Here's the highlights from Q1:
- The St. Peters, Mo.-based company, which sells products to the semiconductor and solar industries, said late Thursday it earned $2 million, or a penny per share, compared with a loss of $41.8 million, or 18 cents, in the same period a year earlier.
- Excluding nonrecurring items the company posted an operating loss of $26.4 million. Revenue fell by 57 percent in the quarter to $214 million.
- Jefferies & Co. analyst Paul Clegg recommended the company's stock, rating it "Buy" and raising his 2009 profit estimate to 62 cents from 56 cents. "With virtually no debt and solid liquidity, we see MEMC as a clear survivor and eventual beneficiary of a market recovery," Clegg said.
David Einhorn of Greenlight Capital took a large position in MEMC earlier this year. He's someone who's opinion I value.
I also saw a bullish note on semi's in today's Tech Trader via Barrons. MEMC recieved and upgrade today as well.
I don't see a lot of downside risk at current levels, and the upside is sizeable.
No Current Position.