Canadian Solar Inc. (CSIQ) experienced a 5.04% plummet in its stock price on October 23, 2024, amidst broader challenges facing the solar industry. The decline followed a mixed day on the Japanese stock market and concerns raised by Enphase Energy's earnings report and guidance.
While Canadian Solar Infrastructure Fund, a subsidiary of Canadian Solar, reported a minor cable theft incident at one of its power plants in Japan, the impact on the company's financial forecasts was negligible. However, the solar industry as a whole has been grappling with high interest rates, making it more expensive to finance solar installations, and weak demand driven by regulatory changes in key markets like California.
Enphase Energy, a leading residential solar company, reported weaker-than-expected earnings and provided a disappointing outlook for the fourth quarter, citing softening demand in Europe. The company's results and guidance sent shockwaves through the solar sector, with stocks like SolarEdge, Maxeon Solar, First Solar, Sunnova, and Sunrun all experiencing declines in early trading on Wednesday.
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