Another pure-play solar energy installer, SolarCity Corp. (NASDAQ: SCTY) has also posted a new 52-week high this morning. Like Real Goods, SolarCity put up quarterly results that included a larger net loss than in the same quarter a year ago. SolarCity managed to snag more revenue than it did a year ago, but that mark eluded Real Goods, which saw an 8% drop in year-over-year revenues.

Real Goods has signed a deal with homebuilder Lennar Corp. (NYSE: LEN) to install solar PV at some of the homebuilder’s new communities in California, with a potential to expand to other areas of the country.

Both Real Goods and SolarCity operate exclusively in the U.S., so neither is taking advantage of the expanding solar market in Japan. SolarCity and Real Goods both offer solar PV systems that have no upfront cost for home and business owners willing to sign a 20-year power purchase agreement.

Other than the fact that Real Goods has remained in the background since is IPO 10 years ago this month, there’s really not an awful lot of news or data to warrant such a steep, quick jump in the share price. But installation of solar energy is where the profits will be for the near term. SunPower Corp. (NASDAQ: SPWR), First Solar Inc. (NASDAQ: FSLR), and MEMC Electronic Materials Inc. (NYSE: WFR) all have installation operations as well, so there is stiff competition from large firms to say nothing of local installers. But it’s where the money is right now, and with stabilizing prices for solar modules, margins and profits could be about to get better.

Like other Chinese solar makers, JA Solar appears to have turned a corner as far as gross margin is concerned. The company reported a positive gross margin of 6% in the first quarter, up from a negative 4.6% in the fourth quarter and a positive 2.1% in the first quarter of last year. The company’s net loss fell sequentially by 65%.

For the current quarter, JA Solar expects to ship a total of 410 to 430 megawatts, identical with its estimate for the first quarter, when it shipped nearly 443 megawatts of modules and cells. Total shipments for the full year were forecast at 1,700 to 1,900 megawatts, unchanged from the end of the fourth quarter of 2012.

The company’s CEO said:

Shipments exceeded the high end of guidance in the first quarter thanks to solid sales across our key markets, particularly in regions with higher ASPs, resulting in improved gross margins and a significant reduction in net loss. We performed especially well in Japan, a high-ASP market, which accounted for a record 38% of our module shipments in the quarter, while module sales to China declined from last quarter due to seasonality and our shift in focus to markets with more attractive margins.

The company repaid $119 million in convertible debt that came due last week. In March, JA Solar and ReneSolar Ltd. (NYSE: SOL) received new loans from the China Development Bank. ReneSolar reported a quarterly net loss last week.

Shares of JA Solar are up nearly 14% in premarket trading this morning, at $6.38, which would be a new 52-week high if it holds. The current 52-week range is $2.91 to $6.14. Thomson Reuters had a consensus analyst price target of around $5.05 before today’s results were announced.

Tesla plans to use part of the proceeds to accelerate repayment of a $452.4 million loan from the federal government. The loan, made under the Department of Energy’s Advanced Technology Vehicles Manufacturing program, was made in 2009 and had an original repayment period of 10 years. Tesla had said earlier that it would pay off the loan in five years.

Tesla’s chairman and CEO Elon Musk will purchase up to 1.08 million shares of the new offering. Musk is also the chairman of SolarCity Corp. (NASDAQ: SCTY).

Opinion appears to be pretty evenly divided between those who believe that Tesla will continue to grow and those who believe that the company is really just another disaster waiting to happen. The company plans to reach production of 500 Model S sedans a week this year, a number that would barely dent the 15.5 million new cars expected to be sold in the United States this year. Naysayers see that as a precursor of doom. True believers expect Tesla to introduce an all-electric car that sells for half the price of the Model S within a few years, which would allow the company to cast a wider net for customers.

In the premarket this morning, Tesla’s shares are up about 2.5%, at $94.54 in a 52-week range of $25.52 to $97.12.

The loss per American depositary share (ADS) totaled $0.45. One ADS equals two ordinary shares.

In its outlook for the second quarter, ReneSola said it expects shipments of solar wafers and modules to total 700 to 720 megawatts, up from shipments of 662 megawatts in the first quarter. Revenues are forecast in the range of $310 million to $330 million and gross margin is expected to be 3% to 5%. For the full year, shipments are expected to total 2,700 to 2,900 megawatts. The consensus estimates call for second-quarter revenues of $296.5 million and full-year revenues of $1.05 billion. EPS loss estimates are $0.27 for the second quarter and $1.15 for the full year.

The company’s CEO said:

Over the past year, we have worked hard to transform our company into a leading global solar brand and technology leader. … Although we are seeing the solar market stabilize, a persistent demand-supply imbalance, coupled with competitive pricing, continues to impact our business and the overall industry.

