Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of solar leader SunPower
So what: The time to tender your shares in SunPower ended at midnight last night and, as I recommended a month ago, I hope Foolish owners of SunPower participated in the offer. The fall isn't surprising considering the company has provided weaker-than-expected outlook for the second quarter and the tender offer was the only thing holding shares up.
Now what: Shares can still be delivered "pursuant to guaranteed delivery procedures," but right now 100% of Class A shares and a prorated 80.8% of Class B shares will be exercised. Final expiration for the guaranteed delivery is Friday, so this payout ratio may fall slightly, but we'll know final payouts then. Congratulations to those who cashed in on this offer.
Shares may have further to fall to catch up with falling solar stock prices, so I don't see today as a buying opportunity.
Interested in more info on SunPower? Add it to your watchlist.