MAXN - Why SunPower Stock Burned So Brightly on Wednesday
2023-11-15 18:11:39 ET
Hump Day didn't present much of an obstacle for SunPower (NASDAQ: SPWR) stock to advance. The solar company's shares gained more than 6% in price that day, comparing quite favorably to the 0.2% rise of the S&P 500 index. The main reason why was the settlement the company reached with one of its business partners.
Both SunPower and said partner, fellow solar company Maxeon Solar Technologies (NASDAQ: MAXN) announced in a joint press release that they have resolved a dispute between them. The pair had fallen out over "alleged breaches of master supply agreements," as SunPower put it without elaboration in an August press release.
In addition to putting this dispute to rest, the two companies agreed that Maxeon will supply solar modules to SunPower through February next year, with the latter retaining its exclusive right to sell the former's M-Series solar panels in this country until the end of the following month.
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Why SunPower Stock Burned So Brightly on Wednesday