SA Transcripts • Tue, Oct. 28
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Tue, Oct. 28, 6:36 AM
Mon, Oct. 27, 5:30 PM
- ACI, AET, AGCO, AIXG, ALR, AME, AMTD, AN, AXE, BP, CAS, CIT, CMI, CNC, CNX, COH, CPLA, CRY, CVLT, CYNO, DD, DIN, ECL, ENTG, FCX, FDP, FLWS, FMER, GLPI, GLW, HCA, HMC, HOT, HRS, ICON, IIVI, IPGP, LH, MDSO, MLM, MMC, MSM, MSO, MWV, NBL, NCI, NVS, PCAR, PCG, PES, PFE, PH, POR, RDWR, SAIA, SAVE, SCHN, SCOR, SHW, SIRI, SNCR, ST, SYRG, TECH, TKR, TRW, TTS, TWI, UBS, UTHR, VDSI, VRTS, VSH, WAB, WHR, XYL
Wed, Oct. 22, 2:50 PM
- Canaccord and D.A. Davidson have downgraded Cree (CREE -16.7%) to neutral ratings after the company offered a weaker-than-expected FQ2 outlook and reported a 580 bps Q/Q gross margin drop.
- Canaccord's Jonathan Dorsheimer, who wasn't quite enthusiastic about reiterating a Buy following Cree's Oct. 2 FQ1 warning: "In spite of the fact that we may be...marking the bottom for CREE shares, we simply fail to see a potentially positive catalyst ... Our thesis was based around the transition from captive to merchant sales in Cree’s components [business], which at best has been pushed by 6-9 months now."
- He adds Canaccord's research confirms Cree has lost LED component share to Philips' Lumileds unit, and that a shift towards mid-power LED sales in China is also taking a toll.
- Cowen's Jeffrey Osborne (Market Perform) thinks margins will stabilize as Cree cuts factory output, continues seeing healthy lighting and power/RF growth, and gets a lighting margin boost from a mix shift to non-bulb lighting products. He's still cautious on account of Cree's near-term LED component challenges, but expects the company's technology strengths will help its cause long-term.
- Fellow LED industry names Rubicon (RBCN -2.3%), Veeco (VECO -3.7%), and Aixtron (AIXG -2.5%) are also lower.
Thu, Oct. 2, 10:11 AM| Comment!
Fri, Sep. 26, 12:41 PM| Comment!
Thu, Sep. 25, 12:45 PM
Thu, Sep. 25, 10:19 AM
- Chinese LED chip manufacturer San'an Optoelectronics has ordered 50 of Aixtron's (NASDAQ:AIXG) next-gen Showerhead MOCVD systems. Aixtron calls the order "one of the largest" it has ever received.
- Though LED sales to end-users have been steadily growing, LED equipment sales have remained weak thanks to industry overcapacity. Craig-Hallum views Aixtron's order as a sign the industry is now expanding, and recommends buying Aixtron rival Veeco (VECO -0.6%).
Thu, Sep. 25, 9:17 AM
Thu, Sep. 11, 9:14 AM
Mon, Jul. 28, 5:30 PM
- ACI, AET, AGCO, AIXG, AKS, ALLY, AMAG, AMG, ARW, AUDC, AVX, AXE, BP, CARB, CAS, CNX, CPLA, CRS, CVLT, CYNO, DIN, DSX, ECL, ENTG, ETN, ETR, FDP, FIS, FSS, GLT, GLW, GNC, GTI, HCA, HMC, HRS, HW, ICON, IP, IPGP, ITW, KLIC, LVLT, MDC, MDSO, MDXG, MHFI, MLM, MMC, MRK, MSO, NCI, NEE, NLSN, NMM, NOV, NYT, OSK, PCAR, PFE, POR, RAI, RYN, SAVE, SIRI, SNCR, ST, TLM, TRW, UAM, UBS, UBSI, UDR, UPS, UTHR, VSH, WDR, WM, WYNN, XYL, YNDX
Tue, May. 27, 11:26 AM
Mon, May. 5, 4:24 PM
- Though it beat Q1 estimates, Veeco (VECO) expects Q2 revenue of $87M-$97M and EPS of -$0.23 to -$0.14, largely below a consensus of $96.8M and -$0.11.
