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Stock Market & Financial Investment News

News Breaks
October 11, 2012
07:48 EDTAUTH, BRCM, EZCH, FSL, AMCCThe Linley Group to host a conference
Linley Tech Processor Conference 2012 is being held in San Jose, California on October 10-11.
News For AUTH;BRCM;EZCH;FSL;AMCC From The Last 14 Days
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October 20, 2014
06:35 EDTEZCHMigdal Insurance reports 5.07% passive stake in EZchip
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October 16, 2014
10:01 EDTFSLOn The Fly: Analyst Upgrade Summary
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06:55 EDTFSLFreescale upgraded to Buy from Hold at Needham
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October 15, 2014
07:37 EDTBRCMBroadcom pullback a buying opportunity, says Canaccord
Canaccord said the pullback in Broadcom due to weakness in the semiconductor space is a buying opportunity. The firm believes the company is well positioned for steady long-term growth in its Home and Infrastructure businesses. Canaccord reiterates its Buy rating on Broadcom but lowers its price target to $45 from $46.
October 13, 2014
06:46 EDTFSLFreescale downgraded to Sector Perform from Outperform at Pacific Crest
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October 10, 2014
10:29 EDTAMCCMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
October 8, 2014
08:20 EDTBRCMQualcomm opportunity at Xiaomi almost rivals iPhone, says FBR Capital
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07:56 EDTBRCMBroadcom recently won large custom chip programs, says JPMorgan
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October 7, 2014
10:17 EDTBRCMSamsung outlook miss weighs on suppliers
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October 6, 2014
11:20 EDTEZCHEZchip downgraded to Buy from Strong Buy at Feltl
Feltl downgraded EZchip to Buy after the company reduced Q3 revenue expectations on an inventory adjustment across its customer base. After speaking with management, Feltl believes weak customer orders could last thru 2014. The firm dropped its price target for shares to $25.50 from $31.
11:14 EDTEZCHEZchip downgraded to Buy from Strong Buy at Feltl
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08:11 EDTEZCHEZchip cuts Q3 revenue to $19M from $22M, consensus $22.59M
CEO Eli Fruchter said, "In the third quarter of 2014 we have seen weakness in orders as well as inventory adjustments across most of our key customers that are serving the carrier networking equipment space. We believe this is a temporary slowdown, caused primarily by a weaker carrier spending environment that the market is currently going through. Looking further out, carrier spending is forecasted to resume growth and with it our corresponding sales into this market. Concurrently, we are making good progress with our NPS which expands our reach to new markets, primarily data centers, NFV and SDN. Our pending acquisition of Tilera, which is expected to close during Q4, subject to US regulatory approvals, will further diversify the market segments and customers we serve and provide additional growth opportunities."

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