Although solar is generated from electricity, not oil, the stocks have tended to track the rise and fall of oil prices. That changed last week – oil prices dropped significantly but solar stocks went up.
The solar sector performed well as a group, even as oil dropped another 5.38%.
Leading stocks in the group continue to include Sunpower Corp. (NASDAQ: SPWR), up 16.93% for the week. Wedbush Morgan upgraded it to ‘Buy’ from ‘Hold’ with a new price target of $52 (from $38) because of the Powerlight acquisition.
Silicon producer MEMC Electronics (NYSE: WFR) closed up 12.48% for the week and Suntech Power Ltd. (NYSE: STP) closed up 6.75%.
Evergreen Solar (NASDAQ: ESLR), which has been slow to move up over the past months, finally rose 3.68% for the week.
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