Why First Solar Stock Is Powering Up Today

First Solar Inc FSLR is trading higher Thursday morning on reports that the U.S. will block the import of some solar products from China's Xinjiang region.

What Happened: On Wednesday, the Biden administration ordered a ban on U.S. imports of a key solar panel material from Chinese-based Hoshine Silicon Industry Co.

The U.S. Commerce Department restricted exports to select Chinese companies, citing involvement with the forced labor Muslim minority groups in Xinjiang.

On June 9, First Solar announced its plans to invest $680 million to expand solar manufacturing via the construction of its third U.S. manufacturing facility, in Lake Township, Ohio.

Related Link: First Solar Earmarks $680M For Solar Manufacturing Capacity Expansion

Price Action: First Solar has traded as high as $112.50 and as low as $48.30 over a 52-week period.

At last check Thursday, the stock was up 7.58% at $86.27.

Photo courtesy of First Solar.