Afternoon Movers: First Solar, Joy, LinkedIn
This afternoon, the S&P 500 Index was approximately flat for the day after trading lower this morning.
These three stocks were trading significantly lower today:
First Solar (NASDAQ: FSLR): Shares of this solar technology producer traded more than 6% lower today. Greentech Media posted an article yesterday that raised concerns about First Solar's Antelope Valley Solar Ranch One (AVSR1) project. The article discussed how FSLR has sent home around half of the project's workforce. The site is facing regulatory issues with LA County, creating additional concerns about a company that had already been experiencing massive losses.
Over the past 12 months, shares of First Solar have declined almost 90%. Other solar companies, such as SunPower Corporation (NASDAQ: SPWR) and Suntech Power Holdings (NYSE: STP), have also declined drastically over this same time frame.
Joy Global (NYSE: JOY): This mining equipment manufacturer has seen a share price decline of around 4.9% today. The company released quarterly earnings per share and revenues this morning that both exceeded analyst expectations. However, the company reduced guidance and expressed concern of moderating order rates.
LinkedIn (NYSE: LNKD): Shares of this professional networking site are trading around 1.5% lower this afternoon after recovering from deeper losses. Investors might be generally worried that the company may not grow quickly enough to justify its relatively high forward price-to-earnings ratio near 82.5.
LinkedIn's CEO spoke yesterday at the All Things Digital Conference about the future of the company, saying that LinkedIn wants to transform the way companies market, hire and sell. He also said LinkedIn will aim to acquire companies in the future that fit with LinkedIn's strategy and allow LinkedIn to pick up "amazing talent."
Disclosure: At the time of this writing, I did not own shares of any companies mentioned in this post.
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