MEMC Electronics Whiffs Earnings (WFR)
MEMC Electronics (WFR) continues to struggle and missed Wall St EPSestimates after the bell today, posting another quarter of red ink at-.02/share (minus one time cost associated with Sun Edisonacquisition)
Wall St expected a flat quarter and the whisper numberactually called for a small profit, so the stock is selling off a bitafter hours, but how it trades tomorrow will depend largely on theguidance which the company will give ahead of the bell tomorrow.
I still believe WFR is close to bottoming out and that thestock saw the lows in 2008 at $10/share. Despite the earnings miss,revenues continue to improve sequentially after bottoming out in thefirst quarter of 09 (last 4 qtrs – $214 mill, $283, $310, $357), butit’s probably going to take more time for this big, double bottom baseto play out. I’ll continue to watch it looking for a place to add along term position. I think that happens with a few weeks or couple ofmonths max.
Shares are currently down about 3% in after hours trading.
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