Friday, October 24, 2008

MEMC Electronic shares jump on strong 3Q earnings (WFR)

WFR was recently up 10% at $19.50. Remember this was a $96.00 stock a year ago.
From the AP via Yahoo Finance:
Shares of silicon wafer supplier MEMC Electronic Materials Inc. surged Friday, a day after the company reported a 21-percent jump in third-quarter profit on higher product volume.
MEMC shares gained $1.57, or 8.8 percent, to $19.35 in midday trading on a day in which most stocks in the solar sector were falling along with the broader markets.

The St. Peters, Mo.-based company supplies silicon wafers used in making chips and solar cells.

Piper Jaffray analyst Jesse W. Pichel said MEMC is best positioned in the solar value chain to weather the financial crisis....MORE