MEMC Electronic Materials Catches a Cramer Lift

Shares of MEMC Electronic Materials

turned higher right out of the gate Thursday morning, surging roughly 4% with the sound of the opening bell. For the catalyst behind this bullish gap, we need look no further than peripatetic CNBC analyst Jim Cramer. On Wednesday, the Mad Money host cited MEMC as his top pick within the solar sector. To back up his bullish opinion, Cramer cited three key factors: the recent $380 million sale of subsidiary SunEdison's Italian property, lowball earnings estimates from analysts, and heavy insider buying by company execs in recent months. With nearly 10% of MEMC's float sold short, it's likely that some of the weaker bearish hands are hitting the exits.

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