BRIEF: MEMC lowers revenue guidance for fourth quarter

Mon. November 17, 2008; Posted: 08:57 PM

Nov 17, 2008 (St. Louis Post-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- WFR | Quote | Chart | News | PowerRating -- MEMC Electronic Materials Inc. lowered its fourth-quarter revenue estimate today, saying it expects to report $475 million to $525 million for the three months ending Dec. 31. This is down sharply from the O'Fallon, Mo. company's previous targets of $540 million to $600 million.

"The weak macroeconomic environment has continued to deteriorate, and has had an increasingly negative effect on the semiconductor and solar markets over the past few weeks," said Marshall Turner, the interim chief executive who assumed the role Nov. 12 after Nabeel Gareeb resigned, in a statement today.

MEMC makes polysilicon, a key ingredient used in silicon wafers for electronic applications and solar cells, as well as wafers for computer chips. It is scheduled to report its fourth-quarter earnings in late January.

The news was released after the market closed today. However, MEMC shares finished today at $13.39, down $1.95, or 13 percent from Friday's close.

atablac@post-dispatch.com -- 314-340-8140

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For full details on Memc Electronic Material (WFR) click here. Memc Electronic Material (WFR) has Short Term PowerRatings of 6. Details on Memc Electronic Material (WFR) Short Term PowerRatings is available at This Link.

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