Solar stocks fall on higher yields after Trump shooting lifts victory odds

Sunpower

15/07/2024 15:30

(Updates)
    ** Shares of solar companies fall in early trading on higher
U.S. treasury yields
    ** Long-dated U.S. bond yields rise as investors wage bets
on whether the assassination attempt on presidential candidate
Donald Trump will increase his chances of winning the election,
and the likelihood of policies that could drive up government
debt and stoke inflation
    ** Rising Treasury yields raise borrowing costs, making it
expensive for solar companies to fund expansion
    ** "Investors are becoming more confident of a Trump victory
and it is starting to be more heavily reflected in certain
sectors," says Rick Meckler, partner at Cherry Lane Investments
    ** "Alternative energy stocks are dropping as there is
concern over government subsidies to that sector," Meckler says
    med
  
        ** Sunrun  RUN.O  and SolarEdge Technologies  SEDG.O 
down 12.3% and 11.2%, respectively
    ** Array Technologies  ARRY.O  and Nextracker Inc  NXT.O 
down 6.2% and ~5% respectively 
    ** Other solar firms such as Canadian Solar  CSIQ.O , First
Solar  FSLR.O , Enphase Energy  ENPH.O  and SunPower Corp
 SPWR.O  fall between 4.2% and 8.4%
    ** Invesco solar ETF  TAN.P  falls 5.3%

 (Reporting by Roshan Abraham, Medha Singh in Bengaluru)