June Puts on FSLR
Yesterday after the closing bell, First Solar announced their 2nd Quarter
results. The company’s earnings met analyst expectations but revenue during the quarter failed to meet expectations. Earnings were up 55% from last year. You can look at the following URL for more information:
http://www.forbes.com/feeds/ap/2009/10/29/business-industrials-us-first-solar-mo\
ver_7063545.html. The market reacted by sending the price of First Solar stock from over 150 dollars a share to under 130 dollars per share.
I like the company and I listened to the conference call (via the internet) that the company held about their earnings. While I do not feel that First Solar had a great quarter, I do feel that they had an ok quarter.
Given the price decline in the stock, put prices were up. I sold the June put on First Solar with a strike of 80 for $5.10 per share. These puts were sold naked to open my position. Should I be assigned on these puts, I would be happy to hold First Solar for a long time. The number of puts that I sold at 80 is three times the number of puts that I sold at 170.
The symbol for First Solar is FSLR and the symbol for the puts I sold is +QHBRP.
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