Shares of SunPower (NASDAQ:SPWR) jumped as much as 17.6% in trading Monday as renewable energy stocks had another outstanding day. Shares held most of their gains throughout the day and closed up 14.8% for the day.
The macro news is that Democratic presidential nominee Joe Biden's projected odds of winning the presidency went up over the weekend as new polls show his lead widening. Biden is seen as much more friendly to renewable energy than President Donald Trump, and could drive policy changes that boost growth for the industry.
The other notable news was that shares of microinverter manufacturer Enphase Energy jumped 8.3% today. SunPower owned $249 million of Enphase stock at the end of the second quarter of 2020, so any move in Enphase is a big deal for SunPower.
Neither of these news items fundamentally change SunPower's future, so I would be cautious about reading too much into them. That said, if Biden wins the election in November, it wouldn't be surprising to see a renewable energy package that helps companies like SunPower. I think the future is bright for the company, but I would take the long view of the company's prospects rather than speculate on how politics will affect the stock. Today, it was the later that was boosting shares.