First Solar May Have Just Signaled It’s Overvalued (TheStreet)
Shares of First Solar, Inc. (NASDAQ:FSLR) were taken to the woodshed after investors learned of sales delays and a shelf offering of up to 9.98 million shares of stock. First Solar expects delays in some key sales closing dates. The result is a probable shift from the second quarter to the second half of 2013. In other words, investors should anticipate the next earnings report to be less attractive, and with any luck, either the third and or fourth quarter will increase by a corresponding amount. According to First Solar, Inc. (NASDAQ:FSLR), the annual report is expected to remain unchanged.
First Solar follows Elon Musk business model: Flush out shorts. Sell stock. Ka-ching! (MarketWatch)
Elon Musk seems to have pioneered a cool new business model. It goes something like this: Flush out short sellers with positive news. Watch stock price skyrocket. File to sell stock. Pocket the cash. The latest to pursue the opportunity is First Solar, Inc. (NASDAQ:FSLR) -3.35% , which said Tuesday evening it plans to sell 8.5 million shares in a secondary offering. The deal could raise roughly $432 million at the stock’s current price of $50.84. First Solar plans to use the money to develop new solar farms or expand into new geographies, among other possible uses. First Solar, Inc. (NASDAQ:FSLR) has been a favorite of short sellers in the wake of collapsing expectations in the solar industry. But it surprised investors in April with a improved sales and earnings guidance, putting the squeeze on.
Bidding opens on Kuwait first solar energy project (Middle-East-Online)
Kuwait invited bids on Wednesday to build a solar farm to produce 70 megawatts of electricity by 2016, the first phase of a plan to generate 2,000 megawatts from renewables in 2030, the project supervisor said. Thirty-seven consortia out of 107 prequalified to bid, said Salem al-Hajraf, head of energy research at the Kuwait Institute for Scientific Research. The second and third phases will produce 930 MW and 1,000 MW, respectively, when the project is completed in 2030, he said. Fifty megawatts will be produced from solar thermal sources and 10 each from photovoltaic and wind sources. The pioneer project will be built on a 100-square-kilometre (39-square-mile) area in Shagaya, a desert zone 100 km (62 miles) west of Kuwait City, near the borders with Iraq and Saudi Arabia.
N.M. Solar Plant Gets Go-ahead (HispanicBusiness)
New Mexico utility regulators have cleared the way for construction to begin this summer on New Mexico’s largest solar power plant, which will sell all its power to El Paso Electric. The New Mexico Public Regulatory Commission last week approved a 20-year power purchase agreement between First Solar, Inc. (NASDAQ:FSLR) of Phoenix and El Paso Electric for power from the 50-megawatt Macho Springs Solar Project near Deming. The plant will provide enough power for about 18,000 homes.
First Solar Rating Reiterated by Goldman Sachs (FSLR) (MideastTime)
First Solar, Inc. (NASDAQ:FSLR)’s stock had its “buy” rating reaffirmed by stock analysts at Goldman Sachs Group, Inc. (NYSE:GS) in a report issued on Wednesday, Analyst Ratings Network.com reports. Shares of First Solar, Inc. (NASDAQ:FSLR) opened at 52.29 on Wednesday. First Solar has a one year low of $11.43 and a one year high of $41.00. The stock’s 50-day moving average is currently $30.43. The company has a market cap of $4.591 billion and a P/E ratio of 11.10. First Solar, Inc. (NASDAQ:FSLR) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.69 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.75 by $0.06.