Strong results are expected when First Solar reports quarterly earnings tomorrow, but for the time being, investors may have had enough. The shares, which rose a ridiculous 795% in 2007, are down 29% in 2008, coming under a bit of pressure with the rest of the solar sector.
Today the stock has given up another 3.7% in advance of the report, and analysts at Minyanville.com note that the stock has been bouncing around its 100-day moving average for the last few weeks. Should it fall through that level, it could change the complexion of investors, as momentum types drove the stock to dizzying heights throughout 2007.
Analysts and traders are gearing up for a big reaction tomorrow; the consensus is for earnings of 53 cents a share, but some hope the company provides stronger-than-expected guidance for 2008....MORE