(First Solar, Jim Chanos story updated for analyst comment, solar stock earnings outlook)NEW YORK ( TheStreet) -- Shares of First Solar ( FSLR) are continuing a downward trajectory that began at the end of March, with the latest negative catalysts the departure of First Solar president of operations Bruce Sohn, announced by the company after the market close on Wednesday, and followed on Thursday morning by negative comments about First Solar and the solar industry from one of the market's most famous short seller, Jim Chanos. First Solar shares are down from as high as $161 on March 31 to a close of $140.90 on Thursday. First Solar's Thursday loss was as large as 4% in the morning, before narrowing to 2.6%. As TheStreet noted recently, it was the recent highs in First Solar shares -- not just the $161 more recent peak from which it is falling, but a share price above $170 -- that were the exception to the recent trading pattern for First Solar. The solar stock's 200-day moving average is $144 and for over a year-and-a-half First Solar shares had ranged between $100 and $150. The combination of a big bull call on First Solar by Goldman Sachs and spiking oil prices driving up alternative energy stocks led to a First Solar break out, which received further support from the Japanese nuclear crisis.
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