Canadian Solar Falls After Q4 Miss, Lower Guidance

Canadian Solar Inc. CSIQ shares are trading lower by $1.15 (9.5 percent) at $12.40 in Tuesday's session.

The catalyst for the decline is a Q4 EPS miss of $0.08 along with $21.6 million miss for sales. The company also guided lower for Q1 sales, from $679 million estimates to the $570-$590 million range.

After a lower open, the stock managed to match the low of Monday's range at $13.23 before continuing its move lower. Since making that high, it has continued to make new lows for the session with the one current one standing at $12.33. Based on the daily charts, there may be limited support until its February 10 low ($12.02).

The Street was leaning the right way into the report as Canadian Solar's stock declined over the two previous sessions, falling from its March 16 close ($14.26) to $13.55 ahead of the report.