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Tesla Motors And ‘Cousin’ SolarCity Breach Key Support

Loading the player… SolarCity ( SCTY ) and Tesla Motors ( TSLA ) are breaching support at key levels in the stock market today. SolarCity reports quarterly results next Monday. The stock rose nearly 5% Wednesday morning on a bullish analyst rating, but it reversed lower amid a market sell-off. SolarCity fell 10.6% to 23.65, breaking below its 50-day moving average in quick turnover. The stock has fallen for five straight sessions. SolarCity is trading about 63% off its 52-week high, as shares have been scorched in recent months by Nevada’s new net-metering rules. Guggenheim initiated coverage on the solar panel installer with a buy rating and a price target of 38. On Monday, Credit Suisse cut its price target on SolarCity to 62 from 89 while maintaining its outperform rating. When it reports after the close next Monday, SolarCity is expected to report a 61% revenue rise, while its per-share loss widens to $2.34 a share from $1.52 a share last year. SolarCity’s “cousin company” Tesla — which is helmed by SolarCity Chairman Elon Musk — reports after the close tonight, Wednesday evening. Tesla stock sank 4.2% to 222.56, breaching support at its 50-day and 200-day lines. Tesla is projected to show a widened bottom-line loss on sales growth of 45% as the automaker ramps up production of its Model X car, projected to go for $80,000 and up. Tesla’s Powerwall battery storage units are now beginning residential installations. SolarCity, whose founders are Musk’s cousins, is incorporating the Tesla batteries into its own energy storage system. Meanwhile, SolarCity rival Sunrun ( RUN ) reports earnings next Thursday. The August 2015 IPO’s sales are projected to come in at $83.4 million, down 16% from Q4, while its loss deepens from last quarter to 53 cents a share. Sunrun is up nearly 60% from its February low, but it is still nearly 50% below its all-time high reached in December. Sunrun fell 1.6% Wednesday . Elsewhere in the solar panel space, Solaredge ( SEDG ) fell 4%, and First Solar ( FSLR ) retreated by 2%. First Solar has lost 16% in five days since reporting weaker-than-expected revenue last week. Sunpower ( SPWR ), which reports earnings Thursday, fell 2.35%.

Will SunPower’s Expected Q1 Loss Torch First Solar, SolarCity?

No. 2 solar developer SunPower ( SPWR ) is expected late Thursday to report its first quarterly loss minus items since Q1 2012, and declining year-over-year sales, a week after top rival First Solar ( FSLR ) missed quarterly sales views by $100 million, citing project timing. IBD’s 20-company Energy-Solar industry group has been whacked daily since First Solar’s report late Wednesday, and on Thursday it fell 4.9%. On Tuesday, reports of slow Q2 bookings for SolarCity ( SCTY ) and Sunrun ( RUN ) prompted a 5.4% plunge for the group. Early afternoon on the stock market today , the group was down a fraction, at a nearly three-month low, with shares of SolarEdge ( SEDG ), First Solar and SunPower — down 5%, nearly 2% and 2.5%, respectively — topping the deluge. Enphase Energy ( ENPH ), which trades around 2, was down hardest at 12%, after its Q1 sales and earnings miss late Tuesday. Enphase’s stock topple likely tugged SolarEdge stock, which competes with Enphase in the module and inverter market. Late Tuesday, Enphase CEO Paul Nahi blamed pricing pressure in the U.S. and internationally for the sales miss. As for SunPower, the consensus of 16 analysts polled by Thomson Reuters expect Q1 sales to fall 24% from Q1 2015, to $328.5 million. They see a 20-cent per-share loss minus items vs. a 13-cent per-share profit in the year-earlier quarter. Three months ago, SunPower guided to $290 million to $340 million in sales, but didn’t offer EPS guidance. The company saw 315 megawatts to 340 MW deployed during Q1.

Can Tesla ‘Cousin’ SolarCity Hold Above Key Level Before Earnings?

After testing support at a key level in Tuesday’s session, SolarCity ( SCTY ) is trying to hold above that mark in the stock market today , ahead of its quarterly report next Monday. The stock rose nearly 5% Wednesday morning on a bullish analyst rating, but it reversed lower amid a market sell-off. SolarCity is now mostly unchanged, with the stock trading in quick turnover. A gain would end a four-session slide, with shares bouncing back from a test of support at their 50-day line. The stock is trading more than 50% below its 52-week high, as the shares have been scorched in recent months by Nevada’s new net-metering rules. Guggenheim initiated coverage on the solar panel installer with a buy rating and a price target of 38. On Monday, Credit Suisse cut its price target on SolarCity from 89 to 62 while maintaining its outperform rating. When it reports after the close next Monday, SolarCity is expected to report a 61% revenue rise, while its per-share loss widens to $2.34 a share from $1.52 a share last year. SolarCity’s “cousin company”  Tesla Motors ( TSLA ) — which is helmed by SolarCity Chairman Elon Musk — reports after the close tonight, Wednesday evening. Tesla shares are down nearly 2% intraday, falling just below their 50-day line but still just above their 200-day. Tesla is projected to show a widened bottom-line loss on sales growth of 45% as the automaker ramps up Model X production. Tesla’s Powerwall battery storage units are now beginning residential installations. SolarCity, whose founders are Musk’s cousins, is incorporating the Tesla batteries into its own energy storage system. Meanwhile, SolarCity rival Sunrun ( RUN ) reports earnings next Thursday. The August 2015 IPO’s sales are projected to come in at $83.4 million, down 16% from Q4, while its loss deepens from last quarter to 53 cents a share. Sunrun is up nearly 60% from its February low, but it is still nearly 50% below its all-time high reached in December. Sunrun rose fractionally Wednesday intraday. Elsewhere in the solar panel space, Solaredge ( SEDG ) fell 4.5%, and First Solar ( FSLR ) retreated by 1.7%. First Solar has lost 16% in five days since reporting weaker-than-expected revenue last week.