Shares of Sunrun Inc. (RUN) hurled toward an all-time record Tuesday after late Monday news that the solar-panel installer had agreed to buy competitor Vivint Solar Inc ( ) for about $3.2 billion. Sunrun stock rallied more than 25% on Tuesday, also marking its largest-ever one-day percentage increase. The deal news also lifted shares of other solar companies, including Sunpower Corp. (SPWR). Sunrun also said Monday it would reduce executive salaries, review all discretionary spending, and halt merit increases as it seeks to protect its balance sheet from the economic destruction wrought by the coronavirus pandemic. The stock has gained 97% this year, contrasting with losses around 2% and 8% for the S&P 500 index and the Dow Jones Industrial Average .
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 07, 2020 12:45 ET (16:45 GMT)
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