First Solar to join the S&P 500 Index - Blogging Stocks

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First Solar to join the S&P 500 Index
Oct 02, 2009 03:30 PM UTC

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Symbol	Sentiment	Start	Return	Closed
FSLR	n/a
WYE	n/a
PFE	n/a
SPX	n/a

Via BloggingStocks:

Filed under: Pfizer (PFE), Indices, S and P 500

Late Thursday, Standard & Poor's announced a few changes to its U.S. indices. The reason for the changes are that Wyeth (NYSE: WYE) is being acquired by Pfizer (NYSE: PFE), leaving an opening in both the S&P 100 and S&P 500 (SPX). I want to focus on the stock that will replace WYE in the SPX, First Solar (NASDAQ: FSLR). In after-hours trading, FSLR jumped more than 6% in response to the announcement.

FSLR manufactures solar modules and is a major benefactor of what I like to call the "green rush" that took place during the past two years. FSLR capitalized nicely on the global environmental consciousness revolution last year, ascending as high as the $310 region. Yes, the stock has backed off quite a bit due to the economic crisis, but it could enjoy a bit of a recovery provided it can parlay this latest news into a breach of some overhead resistance.

Continue reading First Solar to join the S&P 500 Index

First Solar to join the S&P 500 Index originally appeared on BloggingStocks on Fri, 02 Oct 2009 10:30:00 EST. Please see our terms for use of feeds.

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