Stock Tesla Inc. and several other electric and alternative energy auto stocks rebounded on Tuesday, poised to outperform traditional energy stocks amid broader stock markets.
shares rose 5.84%, the biggest gain in a day since September 15, when it rose 7.18%. Stock price closed at $ 423.90 which is the best level in almost two weeks. Tesla shares have risen fivefold this year.
Shares of Nikola Corp. NKLA,
and the US depositary receipt of Nio Inc. Chinese NIO,
Both electric vehicle manufacturers, also outperformed the broad market and profit of the day for General Motors Co. GM,
and Ford Motor Co. F,
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Other major price hikes in so-called green energy camps on Tuesday include Bloom Energy Corp. BEIGE,
increase by more than 13% and Fuel Cell Energy Inc. FCEL,
and Plug Power Inc. PLUG,
The rally did not extend to shares of solar companies, with SunRun Inc. RUN,
end the day at SEDG red and SolarEdge Technologies Inc.,
added to its late Monday stumble.
SolarEdge, a maker of solar inverters and other devices, late Monday reported lower-than-expected third-quarter sales and led weaker sales for the fourth quarter.
Two of the largest exchange-traded funds focused on other clean and solar stocks diverged on Tuesday, with iShares Global Clean Energy ICLN,
only marginally behind the S&P 500 and Invesco Solar ETF TAN,
ends in red.
Both have huge gains for the year, up 71% and 125% respectively and SunRun are among their top holding stocks. Meanwhile, the S&P 500 SPX,
has grown by 4.3% so far by 2020.
However, Tuesday’s performance for solar ETFs compared with higher losses to ETFs dedicated to oil and gas stocks. SPDR Energy Select Sector XLE,
down 51% for the year on concern that the pandemic will continue to affect oil and gas demand and oversupply.