NEW YORK (TheStreet) -- Shares of solar wafer manufacturer SunEdison (SUNE) closed down 5.76% to $16.84 on Thursday as peer company Canadian Solar (CSIQ) plummeted 8.37% to $25.73 after it announced fourth-quarter guidance on Wednesday that came up short of analysts' expectations.
Canadian Solar, a solar power systems manufacturer, said it now anticipates revenue in the range of $925 million to $975 million for the fourth quarter, less than analysts' estimates of $977.4 million.
The ongoing plunge in oil prices could also be affecting the solar energy stocks, as pricier oil could drive consumers to alternative energy sources. Crude oil prices dropped to a four year-low Thursday as indicators pointed to a continuing slowdown in China's economy.
Must Read: Warren Buffett's 25 Favorite Stocks
More than 16 million shares of SunEdison changed hands Thursday, compared to the average volume of 11,941,100.
Separately, TheStreet Ratings team rates SUNEDISON INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and poor profit margins."