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Nov. 3, 2020, 6:32 p.m. EST

Tesla, Bloom Energy stocks get an Election Day boost

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BY Claudia Assis

Tesla Inc. stock and other select few electric-car and alternative-energy stocks rallied on Tuesday, readily outperforming traditional-energy stocks amid a broader stock-market rally.

Tesla /zigman2/quotes/203558040/composite TSLA -8.06% stock rose 5.84%, its largest one-day gain since Sept. 15, when it rose 7.18%. The stock’s close at $423.90 was its best in nearly two weeks. Tesla shares have quintupled this year.

Shares of Nikola Corp. /zigman2/quotes/208704275/composite NKLA -6.81% and the American depositary receipts of China’s Nio Inc. /zigman2/quotes/204905836/composite NIO -9.74% , both makers of electric vehicles, also outperformed the broad market as well as the day’s gains for General Motors Co. /zigman2/quotes/205226835/composite GM -4.35% and Ford Motor Co. /zigman2/quotes/208911460/composite F -4.16% .

Don’t miss: What the election could mean for Tesla, Fisker and their EV rivals

U.S. markets got over early Election Day jitters to surge on Tuesday.

Other large gainers in the so-called green energy camp Tuesday included Bloom Energy Corp. /zigman2/quotes/209802424/composite BE -9.11% , which shot up more than 13%, and Fuel Cell Energy Inc. /zigman2/quotes/203763461/composite FCEL -10.74% and Plug Power Inc. /zigman2/quotes/205453512/composite PLUG -13.60%

The rally did not extend to shares of solar-power companies, for the most part, with SunRun Inc. /zigman2/quotes/205021014/composite RUN -7.32% ending the day in the red and SolarEdge Technologies Inc. /zigman2/quotes/207754270/composite SEDG -7.73% adding to its late-Monday stumble.

SolarEdge, a maker of solar inverters and other devices, late Monday reported below-expectations third-quarter sales and guided for weaker sales in the fourth quarter.

Two of the largest exchange-traded funds focusing on solar and other clean-energy stocks diverged on Tuesday, with the iShares Global Clean Energy /zigman2/quotes/205740995/composite ICLN -4.82% underperforming the S&P 500 index only slightly and the Invesco Solar ETF /zigman2/quotes/210041821/composite TAN -5.51% ending in the red.

Both have had hefty gains for the year, up 71% and 125% respectively, and have SunRun among their top holdings. In comparison, the S&P 500 index /zigman2/quotes/210599714/realtime SPX -2.45% has gained 4.3% so far in 2020.

Tuesday’s performance for the solar ETFs compared with steeper losses for ETFs dedicated to oil and gas shares, however. The SPDR Energy Select Sector /zigman2/quotes/206420077/composite XLE -1.93% is down 51% for the year on concerns that the pandemic will continue to chip away at demand for oil and gas and bouts of oversupply.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 682.22
-59.80 -8.06%
Volume: 39.02M
Feb. 25, 2021 4:00p
P/E Ratio
1,085
Dividend Yield
N/A
Market Cap
$712.23 billion
Rev. per Employee
$445,694
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/zigman2/quotes/208704275/composite
US : U.S.: Nasdaq
$ 19.72
-1.44 -6.81%
Volume: 8.68M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$8.13 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204905836/composite
US : U.S.: NYSE
$ 46.81
-5.05 -9.74%
Volume: 95.51M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$81.37 billion
Rev. per Employee
N/A
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/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 50.60
-2.30 -4.35%
Volume: 20.63M
Feb. 25, 2021 4:00p
P/E Ratio
11.71
Dividend Yield
0.00%
Market Cap
$76.22 billion
Rev. per Employee
$790,226
loading...
/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 11.76
-0.51 -4.16%
Volume: 75.25M
Feb. 25, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$48.82 billion
Rev. per Employee
$683,570
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/zigman2/quotes/209802424/composite
US : U.S.: NYSE
$ 27.33
-2.74 -9.11%
Volume: 3.40M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.00 billion
Rev. per Employee
N/A
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/zigman2/quotes/203763461/composite
US : U.S.: Nasdaq
$ 16.38
-1.97 -10.74%
Volume: 26.29M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.92 billion
Rev. per Employee
$224,275
loading...
/zigman2/quotes/205453512/composite
US : U.S.: Nasdaq
$ 43.34
-6.82 -13.60%
Volume: 38.22M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$25.21 billion
Rev. per Employee
$275,735
loading...
/zigman2/quotes/205021014/composite
US : U.S.: Nasdaq
$ 57.98
-4.58 -7.32%
Volume: 5.26M
Feb. 25, 2021 4:00p
P/E Ratio
1,846
Dividend Yield
N/A
Market Cap
$12.36 billion
Rev. per Employee
$178,870
loading...
/zigman2/quotes/207754270/composite
US : U.S.: Nasdaq
$ 284.33
-23.82 -7.73%
Volume: 902,240
Feb. 25, 2021 4:00p
P/E Ratio
106.85
Dividend Yield
N/A
Market Cap
$15.89 billion
Rev. per Employee
$459,758
loading...
/zigman2/quotes/205740995/composite
US : U.S.: Nasdaq
$ 25.50
-1.29 -4.82%
Volume: 10.89M
Feb. 25, 2021 4:00p
loading...
/zigman2/quotes/210041821/composite
US : U.S.: NYSE Arca
$ 97.65
-5.69 -5.51%
Volume: 2.63M
Feb. 25, 2021 8:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,829.34
-96.09 -2.45%
Volume: 2.92B
Feb. 25, 2021 5:19p
loading...
/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 49.32
-0.97 -1.93%
Volume: 37.94M
Feb. 25, 2021 8:00p
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