SunPower has filed for Chapter 11 bankruptcy and plans to sell its assets. The rooftop solar installer has faced allegations of misconduct in its reporting practices.
SunPower Corp.'s SPWR, -36.30% stock fell 37% to 50 cents a share on Tuesday after the solar power company filed for protection from its creditors under Chapter 11 of the U.S. bankruptcy code. SunPower also inked an asset sale agreement for $45 million in cash to buyer Complete Solaria Inc. CSLR, +12.51%.
SunPower (NASDAQ: SPWR ) stock is falling hard on Tuesday after the solar power and technology company filed for Chapter 11 bankruptcy late yesterday. That bankruptcy filing isn't an attempt for the company to restructure its business and come out leaner.
Shares of SunPower Corp. climbed 9.2% Wednesday, with the maker of solar-energy technology shrugging off a Morgan Stanley price-target cut, buoyed by strong results from solar-panel maker First Solar Inc.
In the latest trading session, SunPower (SPWR) closed at $0.80, marking a -1.6% move from the previous day.
SunPower's role in the market “can easily be absorbed by other players,” says Raymond James analyst Pavel Molchanov
SunPower (NASDAQ: SPWR ) stock is surging higher by about 50% today. Last week, SPWR stock plunged lower by around 75%, marking the solar company's worst ever week.
Residential solar installer SunPower (NASDAQ: SPWR ) is flailing today. Shares of SPWR stock have plunged more than 50% in early afternoon trading, after the company announced plans to halt new leases, installations and shipments to customers.
Storms are brewing around residential solar company SunPower. Shares have fallen 60% in the past five days, even slipping below $1, as news emerged that SunPower had notified its dealer network that it has stopped all sales of solar systems financed via leases or long-term power purchase agreements, and that it would halt shipments of equipment for such projects.
SunPower (NASDAQ: SPWR ) stock is taking a beating on Friday after the solar power company announced that it is halting some of its operations. SunPower alerted dealers that it is no longer taking new orders and that it's halting the shipment of some of its solar power supplies.
SunPower's stock has fallen more than 40% this week and nearly 90% the last 12 months. The collapse this week came after SunPower told dealers that it was halting leases, installations and shipments.
SunPower shares plummeted nearly 20% on Thursday after the solar company informed clients that it is pausing some operations, including deactivating lease and power purchase agreements from its own sales platform and halting new product shipments.