First Solar Joins S&P 500: Solar Roundup

NEW YORK (TheStreet) -- Solar industry shares were following the broader indexes lower and getting pummeled on Friday, but there were still a few sector nuggets to digest.

After the market close on Thursday, the solar industry got a thumbs up from the Wall Street establishment, as thin-film module maker First Solar(FSLR Quote) was officially added to the S&P 500 Index. This marks the first addition of a pure-play renewable energy operation to the bellwether index.

During Friday morning trading, First Solar shares were losing $4.49, or 2.9%, at $148.27.

Thursday also brought follow-on offering news from Canadian Solar(CSIQ Quote). In a press release, the solar cell concern -- which makes modules and other solar products -- said its sale of 6 million shares was priced at $15.75 per share. Underwriters also have a 30-day option to purchase another 900,000 shares. Net proceeds will go toward funding general corporate purposes.

On Tuesday, Canadian Solar also offered up a bigger-than-forecast revenue estimate for the third-quarter, saying sales would come to $210 million to $215 million on higher shipments.

In late Friday morning trading, Canadian Solar shares were falling 46 cents, or 2.6%, at $15.84.

On Thursday, China-based PV giant Suntech Power(STP Quote) said it entered into a preliminary agreement with the Alternative Energy Development Board in Pakistan. According to a press release, the memorandum of understanding sets out a basic cooperation agreement to help the board implement solar programs to meet some renewable energy goals, though no financials were discussed in the statement.