Solar stocks hit hard by Sen. Manchin opposing climate spending

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Shares of companies in the solar power business suffered a broad drubbing in premarket trading Friday, after Sen. Joe Manchin (D-W.Va.) said he would oppose any budget reconciliation package that includes climate or energy provisions. Shares of SunRun Inc. RUN, -6.36% sank 6.8%, Enphase Energy Inc. ENPH, -1.02% dropped 4.1%, First Solar Inc. FSLR, -8.12% shed 3.9%, SunPower Corp. SPWR, -3.38% slid 4.3% and SolarEdge Technologies Inc. SEDG, -1.18% gave up 4.4%. Cowen analysts led by Jeffrey Osborne said Manchin’s decision impairs the ability for the U.s. to achieve President Joe Biden’s goal to cut greenhouse gas emissions 50% to 52% below 2005 levels by 2030, but said the shift toward renewable power is “increasingly compelling” and keeps us constructive on the group.

This article was originally published by Marketwatch.com. Read the original article here.

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