Solar Stocks Plunge on Recession Fears
Solar stocks plunged along with the broader market Friday on continuing investor fears of a global recession.
GT Solar International dropped about 12 percent, while Evergreen Solar roughly 11 percent. Solarfun Power Holdings was down about 10 percent.
Other declining solar stocks included: First Solar which was down about 3 percent; JA Solar Holdings , which gave up more than 10 percent; Canadian Solar , down about 10 percent; Trina Solar , down more than 7 percent; and Suntech Power Holdings , which was off more than 3 percent.
Jefferies International Ltd. analyst Michael McNamara said in a client note that the United States' eight-year extension of investment credits for solar energy has provided some optimism for the sector, but the prevailing perception is the U.S. is not likely to be a major growth market until 2010.