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First Solar Reaches Lowest Level Since April 2013

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First Solar, Inc. (NASDAQ: FSLR) shares are trading lower by $0.60 at $28.44 in Wednesday's session. There is no specific news to account for the decline.

First Solar's stock is now more than $10.00 lower than its February 24 high ($38.50). Two days after making that high, the issue was slapped with a Sell rating and was detailed by Gordon Johnson of Axiom Research when appearing on Benzinga's PreMarket Prep.

After a flat open, the stock found resistance just above Tuesday's closing price ($29.04) at $29.16 and began to move lower. The ensuing decline has breached the former low of the move from November 17 at $28.60, so far reaching $28.05.

That marks the lowest level for since April 9, 2013, when it bottomed at $26.75 and in wild session ended the day at $39.35. That rally came after the company's Q1 beat and higher guidance for the remainder of the fiscal year.

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