Solar Companies Volatile After Trade Rulings
NEW YORK (AP) — The possibility of tariffs on China-made solar panels was causing some big swings in the stock prices of both U.S. and Chinese solar companies on Thursday.
The U.S. International Trade Commission found that Chinese companies have materially injured U.S. manufacturers, upholding tariffs that can run as high as nearly 250 percent.
And the European Union on Thursday began an investigation into alleged "dumping" of low-cost Chinese solar panels into Europe that could result in duties in nine months. China produces 65 percent of the world's solar panels, and the EU is its primary export market.
The news boosted the shares of U.S.-based First solar Inc., which rose 56 cents, or 2.4 percent, to $24.23 in afternoon trading. Canadian Solar Inc. rose 2 cents to $2.72. SunPower Corp. fell 6 cents to $4.51.
Chinese companies were mixed. JA Solar Holdings Co. was unchanged at 72 cents, and Suntech Power Holdings Co. was unchanged at 90 cents. China Sunergy Co. rose 3 cents, or 2.7 percent, to $1.16.
Yingli Green Energy Holding Co. fell 5 cents, or 2.9 percent, to $1.66, and LDK Solar Co. was down 7 cents, or 6.8 percent, to 91 cents.
Regardless of the trade disputes, solar companies have been suffering because of oversupply.