- Q1 orders totaled $103M, up 21% Q/Q and 47% Y/Y, and above revenue of $90.8M. MOCVD equipment orders rose 59% Q/Q to $83M thanks to rising demand from LED manufacturers in Asia and elsewhere. Data Storage orders fell to $15 from $22M in Q4, and MBE orders fell to $5M from $11M.
- Veeco asserts LED fab utilization rates "have improved to high levels at most key accounts and LED adoption is happening faster than many had expected." But it also cautions MOCVD orders could be "lumpy and unpredictable on a quarterly basis," and that the company lacks 2H visibility. Q2 orders are expected to be at or above Q1 levels.
- Rival Aixtron (AIXG), which moved higher last week following its Q1 report, might follow Veeco lower.
- Q1 results, PR
Tue, Apr. 29, 2:43 PM
- Though Aixtron (AIXG +2.3%) missed Q1 estimates, it reiterated guidance for 2014 revenue to be flat Y/Y. Earnings are expected to improve from 2013 levels, but an EBIT loss is still forecast.
- In addition, the LED equipment maker's orders 2% Q/Q and 26% Y/Y in Q1 to €37.7M. Quarter-ending backlog was €64.2M, -18% Y/Y but +8% Q/Q.
- Gross margin was 25% - down from seasonally strong Q4's 34%, but much better than the year-ago period's -119% (no typo).
- The company notes capacity utilization among LED customers "remains at relatively high levels" amid growing demand, and thinks "sentiment among customers is improving as the growth in the LED market drives the customers' profitability." At the same time, it observes "there was still no noticeable increase in investments in LED manufacturing capacity expansions" in Q1.
- Rival Veeco (VECO +2.5%) and LED wafer vendor Rubicon (RBCN +1.2%) are higher on a good day for tech. Rubicon reports on Thursday, and Veeco on May 5.
- Q1 results, PR
Tue, Apr. 29, 9:37 AM
Mon, Apr. 28, 5:30 PM
- ABB, AGCO, AIXG, ALR, AMG, ARRY, AXE, BMY, BP, BSX, CARB, CCJ, CHKP, CIT, CMI, CNX, COH, CPLA, CRY, DBD, DDD, DORM, ESV, ETN, FDP, FLWS, FRX, GAS, GEO, GLT, GT, GTLS, HCA, HCBK, HRS, HUN, HW, IPGP, IRWD, KLIC, LG, LKQ, LRN, LYB, MGI, MGLN, MGM, MHFI, MLM, MRK, NMM, NOK, OSK, PCAR, PES, PH, POR, RESI, ROK, RTRX, RYN, S, SAVE, SCOR, SLAB, ST, TRW, UBSI, UDR, UTHR, VAC, VLO, WAT, WDR, WRLD, WWW, XYL.
Fri, Mar. 28, 2:40 PM
- Checks suggest Rubicon's (RBCN +2.3%) Chinese sales are up 30% in Q1, writes UBS' Stephen Chin, while upping his PT to $12 from $9.50.
- Chin also estimates Rubicon's ASP for 2" sapphire wafers is up 9% Q/Q, and says UBS' China LED tracker "continues to show that fab utilization rates in China are tracking in low 90s and Chinese LED fabs are likely placing rush MOCVD equipment orders."
- At the same time, he cautions sapphire "is still in 10-15% oversupply," and estimates Rubicon's Malaysian sapphire wafer-polishing factory has a 10%-20% utilization rate due to weak demand for larger wafers. Chin, who maintains a Neutral, thinks Rubicon won't reach operating breakeven until 2015.
- Chin's remarks about MOCVD equipment orders bode well for Veeco (VECO +5.9%) and Aixtron (AIXG +2.7%). The former was upgraded by CLSA this morning, and by UBS 18 days ago.
- Also: AppleInsider is reporting Apple and GT Advanced are looking to expand their new Arizona sapphire production facility. Rubicon shares jumped after Apple's deal with GT was announced last fall, as investors bet the deal would lead to a more favorable sapphire supply/demand balance.
AIXG vs. ETF Alternatives
Aixtron SE is a provider of deposition equipment to the semiconductor industry. The Company's technology solutions are used by customers to build advanced components for electronic and optoelectronic applications.
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