The broader market hobbled on in laconic trading Monday, but the solar sector, along with related exchange traded funds, is blazing forward.
The Guggenheim Solar ETF (NYSEArca: TAN) gained 8.2% Friday while Market Vectors Solar Energy ETF (NYSEArca: KWT) rose 6.0%. Year-to-date, TAN increased 140.9% and KWT rose 104.7%.
Leading the charge, Elon Musk’s SolarCity (NasdaqGM: SCTY) surged 16.8% Monday after offering $54 million buyout in asset-backed notes, Bloomberg reports. [Solar ETF Shines on Installation Estimates with SolarCity Surging 22%]
Industry watchers will also be looking for SolarCity’s earnings report Wednesday, Nov. 6. [The Solar ETF Has A Bright Future]
Other solar stocks were also shining. SunPower Corp. (NasdaqGS: SPWR) was up 10.2% after revealing a its intent to acquire Greenbotics Inc., which would help SunPower expand its energy services portfolio for global customers, especially in markets with dirt and dust environments, according to a press release.
Canadian Solar (NasdaqGS: CSIQ) was 10.5% higher after upgrading its third quarter outlook due to higher solar module shipments, according to Schaeffer’s Investment Research. Additionally, the company increased estimates for quarterly gross margin to 18%-20%.