A whole bull market crammed into 3 hours.
The stock is up 24.58% at $18.44.
From Barron's Tech Trader Daily:
FSLR Soars, 3 Upgrades; Rally Overdone, Says JP Morgan
Shares of First Solar (FSLR) are surging today, rising $3.93, or almost 27%, at $at 18.73. after the company last night reported better-than-expected Q2 results and raised its revenue outlook for the year, with CEO Jim Hughes saying that despite a worldwide oversupply of solar energy modules, nevertheless the company “are starting to gain traction in the new sustainable markets we are targeting” such as Australia.There was a time not too long ago when I cared what FSLR did.
The report has proven to be rather contentious today, with at least three upgrades, that I can see, but also a claims from the bear camp that the rally is overdone.
In the solidly bullish camp today, Lazard Capital Markets‘s Sanjay Shrestha reiterates a Buy rating on the stock and a $50 price target, writing that “Given the high level of investor skepticism on the company’s ability to generate cash, replenish its pipeline, and compete in today’s uncertain solar market, we see these results as a major step in alleviating some of these long-term concerns.”...MUCH MORE
Now we use it as a "tell" on whether speculative money is moving into the market after a downmove.