Solar Power Stocks Jump On Tariffs Pause

  • Jun 6, 2022
  • Barry Adams
  • Solar power stocks soared after the U.S. paused tariff on panel cells and products from four countries and speed up renewable energy projects. The Commerce Department had been investigating whether Chinese companies were transshipping from neighboring countries to avoid tariffs.

    Apple Inc jumped 1.6% to $146.90 and the company is set to kick-off its annual Worldwide Developers Conference today. 

    Didi Global surged on news that Chinese authorities are concluding investigations of the company and the ride-hailing company will be permitted to add new users. 

    The news was first reported by the Wall Street Journal. 

    ON Semiconductor jumped 6.1% to $62.94, VICI Properties gained 6.4% to $31.39, Keurig Dr Pepper advanced 5.9% to $34.93 after three companies were selected to be included in the popular S&P 500 index.   

    Under Armour declined 0.8% to $10.08 after the company's stock was dropped from the S&P 500 index. 

    Spirit Airlines jumped 5.7% to $20.74 after JetBlue sweetened its bid to $31.50 a share and proposed to increase breakup fee to $350 million. 

    Solar stocks surged on a report that the President Biden's administration will suspend tariffs on solar panel components for 24 months from Cambodia, Malaysia, Thailand, and Vietnam.  

    The U.S. paused tariffs after a Commerce Department month-long investigation had held up imports on the worries that Chinese companies may have been transshipping products from these countries. 

    Sunrun Inc soared 10.5% to $29.55, SunPower Corporation jumped 6.4% to $19.52, and Array Technologies advanced 14.5% to $13.71. 

    "Existing duties on Chinese and Taiwanese imports of solar cells and modules remain in effect,” the Commerce Department said in a release today. 

Annual Returns

Company Ticker 2022 2021 2020
Spirit Airlines Inc. SAVE 13% -11% -39%
SunPower Corporation SPWR 24% -19% 233%
Sunrun Inc. RUN 7% -51% 405%
DiDi Global Inc. DIDI -42% 0% 0%