Solar Still Shining; First Solar (FSLR) Jumps on CSIQ Earnings
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Shares of First Solar (Nasdaq: FSLR) are surging once again today. The stock gapped open about $5 higher and has since gained another $13 over the course of today's trading session. First Solar most recently traded at $304.50, up $19.84, or about 6.9% from yesterday's close.
As solar stocks have recently been extremely momentous and volatile amid sharply rising crude oil prices, investors look for the slightest chance to trade the sector's "best of breed", First Solar. Today's reason for the spike in First Solar is likely blow-out earnings at Canadian Solar (Nasdaq: CSIQ), which has also been a popular solar play recently.
With more and more market analysts coming out everyday saying solar stocks have become overvalued, Canadian Solar's 30 cent beat on Wall Street's consensus estimates certainly sent a message to the market: this sector is not done. 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 4% 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. Trading just shy of $126, crude is on pace to set another new closing price record today, which could also be boosting shares of First Solar.
First Solar, Inc. designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology. [BCS]
As solar stocks have recently been extremely momentous and volatile amid sharply rising crude oil prices, investors look for the slightest chance to trade the sector's "best of breed", First Solar. Today's reason for the spike in First Solar is likely blow-out earnings at Canadian Solar (Nasdaq: CSIQ), which has also been a popular solar play recently.
With more and more market analysts coming out everyday saying solar stocks have become overvalued, Canadian Solar's 30 cent beat on Wall Street's consensus estimates certainly sent a message to the market: this sector is not done. 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 4% 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. Trading just shy of $126, crude is on pace to set another new closing price record today, which could also be boosting shares of First Solar.
First Solar, Inc. designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology. [BCS]
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- BMO Capital Upgrades First Solar (FSLR) to Outperform, 'Can't Fight This Feeling Anymore'
- Canadian Solar (CSIQ) PT Lowered to $17 at Mizuho
- This stock is Citi's top pick in the industrial and consumer electronics sectors
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