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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?
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To: Zeev Hed who wrote (752)9/6/1996 10:22:00 AM
From: Robert Mayo   of 4697
 
Zeev,

I appreciate your thoughtful post. No question there is lots of uncertainty surrounding the chip business and, as a result, the wafer business. Studies that factor-in all the chip Fab cancellations and delays, still predict a wafer shortage for quite some. True, there's a lot of controversy surrounding this prediction for late 1997, but not much beyond that. In any case, I'm not convinced that the silicon wafer manufacturers are going to lose their pricing power any time soon.

But MEMC has its own set of problems for the September quarter that are undoubtedly affecting the stock price. Product transitions that resulted in unsold capacity for August, ramp-up costs for the new Texas Fab are all well know drags on earnings. We'll work through all this, of course, but it could be a bumpy ride for another month or so.

Bob M.
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