Solar stocks slide on First Solar rebate plan

Shares of First Solar Inc slid 10 percent, dragging down the rest of the solar sector, a day after the industry bellwether posted a quarterly profit that pummeled Wall Street estimates but said it would resort to rebates to defend its market position in Germany.

The stock fell to $156.03 in early-afternoon trading on the Nasdaq. Shares of rival Sunpower Corp traded down about 4 percent at $32.00, while Evergreen Solar Inc fell about 13 percent to $2.07.

Credit Suisse analyst Satya Kumar downgraded First Solar to "neutral" from "outperform," saying the current quarter would "be the last good quarter for a while...we expect the stock to look ahead of this peaking earnings momentum and pull back to lower levels."

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- Posted: 2009-07-31 12:32:21

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