First Solar reported a 57% hike in earnings. With a net income of $69.7 million, up from $44. 4 million for second-quarter 2007. That translates to 87 cents per share for the past quarter compared with 61 cents a year ago. The revenue number beat estimates, which were set at about $216 million for revenue for the quarter, and earnings projections of about 58 cents per share. First Solar also raised its forecast for solar module output to between 470 and 485 megawatts, Meyerhoff said on a conference call with analysts. The company in April had forecast output of 420 MW to 460 MW.
Attached is chart with reistance and support lines. The spillover effect to other solars will also happen. Be careful in chasing early strength. The commodities got an early boost with a huge swing in oil. I covered my short in JRCC and flipped to the long side. We need to see the second-day run in commodities.
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