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Solar Rally Halted as First Solar Sees Lingering Supply Woes

  • Shares of U.S. panel maker see biggest drop since April 30
  • Array Technologies drops 20% amid solar sector decline
First Solar photovoltaic panels at a utility-scale photovoltaic power station in the Mojave Desert in California.

First Solar photovoltaic panels at a utility-scale photovoltaic power station in the Mojave Desert in California.

Photographer: Bing Guan/Bloomberg
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Solar stocks plunged on Wednesday after First Solar Inc., the largest U.S. panel maker, said supply-chain woes and rising costs will pinch earnings this year.

First Solar had its biggest decline since April 30 in New York trading, falling 8.1% to $69.51. The Tempe, Arizona-based company forecast earnings for 2022 that fell short of expectations in a statement Tuesday after the close of U.S. markets. Stocks of other solar companies fell, ending the sector’s rally that followed Russia’s invasion of Ukraine.