It hasn't been a great year for many solar stocks. Despite impressive gains in early Friday trading, SunPower, SolarCity and First Solar are all down on the year. But one trader seems to think that the sun is set to shine on shares of SunPower.
On Thursday, one trader bought 3,500 January 29/32 call spreads for $1.20 per share. This trade only makes money if SunPower shares rise above the lower strike price, $29, by more than the cost of the trade in the next two months, or above $30.20. Maximum profit is appreciated if the shares rise to $32, or 10 percent above Thursday's closing price.
The trade set this SunPower bull back $420,000, but stands to make the trader $630,000 if the hoped-for move materializes.
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