SolarCity Corp. (SCTY) - NASDAQ
  • Wed, Jan. 6, 10:40 AM
    • SolarCity (SCTY -0.8%) says it will cut 550 jobs in Nevada, two weeks after the state's utilities commission approved changes that would reduce credits customers receive for selling excess solar power to the grid.
    • "I contacted Governor Sandoval multiple times after the ruling because I am convinced that he and the PUC didn't fully understand the consequences of this decision," CEO Lyndon Rive said. "I'm still waiting to speak to the Governor."
    • The company, which has more than 13K employees, will relocate affected employees to business-friendly states where possible.
    • Previously: SolarCity confirms Nevada exit, promises to "fight" PUC's decision (Dec. 23 2015)
    | Wed, Jan. 6, 10:40 AM | 31 Comments
  • Dec. 24, 2015, 2:54 PM
    • The solar industry’s (NYSEARCA:TAN) foremost bear, Axiom‘s Gordon Johnson, says an extension of tax credits for solar installations for years will rob the industry of the urgency that might be there to install panels before credits run out, which he sees as a particular negative for stocks such as SunEdison (NYSE:SUNE) and SolarCity (NASDAQ:SCTY).
    • In the absence of a demand pull-in next year, U.S. demand is likely to be much worse than anticipated, Johnson says, and "against this backdrop, we see the PV module market shifting back into a state of structural oversupply."
    • The analyst sees the ITC extension making it harder for the likes of SUNE and SCTY to sell their projects, citing "an unquantifiable number of utility projects that were not going to get done due to the ITC cut now can, [and] it will enable marginal cost DevCos to continue to compete."
    | Dec. 24, 2015, 2:54 PM | 118 Comments
  • Dec. 23, 2015, 4:09 PM
    • "The PUC has protected NV Energy's monopoly, and everyone else will lose. We have no alternative but to cease Nevada sales and installations, but we will fight this flawed decision on behalf of our Nevada customers and employees," says SolarCity (SCTY +0.3%). The remarks come a day after the Nevada PUC officially signed off on net metering rate cuts and higher connection charges for residential and commercial solar installations.
    • SolarCity: "Most disturbing is the PUC's decision to retroactively sabotage existing solar customers' investments by changing the rules on them ... These actions are certainly unethical, unprecedented, and possibly unlawful."
    • Yesterday, Bryan Miller, a Sunrun VP and the president of trade group TASC, suggested a lawsuit challenging the PUC decision is on the way. "In a similar situation in Wisconsin, the Commission acted without evidence and attempted to eliminate the solar industry. TASC sued and TASC won, and TASC expects to do the same here." Sunrun has already sued Governor Brian Sandoval to gain access to communication between his office and NV Energy.
    | Dec. 23, 2015, 4:09 PM | 48 Comments
  • Dec. 22, 2015, 2:31 PM
    • Up big last week thanks to the ITC extension, SolarCity (SCTY -5.4%), Sunrun (RUN -12.3%), Solar3D (SLTD -3.3%), and RGS Energy (RGSE -6.5%) have sold off as Nevada's Public Utilities Commission (PUC) weighs a proposal to increase connection charges and lower net metering payments (i.e. payments for electricity delivered to the grid) to the state's residential and commercial solar users.
    • SolarCity has threatened to pull out of Nevada, and other installers have also blasted the proposal, which would grant a victory to Berkshire Hathaway-owned utility NV Energy. Nevada has less than 1% of the U.S. population, but (for obvious reasons) accounts for a larger % of solar generation. Moreover, the PUC proposal is stoking fears of similar actions in other net metering states.
    • SunEdison (down 19.4%) and acquisition target Vivint Solar (down 7.4%) are also off sharply, but that appears to have more to do with David Tepper's actions than the Nevada PUC's.
