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Shares of SunPower (SPWR) are sinking after the company filed for bankruptcy and shared plans to sell its remaining assets. Market Domination Hosts Julie Hyman and Josh Lipton break down the news and give a brief history of the solar solutions company.
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This post was written by Melanie Riehl
Um, and now taking a look at SunPower. Those shares are dropping after the solar solutions company filed for bankruptcy. Solar SunPower is planning to sell its remaining assets. And this, you know, this is an unfortunate story. This was one of the solar panel pioneers. The company was started in 1985. It was viewed as one of the really solid players in the industry. And then it really, um, aggressively expanded into rooftop installations when that was seeing a boom. But then, you know, rates going up, some of the changing regulations in California really ate away at that business.
Yeah.
So I reached out to our friend Pavel Molchanov, over at Raymond James, get his take. Here's what Here's what he tells me. Pavel says, "A sad ending for a company, to your point, Julie, whose history dates back to 1985, but it was simply too difficult, Pavel says, to recover from some of the prior management teams decisions, particularly, he says, vis-a-vis the balance sheet." Added this, by the way, which I thought was interesting, said, "SunPower's travails are emphatically a company-specific issue and should not be seen," Pavel emailed, "as a comment on the underlying demand for US residential solar."
Huh. Very interesting.
Yeah. Their problems are their problems. Yeah. So Pavel says.
Interesting.
