Why Enphase, Sunrun, and SunPower All Fell Hard Today
Leading solar stocks Enphase Energy (NASDAQ: ENPH), Sunrun (NASDAQ: RUN) and SunPower (NASDAQ: SPWR) fell hard on Monday, closing the session down 5.5%, 8.2%, and 7.4%, respectively.
The culprit is not hard to pin down. Over the weekend, Sen. Joe Manchin of West Virginia came out against the Build Back Better Act, likely nullifying its chances of passage, at least in its current form. The bill includes hundreds of billions of dollars in funding to support clean energy initiatives, and some of that was likely to filter down to these companies in the form of manufacturing subsidies or incentives for American customers to install solar power systems.
Oh, and an analyst downgrade of Sunrun didn't help matters, either.
Source Fool.com