    • Update (2:42PM ET): The PUC has passed the proposal. Sunrun: "We believe the Commission’s decision flies in the face of Nevada law, which requires the state to 'encourage private investment in renewable energy resources, stimulate the economic growth of this State; and enhance the continued diversification of the energy resources used in this State' through net metering. We believe the Commission, appointed by Governor Sandoval, has done the exact opposite today."
    | Dec. 22, 2015, 2:31 PM | 70 Comments
  • Dec. 21, 2015, 7:11 PM
    • SolarCity (NASDAQ:SCTY) says it will be forced to "cease sales and installation operations in Nevada" if a proposal on solar charges is approved by the state's Public Utilities Commission (PUC) tomorrow.
    • The proposal includes a two-part tariff consisting of a fixed service charge and a volume-based commodity charge, and would apply retroactively to all net metering customers (i.e. solar users being credited for electricity delivered to the grid). Local utility NV Energy had been seeking a demand charge.
    • The PUC is also proposing to transition all residential and small commercial net metering customers to a cost-based rate structure over the next four years to eliminate "unreasonable" cost shifts between ratepayers.
    • SolarCity: "There is so much wrong with the decision, the only option for the PUC is to reject it. The one beneficiary of this decision would be NV Energy, whose monopoly will have been protected ... The decision would retroactively sabotage the investments Nevadans have already made in solar, even though they were encouraged by their government to make those investments."
    • For its part, rival Sunrun (NASDAQ:RUN) calls the proposal "incredibly unclear," and urges the PUC's vote to be delayed.
    • SolarCity fell 3.2% in regular trading, after having soared last week in response to the ITC extension. Sunrun fell 2.5% after starting the day higher.
    • Last week: California unveils solar net metering adjustments
    • Two weeks ago: Sunrun sues Nevada's Governor, wants text messages unearthed
    | Dec. 21, 2015, 7:11 PM | 47 Comments
  • Dec. 21, 2015, 11:11 AM
    • The Guggenheim Solar ETF (TAN +2.1%) is now up 11% since Congress agreed six days ago to a budget compromise (officially passed on Friday) that involved extending the solar investment tax credit (ITC) and wind production tax credit (PTC). Today's gains come with the Nasdaq up 0.6%.
    • U.S. solar stocks naturally continue headlining the list of gainers. The list includes SunPower (SPWR +3.4%), First Solar (FSLR +3.3%), Sunrun (RUN +6.9%), Enphase (ENPH +8%), 8point3 Energy (CAFD +4.1%), RGS Energy (RGSE +19.6%), and Solar3D (SLTD +4.5%).
    • Other winners include JinkoSolar (JKS +4.7%), ReneSola (SOL +8%), Yingli (YGE +3.5%), China Sunergy (CSUN +4.2%), TerraForm Global (GLBL +3.2%), and SolarEdge (SEDG +3.2%), the last of which depends heavily on the U.S. residential market.
    • Citing (what else?) the tax credit extensions, Morgan Stanley's Stephen Byrd has respectively hiked his SolarCity (SCTY -0.3%), First Solar, SunPower, and Sunrun targets by $18, $2, $2, and $5 to $104, $70, $43, and $28. Bernstein and KeyBanc respectively upgraded SolarCity and Sunrun last Thursday.
    | Dec. 21, 2015, 11:11 AM | 5 Comments
  • Dec. 18, 2015, 2:43 PM
    • The Nasdaq is down 1.1% and the S&P 1.2%, but solar stocks are once more higher (TAN +1.6%) after the House and Senate officially passed multi-year extensions for the solar investment tax credit (ITC) and wind production tax credit (PTC). The group skyrocketed on Wednesday after Congressional Republicans gave their support to a budget compromise that featured the extensions.
    • Notable gainers include SunEdison (SUNE +4.3%), Vivint (VSLR +3.7%), Trina (TSL +4.2%), Sunrun (RUN +7.2%), TerraForm Power (TERP +1.6%), TerraForm Global (GLBL +7.4%), Solar3D (SLTD +6%), ReneSola (SOL +5.6%), and RGS Energy (RGSE +7.3%). RGS, a microcap, could be benefiting from news it has signed a letter of intent for a $5M loan facility.
