Energy Bill Extending Renewable Energy Tax Credits Lifts Solar Stocks

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08:37:58 am on September 25, 2008

With the bill to extend investment tax credits for renewable energy (finally!) past the Senate, Shares of several stocks that had taken a beating began to rise again. For example, shares of Energy Conversion Devices (ENER), which had taken a nosedive of 18.5% on Tuesday, were back up by 13 percent, to $63.79. Solar Integrated Technologies, one of Energy Conversion Devices major clients, lowered its guidance for the second half of 2008 based in part on fears that the tax credits would expire. Calyon Securities analyst George Kotzias rates it as a "buy" at this time. First Solar (FSLR) also saw its stock price rise yesterday, hitting a high of $229.39 but closing at $221.80.

Other solar stocks also climbed, including SunPower (SPWR) up 6.6 percent, Evergreen Solar (ESLR), up 7.8 percent, Yingli Energy (YGE) up 4.8 percent, and Trina Solar (TSL) up 5.8 percent.

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