Thursday, October 7, 2010

"First Solar Announces 380 Megawatt Increase in Orders for 2011" (FSLR)

Go and get short the stock based on decreasing momentum and look like a genius for 24 hours.
In pre-market action the stock looks to regain 95% of yesterday's decline, up $3.38 at $142.02.
Here's the press release via MarketWatch:

First Solar, Inc. (FSLR 142.02, +3.38, +2.44%) today announced that it has signed agreements with seven key customers for a 380 megawatt increase in orders for 2011 over previously announced volumes. The expanded contracts are with existing customers and will serve predominantly European markets. 

"Our customers continue to expect robust growth in the market for solar electricity in Europe next year," said Stephan Hansen, managing director of First Solar's European sales and customer service organization. "The additional volumes will allow First Solar to continue to scale and contribute to making solar electricity more affordable globally."

The new contracts were all signed in recent weeks and follow announcements that First Solar is planning to add manufacturing capacity in Germany and France in order to better meet local demand and to encourage the development of the market for utility-scale solar electricity....