Good News at First Solar (FLSR) Sends Sector ETF (TAN) Soaring
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Guggenheim Solar ETF (NYSE: TAN) is up over 5 percent today after First Solar (NASDAQ: FSLR) announced its German plant will remain open until the end of the year due to unexpectedly strong demand in Europe.
The company had planned to close its plant in Frankfort starting in October as part of a global restructuring. Instead, Brandon Mithener, a spokesman for the First Solar, said they were going to increase production at the factor due to unexpected order intake in Europe. He warned, however, that the long-term demand picture in the region is still lower.
The solar industry has suffered in Germany and abroad as intense competition in the industry has squeezed margins. This, combined with decreasing government support in Europe, has crippled the industry there.
Shares of First Solar are up over 18 percent intra-day on Tuesday, paring a 23.5 percent drop in the past 30 days.
The company had planned to close its plant in Frankfort starting in October as part of a global restructuring. Instead, Brandon Mithener, a spokesman for the First Solar, said they were going to increase production at the factor due to unexpected order intake in Europe. He warned, however, that the long-term demand picture in the region is still lower.
The solar industry has suffered in Germany and abroad as intense competition in the industry has squeezed margins. This, combined with decreasing government support in Europe, has crippled the industry there.
Shares of First Solar are up over 18 percent intra-day on Tuesday, paring a 23.5 percent drop in the past 30 days.
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