SunPower spikes higher after receiving solar tariff exclusion
Shares of solar solutions provider SunPower (SPWR) are surging after CEO Tom Werner said the U.S. Trade Representative has filed with the Federal Register office for publication that certain interdigitated back contact solar cells and modules within specific size and power ranges, will be excluded from the solar tariffs imposed in January pursuant to Section 201 of the Trade Act. As a result, SunPower's IBC cells and modules are excluded from Section 201 import tariffs. "With today's decision that SunPower's highly differentiated IBC cells and modules are excluded from tariffs, we are able to turn the page... We are continuing with our planned acquisition of the SolarWorld Americas manufacturing facility in Hillsboro, Oregon and expect the transaction to close before the end of the quarter." PRICE ACTION: Shares of SunPower are higher by almost 14% to $7.48 per share in afternoon trading.