MEMC Electronics (WFR) has demonstrated strong fundamentals for a few years now. The company's 1Q earnings report was greeted by investors as a bit disappointing, owing to the fact that the company was supply constrained, and couldn't deliver as many wafers as some thought.
But recent datapoints in the industry point to signs that this situation is improving, and any missed shipments by the company in Q1 will be made up for in Q2. This could lead to upside to the current earnings estimates.
As for the stock, a look at the chart shows that it has been slowly improving since gapping down after reporting earnings. The stock held support in the mid-$50s, and is now bouncing higher again. Today, the stock broke back above its 50-day average, a bullish sign.
I believe the stock can continue to recover, and look for it to go on and make new highs before year-end.