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First Solar, Inc.(NASDAQ:FSLR) Rises to One-Month High

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By on Energy & Solar

First Solar, Inc.(NASDAQ:FSLR) advanced to a one-month high after U.S. trade authorities slapped tariffs on Chinese solar-energy imports. The U.S. Department of Commerce assigned preliminary duties on the companies after determining they benefited unfairly from subsidies by the Chinese government. 

The U.S. Custom and Border Protection agency will collect cash deposits based on the preliminary rates until the U.S. sets a final levy in August. 

The Chinese Commerce Ministry responded to the import tariffs with a statement on its website expressing “strong dissatisfaction.” It asked the U.S. government to end its investigation into industry prices. 

Chinese solar companies also faced criticism Wednesday from competitors in the European Union. EU ProSun, a group representing European makers of solar panels, alleged that Chinese competitors had violated an agreement from last year that set minimum prices for solar equipment. 

Chinese solar-equipment stocks showed broad declines, including LDK Solar Co. (LDKSY), Jinko Solar (JKS), Yingli Green Energy Holdings (YGE) and JA Solar Holdings (JASO).

First Solar gained 5% to $66.06 a share after touching a one-month high of $66.88 earlier in Wednesday’s session. It hit a 52-week high of $74.84 on March 24. 

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