Solar Won't Quit; First Solar (FSLR) Hits Another New High

May 14, 2008 11:13 AM EDT

Shares of First Solar (Nasdaq: FSLR) are spiking once again today. After moving about 6% higher yesterday, First Solar continues its climb today, likely on the back of solid Q1 earnings at ReneSola (NYSE: SOL). First Solar most recently traded at $313.70, up $10, or 3.3%. Notably the stock has hit a new 52-week high today at $317.

With more and more market analysts coming out everyday saying solar stocks have become overvalued, ReneSola's beat this morning and Canadian Solar's (Nasdaq: CSIQ) beat yesterday certainly sent a message to the market: this sector is not done yet. Such sentiment can certainly be seen in shares of First Solar today, as it appears buyers are all over the stock, possibly even as short-sellers covering their downside bets on the high flyer.

Even though shares of First Solar declined sharply on the first day of May (fell 10%), the stock is still up about 7% since the beginning of the month as buyers have aggressively come back into the stock due to crude oil which continues to mark new records.

First Solar, Inc. designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology.
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