Barrons: First Solar’s (FSLR) Largest Customer (Phoenix Solar) Warns, Stock Plunges Further And Headed to 150

According to Barron’s, First Solar’s (FSLR) largest customer Phoenix Solar (according to Hapoalim Securities analyst Gordon Johnson), has issued a warning, saying not to rely on previous earnings estimates due to a continued decline in pricing for solar modules, customer buying resistance and increased devaluation requirement for current inventories.  The company will only issue guidance once prices have stabilized but they do expect positive EBIT for the year. 

Based on this, Gordon Johnson issued a Sell alert on First Solar today.  I suspect that Sell alert made the rounds around 10:30AM EST, when FSLR began to sell off again after recovering from a morning gap down.  I said it this morning and I’ll say it again now… FSLR certainly looks headed to the 150 level of that 200 day moving average.  If buy interest comes in at that level, I may get back in to my position.

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