Several hedge funds lost big on Tuesday after First Solar, Inc. (FSLR) stocks plummeted more than 25%, dropping from $57.95 at close Monday to $43.27 at close Tuesday. According to CNNMoney, the loss came after FSLR announced that Robert Gillette stepped down as CEO. FSLR did not cite a reason.
The Wall Street Journal reports that Jim Chanos, the hedge fund manager who had made news for shorting green energy stocks including First Solar may have been right – “Alternative Energy: Does Solar + Wind = Hot Air?” His reasons include “deterioration in quality control and operational problems, including balance sheet deterioration and negative cash flows.” Read the story here.
The following hedge funds lost the most:
1. Maverick Capital - Lee Ainslie: Lost $36.1 million
2. Generation Investment Management - David Blood, Miguel Nogales, And Al Gore: Lost $14.1 million
3. Seneca Capital - Douglas Hirsch: Lost $7.4 million
4. D E Shaw - D. E. Shaw: Lost $3.3 million
5. Coatue Management - Philippe Laffont:$2.6 million
6. Levin Capital Strategies - John A. Levin:$1.4 million
7. Adage Capital Management - Phill Gross and Robert Atchinson: Lost $1.1 million
8. Zweig Dimenna Partners - Joe Dimenna: Lost $487,000
9. Citadel Investment Group - Ken Griffin: Lost $479,000
10. Highside Capital Management - Lee Hobson: Lost $403,000
DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in FSLR since the end of June. We did not take into account their option positions.