Futures are pointing to a lower open today in anticipation of the weekly jobless claims report and ahead of Federal Reserve Chairman, Jerome Powell’s address to the Kansas City Fed’s annual symposium. This is all coming after another record breaking day for the S&P 500 and the Nasdaq. Hold onto your hats, we’re in uncharted territory here.
Over the past few years he nation’s ongoing attempt to reduce reliance on fossil fuels and make a transition to cleaner energy resources has inspired considerable growth for the Solar market. Rapid increase of corporate investments in solar has been one of the major growth catalysts in the U.S. as major companies strive to honor pledges made for carbon neutrality in the coming years. In 2019, Amazon co-founded The Climate Pledge- a commitment to be net zero carbon by 2040. As part of the pledge Amazon has made “ambitious commitments toward reaching this goal.” Many other companies, large and small are following suit.
This year the Solar industry has fared reasonably well despite suffering setbacks due to the economic slowdown caused by the COVID-19 pandemic. The U.S. Solar market has soared 105.6% so far in 2020 compared with the S&P 500 Composite market’s growth of 6.5%.
SunPower Corporation (SPWR) stock is pulling back in pre-market trading from a recent spike after receiving multiple upgrades over the past few weeks. This morning’s pullback could offer a nice entry point for investors seeking to get in on solar with one of the industries top companies.
Several institutional investors have also recently bought shares of the company. Commonwealth Equity Services LLC raised its stake in the company by 3.3% in the first quarter. Victory Capital Management Inc. raised its stake in shares of SunPower by 14.6% in the first quarter. PNC Financial Services Group Inc. raised its stake in shares of SPWR stock by 272.7% after acquiring an additional 2,479 shares in the second quarter.
SPWR is gaining attention, an investment now could mean big gains as the nation and the world shift to renewable energy in the coming years.
