Why SolarCity Corp (SCTY), Sunedison Inc (SUNE) and Urban Outfitters, Inc. (URBN) Are 3 of Today’s Best Stocks

It was a gloomy day for stocks, but solar names, including SCTY, were able to shine

News that Chinese exports fell more than 25% last month on a year-over-year basis weighed on global equity markets. The result was a down day for the S&P 500, which declined 1.1%, and the other major U.S. averages.

Why SolarCity Corp (SCTY), Sunedison Inc (SUNE) and Urban Outfitters, Inc. (URBN) Are 3 of Today's Best StocksU.S. stocks tried to trim big losses seen earlier in Tuesday’s session, but the end of the session was unkind as the Dow Jones Industrial Average finished lower by 0.6% while the Nasdaq Composite gave up nearly 1.3%.

The slack Chinese data weighed on riskier assets, such as oil and emerging markets equities, as a broader measure of developing world stocks closed lower for the first time in more than a week.

But there were green shoots — or should we say rays of sun? — as highlighted by SolarCity Corp (NASDAQ:SCTY), Sunedison Inc (NYSE:SUNE) and Urban Outfitters, Inc. (NASDAQ: URBN).

SolarCity Corp (SCTY)

Shares of Elon Musk’s SolarCity climbed 3.7% on news the company is teaming with NRG Energy Inc (NYSE:NRG) to install solar panel systems at Whole Foods Market, Inc. (NASDAQ:WFM) locations across the U.S.

After SCTY and NRG finish installation, Whole Foods will be one of the largest corporate users of solar power in the U.S., according to CNBC.

California-based SCTY will retrofit as many as 100 WFM stores with rooftop solar panels, according to a statement issued by SolarCity. Financial terms of the deal were not disclosed.

Sunedison Inc (SUNE)

Keeping with the theme of a sunny day for solar stocks, shares of Sunedison surged 5.3% on volume that was more than double the daily average on news SUNE’s merger with rival Vivint Solar Inc (NYSE:VSLR) has been terminated. The news sent shares of VSLR down 20% on heavy volume.

The deal, reached in July, was worth $2.2 billion. An analyst told Reuters that SUNE’s precarious financial position made it difficult for the company to complete the acquisition of VSLR. There is a $34 million breakup fee involved, but another analyst told Reuters that SUNE could be liable for an amount higher than that.

Shares of SUNE are off more than 20% over the past month.

Urban Outfitters, Inc. (URBN)

Apparel retailer Urban Outfitters saw its stock climb 16.1% on more than quadruple the average daily turnover after the company reported fourth-quarter earnings of 61 cents a share, topping analysts’ estimates of 56 cents. Wholesale sales rose, helping URBN ward off some off the effects of a decrease in retail sales.

Short covering was probably another catalyst behind the big move in URBN shares today, as short interest in the name has been steadily dwindling since last month.

At the time of this writing, Todd Shriber did not own any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/03/why-solarcity-corp-scty-sunedison-inc-sune-and-urban-outfitters-inc-urbn-are-3-of-todays-best-stocks/.

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