NEW YORK (TheStreet) -- JinkoSolar (JKS) shares are down -4% to $25.94 on Wednesday after the Commerce Department levied a set of new duties on Chinese solar panel manufacturers.
The Commerce Department issued a tariffs of 35.21% on solar panels made by Suntech Power and 18.56% on panels made by Trina Solar (TSL). Other Chinese solar company's will pay a 26.89% tariff.
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The Chinese government has responded to the new regulations by accusing the U.S. of trade protectionism and abusing trade remedies.
Trina Solar shares are down -2.9% to $12.59 while Yingli Green Energy (YGE) shares are down -6.1% to $2.77 today.
TheStreet Ratings team rates JINKOSOLAR HOLDING CO as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate JINKOSOLAR HOLDING CO (JKS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."