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Small-cap chip company Microsemi (MSCC) gets a lot of flak for what it is (highly exposed to defense) and what it isn't (a fast-growing mobile device story), but the fact remains that this company has grown revenue at a 20% compounded average rate over the past decade. What's more, the company is offering a rare combo - a good legacy business where competition faces an uphill battle, coupled with organic growth opportunities in growth markets and positive margin leverage.

Recent Results Show A Few Halting Steps In The Right Direction

As recent earnings reports from chip companies large [like Analog Devices (ADI) and Texas Instruments (TXN)] and small [like Avago...

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