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MEMC Electronic Materials Inc.

5/24/2013, 10:46 PM ET

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Monday, May 20, 3:11 PM The Russell 2000 (IWM) cracked 1,000 for the first time this morning, but the small cap sector is far from over-loved by the fund managers who invest in it, according to Credit Suisse's Lori Calvasina - they ended Q1 with cash holdings at a near 10-year high. Indexing (IJR, IWO, IWN XSLV are some others) beats most active management, but Calvasina screened for stocks owned by fewer than 50 small-cap funds with $500M-$1.5B market cap, and with favorable investment ratings. No surprise the answer is heavy on mREITs - MTGE, AMTG, PMT. Also coming up: OMX and WFR. Comment!
Wednesday, May 15, 9:17 AM SunPower (SPWR) +7.5% after providing strong guidance ahead of today's analyst day, which starts at 10AM ET (webcast). SunPower expects Q2 revenue of $550M-$600M and EPS of $005-$0.15, above a consensus of $513.3M and -$0.02. 2013 guidance (possibly conservative) is for revenue of $2.5B-$2.6B and EPS of $0.60-$0.80 vs. a consensus of $2.55B and $0.64. Gross margin is expected to fall to 14%-16% in Q2 from Q1's 22.7%, and total 15%-17% in 2013. 2013 free cash flow of $100M-$200 is expected. Shares now +57% since SunPower posted a huge Q1 beat on May 2. FSLR +2.5%. WFR +1.9%. LDK +1.5%. TSL +3.5%. SOL +2.7%. (slides) Comment! [Tech, On the Move, Earnings]
Monday, May 13, 11:27 AM SolarCity (SCTY +18.6%) is skyrocketing ahead of today's Q1 report - does someone know something? - and many other solar peers are also doing pretty well (TAN +4.5%). SOL +9.8%. CSIQ +11.6%. WFR +8%. LDK +9.3%. JASO +5.4%. SPWR +4.8%. FSLR +4.5%. GTAT +5.2%. JKS +7.9%. Short interests for many industry names remain sky-high: SolarCity had 16.6% of its float shorted as of April 30. SunPower was at 29.9%, First Solar 33.4%, and GT Advanced 34.8%. 4 Comments [Tech, On the Move]
Thursday, May 9, 12:10 PM MEMC (WFR -5.6%) slumps following a mixed Q1 report and equally mixed guidance. Though revenue beat estimates thanks to 45MW of solar system sales (above guidance of 10MW-38MW), EPS missed due to a mix shift towards low-price EPC solar projects - this contributed to a 680 bps Q/Q drop in gross margin to 11.2%. MEMC's 2013 chip materials guidance was raised to $960M-$1B from $940M-$990M, but Q2 revenue is only expected to rise to $235M-$245M from Q1's $230M. Likewise, 2013 solar guidance is raised by 10MW to 430MW-500MW, but Q2 guidance is for only 29MW-54MW. This makes a consensus for 36% Q/Q rev. growth appear excessive. (PR) Comment! [Tech, On the Move, Earnings]
Thursday, May 9, 6:03 AM MEMC Electronic (WFR): Q1 EPS of -$0.16 misses by $0.02. Non-GAAP Revenue of $431.3M beats by $8.16M. (PR) Comment! [Earnings, Breaking News, Tech]
Thursday, May 9, 12:05 AM Notable earnings before Thursday’s open: AES, AGU, ALR, AM, AMRC, APA, BAM, BCE, CBB, CNSL, CTB, CVC, DF, DISH, DNDN, GLP, GTIV, IRC, KEM, KIOR, MEA, NPSP, OWW, PCP, SNE, SNSS, SPH, SRPT, TK, TNK, VICL, VNDA, WAC, WFR, WIN, WWAV, XRAY Comment! [Earnings]
Wednesday, May 8, 5:30 PM Notable earnings before Thursday’s open: AES, AGU, ALR, AM, AMRC, APA, BAM, BCE, CBB, CNSL, CTB, CVC, DF, DISH, DNDN, GLP, GTIV, IRC, KEM, KIOR, MEA, NPSP, OWW, PCP, SNE, SNSS, SPH, SRPT, TK, TNK, VICL, VNDA, WAC, WFR, WIN, WWAV, XRAY Comment! [Earnings]
Tuesday, May 7, 10:43 AM Solar stocks head south (TAN -3.3%) in sympathy with First Solar, which is giving back some of this year's huge gains in response to a Q1 miss, a margin drop, and pipeline visibility concerns. SCTY -8.1%. LDK -6.2%. JASO -5.9%. SPWR -4.8%. CSIQ -4.3%. WFR -3.8%. YGE -3.5%. TSL -3.4%. GAT -3.1%. JKS -6.2%. The declines come a few days after a rally triggered by SunPower's strong Q1. Comment! [Tech, On the Move]
