Tuesday, October 7, 2008

Solar Slaughter (it's almost trading time)

The declines in the solar stocks today are stunning. These are issues that were down five and ten percent on both Friday and Monday (and that was after months of downtrending). Here's a sampling (a couple minutes to the close):

ESLR -15.41%
ENER -19.06%
FSLR -19.91%
LDK -20.12%
SPWRA -22.28%
STP -17.79%
TSL -32.41%
YGE -29.72%

First Solar, which Goldman cut today closed at $127.91, above their new target of $104.00 (lowered from $365.00!!!!). I've got a feeling that FoG (Friends of Goldman) will see that it hits the target. The rest of the group are trading at bankruptcy valuations, TSL for example, is at 4 times this year's earnings estimates, 2 1/2 times '09.