First Solar Longs Burned After Q3 Report

First Solar, Inc. FSLR shares are trading lower by $7.50 918 percent) at $33.08 in Thursday's session. Despite a Q3 EPS beat of $0.48, the Street is focusing on its revenue shortfall of $503 million.

The company reaffirmed its FY 2016 EPS outlook, but cut sales guidance. The poor outlook prompted three different firms to downgrade the issue.

After a much lower open, it could only manage a dime bounce to $38.60 before sellers flooded the issue.

In pretty much straight down fashion, the issue cascaded to $32.90 and is not far off the level. Its former low for the year was at $33.74.

This marks the lowest level for the issue since April 9, 2013, when it bottomed that day at $26.76, but rallied to end that session at $39.35.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!