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Canadian Solar (CSIQ) Stock Lower on SunPower's Outlook

NEW YORK (TheStreet) -- Shares of Canadian Solar (CSIQ) were declining 9.69% to $13.05 on heavy trading volume mid-Wednesday afternoon after rival solar energy company SunPower (SPWR) slashed its 2016 guidance.

After yesterday's market close, SunPower cut its full-year outlook. The company now anticipates as much as a $175 million loss vs. its expectation in May to earn up to $50 million.

SunPower CEO Tom Werner blamed the revised forecast on macroeconomic conditions such as a lack of tax-equity financing, additional assets being sold by bankrupt SunEdison (SUNE)...