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SolarCity Corp.

6/20/2013, 1:46 AM ET

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Tuesday, June 18, 12:24 PM More on SolarCity: The company continues its financing binge by announcing a $175M offering for convertible senior notes due 2018. The announcement comes shortly after SolarCity (SCTY +2.9%) obtained a $100M loan to finance new panel installations, and a month after it reached a $500M+ financing deal with Goldman. Comment! [Tech]
Tuesday, June 18, 11:50 AM SolarCity (SCTY +3%) trades higher this morning after the company reported earlier that its 2013 megawatts deployed is now estimated to be around 270MW, up from mid-May guidance of 250MW. Comment! [Energy, On the Move]
Monday, June 17, 12:15 PM SolarCity (SCTY -0.5%) underperforms as Copperfield Research takes aim, arguing the solar panel installer/electricity seller is "nothing more than a hybrid of a specialty finance company and an engineering & construction company." Among other things, Copperfield asserts SolarCity "materially inflated" its net present value (NPV) via questionable assumptions, and notes the company has been investigated by the IRS and U.S. Treasury Inspector General for possibly overstating the market value of its systems. The firm assigns SolarCity a value of $11.38, or 2x its estimated NPV book value. (full report) 7 Comments [Tech, Quick Ideas]
Friday, June 14, 9:19 AM Premarket gainers: RH +13%. PXLW +11%. GRPN +8%. SCTY +8%. SYRG +6%. INVN +6%. ACAD +6%. SWHC +5%.
Losers: CEMP -14%. AMSC -9%. HIMX -7%. CLSN -5%. Comment! [On the Move]
Thursday, June 13, 4:30 PM SolarCity (SCTY -0.7%) takes out a $100M loan (could be raised to $150M in time) from several banks to help finance fresh panel installations. The loan is backed long-term customer receivables (i.e. electricity purchase commitments) and matures in June '15. It follows a May deal with Goldman to offer $500M+ in lease financing for residential/business panel installations. 1 Comment [Tech]
Tuesday, June 11, 9:49 AM SolarCity (SCTY -4%) slumps as 61.6M shares become eligible for sale courtesy of a lockup expiration. Shares had bounced a little yesterday, but are currently down 34% from their May 20 high of $52.77 (albeit while remaining up 192% YTD), as investors booked gains ahead of the expiration. Comment! [Tech, On the Move]
Monday, June 10, 11:40 AM Recession-hit Spain is set to be the latest European country to slash solar subsidies: sources tell the WSJ the government will announce 10%-20% cuts as soon as June 21. Europe's share of global solar installations has already been rapidly declining, thanks to macro issues and subsidy cuts in Germany (Europe's largest market). Solar shares are rallying in spite of the news (TAN +3.2%). LDK +7.6%. SOL +8.1%. SPWR +4.7%. YGE +5.3%. SUNE +3.9% in spite of getting started at Equalweight by Morgan Stanley. SolarCity (SCTY +5.8%) is up ahead of tomorrow's lockup expiration, after getting hammered last week. 3 Comments [Tech, On the Move]
Friday, June 7, 2:43 PM SolarCity (SCTY -6%) has now fallen 21% this week as investors book profits ahead of a 61.6M-share Tuesday lockup expiration that Credit Suisse has estimated could increase the solar panel installer/electricity seller's tradeable float by 8x-10x. Shares are still up over 4x from last December's $8 IPO price. 1 Comment [Tech, On the Move]
