U.S. Judge Overturns Trump Tariffs On Some Imported Solar Panels, As A Result Stock Drops 7% For Primary American Maker Of Solar Panels, First Solar, Inc. (NASDAQ: FSLR); FSLR Stock Holds In After-Hours Trading

A U.S. Judge yesterday overturned Trump tariffs on some imported solar panels. The decision reported by Reuters on NASDAQ had an immediate impact on First Solar, Inc. (NASDAQ: FSLR). After the ruling by the U.S. Court of International Trade, FSLR stock closed last evening at $104.49, off 6.96%. Volume was heavy at 4,421,128 — well more than double its 1,784,810  daily average. In after-hours trading, FSLR held, dropping only cents more. David Massey, chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), has consistently made clear that SIRC uses domestically-manufactured solar panels because they are of higher quality.

stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunburn, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).

U.S. Judge Overturns Trump Tariffs On Some Imported Solar Panels, As A Result  Stock Drops 7% For Primary American Maker Of Solar Panels, First Solar, Inc. (NASDAQ: FSLR); FSLR Stock Holds In After-Hours Trading

President Trump had earlier raised and extended tariffs on some foreign made solar panels — principally made in China — to protect domestically manufactured solar panels. China owns the lion’s share of the international solar panel industry. Additionally, human rights issues have complicated the issue — even affecting the Biden administration’s decision to largely agree with Trump’s extended and higher tariffs.

Investors reacted to the court decision immediately, but remain bullish on solar energy and especially domestic manufacturing of solar panels. They see the growth of American-sourced product. U.S. Judge Overturns Trump Tariffs On Some Imported Solar Panels, As A Result Stock Drops 7% For Primary American Maker Of Solar Panels, First Solar, Inc. (NASDAQ: FSLR); FSLR Stock Holds In After-Hours Trading.

The U.S. judge’s decision yesterday in the case immediately hit the dominant American manufacturer of solar panels: First Solar, Inc. (NASDAQ: FSLR). This company recorded Q3 volume of $584 million and operating income of $51 million. Its guidance at the time remained unchanged for 2021 at $2.875 billion-$3.1 billion sales. Operating income was forecast at $545 Million-$625 million for 2021.

FSLR noted that it had started construction on its third factory in Ohio. It is also planning to begin construction on its first factory in India.

SunPower Corporation (NASDAQ: SPWR) stock closed at $31.32, virtually unchanged, but off 0.67%. In after hours trading last night, it fell again to $30.97, down another 1.12%.

FSLR and SPWR are expanding and planning new production facilities.

In the legal case, Solar Energy Industries Association vs. U.S., the SEIA argued that the tariffs were “an unlawful attempt to harshen tariffs.” Trump was trying to protect American solar makers from foreign competition. The Biden Administration, rarely in agreement with a Trump policy, agreed with the tariffs. The Administration was also constrained by China’s human rights issues in solar panel manufacturing. Trump’s tariffs were a convenient way to react to those issues for Biden.

Installers of EV Charging Stations, such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA) and others, are seen benefitting from Biden’s new Infrastructure law. Funding for electric vehicles and their supporting network of EV Charging Stations means more money from the federal government. Analysts say the stock prices of firms above could rise as a result.

Solar takes center stage in President Biden’s ‘Build Back Better’ $1.75 trillion bill coming to a vote this week or next. Funding for solar in the form of new 10-year tax breaks is high on the list for solar industry companies. This is signature legislation for the White House. U.S. Judge Overturns Trump Tariffs On Some Imported Solar Panels, As A Result Stock Drops 7% For Primary American Maker Of Solar Panels, First Solar, Inc. (NASDAQ: FSLR); FSLR Stock Holds In After-Hours Trading.

SIRC is halfway home. Monday, President Biden signed the newly-passed $1 trillion Infrastructure Bill. It includes  $7.5 billion for electric vehicles and grants to propel building of more EV Charging Stations. Through its subsidiary PLEMCo., SIRC is in the EV Charging Station business and hopes to grow with more acquisitions in this space.

SIRC itself is an applicant for about $100 million in government grant to help build more EV Charging Stations. David Massey, Chairman and CEO of SIRC, said he remains optimistic about approval on the grants — but said he had heard no definitive news yet. President Biden wants a national network of 500,000 charging stations completed by 2030.

Solar installers, such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), are awaiting final approval of a pro-solar $1.75 trillion ‘Build Back Better’ bill. It could drive perks for solar buyers — such as an extension of federal tax credits for as long as 10 years.

The new spending package calls for some $1.75 trillion. It includes $320 billion for clean energy initiatives via tax credits. It would mark the biggest spending program on climate investment in U.S. history.

As part of an eco-system alternative energy spending package, Biden’s ‘Build Back Better’ bill is a massive social spending bill. It also allocates funding support for solar, wind and other alternative energy sectors.

For SIRC and other solar installation firms, the solar tax incentives proposed would enable them to close sales on more solar installations.

U.S. Judge Overturns Trump Tariffs On Some Imported Solar Panels, As A Result  Stock Drops 7% For Primary American Maker Of Solar Panels, First Solar, Inc. (NASDAQ: FSLR); FSLR Stock Holds In After-Hours Trading

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock

Safe Harbor Statement:

Statements in this news release may be ”forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press