Solar stocks jumped after US elections plunge
Investors were betting on a quick win for Biden, who promised to make the country carbon-free
Solar energy companies plunged. Investors’ expectations of Joe Biden’s quick victory did not materialize. Investors’s Business Daily reports.
Solar panel company First Solar shed 8.6% on Wednesday, Nov. 4 to close at $ 79.78. SolarEdge, a major manufacturer of solar systems, was down 4.8% during trading and closed the day with a 0.1% gain to $ 206.56. SunPower – a company that also deals with solar systems for homes – fell 12%, but at the close of trading, the decline was 2.8%, to $ 16.57.
However, at the premarket on November 5, the shares of these companies began to rise again. As of 17:23 Moscow time, First Solar shares rose 3% and reached $ 82.17. SolarEdge shares are up 5.39% to $ 217.7. SunPower shares rose 3.92% to $ 17.22. Since the beginning of trading, the growth continues.
So far, Joe Biden is in the lead in the US presidential elections. He got 264 votes out of the required 270, Fox News reported. The incumbent President Donald Trump has 214 votes. Nevertheless, the outcome of the presidential race has not yet been determined. A number of states have not yet completed the vote count.
Biden said that if elected, the American energy sector will get rid of carbon emissions by 2035. As Bloomberg wrote, he planned to invest $ 2 trillion to transfer the national energy to environmentally friendly sources.
Against this backdrop, the value of shares of many solar companies reached or was close to record highs. The rally in the first nine months of the year was the hottest in the solar industry since 2013, Investors’s Business Daily notes. Even in spite of the 59% drop in February and March.
Trump’s victory could also accelerate the development of projects in the solar energy industry. Tax breaks are now in place for the clean energy sector, but conditions will worsen as early as 2021. Consumers and businesses can step up to take advantage of them.
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