ONE-TWENTY TWO: Trading Financial Markets
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As expected, First Solar’s earnings last week did not print any big surprises. Read a brief summary provided by earth2tech or flip through the earnings presentation for more details. The mixed results provided no clear trading catalyst, putting key technical levels in play that I was looking to trade. Support at the 200-day moving average … Read more
Evergreen Solar (ESLR) is a “penny stock” again. As the stock plunges to 8-year lows and toward all-time lows, it appears that the company will not survive this round of doubts in its viability. Note well that in the past, I have not had good things to say about ESLR: “ESLR remains the solar stock … Read more
First Solar (FSLR) has been stuck in a downtrend for two years (see chart below). The stock has traveled a volatile path through this trend, providing strong trading opportunities up or down. For example, a sharp two-month rally from the March, 2009 lows doubled the stock price. Insider buying earlier this year provided a convincing … Read more
MEMC Electronic Materials (WFR) manufactures silicon wafer solutions for the semiconductor and solar industries. WFR fell 19% on Friday in response to earnings despite the company’s reassurances that it is on track to meet full-year guidance targets (click here for the transcript from Seeking Alpha): “In the first quarter, revenue was ahead of our internal … Read more
My earnings play on First Solar (FSLR) unfolded much better than expected today. The post-earnings pop took FSLR directly to my standing $149/150 price target that represents a fill of the earnings gap from October. See chart below: *Chart created using TeleChart: I believe the biggest catalyst for today’s 18% move was FSLR’s tremendous boost … Read more
First Solar (FSLR) has made a good recovery from the selling following February’s earnings report. Two weeks ago, FSLR closed as high as 9% above its price before its previous earnings and completed a 40% run-up from February’s bottom. The recent highs also marked the post-earnings highs from October’s poorly received earnings report. The stock … Read more
Insider buying at First Solar (FSLR) continues to mark a near-term bottom in the stock, but the recovery from February’s post-earnings losses has unfolded much more slowly than I expected. FSLR is up 18% since printing a bottom on February 25, the day before FSLR’s CEO and EVP of Marketing & Product Management purchased a … Read more
Now we know the source of some of this week’s selling pressure in First Solar’s stock. Michael Ahearn, former CEO and current Executive Chairman, dumped $142.1M in company stock between the 22nd and 24th. He sold another $20.7M on the 25th and 26th. However, the good news is that on Friday two First Solar (FSLR) … Read more
The first rate pain continues with First Solar (FSLR). At the time of posting, First Solar has dropped over 4% (to $108) in after hours trading upon the release of its 2009 annual report. No doubt the seventeen pages describing risk factors contributed to the latest reason to sell First Solar shares. These morbid details … Read more
During his State of the Union address, President Obama sent a cheer amongst Congressional Republicans when he announced (confirmed) his support for nuclear power as a source of clean energy. Obama followed through with his promise when he announced last week $8 billion in loan guarantees for building two nuclear plants by Southern Company in … Read more