Solar stocks surge as Biden bans Russia oil imports to U.S.

Sunworks

08/03/2022 17:50

(Updates)
    ** Shares of solar companies climb as Brent oil prices surge
past $130/bbl  O/R 
    ** U.S. President Joe Biden announces a ban on Russian oil
imports, while Britain says it will phase out Russian oil and
oil products by the end of this year  urn:newsml:reuters.com:*:nL2N2VB16Y  urn:newsml:reuters.com:*:nS8N2TY01D
    ** Sunworks  SUNW.O  jumps as much as 63.3%; volumes at more
than 16x of stock's 25-DMA 
    ** SUNW among top pct. gainers across U.S. exchanges, along
with Eco Wave Power  WAVE.O , ReneSola  SOL.N  and SunPower
 SPWR.O , which soared as much as 22.4%-27.1% in volumes well
above their 25-DMA
    ** Enphase  ENPH.O  climbs 14.4%, SolarEdge  SEDG.O  gains
11.3%; cos among top 10 pct. gainers on S&P 500 Index  .SPX 
    ** JinkoSolar  JKS.N , First Solar  FSLR.O , Canadian Solar
 CSIQ.O , Maxeon Solar Technologies  MAXN.O  and Sunrun  RUN.O 
up 8.4%-24.8%
    ** Hydrogen-based energy cos Plug Power  PLUG.O , FuelCell
 FCEL.O , Bloom Energy  BE.N  increase 10.4%-13.3%
    ** Solar and clean energy cos have gained as the rally in
crude prices makes alternative energy and renewables more
attractive  urn:newsml:reuters.com:*:nL1N2V32KI  urn:newsml:reuters.com:*:nL2N2VA1TM
    ** However, oil and gas price surge could hurt the energy
transition more than it helps, analysts say  urn:newsml:reuters.com:*:nL1N2V52QN
    ** YTD, Invesco Solar ETF  TAN.N  down 9% vs ~12% drop in
the S&P 500  .SPX  

 (Reporting by Anisha Sircar and Ruhi Soni in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;
Ruhi.Soni@thomsonreuters.com;))