Shares of MEMC Technology (NYSE:WFR) are trading 10% higher along with First Solar (NASDAQ:FSLR) on news the latter would dramatically restructure itself.First Solar, which manufactures polysilicon wafers, has outperformed its sector by 1% year-to-date.First Solar said it would cut 2,000 jobs or 30% of its workforce and close a plant in Frankfurt. The company added that it would indefinitely idle four production-lines in Kulim, Malaysia.First Solar said it is projecting savings of $100 million – $120 million a year, but will take charges of $245 million – $370 million.First Solar will also pay down $145 million of debt.