MEMC Electronics (WFR) CEO Nabeel Gareeb has informed the board of directors that he will resign and the company has appointed Board member Marshall Turner to serve as interim CEO effective Nov 12th. Mr. Gareeb to aid in the transition to a new CEO.
Said Gareeb, “We have created a unique asset-efficient model and cost-efficient structure that has allowed MEMC to generate industry leading profitability and consistent cash flow generation over the years, in good … Read the rest
MEMC Electronics (WFR) is up about 5% in after hours trading following a decent earnings report in which the company posted better than expected revenue numbers and minus a one time charge related to Lehman bonds, posted earnings in line with estimates at .88/share.
The company did however guide lower for next quarter and sees revenue of 540 – 600 million, which is below the consensus of 608 million. It’s blaming the lowered guidance on … Read the rest
With all the concerns being voiced about the possible impact of the credit crisis on the solar power market, it’s nice to have some good news to report. The stock market as a whole rallied a little bit yesterday, but according to Eric Savitz of Barron’s Tech Trader Daily, solar stocks in particular were "dramatically outperforming" the market as a whole. Many of the major solar players saw their share prices rise with double-digit … Read the rest
According to StreetInsider.com, MEMC Electronics (WFR) has issued an update to its guidance following the delay of raw material deliveries from its suppliers due to the effects of Hurricane Ike.
Nabeel Gareeb, MEMC’s CEO, said, “.. some of our regional suppliers had startup difficulties primarily due to power availability, plant issues, and pipeline damage as a result of the Hurricane, preventing them from starting high volume delivery of some raw materials until yesterday. This … Read the rest
Jeff from The Option Addict came out with a note showing some short candidates in the Solar Energy space due to their technical weakness. Stocks include CSIQ, LDK, SOL, STP, TAN, WFR, and YGE.… Read the rest
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