I’m starting to get real interested in shares of MEMC Electronic Materials (WFR) down here and today’s announcement that the company will reinstate their repurchase program may just get me into a small position soon.  The program was suspended in April 2009, but has been reinstated.  Up to $550 million in repurchase capacity remains and the company may purchase common stock on the open market or through privately negotiated transaction.  The program may be modified or terminated at any time.

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CFO Tim Oliver commented: “The company routinely reviews opportunities and priorities for the redeployment of cash and currently believes that investments in operations that catalyze future period growth offer the optimal return. That said, the share repurchase program reauthorization provides an alternative for cash redeployment should investment priorities change.”

Shares of WFR were up over 6% at one point on the news, but closed up about 2% on the day.  As I mentioned above, shares of WFR down here are compelling with big long term support around the $10 level.  I may start scaling into a position tomorrow.