SunPower Approaching Year-To-Date Low
SunPower Corporation (NASDAQ: SPWR) shares are trading lower by $0.47 (6.7 percent) at $6.51 in Monday's session. There has been no specific news out on the issue over the last few days to account for the decline from its March 6 close ($7.28) to its current level.
SunPower's decline from the $9.00 level in late February may be attributed to the to its outsized exposure to the Indian market. On March 6, India's Central Electricity Regulatory Commission proposed to cut renewable energy certificates 70 percent from $0.05/Kwh to $0.15/Kwh.
After a lower open, SunPower's stock peaked one penny above Friday's closing price ($6.98) and and began to move lower. So far, the ensuing decline has taken the issue to $6.51 and hasn't been able to distance itself from that low.
It's now approaching two important support levels. The first one being its February 1 low of $6.46 and the other and more significant level is its yearly low from January 31 at $6.28.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.