Do the math to find the overvaluation of WFR. 2011 pe=40 !!!
Since ALL the companies are evaluated by the GAAP numbers, the same should apply to WFR. Fair and objective treatment. Why do WFR try to mislead the investors this way ?
"Given the downturn in the solar upstream supply chain and the softening of semiconductor demand, MEMC is revising its guidance for 2011. The company now expects 2011 non-GAAP sales to be in the range of $3.3 - $3.6 billion, with non-GAAP earnings per share of $0.80 to $1.00. GAAP sales are expected to be in the range of $2.7 - $3.0 billion, with earnings per share of $0.10 to $0.30."
They just mentioned on the conference call that they are buying land for the Sun Edison projects and need to account for the land under real estate accounting. Since they are not a land company Non-GAAP earnings shine extra light on the business. You would not see that light as your head seems to be lodged in your rectum.
WFR has not reinvented the wheel. All the companies do it BUT they report GAAP eps and revenue either way because they are straight and they do not want to MISLEAD the investors. How long have you been investing really?