SolarCity is hoping to make commercial rooftop solar a big business. Image source: SolarCity Corp.
What: Shares of residential solar giant SolarCity Corp jumped 10.8% on Monday as solar stocks soared across the board.
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So what: There wasn't any company specific news about SolarCity, but solar panel supplier Yingli Green Energy did say that it expects Q1 2016 to be its first profitable quarter since 2011. All isn't well with Yingli given the fact that it missed a debt payment last month, but that didn't stop Yingli's stock from popping and likely dragging SolarCity with it.
What's a little strange is that oil prices weren't up and there wasn't any significant news from direct competitors in residential solar. Usually, that's the driver of SolarCity's price pops.
Now what: Chalk this move up to the usual volatility in solar energy. Stocks can rise and fall double digits on absolutely no news at all and it looks like that's what happened at SolarCity on Monday. Volatility continues to be commonplace for solar stocks, and SolarCity in particular, and sometimes that works in investors' favor and sometimes it doesn't. For now, solar is hot and that rising tide is lifting SolarCity faster than competitors.
The article Why SolarCity Corp's Shares Jumped 11% on Monday originally appeared on Fool.com.
Travis Hoium has no position in any stocks mentioned. The Motley Fool owns shares of and recommends SolarCity. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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