First Solar shares down 7% after guidance

Solar-power developer First Solar Inc. said Wednesday it sees full-year fiscal 2016 earnings between $4 a share and $4.50 a share on sales between $3.9 billion and $4.1 billion. The company expects to spend $300 million to $400 million, higher than in 2015, on investments in "further advancements in its cost and technology roadmap," it said in a statement. Analysts had expected First Solar to earn $4.09 a share for 2016 on sales of $4.07 billion. Shares of First Solar fell 7.2% late Wednesday after ending the regular session down 0.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.