extension for solar passed as part of bail out
but hasnt hit home yet due to yesterdays dip
AP
Sector Snap: Solar stocks plunge amid market dive
Monday October 6, 12:19 pm ET
Solar stocks plunge amid Wall Street sell-off despite recent tax credit extensions
SIOUX FALLS, S.D. (AP) -- Solar stocks continued to plunge Monday as investor worries about tight credit markets outweighed optimism about newly enacted long-term tax credits for the fledgling industry.
Shares of First Solar Inc. fell $18.75, or 11.5 percent, to $144.44 in midday trading. Meanwhile, Trina Solar Inc. was down $3.58, or 17.2 percent, to $17.24.
The U.S. government's $700 billion plan to buy bad assets from banks and other institutions that passed Congress last week included an eight-year extension of investment credits for solar energy, as well as breaks for geothermal, wind and other alternative sources.
But that victory did little to boost solar companies' values in the equity markets.
Canadian Solar Inc. dropped $2.13, or 14 percent, to $13.05, while Suntech Power Holdings Co. fell $3.88, or 11.6 percent, to $29.59.
Other solar stocks dropping Monday include: Evergreen Solar Inc., down 62 cents, or 12.6 percent, to $4.31; GT Solar International Inc., down $1.04, or 11.4 percent, to $8.07; JA Solar Holdings Co. Ltd., down $1.36, or 14.3 percent, to $8.18; and Solarfun Power Holdings Co. Ltd., down $1.88, or 18.2 percent, to $8.48.
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