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Company Description
We are a global leader in the manufacture and sale of wafers and have been a pioneer in the design and development of wafer technologies over the past fifty years. With manufacturing and research and development facilities in the U.S., Europe and Asia Pacific, we enable high performance... More
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- | On the move
- Friday, October 12, 2012, 1:53 PM Solar polysilicon prices, long in freefall, are likely to stabilize after falling another 6% by mid-2013, according to a Bloomberg analyst poll. Top polysilicon suppliers have stopped adding capacity, if not cut output, though Barclays estimates the industry's annual capacity still stands at 40GW-45GW, well above expected 2012 demand of 31GW. LDK Solar (LDK), Suntech (STP), and MEMC (WFR) have been hit hard by industry oversupply - LDK has been trying to lower its cost profile by restructuring. 1 Comment [Tech]
- Thursday, October 11, 2012, 4:53 PM MEMC (WFR) +2.5% AH after adding 3 new board members, including Steven Tesoriere, co-founder of activist investor Atlai Capital. Atlai owns a sizable stake in MEMC, and has been demanding a board seat for months. The other additions (likely allied with Atlai) are Antonio Alvarez, COO of image sensor firm Aptina Imaging, and Jeffry Quinn, CEO of investment holding firm The Quinn Group. (PR) Comment! [Tech, On the Move]
- Wednesday, October 10, 2012, 2:55 PM Wells Fargo (WFC) says it will provide financing for an 11.3 MW solar project being developed by MEMC Electronic's (WFR -6.6%) Sun Edison unit in New Mexico, the sixth Sun Edison utility scale solar project funded by WFC in the past year. El Paso Electric (EE) agrees to purchase the power supplied by the project for the next 25 years. Comment! [Energy, Tech, Financials, On the Move]
- Monday, October 1, 2012, 9:52 AM MEMC (WFR +4%) opens higher after announcing it has closed on a $200M term loan, secured by nearly all of the company's assets. The loan carries a steep interest rate of LIBOR (minimum of 1.5%) + 9.25%, and features mandatory repayment provisions in the event of certain asset sales or new financing moves. MEMC had $1.8B in debt as of June 29, and has seen its cash flow situation deteriorate in tandem with its solar wafer sales. (S&P downgrade) Comment! [Tech, On the Move]
- Tuesday, September 25, 2012, 4:35 PM MEMC (WFR -4.7%) rises 2.8% AH, winning back some of the day's losses, after announcing it has terminated a 10--year solar wafer supply agreement with Germany's Conergy. The agreement, signed in '07, featured pre-set prices. Since then, wafer prices have crashed, something MEMC says "created challenges" for the Conergy deal. MEMC will receive a $21.2M payoff as part of the termination, and will take over Conergy's operations/maintenance contracts for solar power plants. Comment! [Tech, On the Move]
- Wednesday, September 5, 2012, 6:29 PM The Chinese government will make preliminary findings on an anti-dumping complaint levied by local solar firms against U.S. polysilicon makers such as MEMC (WFR) as soon as November, 8 months ahead of a deadline. The probe, which is backed by LDK Solar (LDK) and Suntech (STP), appears to be retailiation for anti-dumping tariffs placed by the U.S. on Chinese solar modules. Tariffs or not, polysilicon vendors aren't faring well on either side of the Pacific. Comment! [Tech]
- Wednesday, September 5, 2012, 9:28 AM MEMC (WFR) +3.4% after agreeing to pay Germany's Evonik Industries €70M ($88.2M) to resolve a dispute over the supply of trichlorosilane (TCS) to an Italian MEMC solar wafer plant that has been idled. As part of the agreement, MEMC will acquire an Evonik TCS facility at its Italian plant. The company expects to "recognize a material benefit to operating income" in Q3 from the deal. Comment! [Tech, On the Move]
- Friday, August 24, 2012, 11:31 AM The reported takeover of insolvent German solar player Q-Cells by South Korea's Hanwha Chemical could spark more mergers in the sector, 24/7's Jon Ogg writes: "The only way these companies can ultimately make it is to band together to fend off Chinese solar dumping and margin pressures as government subsidies are ending." Comment! [Tech, Energy]
- Wednesday, August 8, 2012, 11:08 AM Solar stocks outperform (TAN +1.4%) following MEMC's (WFR +18%) strong Q2 report. Revenue of $933.4M (+20% Y/Y and +78% Q/Q) blew past consensus by $184M, while non-GAAP EPS of $0.14 beat by $0.16. Also, MEMC is guiding for wafer revenue to grow 3%-8% Q/Q, which suggests a consensus for a 31% drop in total revenue will prove quite low. Between MEMC and First Solar, is there reason to think solar is finally bottoming? There's still a lot of bad news to go around. (PR) Comment! [Tech, Energy, Earnings, On the Move]
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Wednesday, August 8, 2012, 9:10 AM
Premarket gainers: WFR +31%. DF +28%. RAX +14%. LAMR +13%. CBB +12%. SODA +8%. CLWR +7%. KTOS +7%. ESRX +6%. HPQ +6%.
