UPDATE 2-Stec shares crash on EMC inventory warning

* Warns of key customer carrying inventory, hurting Q1

* Sees Q4 rev below estimates

* Sees Q4 adj EPS $0.51-$0.53 vs est $0.52

* Q3 EPS $0.47 vs $0.02 yr ago, rev up 50 pct

* Shares down 33 pct in heavy trading (Recasts; adds details, analyst comment, updates share movement)

By Manasi Phadke

BANGALORE, Nov 3 (Reuters) - Flash memory storage products maker Stec Inc's (STEC.O: Quote, Profile, Research) shares shed a third of their value after the company warned that a key customer, EMC Corp (EMC.N: Quote, Profile, Research), would carry 2009 inventory into 2010, putting Stec's first quarters results at risk.

The warning could indicate that the rate of replacing traditional hard drives with Stec's solid state drives (SSDs) in the enterprise storage and server market could be slower-than-anticipated.

SSDs are viewed by many as the future of the disk drive industry as they are faster and, unlike hard disk drives, have no moving parts, making them sturdier.