MEMC INT'L. (WFR -NYSE) The Sleeping Giant? Message Board

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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?

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To: Carl R. who wrote (3428)	6/6/1998 7:49:00 PM
From: Zeev Hed	Read Replies (2) of 4697

Carl, you should realize that when they said "wafers" in that text, they meant processed wafers (I wish WFR would get $1400/wafer <G>). The glut means that they are using about 12% more wafers than last year (if last year they were at full capacity and since increased capacity by 40%, 80% would be 1.12) However, it is a little better than that since last year they were at 90% capacity, so wafer usage in Taiwan could actually be (real estate wise) about 24% higher. I do not think however that 24% increase in wafer usage is sufficient to take out the excess wafer producing capacity, particularly since these conditions are at some of the better foundries. The stock is still telling us that the recovery is not before the last quarter of this year and maybe beyond. Zeev

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