at a conference it expects 2015 revenue between $2.4 billion and $2.6 billion, vs. Wall Street's forecast of $2.8 billion.

SunPower predicted 2015 adjusted income of $1.10 to $1.50 per share, compared with analysts' expectation of $1.69 per share.

SunPower shares fell more than 6 percent, trading recently at $27.39. The company is down 14 percent recently on fears that lower oil prices will hurt demand.

Despite a small drop in October production reported by OPEC, Brent crude hit a four-year low Wednesday of $80.93 per barrel.

An Obama Administration agreement with China announced Wednesday to cut greenhouse gas emissions by 26 percent by 2025 immediately hit Republican opposition and the deal appeared to have little influence on solar stocks Thursday.

Canadian Solar Inc. CSIQ dropped more than 5 percent and is off nearly 16 percent in recent days; First Solar, Inc. FSLR recently traded down 3.4 percent and has lost 18 percent of its value this week.

Sunedison Inc SUNE fell 2.2 percent and is recently off nearly 10 percent, while Suntech Power Holdings Co. Ltd. STPFQ dropped 10 percent Thursday.

But Ascent Solar Technologies, Inc. ASTI gained more than 9 percent Thursday. The company posted strong third-quarter results and said it expects fast growth will continue.

Posted In: NewsGuidanceEventsGlobalIntraday UpdateMovers
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