SunPower Cuts Guidance on Currency Issues, Triggering Broad Selloff in Solar Shares After Two-Day Rally
This is not the morning investors in solar stocks were expecting to have after a historic victory for Barack Obama.
Solar stocks, which have been rallying strongly for two days in anticipation of an Obama win, this morning have sharply reversed course, due in part to an ominous earnings warning related to the stronger dollar from SunPower (SPWRA).
Late yesterday, SunPower said in a statement that the strengthening of the dollar against the Euro is expected to “reduce earnings growth” in both the current quarter and all of fiscal 2009.
