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Solar stocks declined on Tuesday, building on recent weakness, as companies warn about the impact of supply chain bottlenecks and parts shortages.
The Invesco Solar ETF, which tracks the space, slid 7%, bringing its one-month decline to 15%.
SolarEdge was the biggest drag against the fund, dipping 15%. The company reported earnings after the bell on Monday evening. While the company’s results exceeded analyst expectations on both the top and bottom line, SolarEdge warned about margin erosion going forward thanks to higher shipping costs.
“Ocean freight prices have increased by more than 100% over the last months and our pre-negotiated prices have gradually expired…