Shares of companies in the solar power business suffered a broad drubbing in premarket trading Friday, after Sen. Joe Manchin (D-W.Va.) said he would oppose any budget reconciliation package that includes climate or energy provisions. Shares of SunRun Inc. sank 6.8%, Enphase Energy Inc. dropped 4.1%, First Solar Inc. shed 3.9%, SunPower Corp. slid 4.3% and SolarEdge Technologies Inc. gave up 4.4%. Cowen analysts led by Jeffrey Osborne said Manchin’s decision impairs the ability for the U.s. to achieve President Joe Biden’s goal to cut greenhouse gas emissions 50% to 52% below 2005 levels by 2030, but said the shift toward renewable power is “increasingly compelling” and keeps us constructive on the group.
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