    • SolarCity (SCTY +1.6%) is up moderately after starting the day lower thanks to fresh bearish remarks from Jim Chanos. Canadian Solar (CSIQ +3.1%) is higher after announcing it's partnering with Southern Co. on a new 200MW project. Daqo (DQ +5.5%) is rallying following bullish coverage from Northland Securities.
    | Dec. 18, 2015, 2:43 PM | 44 Comments
  • Dec. 18, 2015, 7:44 AM
    • "You can be pretty much sure we’re short all of the major leveraged oil companies," Jim Chanos tells CNBC. The stocks, he says, have held up better than oil thanks to the companies' commitment to paying dividends, "but in effect, they're borrowing to pay their dividend."
    • It's no secret Chanos has been short Cheniere Energy (NYSEMKT:LNG), and it sounds like he remains so.
    • As for the price of oil, he's got no price target, but he's a bear. If he were OPEC, he says, he'd be pumping out as much oil as possible today because it might be worth even less in 15 years.
    • Famously short SolarCity (NASDAQ:SCTY), he's not fazed by this week's big tax-break related gains, and wishes he could borrow more shares. "We're not bearish on solar. We’re bearish on the guys who are knocking on doors, trying to put solar panels on your house."
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, PXJ, FIF, PSCE, NDP, RYE, FXN, DDG, GUSH, DRIP
    • XLE -1.6%, SCTY -3% premarket
    | Dec. 18, 2015, 7:44 AM | 36 Comments
  • Dec. 17, 2015, 10:02 AM
    • Bernstein has upgraded SolarCity (SCTY +4.1%) to Outperform a day after shares blasted off on news Congress has struck a deal to extend solar and wind tax credits for several years, and set a $69 target. KeyBanc has upgraded top SolarCity rival Sunrun (RUN +8.9%) to Overweight, and set a $16 target. Unsurprisingly, both firms cite the tax deal.
    • Meanwhile, Credit Suisse argues SolarCity, SunEdison (NYSE:SUNE), and Sunrun still have between 83%-300% of upside, and that plenty of short-covering remains possible. The firm notes SCTY, SUNE, and RUN respectively have 53%, 39%, and 24% of their floats shorted (per the most recent data), declares the tax deal provides visibility through 2024, and asserts the U.S. home solar industry's employment of 200K+ people makes it impossible for Congress to ignore. (source: Notable Calls)
    • SolarCity and Sunrun are now respectively up 39% and 31% from Tuesday's close.
    | Dec. 17, 2015, 10:02 AM | 44 Comments
  • Dec. 17, 2015, 9:20 AM
    | Dec. 17, 2015, 9:20 AM
  • Dec. 16, 2015, 12:45 PM
    | Dec. 16, 2015, 12:45 PM
  • Dec. 16, 2015, 9:52 AM
    • Solar stocks are flying higher (TAN +6.4%) after House Republicans unveiled (as part of a compromise with Democrats that involved lifting a U.S. oil export ban) that would keep the solar investment tax credit (ITC, has been set to expire at the end of 2016) at 30% through 2019, before being phased down through 2022.
    • In addition, the wind production tax credit (PTC) would be extended through 2020, albeit with a phase-down from a current level of 2.3 cents per kWh that would start in 2017.
    • U.S. solar firms are naturally among the biggest gainers: The group includes SolarCity (SCTY +24.6%), SunEdison (SUNE +17%), First Solar (FSLR +8.5%), SunPower (SPWR +14.3%), Sunrun (RUN +23.1%), TerraForm Power (TERP +8.3%), 8point3 Energy (CAFD +5.6%), Solar3D (SLTD +4.6%), and RGS Energy (RGSE +6.9%). SunEdison/TerraForm also have healthy wind exposure. Enphase (ENPH +29.1%) is soaring on the news and a Roth upgrade to Buy.
    • Israel's SolarEdge (SEDG +14.4%), which has strong exposure to U.S. installers, is also surging. Other winners include Canadian Solar (CSIQ +8.4%), Trina (TSL +4.9%), JinkoSolar (JKS +7.3%), JA Solar (JASO +3.1%), China Sunergy (CSUN +3.8%), and TerraForm Global (GLBL +5.6%). JA Solar has also been upgraded to Buy by Roth.
    | Dec. 16, 2015, 9:52 AM | 123 Comments
  • Dec. 16, 2015, 9:14 AM
    | Dec. 16, 2015, 9:14 AM
  • Dec. 15, 2015, 4:19 PM
    • The California Public Utilities Commission (CPUC) has voted to keep the state's solar net metering program (credits solar panel owners for electricity they deliver to the grid) beyond 2017, while making a handful of changes.
