First Solar edges higher after beating sales expectations, falling short on earnings

Solar panel seller First Solar rose slightly in after-hours trading after posting a mixed earnings report.

First Solar reported earnings per share of $3.65, under the $4.63 analysts polled by FactSet were expecting. Net income for the quarter was $393 million, under the $509 million the Street had forecast.

But even with the profit miss, its $1.5 billion of sales topped the $1.4 billion analysts were calling for. The top line was driven by an uptick in sales of solar panels to third parties. The company has increasingly pivoted to those kinds of sales versus complete solar power systems.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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