Solar stocks continue to rocket higher on the back of positive press releases and high oil prices. MEMC Electronic Materials, Inc. (NYSE:WFR) reported earnings and raised their full year guidance. The stock soared on this news, jumping to a current price of $12.89, +1.26 (+10.83%). Recent positive news from First Solar, Inc. (NASDAQ:FSLR) has also kept the sector on fire.
In addition, as long as oil prices continue to hold above $90 per barrel, solar will be a solid alternative. The higher oil prices, the cheaper solar becomes as an alternative source of energy. The same thing applies to other forms of energy. These solar companies also continue to race towards making cheaper, more efficient solar cells. If they can lower costs plus have higher oil prices, sales should continue to be strong.