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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?
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To: Donald B. Fuller who wrote (392)6/24/1996 5:36:00 PM
From: ----------   of 4697
 
Don, Mephisto, Jim:

I'll group the reply since you all pretty much asked the same type
of questions.

Management does not officially comment on earnings estimates. However,
AFTER JP Morgan talked with management the first of June, JP Morgan
raised their earnings estimates from $3.94 to $4.06 for 1996 and
from $4.85 to $5.00 for 1997. In addition, they included the caviat:
"with upside potential in both earnings & p/e multiple." They also
raised target price of the stock from $56. to $63.
My VERY UN-official survey indicates that everything is fine at the
company & there is every indication that $1.00+ is attainable for
second quarter earnings, which should be announced July 18th, if
MEMC sticks to their pattern. (Naturally, until the information is
ready to go, and the accountants & attorneys say it is OK, we only
have a target date for earnings release.)

Why is the stock down? Beats me! I have heard it could be folks who
bought when it was high & used margin, I have heard mutual funds are
selling it temporarily to "book" profits, I have heard it is IPO buyers wanting to take profits after a double. I have NO clue what it
really is. But at 1997 earnings of $5.00, I can buy this stock at
eight times earnings?!!!!!! (Pardon me while I go check my piggy bank
again.)

Doug
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