Gross margins in the first quarter were negative 2%, compared with a negative margin of 3.8% in the first quarter of 2012. The good news is that double-digit negative gross margins appear to be well behind the firm, with the outlook for a positive margin in the current quarter.

ReneSola also said it plans to offer residential solar PV solutions soon, as well as continue R&D on downstream products like inverters and small-scale storage systems. The company appears to understand that it needs to capture more of the revenue from the downstream side of the solar business, and it is doing something about it. What remains to be seen is whether ReneSola waited too long to make this move.

ReneSola’s shares are down 6.8% in premarket trading this morning, at $2.04, in a 52-week range of $1.08 to $2.85. Thomson Reuters had a consensus analyst price target of around $2.00 before today’s results were announced.

SunPower earned $0.06 a share in the first quarter on revenues of $635 million. For the second quarter ending in June, the company now forecasts adjusted EPS between $0.05 and $0.15 on revenues of $550 million to $600 million. The consensus estimates had called for a net loss of $0.02 per share on revenues of $513.31 million.

For the full-year, SunPower now estimates adjusted EPS in the range of $0.60 to $0.80 on revenues of $2.5 to $2.6 billion. These estimates are pretty much inline with the current consensus for EPS of $0.64 on revenues of $2.55 billion.

The company said it would provide detail on its guidance in a conference call later this morning. But the construction of its Antelope Valley Ranch project and its success at lease financing are likely to be the reasons for the company’s optimism for the current year.

Investors like what they have read so far. Shares are about 7.3% in premarket trading this morning, at $20.41, which would be a new 52-week high if it holds. The current 52-week range is $3.71 to $19.50.

Tesla’s CEO, Elon Musk, is also the chairman of SolarCity Corp. (NASDAQ: SCTY), which last night reported earnings for the second time since going public late last year. Like Tesla, since the beginning of this year the stock chart has that fabulous “hockey-stick” outline. SolarCity’s shares also rose more than 60% since Tesla announced earnings last week, and posted a post-IPO high of $39.00 just yesterday. SolarCity’s market value is around $2.6 billion and shares trade at a forward multiple that approaches infinity because the company hasn’t yet posted a profit.

SolarCity is expected to continue posting net losses through 2014. As we noted in our coverage of the company’s earnings last night, that will likely keep short interest in SolarCity’s stock fairly high. It’s around 15% as of April 30th.

One effort that may bring a substantial benefit to SolarCity is legislation currently being discussed in a Congressional committee that would allow renewable energy companies to operate as master limited partnerships (MLPs). The legislation removes the restriction currently written into the law that limits MLPs to depletable resources.

SolarCity has received private funding to purchase and install solar PV systems at no cost to the home or business owner. The company makes money by signing a long-term power purchase agreement with the owner. Being able to raise capital on the basis of future guaranteed revenue, in much the same way that a pipeline MLP now operates, could make a vital difference to the survival of SolarCity and other companies with installation operations, including First Solar Inc. (NASDAQ: FSLR), SunPower Corp. (NASDAQ: SPWR), and MEMC Electronic Materials Inc. (NYSE: WFR).

If MLPs are eventually allowed for renewable energy projects, an estimated $6 billion in new capital could become available for companies like SolarCity. That might make a big difference in the length of time it takes for the company to become profitable.

For China-based firms, the percentage of shares short is not available because the companies are also listed on other exchanges.

Canadian Solar Inc. (NASDAQ: CSIQ) saw short interest rise by 8.3% to 2.08 million shares, about 6.8% of the company’s total float.

First Solar Inc. (NASDAQ: FSLR) short interest drop by 7.4% to 17.07 million shares, which represents 28.1% of the company’s float.

GT Advanced Technologies Inc. (NASDAQ: GTAT) showed an increase of 8% in short interest to 41.34 million shares, about 34.9% of GT’s float.

MEMC Electronic Materials Inc. (NYSE: WFR) showed an increase of 8% in short interest to 16.88 million shares, or about 7.3% of MEMC’s float.

SunPower Corp. (NASDAQ: SPWR) saw short interest rise by 4.1% to 9.52 million shares, or 23.9% of the company’s total float.

JA Solar Holdings Co. Ltd. (NASDAQ: JASO) showed a drop of 17% in short interest to 2.21 million shares.

LDK Solar Co. Inc. (NYSE: LDK) saw short interest fall by 11.9% to 3.03 million shares.

Suntech Power Holdings Co. Ltd. (NYSE: STP) showed a rise of 11.2% in short interest to 18.46 million shares.

Trina Solar Ltd. (NYSE: TSL) saw a short interest decline of 2.3% to 15.79 million shares.

Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) showed a drop of 0.3% in short interest to 7.51 million shares.

In the prior two-week period, Yingli’s short interest rose by 50%. In the most recent two weeks, the very modest rise appears to have drawn a line on just how bad investors think the company’s prospects are. The decline in short interest in LDK is likely due to a lack of fallout from its missed debt repayment. The company may be able to hold on, but that is still questionable. So far the government has not ridden to the rescue for either company, but the thinking may be that it is about to do so.

When First Solar Inc. (NASDAQ: FSLR) reported first-quarter 2013 results after the markets closed last night, investors did not know whether to cheer or boo. Share prices rose and fell and rose again in after-hours trading. But the verdict appears to be in this morning, as the stock is down about 9% after posting a new 52-week high yesterday.

Shares of First Solar jumped 27% in one day early last month following the company’s upward revision of it fiscal year 2013 guidance. The company guided revenues and EPS well higher, and last night reaffirmed that guidance. But the damage had been done.

SunPower Corp. (NASDAQ: SPWR), lately the darling of the solar sector, is down more than 5% today. The Chinese solar makers are faring worse perhaps. LDK Solar Co. Ltd. (NYSE: LDK) is down nearly 6%, JinkoSolar Holding Co. Ltd. (NYSE: JKS) is down more than 6% and Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) is down more than 3%.

First Solar’s CEO tried to put a positive spin on first quarter results by focusing on the company’s project pipeline. But when asked how much of that pipeline could be expected to be converted into booked orders, he said, “It’s future opportunities, it’s not really capable of that kind of analysis.”

Investors have made up their own minds about those “future opportunities,” not just at First Solar but at the other solar makers as well: those opportunities are at least partially wishful thinking. How big a part remains to be seen, but it seems pretty clear that SunPower’s results, posted last week, are destined to be the top of the market for solar stocks for at least another quarter or two.

On a GAAP basis, First Solar posted EPS of $0.66, which included a charge of $0.03 for restructuring.

Shares of First Solar jumped 27% in one day early last month following the company’s upward revision of it fiscal year 2013 guidance. The company guided revenues and EPS well higher, and today’s report is probably a small disappointment to analysts and investors. Shares posted a new 52-week high today in anticipation of earnings.

The company’s CEO said:

We demonstrated progress on several fronts during the first quarter, including continued strengthening of our balance sheet and additions to our pipeline. We remain on track for the year and reaffirm our full-year 2013 financial guidance and are focused on achieving our goal of new bookings to shipments ratio of one-to-one.

That reaffirmed guidance calls for revenues in the range of $3.8 to $4 billion and EPS in the range of $4.00 to $4.50. The consensus estimates for the year come in at revenues of $3.84 billion and EPS of $4.27. For the second quarter the consensus estimates call for EPS of $1.16 on revenues of $952.64 million.

What the company has to say during its conference call will make a lot of difference in how today’s results are interpreted.

After posting a new 52-week high of $47.78 and closing up 3.7% at $47.69 today, shares are up another 1% after hours at $48.18. Thomson Reuters had a consensus analyst price target of around $35.00 before today’s report.

Except for Canadian Solar — which, despite its name, is a Chinese firm — the majority of news from Chinese solar energy firms has been somewhere between bad and awful. Suntech Power Holdings Co. Ltd. (NYSE: STP) has filed for bankruptcy, LDK Solar Co. Ltd. (NYSE: LDK) has missed a debt repayment, and the list could go on.

Analyst upgrades, including one today from R.W. Baird, to ‘outperform’ are pushing SunPower’s shares higher. The estimated earnings per share (EPS) for the first quarter have risen by $0.15 a share, from a net loss of $0.09 to a profit of $0.06 per share. SunPower has beat EPS estimates in each of the last four quarters and posted a profit in each of the last three quarters.

SunPower, which majority owned by France’s oil supermajor Total SA (NYSE: TOT) is expected to do well in the Japanese solar energy market as the country continues to rebuild its electricity generating infrastructure following the Fukushima disaster. At least one estimate puts Japan ahead of every other country except China in new solar installations during 2013. A generous subsidy in the form of a feed-in tariff for large projects and good incentives to encourage roof-top installations.

One possible brake on SunPower’s expected growth in Japan is stiff competition from Japanese solar panel makers Kyocera Corp. (NYSE: KYO) and Sharp Corp. Japanese consumers have shown a distinct preference for Japanese-made modules and panels.

Shares of SunPower are up 9% in the mid-afternoon today, at $13.24 after posting a new 52-week high of $13.90 earlier. The 52-week low is $3.71. Just a reminder: in 2011 Total paid $23.25 a share for its 60% stake in SunPower.