JA Solar Holdings (JASO: sentiment, chart, options) is down more than 5% at midday, despite a forecast-beating first-quarter earnings report. JASO raked in $22 million, or 14 cents per share, while revenue jumped to $160 million. Analysts were expecting a per-share profit of 11 cents on $148 million in revenue. Gross margin for the period edged up from 20.5% to 21%.

In other news driving the stock today, JASO said it plans to offer $300 million in convertible senior notes due 2013. The proceeds will be used to buy and construct equipment and facilities, among other corporate purposes.

Currently, JASO is trading on the south side of its 10-day and 20-day moving averages, which have pressured the shares lower since April 24. The stock has skidded up and down the charts throughout 2008, with the roller-coaster price action netting JASO a year-to-date gain of just over 1%.

In today's session, option traders have set their sights on the stock's at-the-money 22.50 contracts. The May 22.50 call has traded volume of 3,852 on open interest of 7,543, while the May 22.50 put has seen 2,038 contracts trade on open interest of 5,405.