Why SunPower and Maxeon Solar Stocks Both Popped Today
Today is a big day for solar power, as solar panel installer SunPower (NASDAQ: SPWR) begins its life independent from the division that used to manufacture the solar panels it installs, which is now known as Maxeon Solar Technologies (NASDAQ: MAXNV). At the close on Thursday, shares of SunPower were up almost 24% while Maxeon was up 16.2%.
Image source: Getty Images.
But SunPower stock was listed as trading higher today even though its price was lower than its Wednesday close. So logically, the stock should have been down 20% -- albeit for a very good reason. Logically, yes. But these are the kinds of results you sometimes run into when a company spins off one of its divisions.
Source Fool.com
