Solar stocks hit hard by Sen. Manchin opposing climate spending

Shares of companies in the solar power business suffered a broad drubbing in premarket trading Friday, after Sen. Joe Manchin (D-W.Va.) said he would oppose any budget reconciliation package that includes climate or energy provisions. Shares of SunRun Inc. RUN, -6.36% sank 6.8%, Enphase Energy Inc. ENPH, -1.02% dropped 4.1%, First Solar Inc. FSLR, -8.12% shed 3.9%, SunPower Corp. SPWR, -3.38% slid 4.3% and SolarEdge Technologies Inc. SEDG, -1.18% gave up 4.4%. Cowen analysts led by Jeffrey Osborne said Manchin’s decision impairs the ability for the U.s. to achieve President Joe Biden’s goal to cut greenhouse gas emissions 50% to 52% below 2005 levels by 2030, but said the shift toward renewable power is “increasingly compelling” and keeps us constructive on the group.