First Solar (NASDAQ:FSLR) stock is shining brighter on Thursday and that rise has nothing to do with what the company has done.
Instead, the increase in FLSR stock is likely due to the U.S. Government banning the import of certain solar panel products from China. This comes alongside allegations of forced labor camps in parts of the country.
China is a major player in the solar panel market with acting as a strong rival to U.S. companies. However, with this reported ban, U.S. solar companies, such as First Solar, should have less competition to deal with from the country. The region facing the ban is Xinjiang. Banning imports from it is massive as it supplies 45% of the polysilicon that is used by the world for solar panels.
The ban from the U.S. Commerce Department doesn’t just hit imports of certain Chinese solar panel parts. It also affects exports to certain regions and companies in the country. Yet again, this has to do with the forced labor claims being made against the country, reports CNBC.
It isn’t just the Chinese ban that has investors interested in FLSR stock recently. Jim Cramer, the host of CNBC’s Mad Money, also gave the stock a shoutout during his lightning round segment. He said that the stock is “in great shape,” and that he believes it will “move up.”
FSLR is seeing heavier than normal trading today on these bits of news. As of this writing, more than 3 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is about 2.2 million shares.
FSLR stock was up 7% as of Thursday afternoon but is down 15.2% since the start of the year.
Investors looking for more news from the stock market today should keep scrolling!
There’s plenty of stock market news to talk about today with InvestorPlace covering the hottest topics. That includes dives into what has Churchill Capital (NYSE:CCIV) and Luminar Technologies (NASDAQ:LAZR) shares on the rise, as well as a look at the biggest gains in a midday market update. You can find all of that info at the links below!
More Thursday Stock Market News
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- Midday Market Update: 10 Biggest Stocks Gainers Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.