Not bad questions. My understanding was that HNSN gets royalties from Philips, on a milestone basis, not the other way around. At least 2 Magellan systems have been sold: the one to St. Mary's of London mentioned above, and one sold in the U.S. as a research system prior to FDA approval, as reported on February 22, 2012.
Marvell Technology Group Hones Edge [View article]
MRVL's miss was from an overall slowdown in the general semiconductor market, and in particular from slower sales of smartphones in China. There is increased competition in TD phones, there was bound to be, but Marvell reportedly still had about 60% of that market in the quarter. With their first-class R&D they keep entering new markets, so long-run I don't think the miss this quarter will matter much.
Why I'm Bullish On Marvell Ahead Of Its Earnings Report [View article]
Well, that would be interesting, but I am long MRVL and have been for years. Great summary, Ashraf. I'll be listening to the analyst call on Thursday and hope you are right. Possible downsides are almost all from the macroeconomy. I think they made a great strategic move in Chinese smartphones, and while competition is increasing, they have quite a lead.
Why Seagate Will Sizzle Into Earnings Next Week [View article]
Bought STX June 12, 2012. Been following Marvell (MRVL), which gets about 1/2 its revenue from HDD controller chips, for years, had some unallocated cash and thought STX had little downward and much upward potential. Hard disk drives are still the overall best way to store large amounts of data and will be for years. Thanks for the update.
Onyx Pharmaceuticals: New Back Of Envelope Valuation [View article]
Bayer has no share of Kyprolis. Onyx will get a 20% royalty from Bayer's Regorafenib if it is commercialized. Nexavar profits are split between Bayer and Onyx, which in addition to being sold for liver and kidney cancer, is in pivotal trials for lung and thyroid cancer. Operating expense for Q1 was $122.8 million, but $80.7 was for R&D, mostly for Kyprolis, so it pales in comparison to potential revenue. Carfilzomib, now Kyprolis, was bought by acquiring Proteolix in 2009. Royalties would be minor after milestone payments are made to former Proteolix stockholders.
TTM Technologies Will Benefit As Global Electronics Industry Recovers [View article]
I always take the long view, though of course I am pleased if a stock quickly gets up to where I think it would be if fairly valued. TTMI has substantial debt from expanding in China to meet demand. While new cap ex will be necessary if revenue continues to ramp, cash flow should allow the debt to be paid down over time, making the stock look even more attractive. But it is hard to predict the timing of PCB demand, it fluctuates with demand usually highest in Q3. In other words, I think patience will pay off with TTMI.
Why It Might Be Time To Consider Marvell Technologies [View article]
Marvell certainly was hit in Q4 by the Thailand flooding / hard drive production problem. By most accounts that industry is rapidly ramping production again, so Marvell's shipments should trend up all year. They also make what are arguably the best solid state drive (SSD) controller chips, which are still a small part of revenue, but going through a rapid ramp. Main question: will ramping sales of chips for Chinese TD smartphones more than compensate for weak sales to RIM.
AMD Looks To Trinity For Growth In 2012 [View article]
Thanks for the great comments. AMD is holding its Analyst Day today. I hope they really can drive execution, which right now means no delays for Trinity, and even better yields on all their chips, current and upcoming.
TTM Technologies Will Benefit As Global Electronics Industry Recovers [View article]
For the PCB industry as a whole, November North American shipments were reported down y/y. While that can't work out well for TTM, given its high share of the American market, most of TTM's production is now in Asia. Despite global jitters, demand was likely good in Asia due to need for advanced PCBs for high-end products like smartphones and tablets including Kindle. But we'll have to wait until TTM reports on Q4 to get specifics.
2012 Outlook: Most Likely Scenario Is Moderately Strong Growth [View article]
All modern money is essentially electronic. The opportunities for inflation or deflation of various commodities and services prices, given any overall monetary system (including a gold standard) are obvious. In the 1500's there was deflation in Europe because too much gold and silver were mined in Mexico for the European economy to absorb. We just watched a vast housing market deflation while other commodity prices remained relatively stable. You can endlessly repeat "buy low, sell high," but most people won't buy low and get excited and buy when prices are high. If gold is your standard, then it can never be overvalued or undervalued, and you cannot make a profit or loss on it, aside from storage and transaction costs.
Marvell: Silver Lining In Thai Floods [View article]
Just to be clear, Marvell does not manufacture "processors" in the Thai flood zone. It ships hard drive controllers into hard drive manufacturing plants in the zone. Marvell dominates the hard drive controller industry, but that industry has substantial manufacturing capacity outside of Thailand. When it makes sense to replace flood-damaged hard drive manufacturing equipment, it will be replaced with newer nodes, which fit well with Marvell's newer, more advanced controllers. Marvell has an even higher share in the advanced controller market. Hence the (probably) correct silver lining headline. But we probably won't see that until mid-2012.
Advanced Micro Devices At An Earnings Crossroad [View article]
Turned out the yields were so bad AMD was not able to sell all the chips it could have, cutting into Q3 revenues, as they pre-announced. The only upside is that if that can make more APUs, the demand is there. Listen closely to the October 27 analyst conference to find out whether and how soon management thinks yields will improve.
Marvell Technology Would Do Well To Start Paying Dividends [View article]
No disrespect to Broadcom or Qualcomm, but Marvell is actually selling cellphone chips in China. Revenues are ramping. In the next few quarters we will see if this is a deadend, a trickle, or a gusher of revenue.
Dot Hill Systems: A Data Storage Jewel [View article]
Dot Hill's customers are OEMs and system integrators; their end customers are varied as described above, but also include sub-enterprise sized businesses. Lenovo has signed as an OEM and should ramp sales in 2011. Best of all, Hill is increasingly selling software to manage their (and others) data storage systems; this is increasing margins. They dropped NetApp as an OEM recently because they would not negotiate fair margins; this will be a big help starting in Q1.
Hansen Medical Runs Aground In Q2 [View article]
Marvell Technology Group Hones Edge [View article]
Why I'm Bullish On Marvell Ahead Of Its Earnings Report [View article]
Why Seagate Will Sizzle Into Earnings Next Week [View article]
Onyx Pharmaceuticals: New Back Of Envelope Valuation [View article]
Onyx Pharmaceuticals: New Back Of Envelope Valuation [View article]
TTM Technologies Will Benefit As Global Electronics Industry Recovers [View article]
Why It Might Be Time To Consider Marvell Technologies [View article]
AMD Looks To Trinity For Growth In 2012 [View article]
TTM Technologies Will Benefit As Global Electronics Industry Recovers [View article]
2012 Outlook: Most Likely Scenario Is Moderately Strong Growth [View article]
Marvell: Silver Lining In Thai Floods [View article]
Advanced Micro Devices At An Earnings Crossroad [View article]
Marvell Technology Would Do Well To Start Paying Dividends [View article]
Dot Hill Systems: A Data Storage Jewel [View article]