Shares of Sunedison Inc SUNE surged higher by more than 80 percent on Tuesday, a move which may confuse some investors as the company was reported to be close to filing for bankruptcy protection.
There are no notable news reports to support the move in Sunedison's stock. The only piece of news related to Sunedison and its management team is a report that its CEO Ahmad Chatila canceled a previously scheduled keynote speech at a University of Pennsylvania Wharton School graduation ceremony.
"Mr. Chatila informed us that he must, unfortunately, cancel his plans to speak at the Wharton MBA Program for Executives San Francisco graduation as his schedule has changed," Peggy Bishop Lane, the program's vice dean, told The Wall Street Journal in a statement. "We regret he will not be able to address our graduating students and wish him the best."
Meanwhile, Bloomberg was out with a scathing article describing Sunedison's collapse as one of "the most resounding single downfalls in the history of solar."
CNBC's Dominic Chu took to Twitter and suggested Sunedison's unexplained surge is merely a consequence of its low stock value: "That stuff happening with SunEdison stock today... happens with stocks priced in cents."
Shares traded recently at $0.373, up 77 percent.
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