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SunPower(SPWR - Get Report) is a vertically integrated solar products and services company that designs, manufactures and delivers solar electric systems worldwide for residential, commercial and utility-scale power plant customers. This stock is trading up 18% to $6.63 in recent trading.
Today's Range: $6.06-$6.68
52-Week Range: $4.94-$23.36
Volume: 1.7 million
Three-Month Average Volume: 1 million
Shares of SPWR are surging higher today after Citigroup analyst Timothy Arcuri said that there are signs that the beleaguered sector is nearing a bottom. He raised his rating on Sunpower to buy from hold.
From a technical perspective, SPWR is gapping up huge here on above average volume. This move has triggered a near-term breakout move above $6.20, and it's pushing the stock close to taking out its 50-day moving average of $6.63.
Traders should now look for long-biased trades in SPWR if it can manage to close back above its 50-day with high-volume. At last check, SPWR has hit an intraday high of $6.68 and volume is well above its average action. If we get that close back above the 50-day today, then look for SPWR to continue its uptrend towards its next major overhead resistance level at $7.95.
SunPower shows up on a list of
Solar Stocks That May Not Survive to 2014.