Solar stocks are under severe pressure. A disaster at JinkoSolar has caused the stock to drop 23.3%. Among other stocks GTAT Advanced Technologies (GTAT) has declined 12% and Guggenheim Solar ETF is down 6%. The major reason here is weak demand, which has triggered competitive pricing cuts throughout the industry.
Matters have been made worse by news of a toxic chemical disaster at JinkoSolar’s plant in China, forcing its closure. The chemical leak led to violent demonstrations against the company, which makes solar panels.
JinkoSolar is trading at $7.03 today, down 22%. Shares are down over 27% year to date. The stock’s trading range for the year is between $6.65 and $17.50.
Traders will be active in the solar sector today: First Solar Inc . , Suntech Power Holdings , Yingli Green Energy Hold. Co. Ltd . , LDK Solar Co. , Canadian Solar Inc. , Trina Solar Limited , JA Solar Holdings Co. , MEMC Electronic Materials , and GT Solar International Inc. , and SunPower Inc .