Solar stocks and exchange traded funds (ETFs) plummeted after oil prices fell lower and investors worried about an oversupply of solar panels.
One analyst at Lehman says the sell-off could be because of a misinterpretation of statements made by a solar executive, reports Dirk Lammers for the Associated Press.
Oil fell to $103.26 today – its lowest point since April 1.
In a note to clients, SunPower Corp.’s (SPWR) CEO made comments about price declines that were inconsistent with estimates provided during the company’s second quarter earnings call. The Lehman analyst maintains a positive rating for the sector, but that continued volatility is expected until Spanish and U.S. market government incentives are resolved.