First Solar Jumps on Closed Short Position

First Solar Inc.(NASDAQ:FSLR) has emerged as one of the S&P 500’s biggest gainers on Wednesday. The stock jumped 5.3 percent to $42.08. The rise came after CNBC reported David Einhorn’s hedge fund Greenlight Capital closed its short position in the company during the fourth quarter.

Einhorn also reportedly said he closed a second short position in Diamond Foods Inc.(NASDAQ:DMND) while purchasing a long one in Dell Inc. (NASDAQ:DELL).

With Einhorn’s short positions, he believed First Solar’s price would drop. His bet turned out to be a winner. On Feb. 17, 2011 the company traded at $170.80. By Dec. 19, it had reached a multi-year low of $30.50.

Here’s how these stocks are trading now:

First Solar, Inc. (NASDAQ:FSLR): FSLR shares recently traded at $42.94, up $2.94, or 7.35%. They have traded in a 52-week range of $29.87 to $175.45. Volume today was 3,868,204 shares versus a 3-month average volume of 4,477,680 shares. The company’s trailing P/E is 7.05, while trailing earnings are $6.09 per share.

Diamond Foods, Inc. (NASDAQ:DMND): DMND shares recently traded at $31.71, up $1.71, or 5.7%. They have traded in a 52-week range of $26.11 to $96.13. Volume today was 2,211,673 shares versus a 3-month average volume of 2,597,950 shares. The company’s trailing P/E is 14.28, while trailing earnings are $2.22 per share.

Dell Inc. (NASDAQ:DELL): DELL shares recently traded at $16.38, up $0.3, or 1.87%. They have traded in a 52-week range of $12.99 to $17.60. Volume today was 16,534,537 shares versus a 3-month average volume of 19,963,200 shares. The company’s trailing P/E is 8.43, while trailing earnings are $1.94 per share.