SolarCity Rises on Merger's Vote of Confidence
SolarCity rose after a proxy advisory firm gave a vote of confidence to its proposed merger with Tesla.
Shares of SolarCity (SCTY) spiked Friday after a key proxy advisory firm came out in favor of Tesla Motors' (TSLA) - Get Report proposed $2.6 billion purchase of the alternative energy company. The vote of confidence is key ahead of the November 17 shareholder vote on the acquisition. Entrepreneur Elon Musk is the head of both companies and the deal originally received major push back due to the perceived conflict of interests from combining the two companies. Today, Musk told CNBC that solar panels were always in electric vehicle maker Tesla's plans, but USB analyst Colin Langan told CNBC that he is still "very cautious about the deal."
