TheStreet.com posted a good article last night highlighting a few reasons why FSLR sold off despite beating estimates.
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1. One reason I mentioned as well in my report.. Not raising guidance for 2011, just keeping it flat. However, this isn’t the reason the stock was down nearly 10% after hours last night.
2. CNBC. They rolled out FSLR short seller Jim Chanos again after the report … Read the rest
The reaction to last night’s earnings in shares of FSLR is really nothing new. This is one of those companies where traders have lofty expectations and whatever it does, can never seem to please. It seems traders are always picking through the report to discover the negatives.. looking for a reason to sell. That’s the case again this morning.
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The company beat estimates after the bell … Read the rest
Auriga is out this morning upgrading shares of First Solar (FSLR) from Hold to Buy but lowered their price target just a bit from $166 to $160. Here are highlights of the call…
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– management reaffirmed 2011 guidance in earnings report last night (Auriga called the quarter a solid beat)
– FSLR modules are low in price and high in efficiency, remaining in high demand
– … Read the rest
Shares of First Solar (FSLR) were under pressure a bit yesterday and took out key support of the 200 day moving average for the first time since last November after famed short seller Jim Chanos highlighted his bearish stance on the company on CNBC. It was also announced that President of Operations Bruce Sohn has resigned. TheStreet.com posted a nice article with analyst commentary if you’d like more details. I’ll summarize here .. let’s start … Read the rest
As we’ve been covering here for some time, General Electric (GE) has been reinventing itself as a green energy behemoth, beginning with a focus on wind energy, then the smart grid and more recently led lighting and solar. They’ve even developed an electric car charging station called the WattStation.
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This morning they are announcing another big step along the path of its rapid push into … Read the rest
While the insider activity isn’t as bullish for First Solar (FSLR) it’s important to remember that big insider buying is much more meaningful for a company than big insider selling because insiders sell for a number of reasons, all of which may not be an indication they are no longer bullish on their company. Insiders buy big for one reason and one reason only.
When looking at insider selling, it’s also important to consider what … Read the rest
First Solar (FSLR) announced late this week that it plans to add 250MW of additional manufacturing capacity with four new manufacturing lines (with capability to expand to 10) in Mesa, AZ, doubling its US capacity to 500MW. The company will spend $300 million and begin construction in a couple weeks to finish in about a year. The 135 acre site being used is an old GM vehicle testing site and will include an extensive ground … Read the rest
I thought I’d provide a short summary on some of the analyst reactions coming out after First Solar’s (FSLR) earnings report Thursday night. In light of the half way decent quarter, it’s no surprise that nearly all of the analysts maintained their current ratings on the stock with some obviously remaining more bearish than others.
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JP Morgan maintained its Underweight rating and $115 price target. The … Read the rest
I was out late last week, so wasn’t able to get a report on First Solar (FSLR) earnings out, but taking a look at it now, it wasn’t a great quarter, but not bad either. The company reported mixed results beating on the EPS side, but missing on the revenue side. First Solar reported an EPS of $1.80 (vs the estimate for $1.67) on revenues of $610 (analysts expected $647.
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Southern California Edison (SCE) has signed a power purchase agreement with First Solar (FSLR) for 250MW of solar electricity from the FSLR Silver State South project. The project will consist of 2500 ground mounted solar panels on 2500 acres of public land near Primm, Nevada. It will interconnect with with SCE’s proposed Eldorado Ivanpah transmission line. The project is expected to begin producing electricity by 2014 and fully operational by 2017, but still requires approval … Read the rest