Monday, June 3, 4:00 PM It's a rough day for Elon Musk's stocks. In addition to Tesla, SolarCity (SCTY -9.9%) has given back some of this year's giant gains, possibly thanks to concerns about its June 11 lockup expiration. Nearly 61.6M shares, or 82% of SolarCity's outstanding shares, become eligible for sale following the expiration. "The floodgates are about to open," says Raymond James' Alex Morris. Musk owns 28% of SolarCity, or a little over a third of the shares affected by the expiration. (previous) Comment! [Tech, On the Move]
Tuesday, May 28, 10:33 AM 2013's giant solar stock rally continues (TAN +3.9%) as the EU faces a backlash over Chinese tariff proposals, and Canadian Solar (CSIQ +15.2%) soundly beats Q1 estimates with the help of a 470 bps Q/Q increase in gross margin to 9.7%. Though CSIQ's opex would only have fallen 3% Y/Y if not for the reversal of a $30M arbitration award, it still fell 17% Q/Q (exc. one-time events) thanks to 25% Q/Q drop in selling expenses. Also: CSIQ is guiding for module shipments to rise to 380MW-410MW in Q2 from Q1's 340MW, and (like JA Solar) is seeing surging Japanese shipments - they rose 76% Q/Q in Q1, and made up 25% of total shipments. TSL +8.4%. JKS +4.6%. YGE +6.9%. LDK +4.8%. DQ +7%. SCTY +2.5%. Comment! [Tech, On the Move, Earnings]
Tuesday, May 21, 12:59 PM Five of 2013's biggest tech high-flyers - SolarCity (SCTY -10.1%), Himax (HIMX -6%), UniPixel (UNXL -9.1%), SunPower (SPWR -5.2%), and Ubiquiti (UBNT -4.4%), are seeing heavy losses today. Netflix (NFLX -0.9%), another big 2013 winner, is down moderately. Is this a sign tech momentum investors are looking to take some cash off the table? YTD gains: SCTY +287%. HIMX +200%. UNXL +72%. SPWR +282%. UBNT +56%. NFLX +156%. Comment! [Tech, On the Move]
Tuesday, May 21, 12:47 PM Midday top 10 gainers: SDBT +75%. LEDS +26%. PTIX +25%. FXEN +25%. BDL +23%. YGE +20%. SCOK +18%. PEIX +18%. JRCC +15%. CCIH +14%.
Midday top 10 Losers: IEC -21%. BVX -15%. EFUT -15%. HGG -13%. UNXL -11%. SCTY -10%. BORN -10%. RSOL -9%. HNP -9%. IGTE -9%. Comment! [On the Move]
Monday, May 20, 10:45 AM JA Solar (JASO +34.4%) is now skying higher following its Q1 beat and full-year shipment guidance reiteration, and is providing fresh fuel for the colossal solar stock rally that started last fall (TAN +4.4%). TSL +13.3%. DQ +20%. LDK +9.9%. JKS +10.3%. SCTY +11.6%. SOL +9.4%. CSUN +8.9%. SPWR +4.9%. ASTI +9.4%. YGE +8.4%. CSIQ +6.6%. The fact 38% of JA's Q1 module shipments went to Japan (a market with higher ASPs/margins than China) is likely going over well with investors. 6 Comments [Tech, On the Move, Earnings]
Friday, May 17, 6:35 PM SolarCity's (SCTY +25.7%) big rally is "bubble-like," cautions Raymond James' Pavel Molchanov, who tried to temper enthusiasm about First Solar last month. Molchanov warns a June 11 lockup expiration could "open the floodgates." Credit Suisse also cited the lockup when downgrading shares on Tuesday; the firm estimates the lockup will increase SolarCity's tradable float by 8x-10x. (earlier) 1 Comment [Tech, On the Move]
Friday, May 17, 12:45 PM Midday top 10 gainers: RSOL +60%. VNDA +23%. SCTY +19%. ORMP +16%. VSAT +16%. COCO +16%. NBG +14%. MHGC +13%. JRCC +13%. MVIS +12%.
Midday top 10 losers: ARUN -27%. UNXL -23%. COSI -14%. AFOP -12%. MNGA -12%. FSGI -10%. YOKU -10%. ALIM -9%. EGLE -9%. GIG -9%. Comment! [On the Move]
Friday, May 17, 11:04 AM SolarCity (SCTY +15.3%) won't take a breather. Shares are blasting off to new post-IPO highs a day after rallying on news of an expanded financing partnership with Goldman. "We hope [the deal] sends a signal that solar is a stable and reliable asset to invest in," CEO Lyndon Rive tells Bloomberg. Meanwhile, some Chinese solar names are up following a rally in Shanghai: YGE +4.1%. LDK +5.1%. SOL +6.1%. JASO +3.5%. CSIQ +2.5%. Comment! [Tech, On the Move]