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TheStreet.com posted a good article last night highlighting a few reasons why First Solar (FSLR) sold off despite beating estimates, including:

1. One reason I mentioned as well in my report: Not raising guidance for 2011, just keeping it flat. However, this isn’t the reason the stock was down nearly 10% after hours last night.

2. CNBC. The network again rolled out FSLR short seller Jim Chanos after the report, where he reiterated his fairly dramatic bearish outlook, calling for shares to hit the mid double digits. Maria Bartiromo didn’t help matters by referring to earnings as “weaker” than expected, which obviously wasn’t true. Hmm …

3. Accounts receivable/inventory higher with cash balance declining.

4. Operating cash flow negative for first time since 2006.

5. Loan guarantee for Agua Caliente project could be pushed back.

6. Solar panel efficiency improved only 0.1%.

7. Declining return on net assets.

8. Reuters reported last night that the latest draft of Italian solar policy would be incrementally negative for FSLR.

Okay, so a bit of nit-picking, some rumor, a biased opinion on CNBC and a few valid concerns. What’s your take? Is the continued selling justifed?

Source: Some Explanations for Selling First Solar