Filed under: Investing
Solar and wind energy companies boomed along nicely in 2006 and 2007, with sales up, on average, over 40%. Then, as prospects for renewal of the federal renewable energy tax credits began to fade (the Senate rejected them eight times), stock prices for these companies began to sag. Sales were brisk, because customers wanted their projects finished by the Dec. 31 cut-off date for tax incentives, but all companies laid plans for cut-backs after the end of the year.
Now, with passage of the new tax credit bill by the Senate on Tuesday afternoon, renewable energy stocks have shown a surge — exactly the opposite of what’s going on in other stock sectors. A short blog item on today’s Wall Street Journal website summarizes the morning’s action.
Leave a Comment so far
Leave a comment