The S&P 500 (NYSE:SPY) is down today by 1.18% and stands at 1,161. Here are three of the biggest laggards in the index.
First Solar (NASDAQ:FSLR): Cantor Fitzgerald has moved First Solar into its “Sell” category, because oversupply is hurting sales and pricing power. The entire industry was been hit today as well, as competitor Renewable Energy stated that it would close its Norwegian production plants due to competition that is beating them at cost. Cantor Fitzgerald did state that First Solar has an upside long-term when reductions in government subsidies take hold, thereby eliminating some competitors and accentuating their cost advantages. First Solar is down 10.14% today.
Alpha Natural Resources (NYSE:ANR): The decline in the cost of metallurgical coal is hitting traditional coal producers like ANR hard. Alpha Natural Resources is down 10.77% today.
Cliffs Natural Resources (NYSE:CLF): Doug Kass pointed out that unless the price of copper can recover to 3.50, the impending global slowdown will bring stocks like Cliffs Natural Resources significantly lower. CLF is down 8.31% today.
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