The House approved a bill that could end several green-energy subsidies
The solar sector is struggling today, after the U.S. House passed a bill this morning to lower taxes and increase military spending, which could also end several green-energy subsidies.
Enphase Energy Inc (NASDAQ:ENPH) stock is among those gapping lower, last seen down 14.9% to trade at $40.24. The shares earlier slipped to a more than four-year low, and are pacing for their biggest single-day percentage loss since April 2023. So far this year, ENPH shed over 42%.
Options traders are chiming in on ENPH, with 38,000 calls and 37,000 puts traded so far today, which is 4 times the volume typically seen at this point. The most popular contract by far is the July 50 call.
The shares of First Solar Inc (NASDAQ:FSLR) are down 4% to trade at $156.82 at last glance, extending their 38.2% year-over-year deficit as they pace for their fifth loss in the last six sessions. The security has been trekking lower after surging to its highest level since January, but ultimately failed to conquer the $200 level.
Short sellers have been piling on FSLR, with short interest up 22.6% over the past two reporting periods. The 11.03 million shares sold short now make up 10.9% of the stock's available float.