First Solar Hits 4-Year Low, Cuts '11 Guidance, Cuts 2012 Earnings (VIDEO)

http://www.StockMarketFunding.com First Solar Hits 4-Year Low, Cuts '11 Guidance, Cuts 2012 Earnings (VIDEO). Shares of First Solar Inc. (FSLR) are being pummeled this morning, with the stock down nearly 13% in electronic trading. Investors are reacting to yet another cut to fiscal 2011 earnings projections, a weak outlook for fiscal 2012, and a reorganization that includes the departure of Chief Accounting Officer James Zhu. Fundamentally, First Solar now expects 2011 earnings of $5.75 to $6 per share on sales of $2.8 billion to $2.9 billion, down from prior guidance for earnings of $6.50 to $7.50 per share and revenue of $3 billion to $3.3 billion. In addition, First Solar said it would write down a charge of 85 cents per share in the current quarter related to equipment and severance. For fiscal 2012, the company projected earnings of $3.75 to $4.25 per share on sales of $3.7 billion to $4 billion. Analysts were expecting sales of $7.42 and $4.09 billion. The analyst community wasn't overly optimistic toward First Solar prior to this morning's announcement. According to Thomson/First Call, FSLR has attracted 18 Buys, 19 Holds, and six Sell ratings, a configuration that leaves plenty of room for potential downgrades. What's more, there is also the possibility of price-target cuts, as Wall Street's average 12-month target of $56 represents a whopping premium of about 51% to FSLR's pre-market perch near $37.