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May 23, 2013
11:31 EDTNXPI, BRCM, RFMD, SWKS, QCOM, CRUSCirrus Logic tumbles after reducing long-term margin outlook
Cirrus Logic (CRUS), which develops audio components for mobile devices, is sinking after the company indicated that its profit margins would drop over the longer term. WHAT'S NEW: Cirrus disclosed in slides for today's Barclays Global Technology Conference that it expects its gross margins to be in the mid 40s percentage level over the long-term. The company had previously expected its gross margins to be 50%-52% over the long-term, according to research firm Oppenheimer. Cirrus' gross margin in its quarter ended in March was 49%. Cirrus explained that it expects to see increased pricing pressure in the smartphone market, as well as reduced prices for its products. Over the long-term the company expects its revenue to increase 15% annually on average. ANALYST REACTION: In a note to investors, Oppenheimer analyst Rick Schafer wrote that Cirrus' position is "increasingly precarious." Apple, which represents about 85% of Cirrus' sales, is placing various pressures on Cirrus, the analyst wrote. Moreover, the components maker does not have any growth catalysts and is unlikely to outperform, he added. Schafer expects Cirrus to report weaker than expected results going forward, and he kept a Perform rating on the stock. OTHERS TO WATCH: Other companies that make components for smartphones could also be affected by the trends identified by Cirrus. Among the other companies in this category are Skyworks (SWKS), Broadcom (BRCM), Qualcomm (QCOM), RF Micro Devices (RFMD), and NXP Semiconductors (NXPI). TODAY'S PRICE ACTION: In late morning trading, Cirrus tumbled 15.5% to $18.65, Skyworks gave back 1.4% to $22.90, Broadcom lost 0.3% to $33.60, Qualcomm retreated 2% to $64, and NXP Semiconductors gave back 1.75% to $28.75.
News For CRUS;SWKS;BRCM;QCOM;RFMD;NXPI From The Last 14 Days
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May 22, 2015
07:07 EDTCRUSTSMC to manufacture Cirrus Logic audio chips, DigiTimes says
TSMC (TSM) will manufacture Cirrus Logic (CRUS) audio chips after Cirrus Logic shifted its orders back to TSMC from Vanguard International Semiconductor, reports DigiTimes. Reference Link
06:45 EDTSWKSSkyworks initiated with a Neutral at Goldman
Target $108.
May 21, 2015
16:15 EDTNXPINXP Semiconductors initiated with a Buy at Mizuho
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16:10 EDTSWKSSkyworks initiated with a Buy at Mizuho
Target $115.
14:21 EDTNXPINXP Semiconductors CEO says being Dutch company helps in China
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14:19 EDTNXPINXP Semiconductors looks to doing joint ventures in China
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07:32 EDTQCOMQualcomm initiates $5B accelerated share repurchase
Qualcomm announced that it has entered into accelerated share repurchase agreements with two financial institutions to repurchase an aggregate of $5B of Qualcomm's common stock, with an initial delivery of approximately 57.7M shares. The final number of shares to be repurchased will be based on the volume-weighted average stock price of Qualcomm's common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. The company is funding the accelerated share repurchase with proceeds from its recently completed $10B debt offering.
May 20, 2015
07:36 EDTBRCMJPMorgan to hold a conference
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May 19, 2015
12:25 EDTSWKSOn The Fly: Top stock stories at midday
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09:42 EDTSWKSChinese professors charged with stealing secrets from Avago, Skyworks
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May 18, 2015
12:46 EDTSWKSSkyworks expands portfolio of RF switches for Internet of Things
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May 15, 2015
17:33 EDTBRCM, QCOMPoint72 Asset Management gives quarterly update on stakes
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12:13 EDTNXPIThird Point gives quarterly update on stakes
NEW STAKES: Yum! Brands (YUM), NXP Semiconductors (NXPI), FedEx (FDX), McKesson (MCK), and J M Smucker (SJM). INCREASED STAKES: Actavis (ACT), Roper Technologies (ROP), Delta Air Lines (DAL), and FleetCor Technologies (FLT). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Phillips 66 (PSX), eBay (EBAY), and Anheuser Busch Inbev SA (BUD). LIQUIDATED STAKES: Alibaba Group (BABA), Citigroup (C), EMC Corporation (EMC), Anglo American (AAL), and Williams Companies (WMB).
12:04 EDTNXPIThird Point reports new stakes in Maxim Integrated, NXP Semiconductors
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10:55 EDTQCOMJANA Partners gives quarterly update on stakes
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08:13 EDTNXPIJefferies ups view on Semis to Positive from Negative
Jefferies upped its view on the Semiconductors space to Positive from Negative after hosting a dozen companies at its annual conference in Miami. The firm notes that most companies noted an "OK" demand environment, which it views as supporting its thesis that the recent inventory correction and lower capex has created a "great opportunity" to add to Semi positions. After meeting with management, Jefferies has increased conviction that NXP Semiconductors (NXPI) will soon sell its HPRF business and return to its stock buyback program before most expect. It has Buy ratings on AMD (AMD), Microchip (MCHP), NXP and Texas Instruments (TXN).
May 14, 2015
11:05 EDTQCOMQualcomm expands industry collaboration to grow Internet of Everything
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09:06 EDTBRCMSynopsys and Broadcom extend license agreement
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07:48 EDTBRCMBroadcom management to meet with Deutsche Bank
Meeting to be held in Los Angeles on May 14 hosted by Deutsche Bank.
05:49 EDTBRCMStocks with implied volatility movement; ESI BRCM
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