...meanwhile Climateer will be dining on crow this evening.
Prior Climateer Investing posts on First Solar:
Aug. 16: First Solar (FSLR) upgrade
Lazard Capital upped FSLR From hold to buy. LAZ made a pretty good call last month with the downgrade.Aug. 23: UPDATE-Jim Cramer Beats Monkey in Stock Picking Contest
There was a reason I posted the Cramer/Leonard the Monkey contest; relevant to this blog, he panned First Solar (FSLR) on Tuesday. I tend to agree. There are other places and spaces.Sep. 4:First Solar (FSLR) Upgrade by Cowan
So if you bought when we posted Lazard's upgrade (the stock was $78 and change on its way to $74 before turning) you are on your own.
Gomez Addams ("It's not for nothing that they called me 'the Plunger,'" he boasts, although it was not from Wall Street that he received this nickname, but from the Plumbers Union) was wrong when he'd tell his broker "sell when it gets to $100". FSLR closed yesterday at $99.07 , it's $95 today, the price the insiders and sold at in the recent offering.
Climateer comment:Sep. 12: Oh, Too Funny! Goldman Sachs Starts First Solar (FSLR) at a Buy
If you get a 40% move within 12 months one might be looking at a dandy short idea. The sellers in the recent offering at $95 didn't bail because they had a place to put the money that they knew better than FSLR and would show a better return.
I'm assuming this is the same Goldman Sachs that owns 4.3 million shares of FSLR.I'd like that crow well done.
And the same Goldman Sachs which, according to the preliminary prospectus for the recently completed offering, was going to bail out of $ 95,000,000 worth, until the tough market caused the underwriters to shrink the offering from the proposed 9.65 mm. shares to 6.5 mm.?
And a Well Done to Michael Molnar at Goldman.
And to Cowen and Lazard too.