Solar Stocks Tumble as Crude Oil Slips Under $68 (TAN, FSLR, STP, YGE)
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With crude oil down nearly 4% to under $67.50 today, alternative energy stocks are getting hammered. Solar stocks, as measured by the Claymore/MAC Global Solar Index ETF (NYSE: TAN), seem to be leading the group lower and are down nearly 6%.
Solar stocks often trade in tandem with oil prices as a decline in the commodity often eases consumer tensions to quickly find alternatives to oil. Notably, natural gas stocks and wind-power stocks are also moving lower. The US Natural Gas Fund (NYSE: UNG) and First Trust Global Wind Energy (NYSE: FAN) are widely-traded ETF's for each of these groups.
In the solar sector: shares of the popular First Solar (Nasdaq: FSLR) have tumbled more than 5% on heavy volume, MEMC Electronic Materials (NYSE: WFR) shares are down 5%, Suntech (NYSE: STP) stock is down 7% to $16.79, SunPower (Nasdaq: SPWRA) shares are down nearly 8% and Yingli Green Energy (NYSE: YGE), which had its price target lifted to $18.50 at Collins Stewart earlier, is down 5% to $12.65.
Notably, volume in each of these stocks (an also the ETF's) is pretty heavy this morning. Shares of First Solar, for example, have already traded about 1.8 million times, which compares to its average daily volume of just 3.7 million shares.
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Rome is not built in one day
Gumby on Jun 22, 2009 01:05 PMInvestors must be thinking that we could install gigawatts of solar and wind power overnight when oil prices get high enough to make it profitable to do so.. It is not going to happen and it will damage our economy probably for good. Oil prices will move up to a ever higher permanent level, but we will be even more too broke to install solar and wind power. We will be falling ever behind.. The right time to invest in solar and wind is when oil prices is low... not high.. It takes years to install solar and wind power big enough to act as a price buffer against high oil prices...Capitalism is not capable of adapting to new realities, capitalism just sucks blood until it dries and then dies ...