Market News: First Solar, Sprint Nextel, and Goldman Sachs (NYSE:S),(NASDAQ:FSLR),(NYSE:GS)

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First Solar (NASDAQ:FSLR) announced in the pre-market on Wednesday morning that it is making another acquisition to drive its utility-scale solar business. First Solar is acquiring 1.1 gigawatts in a southwestern U.S. project pipeline from NextLight Renewable Power for $285 million in cash. It's probably not a coincidence that First Solar announced the latest acquisition on Wednesday morning. The U.S. solar bellwether is releasing its first quarter earnings after the market close on Wednesday, and more and more focus from the Street has been on how First Solar is transitioning to the largest-scale, utility project-oriented solar space.  – More at TheStreet

Sprint Nextel Corp. on Wednesday reported a wider first-quarter earnings loss, but the nation's No. 3 mobile-phone carrier lost just 75,000 net customers, its smallest drop in nearly three years. The decline in cancellations during the first three months of 2010 indicates the company's turnaround effort is showing progress, but a key part of its business experienced further weakness. Sprint lost 578,000 postpaid subscribers, mostly in its Nextel division.  Overland Park, Kan.-based Sprint has bled millions of contractual customers over the past few years, mainly to larger Verizon Wireless.  – More at MarketWatch

Goldman Sachs Group Inc. executives endured more than 10 hours of congressional grilling in one of the most public, and most hostile, political lashings in the firm’s 141-year history. By day’s end, the investment bank’s market value had risen by $549 million. Senator Carl Levin and members of his Permanent Subcommittee on Investigations said evidence they presented made the case for Congress to pass legislation tightening financial regulation. Goldman Sachs, the world’s most profitable securities firm, was alone among 79 stocks of the Standard & Poor’s 500 Financial Index in posting a gain yesterday. “Both sides got what they wanted,” said Robert Hillman, a securities law professor at the University of California, Davis. “The Senate probably did what it felt it had to do, which was bring Goldman people up and embarrass them. For Goldman, the goal was to demonstrate that they had not engaged in fraud or illegal conduct. They probably succeeded in that.”  - More at Bloomberg

 

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