Why JinkoSolar Skyrocketed 46.6% in October

Shares of JinkoSolar (NYSE: JKS) rocketed 46.6% higher in October, according to data from S&P Global Market Intelligence. The China-based solar panel manufacturer rose following strong earnings report released toward the end of September, then accelerated as polls showed an increasingly likely Democratic win in the November elections. Yet perhaps the biggest reason for the stock's rise was a pledge by China to cap emissions by 2030 and become carbon neutral by 2060.

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At the end of September, Jinko reported strong fiscal second quarter earnings. The company shipped modules toward the high end of guidance, increasing revenue 18.8% to $1.2 billion, with earnings per share of $0.93 beating analyst estimates by a handy $0.24. Management also announced an acceleration of GW production targets to 30 GW before the end of 2020, up from an initial target of 22 GW earlier this year.

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Source Fool.com