First Solar posted third quarter results of $99.3 million in net income or $1.20 per share beating analysts' expectations of $1.01 per share. First Solar will discuss the results and future earnings at its conference call at 4:30 eastern.

First Solar announces a five-year deal to supply 100 megawatts of thin-film solar modules to SolarCity. First Solar also bought a minority stake in the company valued at $25 million. SolarCity is a privately held company who installs clean-power systems across California, Arizona, and Oregon.

Goldman Sachs downgraded First Solar before market open today. Goldman Sachs lowered its rating of the stock to sell from buy. Over the last year the stock has traded between $124.67 and as high as $317.00.

Kenneth M. Schultz, an executive vice president for First Solar, exercised options for 16,000 shares of common stock under, and then sold them all between Tuesday and Thursday between $211.46 and $215.71 each. The transaction was filed on a form 4 under a prearranged 10b5-1 that allows insiders to sell shares in advance even if they come into insider knowledge.

First Solar is up 68% since June 1st as the renewable energy bull market continues.