First Solar (NASDAQ:FSLR) was one of the corporate shipwrecks of a cull of stocks on Monday from Wall Street’s flagship index the S&P 500 in a slap to the ambitions of renewable energy crusaders.
On Friday, the designer and manufacturer of solar modules was one of three stocks to fall out of the ticker, along with retailer Urban Outfitters Inc. (NASDAQ:URBN) and Frontier Communications Corp. (NASDAQ:FTR).
The cull occurred after the manager of the index S&P Dow Jones raised its market cap guidelines for the index late Friday.
The moves come as S&P raised its guidelines for the index to include companies with market capitalisations of more than $6.1bn from a previous $5.3bn.
Story by ProactiveInvestors