- The Nasdaq is down 1%, the S&P is down 1.7%, and energy stocks are under pressure as WTI crude falls below $27/barrel. All of that has spelled more pain for solar stocks - the Guggenheim Solar ETF (TAN -5.6%) is at levels last seen in 2013.
- The selloff comes a day after SolarCity plummeted in response to a Q4 installation miss and soft Q1 guidance - SolarCity (down 14.4%) is adding to its losses today following a Barclays downgrade, as is rival Sunrun (down 15.2%).
- Meanwhile, hard-luck SunEdison (SUNE -13.8%) is off sharply today following news shareholders of hydro/wind power developer Latin American Power have sued the company, stating they need a court order to protect SunEdison's assets while they pursue a $150M arbitration claim. SunEdison struck a deal to buy Latin American Power in May, but the agreement was later terminated.
- SunEdison acquisition target Vivint Solar (VSLR -12.1%) and SunEdison yieldco TerraForm Power (TERP -6.4%) are also among today's casualties, Other major solar decliners: SunPower (SPWR -6.2%), Canadian Solar (CSIQ -7.6%), Enphase (ENPH -6.1%), and Solar3D (SLTD -5.7%).