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January 29, 2013
13:07 EDTBRCMEarnings Preview: Broadcom to report how sales to Apple, others impacted Q4
Broadcom (BRCM) is expected to report Q4 earnings after the close on Tuesday, January 29, with a conference call scheduled for 4:45 pm ET. Broadcom is a global semiconductor company that operates in three segments: Broadband Communications, Mobile & Wireless, and Infrastructure & Networking... EXPECTATIONS: Analysts are looking for earnings per share of 73c on revenue of $2.07B. The consensus range is 64c-81c for EPS on revenue of $2.02B-$2.35B, according to First Call. Along with its Q3 earnings, Broadcom said it expected Q4 revenue of about $1.95B-$2.1B. During its analyst day in December, Broadcom narrowed that revenue view to $2B-$2.1B, citing slightly better-than-expected revenue in its Mobile & Wireless business... LAST QUARTER: Broadcom reported adjusted Q3 EPS of 79c on revenue of $2.13B, which beat the consensus expectations at that time in October. Broadcom reported an adjusted product gross margin of 52.1% for Q3 and guided its adjusted product gross margin to be flat to up slightly sequentially in Q4... RESEARCH: Early this month, Citigroup removed Broadcom (BRCM) from its Top Picks Live list in favor or Qualcomm (QCOM). However, Citi maintained a Buy rating and $41 price target on Broadcom shares. During this month, a number of moves lower made by Broadcom's stock have been attributed to weakness in Apple (AAPL), one of its key customers. However, in a note to investors sent about a week before Apple reported its own quarterly results, Pacific Crest said Broadcom should be bought on iPhone related weakness. Pacific Crest analyst Michael McConnell wrote at that time that growth in Samsung smartphones and Apple's iPad should offset any weakness for Broadcom caused by slower iPhone growth. Pacific Crest maintains an Outperform rating on Broadcom... PRICE ACTION: Since the day after Apple (AAPL) reported its disappointing revenue and guidance, January 24, Broadcom shares are down a bit over 3%. However, even with that recent weakness, Broadcom's stock has risen over 1.5% since the day after its last quarterly report. In early afternoon trading ahead of tonight's report, Broadcom is down about 0.4% to $33.92.
News For BRCM From The Last 14 Days
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November 24, 2015
10:41 EDTBRCMOptions with increasing implied volatility: EMES WMB BRCM
November 23, 2015
10:51 EDTBRCMOptions with increasing implied volatility: TERP BRCM CHK RAD POM
November 18, 2015
08:14 EDTBRCMNXP Semiconductors added to Top Pick list at FBR Capital
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November 16, 2015
16:53 EDTBRCMPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
10:25 EDTBRCMUBS trims Apple target, says iPhone partner cut production forecast
Hon Hai, which manufactures Apple's (AAPL) iPhones, expects to assemble significantly fewer iPhones this quarter than in the same period in 2014, UBS wrote in a note to investors today. WHAT'S NEW: Hon Hai Precision Industry, also known as Foxconn, is expected to assemble 10% fewer iPhones this quarter than in the same period in 2014, said UBS analyst Steven Milunovich, citing work from fellow UBS analyst Arthur Hsieh. Previously, companies that supply force touch components for iPhones saw a 10%-15% reduction in their orders, the analyst reported. These developments "are not encouraging," but Apple had previously ordered a large number of iPhones for Q4, according to Milunovich. Overall iPhone demand "could still be decent," he believes. However, the analyst lowered his iPhone sales estimate for Apple's March quarter to 61M from 62.5M, asserting that iPhone sales on China's November 11 Singles Day holiday may have come in below expectations. Based on October search volumes, he continues to believe that demand for iPhone units in the fourth quarter of the calendar year will be 75M, in-line with the consensus outlook. Milunovich trimmed his price target on Apple to $140 from $150 but kept a Buy rating on the shares. WHAT'S NOTABLE In a note to investors on November 10, Credit Suisse reported that it was cutting its estimates for 2016 iPhone sales. The firm expects sales of the device to fall 10.4% in the first quarter versus the same period in 2015, and it predicts that iPhone sales will decline 5.5% year-over-year in 2016. Suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS), Credit Suisse reported. The firm said it continues to have a negative view of the smartphone sector. PRICE ACTION: In early trading, Apple added nearly 1% to $113.34.

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