MEMC Electronic (WFR) is having a rough morning. The stock is down around 20% and now more than 50% off its Dec 2007 high after reporting disappointing earnings results. The company reported EPS of .92/share which missed estimates of 1.00 and also missed on revenues by reporting 531 million (analysts expected 558). The CEO tried to put a positive spin on it:
“MEMC grew sales by 6% sequentially, expanded gross and operating margins by 150 … Read the rest
According to StreetInsider.com, Caris & Co have initiated coverage of a few solar names:
* Initiated coverage of First Solar (FSLR) with a buy and $350 price target
* Initiated coverage of MEMC Electronic (WFR) with Above Avg and $100 target
* Initiated coverage of SunPower (SPWR) with an Above Average and price target of $80
* Initiated coverage of Evergreen Solar (ESLR) with Above Average and price target of $11… Read the rest
MEMC Electronic (WFR) announced a $3 billion supply deal with Tawain’s Tainergy Tech over a 10 year period and has the right to buy 10% of Tainergy. Tempering the good news a bit was the reduction of a deal with Conergy which has been cut from a 10 year $7-8 billion deal to about $4 billion. All in all, a wash today for MEMC Electronic… Read the rest