The thin film bug caught on in a big way in 2007. Investors flocked to the sector despite the technology’s low relative conversion efficiency, driven by tight silicon supply, declining production costs, and the promise of covering the world in flexible PV. First Solar, which IPO’ed in November 2006 at $20 a share, was a big winner in the thin film rush. The company flew high all through 2007, hitting $280 a share on the day after Christmas 2007 on the back of a $34 million acquisition of Turner Renewables, more than $6 billion in contracts out to 2012, and a considerable first mover advantage on other thin film companies. Between it’s November 2006 IPO and the Christmas high, the stock had jumped 1300 percent, while the company’s revenue was up around 270 percent.

First Solar hit an intraday low of $150 yesterday tracking a bust cycle in oversold solar stocks.