Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[DiscoverGold]

Alternative-Energy Stocks Slide Amid Uncertain Election Result
By: TheStreet | November 4, 2020

• Alternative-energy stocks are lower as the presidential-election votes are counted. The iShares Global Clean Energy ETF is losing ground.

Clean-energy shares fell Wednesday amid the uncertainty about the presidential-election results.

Some market participants see Joe Biden as a stronger supporter of renewable energy than President Donald Trump. And many polls indicated Biden would win the election. The election is now a cliffhanger.

To be sure, many analysts say Biden still holds the upper hand as the remaining ballots are counted. And even if Trump wins, he, too, at times has voiced strong support for renewable energy.

For now, investors are selling. The iShares Global Clean Energy ETF (ICLN), which according to ETF Database is the largest renewable-energy ETF, recently traded at $19.77, down 1.9%. It has jumped 69% year to date.

Among individual renewable energy stocks, SunRun (RUN) recently traded at $52.38, down 3%; SolarEdge (SEDG) traded at $203.75, down 1.3%; hydrogen-fuel company Plug Power (PLUG) traded at $16.07, down 5.2%; and solar company Enphase Energy (ENPH) traded at $100.69, down 3.9%.

Last week, UBS analyst Jon Windham downgraded four solar-energy stocks -- SolarEdge, SunPower (SPWR), JinkoSolar (JKS) and SunRun -- to sell from neutral.

He acted on the possibility of election volatility, which has now occurred. SolarEdge had nearly tripled this year. SunPower had more than tripled year to date. JinkoSolar had nearly tripled this year. And SunRun had quadrupled.

The stocks have benefited in recent months from investor enthusiasm about alternative-energy companies.

But “even a Blue Wave election would result in less-than-priced-in policy support over the next year” for the solar industry, Windham said in a commentary cited by Bloomberg.

Read Full Story »»»

DiscoverGold