What happened 

Shares of SunPower (SPWR 5.04%) jumped 19.9% in August, according to data provided by S&P Global Market Intelligence, after the company spun off its manufacturing business. Shares have been volatile early in September but are now nearly flat for the month. 

So what 

Late in the month, SunPower's spinoff of Maxeon Solar Technologies was completed. The deal will send SunPower's international manufacturing operations to Maxeon, which will get a $298 million infusion of cash from its partner TZS. What remains at SunPower is the company's U.S. operations, including residential and commercial businesses and a small manufacturing plant in Oregon. 

Solar panels on a roof with partly cloudy skies in the background.

Image source: Getty Images.

It didn't hurt that the market had a great month in August, and solar stocks were no different. Multiple solar companies saw shares rise over 10%, like SunPower.

But SunPower right now is a different company than it was coming into the month. It's now a solar technology and financing company in residential and commercial solar with dealers all over the country. As the No. 1 commercial company in the U.S., it may now become a solar industry favorite. 

Now what 

I wouldn't read too much into SunPower's move this month. Shares of other solar companies are up even more than SunPower's, and the spinoff of Maxeon doesn't fundamentally change the value of either company since it was a stock spinoff. But investors may be interested in owning more strategically-focused companies like SunPower or Maxeon, rather than owning the combined company.