Trouble in silicon land, from 24/7 Wall Street:
MEMC Electronic Materials (NYSE: WFR) is seeing shares spanked this morning. The company has issued downward guidance with Q1 revenues of about $500 million. The problem is that previous guidance was $560 million and First Call was at $559.2 million. It also sees Q1 gross margins of approx 52%, compared to prior guidance of about 54.8%....MORE
Update. From Notable Calls:
MEMC Elec (NYSE:WFR): BounceI like WFR down here. Sure, it deserves to be down 2-3 pts but not more. The issues are very s-t in nature....