As you can see the in the graph below solar stocks did well across the board even with Crude Oil dropping another 5.38%. This compared to last week when we saw the solar stocks decline across the board with Crude Oil dropping 7.76%.
Sunpower Corp. (NYSE: SPWR) was the big mover as the stock closed the week up 16.93%. The stock was upgraded by Wedbush Morgan to a ‘Buy’ from a ‘Hold’. The price target was raised to $52 from $38 due to the closure of the Powerlight acquisition from last year.
MEMC Electronics (NYSE: WFR) also had a fantastic week with the stock closing up 12.48%. MEMC Electronics seems to trade in the range of high 30’s to high 40’s so we will have to see if the stock has enough strength to break $50 or if it comes back down.
Suntech Power Ltd. (NYSE: STP) couldn’t duplicate the move of Sunpower Corp. but did well in its own right. I recently wrote about how it could benefit from the growing pollution problem in China and in particular Beijing before the 2008 Olympics.
Evergreen Solar (Nasdaq: ESLR) finally showed some signs of life by closing the week up 3.68%. The stock had closed in red for six consecutive weeks before this one.
Another thing that I noticed was how PowerShares WilderHill Clean Energy (AMEX: PBW) has hung in there even with the big decline the crude oil.
Disclosure: I am long STP, ESLR and short FSLR.