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Technology Stocks : Semi Equipment Analysis

SOXX 342.47

+1.6%

Jan 16 4:00 PM EST

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To: Woody_Nickels who wrote (56356)	5/18/2012 11:35:00 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95738

Moody's Places MEMC Rating On Watch For Possible Downgrade 7:01 PM ET 5/17/12 \| Dow Jones DOW JONES NEWSWIRES Moody's Investors Services placed its ratings on MEMC Electronic Materials Inc. (WFR) on review for a possible downgrade, pointing to the wafer maker's larger-than-expected cash burn in the first quarter and the departure of several senior executives. Moody's currently has MEMC's corporate family rating at B2, five notches into junk territory. MEMC provides components for chips and solar cells. The ratings firm said its review will focus on the working capital and long-term financing needs of its solar project development business, the impact of recent U.S. tariffs on imports of Chinese-made solar panels, the company's solar project development pipeline, cash operating costs of its semiconductor wafer and solar wafer manufacturing operations as well as alternative sources of liquidity for the company. Moody's review will also examine MEMC management's strategy for solar operations, which are increasingly focused on the U.S. market amid constrained financing in the European market. Moody's expects to conclude the review within several weeks. On Wednesday, MEMC disclosed that its Chief Financial Officer Mark Murphy left the company to return to Praxair Inc. (PX). MEMC named executive Brian Wuebbels to succeed Murphy. MEMC's latest management change follows the departure of Ken Hannah, who stepped down as former president of solar energy earlier this year to become chief financial officer at J.C. Penney Co. (JCP). MEMC has faced increasing threats to its top line in the past year as uncertainty shakes up the solar industry. Last week, MEMC reported its first-quarter loss widened as revenue fell in both major segments due to softer pricing and volumes. Shares closed at $1.66 Thursday and were unchanged after hours. The stock is off 84% over the past 12 months.

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