    • Among them: 1) An interconnection fee (estimated at $75-$150 for new customers) will be imposed. 2) To help finance low-income and energy-efficiency programs, net metering customers will have to pay $0.02-$0.03/kWh in "non-bypassable charges" for electricity consumed. 3) System owners will have to adopt time-of-use electricity rates.
    • The CPUC is also setting up a program to provide assist solar installations by multi-family buildings, and one to help residential customers in lower-income communities to take part in net metering even if they're renters.
    • SolarCity (NASDAQ:SCTY), which counts California as (by far) its largest market, has responded with a statement praising the CPUC for extending net metering, while calling its decision to require new customers to be on time-of-use rates concerning. "As we saw in 2007 when time-of-use rates were briefly mandated for solar customers, they don't work for everyone who wants to go solar, and would reduce the motivation for installing solar." The company notes parties to the proceeding have 20 days to provide feedback ahead of a final decision.
    • Shares sold off an up day for markets, and are down 1.4% after hours. Profit-taking may be contributing: SolarCity had risen 73% from a Nov. 11 low of $24.07 going into today, and surged yesterday amid a broader solar stock rally.
    | Dec. 15, 2015, 4:19 PM | 9 Comments
  • Dec. 14, 2015, 1:41 PM
    • Solar stocks are posting big gains (TAN +4.8%) on a quiet day for equities after representatives of 195 countries (including the U.S. and major developing nations such as China and India) reached a deal in Paris to curb greenhouse gas emissions. Coal stocks are going in the opposite direction.
    • Also: 1) Oil prices are bouncing after trading near multi-year lows earlier today. WTI crude is up 2.2% to $36.40/barrel. 2) Trina Solar (up 11.4%) has received a preliminary going-private offer at a 21.5% premium to Friday's close.
    • U.S. firms SolarCity (SCTY +8.4%), Sunrun (RUN +13.4%), TerraForm Power (TERP +8%), and RGS Energy (RGSE +25%) are among the standouts.  Other U.S. gainers include First Solar (FSLR +4.6%), SunPower (SPWR +6.5%) and Vivint (VSLR +2.8%). First Solar tumbled last week in response to its 2016 guidance; SunPower was hit by a $400M convertible offering.
    • Among non-U.S. names, gainers include Canadian Solar (CSIQ +4.4%), Yingli (YGE +2.9%), ReneSola (SOL +3.8%), and China Sunergy (CSUN +3.9%). SolarEdge (SEDG +4.6%), based in Israel but with strong U.S. exposure, is also doing well.
    • Update: Also possibly helping the group: Congressional Democrats are reportedly open to a deal to lift an oil-export ban in exchange for extending solar and wind tax credits.
    | Dec. 14, 2015, 1:41 PM | 53 Comments
  • Dec. 3, 2015, 3:02 PM
    • The Nasdaq is down 1.7% and the S&P 1.4%, but many solar names still have healthy gains for the day. A rally in oil prices ahead of a Friday OPEC meeting (WTI crude is up 2.9% to $41.10/barrel) could be helping, as might hopes for a new emissions-reduction agreement at the Paris climate conference.
    • Heavily-shorted SolarCity (SCTY +3%) is adding to its big Tuesday/Wednesday gains. Beaten-down SunEdison (SUNE +5.3%) is also higher, as are SunPower (SPWR +3.3%), Trina (TSL +4.1%), ReneSola (SOL +3%), Enphase (ENPH +5.4%), and Sunrun (RUN +6.5%).
    • ETFs: TAN, KWT
    | Dec. 3, 2015, 3:02 PM | 17 Comments
Company Description
SolarCity Corp. engages in the business of renewable energy services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations. SolarCity was... More
Country: United States