First Solar (FSLR) Stock Suffers from Spate of Industry Bankruptcies
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Shares of First Solar, Inc. (Nasdaq: FSLR) are under heavy pressure Tuesday as investors attempt to price in the risk related to mounting bankruptcies in the sector.
On Monday, Q-Cell, once the largest solar company in the world, filled for bankruptcy protection in Germany saying it can no longer continue as a going concern.
In addition to the Q-Cell news, also on Monday Solar Trust of America filed Chapter 11 after it was unable to meet a deadline for an Energy Department loan guarantee last year.
The solar bankruptcy news has further rocked the sector, which has been reeling from drastic price drops and lower subsidies, especially in Germany.
After dropping 2 percent on Monday, shares of First Solar are down another 7.6 percent today.
On Monday, Q-Cell, once the largest solar company in the world, filled for bankruptcy protection in Germany saying it can no longer continue as a going concern.
In addition to the Q-Cell news, also on Monday Solar Trust of America filed Chapter 11 after it was unable to meet a deadline for an Energy Department loan guarantee last year.
The solar bankruptcy news has further rocked the sector, which has been reeling from drastic price drops and lower subsidies, especially in Germany.
After dropping 2 percent on Monday, shares of First Solar are down another 7.6 percent today.
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