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MEMC Electronics Slashes Q4 Revenue Outlook Again By 20%
It was a very good day for solar stocks, particularly for First Solar (FSLR) which surged above its 50 day moving average for the first time in 4 months and continues to look like it put in a bottom down there around 100. I said on October 31st, that if you can get it anywhere close to 100, it’s one heck of a buy.. now I think if you can get it close to 125 it’s still a good long term play on solar.
The news out of MEMC Electronics (WFR) after the bell may put a damper on things though. The company is slashing its Q4 revenue outlook again by about 20% from $500 million to $400 – 425 million. Just one month ago the company cut its Q4 outlook from $540 – 600 million to $475 – $525. Interim CEO Marshall Turner attributed the revised outlook to a “continued deterioration in end demand for semiconductor products.” He added that the solar market has been hurt by a lack of credit and customer purchasing ability and was uncertain whether some its booked orders would be pulled.
Yikes, that’s quite a revenue haircut from just 30 days ago. The stock if off nearly 9% in after hours trading.
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