Senate Unveils Climate Change Bill, Solar Stocks Pop

The bill includes a host of clean energy incentives

Deputy Editor
Jul 28, 2022 at 9:54 AM
facebook twitter linkedin

The shares of Sunrun Inc (NASDAQ:RUN)Enphase Energy Inc (NYSE:ENPH), and First Solar, Inc. (NASDAQ:FSLR) are all sporting solid gains this morning, after Democratic Senator Joe Manchin and Senate Majority Leader Chuck Schumer unveiled a new $369 billion bill to battle climate change. Manchin, who holds a key swing vote in the Senate, previously withheld support for climate provisions, but agreed to the "Inflation Reduction Act of 2022," which includes a number of clean energy incentives.

At last check, Sunrun stock is up 32.9% to trade at $31.61. The equity has had a rocky year so far, falling to a May 12, two-year low of $16.80, with a subsequent rally rejected at the $31 level. Today's positive price action has RUN on track to close above the $30 level for the first time since April, though. Year-to-date, the security is still down 30.6%.

Meanwhile, ENPH boasts a more conservative 9.7% lead, seen trading at a fresh annual high of $279.44. The 100-day moving average has been supporting the equity since May, and longer term Enphase Energy stock sports an impressive 40.4% year-over-year lead.

Lastly, First Solar stock is up 16.3% at $89.26 at last glance, after earlier surging to its highest level since December while blasting through the 200-day moving average. Should this positive price action hold, FSLR could move comfortably above both its year-over-year and year-to-date breakeven levels.


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners