Why First Solar Stock Dropped 10% This Morning

It's Thursday, and the Nasdaq is tumbling again, down 1.6% at 10:30 a.m. EDT. Leading the way down is solar stock First Solar (NASDAQ: FSLR). Shares of the solar panel maker fell 10.6% in early trading in response to an announcement on Wednesday night that a corporate insider is selling off 8.6 million shares at a below-market price: $69, or nearly $2 below yesterday's closing price.

Image source: Getty Images.

First Solar announced the secondary offering of stock after the close of trading on Wednesday. The 8.6 million shares, or approximately 8.2% of all shares outstanding, will be sold by billionaire Walmart heir Lukas T. Walton. First Solar only clarified the $69 sale price early Thursday morning.  

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Source Fool.com