First Solar Inc. (NASDAQ: FSLR) is leading shares lower this morning. The company has taken at least two severe analyst downgrades this morning. That is on the heels of a poor sales figure and guidance that does nothing to excite the world of alternative energy investors.

The big issue is not just the drop in shares of First Solar. The larger issue is the fallout from the report. Many solar stocks have rebounded massively, to the tune of 50% or much more, since President Obama was reelected, and the sector hope is that free money or cheap money will keep making it into the alternative energy sector.

Here is the solar sector fallout we are seeing elsewhere this morning:

SolarCity Corp. (NASDAQ: SCTY) had been one of the top recent IPOs and is up over 40% year to date. Yet it is down 2.5% at $16.97 so far today.

GT Advanced Technologies Inc. (NASDAQ: GTAT) is down 2.9% at $3.00.

Trina Solar Ltd. (NYSE: TSL) already fell on its own poor report yesterday, and shares are down another 4% at $4.07 so far.

SunPower Corp. (NASDAQ: SPWR) shares had more than doubled since January 2, but its shares are down 6% at $10.95.

LDK Solar Co. Ltd. (NYSE: LDK) was up about 24%, and shares are indicated down at $1.74 or so, after a $1.78 close.

Yingli Green Energy Holdings Co. Ltd. (NYSE: YGE) was up more than 20%, but shares are down about 1.5% at $2.65.

Suntech Power Holdings Co. Ltd. (NYSE: STP) had not kept pace, and it is indicated down around $1.40, after a $1.44 close.

Canadian Solar Inc. (NASDAQ: CSIQ) is down more than 3% at $3.95 so far this morning.

Even the Guggenheim Solar ETF (NYSEMKT: TAN) is indicated lower, at under $18.00, after closing at $18.46 yesterday.

The real loser is of course the cause of the losses in the solar sector in the first place: First Solar Inc. (NASDAQ: FSLR). Its shares are down 14.7% at $26.76.

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