Stocks are slightly higher today based mostly on relief that the US isn't defaulting on its debts. The Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.19% in late trading, but it would be up if it weren't for IBM's 7% drop after earnings, which pulled down the price-weighted index.
Energy stocks are mixed today after oil dropped $1.60 to near $100 per barrel in trading today. Oil has declined steadily since peaking over $110 per barrel in late August, and traders are worried that damage done from the government shutdown could negatively impact demand. But the drop in oil hasn't hurt renewable energy stocks today.
SolarCity (NASDAQ:SCTY) jumped as much as 9.8% in early trading today, and as of 3:15 p.m. EDT is still up 4.1%. Shares ran up after a share and debt offering yesterday -- a rarity, because it was dilutive to current shareholders.
The reason investors are still excited about the stock, even after dilution, is really last week's earnings guidance. Management expects to install 278 MW this year and between 475 MW and 525 MW next year, adding up to 89% growth year over year. The stock has rallied this week and is up an incredible 360% so far this year.
We'll find out more about SolarCity's financial position when the company announces earnings on November 6.
Real Goods Solar (NASDAQ:RGSE) bounced an incredible 50%, outshining its much larger rival. Generally speaking, what's good for SolarCity should be good for Real Goods Solar, although it isn't growing as aggressively in solar leases. The company installed just 5.6 MW of solar last quarter, up 17.8% from a year ago but well behind the 53 MW SolarCity installed.
A stock pop doesn't make it a good buy, but, with the retail and commercial solar markets growing rapidly, this is a stock to watch in the solar industry.
Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool owns shares of SolarCity. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.