Solar Stocks Power Higher as China Raises Installation Targets (TAN) (JKS) (LDK) (YGE) (FSLR) (JASO) (SOL)
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Stocks in the solar sector are moving higher today, with Guggenheim Solar ETF (NYSE: TAN) gaining 1.6 percent. The move higher is being tied to reports that China quadrupled its domestic installation goal for solar energy to 21 gigawatts by 2015.
China hopes to help support solar stocks by absorbing excess supplies of panels, say reports. China had planned 5 gigawatts of capacity through 2015 and 20 gigawatts by 2020. The higher target of 21 gigawatts comes as welcome news to solar stocks, which have suffered due to a sqeeze on profits and lower margins.
Shares of JinkoSolar Holding Co., Ltd. (NYSE: JKS) is swinging higher on the news, trading higher by over 4 percent. LDK Solar Co., Ltd. (NYSE: LDK) is also on the move, trading up by over 7 percent. ReneSola Ltd. (NYSE: SOL) are higher by close to 10 percent.
China hopes to help support solar stocks by absorbing excess supplies of panels, say reports. China had planned 5 gigawatts of capacity through 2015 and 20 gigawatts by 2020. The higher target of 21 gigawatts comes as welcome news to solar stocks, which have suffered due to a sqeeze on profits and lower margins.
Shares of JinkoSolar Holding Co., Ltd. (NYSE: JKS) is swinging higher on the news, trading higher by over 4 percent. LDK Solar Co., Ltd. (NYSE: LDK) is also on the move, trading up by over 7 percent. ReneSola Ltd. (NYSE: SOL) are higher by close to 10 percent.
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