Alternative energy shares fall after Bush speech

Shares in alternative-energy companies fell on Wednesday, despite a push by U.S. President George W. Bush for decreased dependence on foreign oil, with ethanol companies in particular sinking after days of strong gains.

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In solar power, SunPower Corp. (SPWR.O: Quote, Profile, Research) was down 1.87 percent at $39.25. Jeffrey Bencik, an analyst with Jefferies and Co. in New York, said any new funding from the government could increase demand, especially after the energy legislation signed last summer offered 30 percent tax credits to people and companies installing solar panels.

“But it won’t make the industry grow faster in the near term,” because the industry can’t keep up with demand, he said.

Reuters