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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of First Solar (Nasdaq: FSLR ) surged more than 12% in early trading today on heavy volume after MidAmerican Energy announced plans to acquire the company's Topaz solar farm in California.
So what: We don't know how much MidAmerican was willing to pay for the $2 billion Topaz project. The bet is nevertheless interesting because of who's making it. MidAmerican is a subsidiary of Warren Buffett's Berkshire Hathaway (NYSE: BRK-A ) (NYSE: BRK-B ) .
Now what: Though First Solar is arguably better positioned than many peers, a handful of solar stocks rallied as the news spread. Canadian Solar (Nasdaq: CSIQ ) and Suntech Power (NYSE: STP ) both rose more than 5% on a down day for the market. Yet this rally will be short-lived without similar bets made by more mainline energy suppliers. Do you agree? Would you buy shares of First Solar or any of its peers at current prices? Please weigh in using the comments box below.
Interested in more information about First Solar? Add it to your watchlist by clicking here.
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