First Solar Is Today's Momo Plunge Du Jour: Stock Tumbles Following CEO Departure
Yesterday, to modest jeers, we advised readers that JPM had turned megabearish on that other momo darling, First Solar, cutting its target price to $50. It appears JPM was on to something. As of minutes ago, FSLR announced that "The Board of Directors of First Solar, Inc. (NASDAQ:FSLR - News) today asked its Chairman and company founder, Mike Ahearn, to serve as interim Chief Executive Officer. Ahearn has accepted. Effective immediately, Rob Gillette is no longer serving as Chief Executive Officer, and the Board of Directors thanks him for his service to the company. The Board of Directors has formed a search committee and is initiating a search for a permanent Chief Executive Officer." Time to hitting JPM's stock price target ? One day. At last check FSLR was trading 15% down at under $50. To anyone who shorted, congratulations. What is more interesting is that momo after momo darling are getting systematically monkeyhammered. Can Chipotle and Amazon really be that far behind?
And the one person we wouldn't want to be today is the Maverick analyst who decided to go from 0 to 2.5 million shares in the name in Q2.