PPG Industries, Booz Allen Hamilton, and More: What is Going On With These Falling Stocks?

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8Point3 Energy Partners LP (NASDAQ:CAFD)SunPower Corporation (NASDAQ:SPWR), and First Solar, Inc. (NASDAQ:FSLR) are each down around 5% to 6% after Marketwatch posted an article concerning SunPower and First Solar’s joint yieldco, 8Point3 Energy. According to the report, 8Point3 Energy is the first company to receive a letter from a newly established SEC task force for allegedly infringing revised guidelines on how to use certain non-GAAP metrics. The SEC task force, in particular, wondered why the yieldco left out certain non-recurring items from its adjusted EBITDA. The yieldco raised over $102 million in a secondary in September that used some of the non-GAAP financial metrics. Given the price action of other solar stocks, it is unclear at this moment whether traders are concerned about the Marketwatch article or not.

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Among the funds that Insider Monkey tracks, 30 were long First Solar, Inc. (NASDAQ:FSLR), 19 funds held shares of SunPower Corporation (NASDAQ:SPWR), and just eight investors reported stakes in 8Point3 Energy Partners LP (NASDAQ:CAFD) as of the end of June.

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