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MEMC Electronics (WFR) Gets Downgrade, Lowers Sales Outlook
Not a good day for MEMC Electronics (WFR) today. It didn’t start out well with Collins Stewart downgrading the stock from Buy to Hold on falling polysilicon prices which resulted in reducing Q4 08 and 1H 09 projections to reflect the falling prices. The stock closed down today nearly 13% to a new multi year low.
For good measure the company is out after the bell downgrading itself, cutting Q4 sales guidance from $540 – 600 million to $475 – 525 which is taking another 3.5% off the stock price.
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