(RTTNews) - MEMC Electronic Materials Inc. (WFR) is picking up volume and bouncing off its lows during pre-market trading on Thursday. The move is following the release of worse-than-expected quarterly results.
At 9:24 am ET the stock is trading at $45.26 down $8.53 from Wednesday's close.
With the decline, the stock will open below support and at its lowest level since January 2007.
The company reported net income of $176.1 million, or $0.76 per share, up from $163.6 million, or $0.70 per share, a year ago.
Non-GAAP net income for the second quarter was $212.0 million or $0.92 per share.
Net sales rose 12.4% to $531.4 million for the quarter from $472.7 million in the prior-year quarter.
Analysts polled by First Call/Thompson Financial were looking for earnings per share of $1.00 on revenues of $557.92 million.
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