Four names leading the markets this month are surprising for some. JC Penny, Pitney Bowes, Xerox, and First Solar are all up impressively in the first three weeks of November. Three of those are (JC Penney, Pitney Bowes, and First Solar) are among the most shorted names in the S&P 500.
With one of these names – First Solar – are more sunny days ahead?
First Solar is up 12% since the start of November and up 93.4% since January began. That's great until you realize that it's down 53% over the past three years and is only now catching up to where it was in 2011.
What's causing the run-up now? CNBC contributor Andrew Busch, editor and publisher of The Busch Update thinks it's headed down in the short-term.
"As far as First Solar is concerned, the thing has been momentum-driven," says Busch on CNBC's Street Signs' Talking Numbers segment. "If you take a look at the chart, this thing is crazy up and crazy down."
CNBC contributor Zachary Karabell, Head of Global Strategy for Envestnet and founder of River Twice Research, says First Solar occupies a unique position in the industry.
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"The idea that the solar industry was all some sort of stimulus act of 2009 creation that was going to lead to the Solyndras of the world – that clearly isn't true," says Karabell. "It's a viable, real industry providing energy solutions throughout the world. On the other side, the idea that it was going to replace fossil fuels and become the brave new world of solar arrays in everybody's very, very large backyard is also not true. First Solar is this kind of mid-ground."
To see more of Busch and Karabell analyze First Solar, watch the video above.
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