Niche ETFs that focus on solar energy companies soared Tuesday after top holding First Solar (NasdaqGS: FSLR) released 2013 guidance that topped Wall Street forecasts.
First Solar shares spiked nearly 50% in afternoon trading.
The stock represents 14.6% of Guggenheim Solar ETF (NYSEArca: TAN) and 9.6% of Market Vectors Solar Energy (NYSEArca: KWT).
First Solar said it expects full-year earnings between $4 and $4.50 a share, excluding up to $10 million in restructuring expense. Analysts polled by Thomson Reuters are looking for EPS of $3.51 a share, on average.
TAN and KWT, the solar ETFs, were up 15% and 11%, respectively, at last check on Tuesday.
However, the specialized funds have languished for two years after crashing in 2011. For example, TAN lost 30.7% last year after dropping 63.4% in 2011, according to Morningstar.
Guggenheim Solar ETF
