ENER Comes Into Its Own

ECD also has a wildcard up its sleeve in the form of a 39.5% stake in memory company Ovonyx. Ovonyx has pioneered phase-change memory (also commonly referred to as PCM or PRAM), a potential replacement for other forms of memory including flash. With companies like Samsung, Intel (INTC Quote - Cramer on INTC - Stock Picks), Qimonda (QI Quote - Cramer on QI - Stock Picks) and Hynix all exploring PRAM as a way to generate growth in the tough memory business, ECD's stake in Ovonyx represents a potentially highly valuable call option on the success of PRAM.

Should PRAM ever take off in a big way, Ovonyx could be on the receiving end of significant royalty payments. For now, the PRAM news we hear is mostly confined to the development of prototypes, but anyone interested in memory stocks should be following the technology's progress.

So while First Solar remains at the top of the heap among the investing masses, ECD is just coming into its own, and I believe the stock is worth betting on from here.

P.S. I'd still stay away from Garmin (GRMN Quote - Cramer on GRMN - Stock Picks), a stock I featured in an April 11 RealMoney.com column. The stock gets interesting in the $35 to $38 range, but there wasn't anything in this morning's earnings report that makes it a knife worth trying to catch.

(Editor's note: TheBreakout Stocks model portfolio includes Energy Conversion Devices.)

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