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Even though the Dow Jones Industrial Average has enjoyed a 1,000 point gain so far in 2012, there are still some stocks and sectors that have failed to join the rally. Even though many of these names have failed to rally for specific reasons and may be constituted as being more risky in nature, these shares can also represent big paydays to those willing to take the risk.

Below are three names that can provide solid returns due to their highly volatile trading patterns.

  1. United States Steel (NYSE:X): Buoyed in 2007 and the first half of 2008 by increased demand and rising prices, US Steel highlighted the definition of the term "overbought" upon hitting $196 in June of 2008. After succumbing to a 90% correction in share price by March of 2009, the shares have remained bogged down over the last year as a result of a series of poor quarterly earnings reports. However, expected to report profits for all four quarters in 2012, the first year without a loss since 2008, the shares may finally find themselves with reasons to go higher. Also, AK Steel's (NYSE:AKS) recent announcement of price hikes may further signal improving conditions for the sector.
  2. First Solar (NASDAQ:FSLR): With earnings experiencing gradual declines over the past couple years and a business model that has been called into question via a well acknowledged lack of demand, the company's future is undoubtedly in question. However, with the stock off 91% from 2008 levels and near all-time lows, the arguably oversold conditions could prompt a temporary rebound in shares. Especially when considering the last time the shares dipped under $30 in December, they rallied 40% over the next two months.
  3. OpenTable (NASDAQ:OPEN): With a PE ratio still at 45 despite a 74% contraction in share price from the 52-week high, the arguments for a further fall in price would be understandable. However, with earnings growing at a 51% clip in 2011 and 21% growth anticipated in 2012, risk maybe back on the table for the rest of the year. This would be particularly true if the company continues to post solid earnings numbers as the company has yet to miss in its 12 quarterly reports as a public company.
Source: 3 High Risk, High Reward Plays