Winners and Losers: First Solar

Updated from 3:40 p.m. EST

Shares of DineEquity(DIN Quote) jumped 13% after the restaurant operator on Wednesday reported strong results in the fourth quarter. DineEquity was recently trading at $6.67, up 77 cents.

The Glendale, Calif.-based operator of Applebee's and IHOP reported a loss of $136.9 million, or $8.15 per share. But excluding writedowns, the company made 34 cents a share while analysts had expected a loss of 6 cents.

SeaBright Insurance(SBX Quote) rose $1.25, or 15.4% to $9.35 after an upgrade from Friedman Billings to outperform from market perform. On Tuesday, SeaBright reported a lower quarterly profit, but revenue increased 5% to $267.3 million, compared with $254.4 million for the same period in 2007.

Shares of First Solar(FSLR Quote) dropped $30.03, or 21.8% to $107.65 after the company offered a weak outlook for 2009. The Tempe, Ariz.-based solar electric power module maker reported on Tuesday that its fourth-quarter profit had doubled, but it sees a drop in revenue of about $200 million in 2009.

Chicago Bridge & Iron (CBI Quote) shares fell $2.29, or 30.6% to $5.19 a day after it reported a lower-than-anticipated earnings outlook for 2009. Jefferies analyst Michael Dudas cut his price target to $9 from $13 and reduced his 2009 earnings-per-share estimate to $1.45 from $2.05. He also cut his 2010 earnings-per-share estimate to $1.70 from $2. The Netherlands-based engineering and construction giant reporting a 55% higher profit for the fourth quarter.

Saks(SKS Quote) was up 24 cents to $2.09 despite a fourth-quarter loss.

Company officials said during a conference call that Saks has sufficient liquidity to pull through 2009. The CEO also dispelled rumors, including talk of a possible bankruptcy.

The company is "very much focused on improving our operations, ensuring we are free cash-flow positive in 2009 and on positioning us for the future," said Steve Sadove, chief executive. "Bankruptcy would destroy shareholder value; our intent is to increase shareholder value."

The New York-based retailer, which operates Saks Fifth Avenue, said it lost $98.75 million, or 72 cents per share in the quarter ended Jan. 31. That compares with a profit of $39.47 million, or 26 cents per share, a year ago.