Multiple clean energy efforts could soon be repealed
Shares of solar companies First Solar Inc (NASDAQ:FSLR), Enphase Energy Inc (NASDAQ:ENPH), and NextEra Energy Inc (NYSE:NEE) are sliding today, following Donald Trump's presidential victory. During his campaign, Trump threatened to repeal the Inflation Reduction Act (IRA), which includes tax credits for clean energy projects and solar panel installations, as well as measures to combat climate change.
On track for its worst session since April 2021, First Solar stock is down 11% at $192.17 at last glance and earlier dipped as low as $173.37. Shares are once again trading below their 260-day moving average, which acted as pressure earlier this year. While up 11.3% year to date, FSLR now sits 23.1% lower for the quarter.
Shares of Enphase Energy earlier hit their lowest level since September 2020, but pared some of those losses to trade 16.8% lower at $74.78 at last check. The 20-day moving average has been guiding the equity lower since early October, and so far in 2024 it has shed 43.8%.
Lastly, NextEra Energy stock was last seen 4.8% lower to trade at $74.83. The security just breached its 160-day moving average for the first time since March, and now sports an 11.3% quarter-to-date deficit.
All three equities are also seeing higher-than-usual intraday options volume. Calls are outpacing puts for FSLR and ENPH, but NEE has seen 18,000 puts exchanged so far today -- 3 times the amount typically seen at this point.