First Solar (FSLR) Shining as OPEC Plans Another Production Cut

Shares of First Solar (Nasdaq: FSLR) are trading substantially higher today despite no company-specific news. The stock is currently up 11.75% to $141.28. Notably, First Solar's stock price is up more than 66% since November 20, when the stock hit a new 52-week low at $85.28.

The stock -- and the entire solar sector -- may be seeing upside today on the back of comments out of OPEC that it will cut daily oil production by an unprecedented 2.2 million barrels a day. With crude plummeting from all-time highs over the last few months, OPEC is beginning to look desperately for ways to control the price of a barrel of crude oil. Today's announced cut will be the largest reduction in production in OPEC's history.

Despite the clearly bullish news, crude oil is down nearly 4% today, once again approaching the $40 level.

Labels: First Solar, FSLR

posted by Ertai at 5:29 PM