Thursday, May 2, 4:37 PM Solar stocks spiked in the final hour of trading (TAN +2.3%) after SunPower's blowout Q1 results were leaked. LDK +8%. JKS +9.5%. JASO +11%. TSL +7.5%. WFR +3.6%. DQ +4.6%. YGE +3.7%. FSLR +1.4% after spending most of the day in negative territory. 2 Comments [Tech, On the Move]
Tuesday, April 23, 12:29 PM MEMC's (WFR +5.3%) SunEdison unit reaches a solar module outsourcing deal with Foxconn's solar manufacturing arm. Foxconn will produce up to 350MW of modules for SunEdison, which has a solar project pipeline of 2.6GW, at a Mexican plant. Given how module prices and margins have crashed amidst massive global oversupply, it's hard to blame MEMC for wanting to lower its manufacturing overhead and capex needs. (Petrobras deal) Comment! [Tech, On the Move]
Thursday, April 18, 3:52 PM More on MEMC: The Nikkei reports MEMC's SunEdison unit and Toshiba (TOSBF.PK) have landed deals to build Japanese solar plants, with SunEdison selling the power generated by the facilities. Toshiba is said to be in talks to build 4 or 5 "megasolar" plants. The Japanese government launched an aggressive solar subsidy program last year. 1 Comment [Tech]
Thursday, April 18, 2:46 PM MEMC (WFR +2.2%) outperforms after announcing its SunEdison unit has struck a deal with Brazilian energy giant Petrobras (PBR) to build a plant with 1.1MW of installed capacity. Construction will start at the end of this year, and SunEdison's Renewable Operations Center will manage the plant following completion. The deal isn't especially large, but could pave the way for larger contracts with Petrobras down the line. (PR) Comment! [Tech, Energy, On the Move]
Monday, April 15, 12:49 PM Disappointing Chinese GDP data helps fuel a rout in solar stocks (TAN -3.8%). A broader selloff in risk assets isn't helping either. Suntech (STP -21.1%) is the biggest loser, as the Buffett rumor rally officially comes to an end. JASO -11.8%. LDK -10.7%. YGE -8%. WFR -7.9%. GTAT -5.9%. SOL -8.2%. TSL -6.9%. SPWR -5.1%. JKS -8.5%. DQ -5.2%. YGE -8%. Comment! [Tech, On the Move]
Tuesday, April 9, 1:41 PM First Solar (FSLR +23.8%) guides on its analyst day for 2013 revenue of $3.8B-$4B and EPS of $4-$4.50, far above a consensus of $3.15B and $3.46. Shares have spiked higher on the news, and were shortly halted due to volatility. Other solar names are also surging: SPWR +9.8%. TSL +8.7%. DQ +12.3%. STP +36.1%. LDK +15%. JKS +15.4%. WFR +7.5%. JASO +6.6%. (previous) Update (1:56): First Solar shares are now up 48.2%, and have been halted again. CNNMoney's Paul R. La Monica notes over 1/3 of the float is shorted. "Can you say squeeze?" 9 Comments [Tech, On the Move, Earnings, Breaking News, Top Stories]
Monday, April 1, 2:00 PM Disappointing Q4 results from Daqo (DQ -9.8%), together with a general decline in risk assets, fuels a rout in solar names. YGE -7.9%. SOL -7.3%. JKS -5.4%. GTAT -4.1%. CSIQ -4.9%. SPWR -2.8%. WFR -2.5%. Daqo's Q4 revenue of $6.2M represented a 77% Y/Y drop, and was well below the $14.5M forecast by the one analyst providing estimates. Gross margin was -178.5% (no typo), a little worse than Q3's -51.1%. Polysilicon output is expected to total 720 MT in Q1, up from Q4's 592 MT. Comment! [Tech, Earnings, On the Move]
Wednesday, March 20, 12:54 PM On a day when Suntech's creditors have filed for bankruptcy proceedings to commence, U.S. solar plays First Solar (FSLR +6%), SunPower (SPWR +5.1%), and MEMC (WFR +4.3%) are up strongly. The fact the Chinese government now appears willing to let local manufacturers go under (previous) could be fueling hopes of a more stable/rational pricing environment. On the flip side, the government's plans to cut solar subsidies stand to hurt local demand. Comment! [Tech, On the Move]

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