CNA Finance | Mar 08, 2016 11:53AM ET
Early this morning, it was announced that SolarCity Corporation (NASDAQ:SCTY) had brought on Whole Foods Market (NASDAQ:WFM) as a new customer. Looking for ways to save money, WFM is having SCTY install solar panels on several stores around the country. In fact, the company is looking for SCTY to install rooftop solar panels on 100 stores in locations like New York, Connecticut and New Jersey. SolarCity has a bit of a task on its hands with this one as it will need to custom design each solar-power system to maximize the amount of grid power offset. The project is said to be moving relatively quickly. In fact, SCTY plans on starting the installation this spring.h3 How The Market Reacted To The News/h3
As investors, we know that any time there is positive news with regard to a publicly traded company, we can expect to see gains in the value of the stock associated with that company. That's exactly what we're seeing from SCTY today following the announcement of the Whole Foods Market installations. Currently (10:53), SCTY is trading at $25.25 per share after a gain of 4.39% or $1.06 per share thus far today.
h3 Other Reasons To Be Excited About SolarCity/h3While the news that Whole Foods Market has hired SolarCity is not the only reason to be excited about the company. In fact, it is just one of many. Here are some of my favorite reasons to be bullish on SCTY...
The bottom line here is that the stars are aligning perfectly for SCTY to climb and in a big way. The company is doing incredibly well in all facets of business and will likely continue doing so. So, if you want to get involved in a strong renewable energy opportunity, you may want to take a close look at SCTY.
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