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The $1 million bet that a solar stock hits new highs

Within the beaten-down space of solar stocks, one name has survived the past year's sell-off. And one trader is betting that the winning stock, First Solar, will reach a new high in less than two months.

On Wednesday, a trader bought 5,000 April 75-strike calls for $1.90 per share, betting $950,000 that First Solar's stock will rise above $76.90 by April expiration. The move would be a 12 percent spike from where the...