Losers: EZCH -21%. GIVN -16%. PCLN -15%. ATRS -9%. ASTM -9%. WCRX -8%. RL -7%. EXAS -5%. RENN -5%. Comment! [On the Move] - Wednesday, August 8, 2012, 9:03 AM MEMC Electronic (WFR) +31% premarket even as the maker of silicon wafers swung to a Q2 loss as its large semiconductor business posted a double-digit decline in sales, offsetting strength in its solar operations. But adjusted earnings and revenue easily beat expectations, and WFR foresees H2 revenues coming in stronger than H1. Comment! [Tech, Energy, On the Move]
- Tuesday, August 7, 2012, 12:10 AM Notable earnings after Tuesday’s close: ANV, AONE, ARRY, ATLS, BID, CODI, CREE, DIS, DPM, ENOC, ESRX, ETE, ETP, EXM, GPOR, JAZZ, JIVE, MIPS, PCLN, PRI, RAX, SAPE, STEC, VVUS, WFR, WR, XL, Z Comment! [Earnings]
- Monday, August 6, 2012, 5:35 PM Notable earnings after Tuesday’s close: ANV, AONE, ARRY, ATLS, BID, CODI, CREE, DIS, DPM, ENOC, ESRX, ETE, ETP, EXM, GPOR, JAZZ, JIVE, MIPS, PCLN, PRI, RAX, SAPE, STEC, VVUS, WFR, WR, XL, Z 1 Comment [Earnings]
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Friday, August 3, 2012, 9:15 AM
Premarket gainers: OPEN +19%. MELI +17%. SKUL +13%. LNKD +11%. ATPG +11%. VHC +10%. KOG +10%. KCG +10%. STEM +8%. SQNM +8%. DB +7%. ING +7%. WFR +7%. E +6%. SI +5%. MT +5%. ATAX +5%. BCS +5%.
Losers: ZIP -35%. HNT -24%. BODY -18%. MCP -15%. XIDE -13%. REE -8%. GLUU -7%. ONNN -7%. Comment! [On the Move] - Wednesday, August 1, 2012, 4:26 PM First Solar's Q2 beat and guidance hike is providing a lift to downtrodden peers. SPWR +3.4% AH. LDK +5.5%. YGE +4.9%. WFR +3.5%. JASO +5.6%. TSL +4.6%. STP +5% (previous). 1 Comment [Tech, Earnings, On the Move]
- Monday, July 9, 2012, 12:37 PM MEMC (WFR +3.3%) bounces a little after it's reported the recent sale of a Bulgarian solar project by the company's SunEdison subsidiary closed for $220M. That could help the company, whose solar wafer ops have been burning cash, pay down a bit of its $2.1B+ debt load. 1 Comment [Tech, On the Move]
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Ned Edward
I'm guessing SUNE has institutional holders that can't hold below $5, because it is hanging on like a dingleberry in a hurricane - View all 0 replies
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Ned Edward
chines33, thanks for the encouragement to hold the SUNE puts over the weekend. you're the man - View all 0 replies
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Ned Edward
thanks bowerz. I'll keep it on my radar. Right now I'm short SUNE and EWJ until more cash clears - View all 0 replies
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