Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The solar sector is not having a great Tuesday.
The entire sector was in the red in the afternoon session. Sunedison Inc (NYSE: SUNE) led the way, down more than 18 percent after noted sector analyst Gordon Johnson made some bearish comments on PreMarket Prep earlier in the morning.
"Given the number of deals and the type of deals that they've done," the Axiom analyst said. "If they're unable to sell those projects, I don't know how much longer the equity can last." When asked if Sunedison's new financing deal was a good move, Johnson said, "Absolutely not. I think this deal makes me more cautious on the company’s ability to make it through 2016."
Movers
Here's a look at the how the sector was performing mid-day:
SunPower Corporation (NASDAQ: SPWR) down 4.6 percent at $24.03.
First Solar, Inc. (NASDAQ: FSLR) down 3.1 percent at $63.33.
SolarCity Corp (NASDAQ: SCTY) down 7 percent at $44.29.
Vivint Solar Inc (NYSE: VSLR) down 2.9 percent at $9.25.
Canadian Solar Inc. (NASDAQ: CSIQ) down 4.5 percent at $21.35.
Trina Solar Limited (ADR) (NYSE: TSL) down 3.1 percent at $10.10.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) down 2.3 percent at $20.99.
The Guggenheim Solar ETF (NYSE: TAN) -- the sector ETF that has a market cap of about $267 million -- was down 2.9 percent at $25.55.
Tax Credits
Solar stock have come under pressure over the past month, partially due to the solar tax credit.
Forbes wrote last week, "With the extension of the tax benefits, wind and solar projects started before year's end will qualify for a 2.3 cents per kilowatt hour production tax credit. It will gradually diminish through 2019. Wind and solar projects could opt instead to take a 30 percent investment tax credit that reduces their federal taxes dollar-for-dollar by what they put into the project. The main difference is that the solar production tax credit will phase out at the end of 2022."
"On the solar side, the ramp down is an acknowledgement that solar is becoming economically competitive with other fuel options," Ray Hudson, director for DNV GL's solar segment, told Forbes. He noted that the cost of solar panels is dropping precipitously.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!