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Why SunEdison, Rent-A-Center, and Scientific Games Jumped Today

http://www.fool.com/investing/general/2014/04/22/why-sunedison-rent-a-center-and-scientific-games-j.aspx

Dan Caplinger
April 22, 2014

Tuesday brought a continuation to the positive trend on Wall Street, with major-market benchmarks again climbing just less than half a percent as key earnings releases from a number of popular companies stocked bullish sentiment among investors. But many stocks managed to find much stronger positive momentum than the overall market did, and SunEdison (NYSE: SUNE), Rent-A-Center (NASDAQ: RCII), and Scientific Games (NASDAQ: SGMS) all found themselves among the best performers in the market today.

Source: James Corner Field Operations.

SunEdison gained almost 12% as hedge fund Greenlight Capital disclosed that it had taken a position in the solar-module maker. In a letter to investors, Greenlight and manager David Einhorn said that it had bought into the solar developer, paying $15.55 per share -- or about 22% less than the current price. Greenlight believes that SunEdison could be worth as much as $35 per share based on its analysis of the company, and that gave investors new reason to buy the shares after their recent drop. Solar stocks will remain volatile, but with the backing of a well-known hedge-fund manager, SunEdison's pop should last for at least the short term.