Solar Stocks See The Light As Bailout Bill Sees New Life (SPWR, FSLR, STP, ENER, More...)

October 1, 2008 2:32 PM EDT

Solar stocks are getting a boost today on renewed hopes of solar legislation, which will be included in the $700 billion financial bailout bill Senate will vote on, and expected to pass, tonight.

The new bailout bill, which failed to pass the House originaly, is expected to gain support this time around. The new bill will include an increase of the FDIC deposit insurance to $250,000 and renews the solar investment tax credit (ITC) and supports other renewable energies.

Commenting on this, Collins Stewart analyst noted that the House could change the Senate bill, adding things or taking them out, but said, "we believe there will be pressure to keep changes to this large package of legislation to a minimum. In other words, the extension of the ITC has a chance, though it should not be considered a 'done deal' at this point."

Solar Stocks Today:

SunPower (Nasdaq: SPWR) 8% HIGHER
First Solar (Nasdaq: FSLR) 6% HIGHER
MEMC Electronic (NYSE: WFR) 1% HIGHER
Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) 9% HIGHER
Evergreen Solar Inc. (Nasdaq: ESLR) 8% HIGHER
Suntech Power Holdings Co. Ltd. (NYSE: STP) 2.5% HIGHER
Trina Solar Ltd. (NYSE: TSL) 7% HIGHER
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) 3.6% HIGHER
ReneSola Ltd. (NYSE: SOL) 7% HIGHER
Canadian Solar Inc. (Nasdaq: CSIQ) 1% HIGHER
Energy Conversion (Nasdaq: ENER) 5% HIGHER
Claymore/MAC Global Solar Energy ETF (NYSE: TAN) 4% HIGHER

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