NEW YORK (TheStreet) -- Solar inverter company Power-One (PWER) announced after the close of the market on Tuesday that it's beginning a stock buyback program of up to 10 million shares, or 6% of the solar inverter company's 160 million outstanding common shares.
Power-One shares could use some support.
The solar inverter stock has been the hardest hit of any solar stock since German solar inverter giant SMA Solar said last week that 2011 may be a difficult year for inverter company margins.
(SATC) and Advanced Energy Industries (AEIS), have minimal losses over the past five trading days -- though Advanced Energy shares are actually down in the year-to-date period by close to 6%, and SatCon shares up only 19.5%, a minor rise compared to Power-One's 140% share skyrocketing this year, at least before last week's share decline.
Once the Power-One buyback program was announced after the market close, however, the solar inverter company's shares rallied by close to 4%. Power-One shares were up by more than 4% in pre-market trading on Wednesday, though volume was light. Power-One was by far the biggest decliner in the solar sector last week.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV