Hedge Funds Lose Big on First Solar $FSLR After Robert Gillette Steps Down as CEO

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. Jim Chanos puppeteer 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.
blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 30 percentage points in 13 months Learn how!

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!