Why Solar Energy Stocks Dropped on Friday
Shares of solar energy stocks dropped like a rock on Friday after Sen. Joe Manchin of West Virginia said he wouldn't support additional climate change spending.
Shares of First Solar (NASDAQ: FSLR) fell as much as 14.2% in early trading, Sunrun (NASDAQ: RUN) fell 14.1%, SunPower (NASDAQ: SPWR) dropped 11.8%, and Enphase Energy (NASDAQ: ENPH) fell 11.1%.
The news came out overnight that negotiations among Senate Democrats had broken down and Manchin wouldn't support additional taxes or climate change spending in a new bill. Ironically, the text of the bill and full details hadn't been released, but the industry seemed to think it was likely that solar tax credits could be extended, and even a made in America provision had been supported by First Solar.
Source Fool.com
