Plug Power, TPI Composites, solar stocks soar as Manchin backs climate spending
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Shares of solar and renewable energy companies are surging in early trading Thursday after Senator Joe Manchin and Majority Leader Chuck Schumer announced a surprise deal that includes $369B for "energy and climate change."
Solar stocks trade broadly higher but many have pulled back a bit from opening highs: (NOVA) +22.8%, (RUN) +20.9%, (ARRY) +16.3%, (FTCI) +16.2%, (MAXN) +15.3%, (FSLR) +14.9%, (SPWR) +12.2%, (SHLS) +8.8%, (SOL) +8.3%, (CSIQ) +5.5%, (ENPH) +4.7%, (SEDG) +4.2%. 
Four solar-focused utilities rank among the top 10 gainers on the S&P 500: (CEG) +15.6%, (NEE) +5.8%, (AES) +4.3%, (PEG) +4.2%.
Other stocks rallying on the news: (NASDAQ:TPIC) +26.6%, (NASDAQ:PLUG) +21%, (FLNC) +18.3%, (BE) +16.8%, (CHPT) +12.4%, (BLDP) +10.8%, (BLNK) +6.5%, (CLNE) +4.4%, (FCEL) +3.2%.
Potentially relevant ETFs include (NYSEARCA:TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
"Even at smaller scale than original spending contemplated in the legacy [Build Back Better] framework, if passed we view the package as a clear positive for stocks broadly across our alternative energy universe," Truist's Bronson Fleig wrote, according to Bloomberg.
"We anticipate substantial upward momentum across our entire coverage universe following this announcement," Piper Sandler's Kashy Harrison said, pointing to names such as Plug Power (PLUG), Sunrun (RUN) and First Solar (FSLR) that should "disproportionately benefit."
Senator Manchin's support marks a turnaround from two weeks ago, when he cited inflation concerns in abandoning talks over a package that included tax increases and new spending on climate measures.