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First Solar Longs Burned After Q3 Report

First Solar, Inc. FSLR 18.38% shares are trading lower by $7.50 918 percent) at $33.08 in Thursday's session. Despite a Q3 EPS beat of $0.48, the Street is focusing on its revenue shortfall of $503 million.

The company reaffirmed its FY 2016 EPS outlook, but cut sales guidance. The poor outlook prompted three different firms to downgrade the issue.

After a much lower open, it could only manage a dime bounce to $38.60 before sellers flooded the issue.

In pretty much straight down fashion, the issue cascaded to $32.90 and is not far off the level. Its former low for the year was at $33.74.

This marks the lowest level for the issue since April 9, 2013, when it bottomed that day at $26.76, but rallied to end that session at $39.35.

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