Solar Stocks Heat Up as Companies Beat Earnings Estimates
First Solar gave a positive forecast on Wednesday, which kicked off a rally in the group. SolarCity stock jumped over 17% after it too surprised on future growth forecasts.
Earnings from JA Solar and Solar City moved both stocks higher as they beat analyst estimates. Many investors feared that as these companies lost government subsidies, they would struggle, but Keith Bliss of Cuttone & Co. says the loss of the subsidies forced the companies to find ways to survive and be profitable. First Solar gave a positive forecast on Wednesday, which kicked off the rally in the group. SolarCity stock jumped over 17% after it too surprised on future growth forecasts.
