First Solar Sinks on Insider Sales and Concerns Over Potential EU Ban
June 2, 2008
Source: StreetInsider.com
http://www.streetinsider.com/Insiders+Blog/3705929.html
First Solar (Nasdaq: FSLR) stock is down about 6%, or about $15, to $252.23 today. Traders are selling the popular stock today amid a Bloomberg report detailing insider selling and possible concerns in the company’s largest market, Europe. Michael Ahearn, First Solar’s CEO and second-largest shareholder, has cut his holdings in half since its IPO at the end of 2006: from about 6.1 million shares to 3.07 million shares as of May 16. The CEO’s remaining stake still represents about 3.85% of outstanding shares. Investors view insider trades as a great way to gauge managements conviction in itself; an executive buying usually signals great confidence in his or her company, while a sell can often be viewed as a time to take profits.
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