Weekend Agreement Puts Beaten-Up Renewable Energy Stocks in the Spotlight Again
SunPower Corporation (NASDAQ:SPWR) and Canadian Solar Inc. (NASDAQ:CSIQ) were each trending this weekend after the United States and China agreed to implement the Paris Climate Accords. Together, the U.S. and China account for around 40% of the world’s greenhouse emissions and the two nations’ commitment to limiting those emissions will go a long way towards containing the harmful effects that greenhouse gases are having on global temperatures. The agreement will also have a major positive impact on future demand for renewable energy, including solar. Although most analysts expected the U.S. and China to ratify the treaty, news of the agreement could improve sentiment in the beaten-up sector.
Of the 749 hedge funds that we track which filed 13F’s for the June quarter, 19 were long SunPower Corporation (NASDAQ:SPWR) on June 30, while 16 were long Canadian Solar Inc. (NASDAQ:CSIQ).
Las Vegas Sands Makes Progress in Macau
A few days after it was announced that Macau had turned in its first year-over-year monthly increase in total gambling revenue in over 24 months, Las Vegas Sands Corp. (NYSE:LVS) received some more good news after its majority-owned subsidiary, Sands China, was given the green light for 150 gaming tables at its Parisian casino. Previous expectations suggested that it was likely to be green-lighted for just 100 initially, plus 25 more each year through 2018. The increased initial gaming table quota could be considered evidence of more favorable government regulation and stronger demand. 23 hedge funds that we track owned shares of Las Vegas Sands Corp. (NYSE:LVS) at the end of June, down by seven funds from the end of the March quarter.