JA Solar (JASO) and Suntech (STP) Lead Solar Stocks Down Post-German Statement Future Financial Cuts

Solar stocks in the semiconductor industry are taking a bit of a hit today after Germany announced that they will be cutting solar financial supports for new open-field and roof sites by as much as 16 - 17%.

German lawmaker Horst Meierhofer said, on January 11, that "solar companies are making double-digit profits at the expense of utility customers." He is part of Chancellor Angela Merkel’s ruling coalition.

The Environment Ministry also commented that they were working to iron out a proposal within the next few days, though no specific time line was given.

Shares of First Solar (NASDAQ: FSLR) are down 3.98% to $126.86. More movers include:

• Sunpower Corporation (NASDAQ: SPWRA), down 4.64% to $23.86;
  
  
• JA Solar Holdings (NASDAQ: JASO) down 5.10% to $6.14;
  
  
• Suntech Power Holdings (NYSE: STP) down 7.41% to $16.25.

To Note, Germany is the largest solar market in the world. It employs in the neighborhood of 214,000 workers.

You May Also Be Interested In

• Barclays reports U.S. hotel revenue per room up 8.2% in July
• Deutsche Bank calls Treasury buyback doubling similar to ’operation twist’
• FreeCast (CAST) Expands Global Streaming Strategy with 28-Channel Brazilian Television Launch