Thu, Nov. 12, 10:44 AM
- Privatelly-owned RF chipmaker GaAs Labs is buying Anadigics (NASDAQ:ANAD) for $0.35/share (roughly $31M) through a cash tender offer. The price represents a 46% premium to Wednesday's close, but is 53% below where Anadigics started the year, and over 90% below where shares traded five years ago.
- The deal, announced within Anadigics' Q3 report, is expected to close in December or January. Anadigics can solicit superior proposals during a 25-day go-shop period.
- A look at Anadigics' Q3 numbers helps explain the company's decision to sell. Revenue fell 23% Q/Q and 36% Y/Y to $12.1M, net loss totaled $6.2M, and net cash fell to $7.9M from $11.2M at the end of Q2.
Thu, Nov. 12, 8:33 AM
Wed, Nov. 11, 5:35 PM
Fri, Aug. 7, 10:55 AM
- While its Q2 revenue only slightly missed estimates, Anadigics (NASDAQ:ANAD) is guiding for Q3 revenue of $12M-$12.6M, far below a $17.7M consensus. Gross margin is expected to drop 500-800 bps Q/Q from Q2's 20.5%.
- Weak demand from small cell base station and cable TV infrastructure clients is expected "through the end of 2015," and "legacy" mobile, WiMAX, and IoT-related sales are expected to continue declining. The small cell weakness is blamed on "continued delays at major carriers in Asia."
- With Anadigics' cash balance having fallen another $1.8M in Q2 to $15.2M, and more cash burn expected in Q3, the company is "exploring capitalization options that may provide adequate cash infusion over the next twelve months."
- With liquidity and dilution concerns running high, Anadigics is now trading below $0.25. The RF component maker's market cap is around $20M.
- Q2 results, PR
Thu, Aug. 6, 4:02 PM
Wed, Aug. 5, 5:35 PM
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Fri, Jun. 26, 2:48 PM
- Chip stocks are seeing outsized losses (SOXX -2.6%) amid a 0.8% drop for the Nasdaq following DRAM/NAND flash giant Micron's FQ3 miss and weak FQ4 guidance - the numbers were blamed on a mixture of soft PC demand, associated DRAM price pressure, and a manufacturing process transition. Some analysts have argued Micron's issues are at least partly company-specific and/or that PC and DRAM demand will improve in 2H15.
- The Philadelphia Semi Index is now down 7% from a June 1 peak of $101.80. It's still up 2% YTD, and (thanks partly to an industry M&A wave) roughly 2x from its fall 2012 lows.
- In addition to PC-exposed Intel and AMD, chip stocks sporting large declines include Qorvo (QRVO -4.9%), Sigma Designs (SIGM -5.7%), MoSys (MOSY -7.9%), Anadigics (ANAD -10.8%), Silicon Motion (SIMO -6.5%), Inphi (IPHI -5.3%), PMC-Sierra (PMCS -3.8%), ON Semi (ON -4.2%), AppliedMicro (AMCC -3.7%), and Vimicro (VIMC -5.3%).
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Thu, Jun. 18, 1:15 PM
- Car-buying site TrueCar (TRUE +9.3%), online furniture leader Wayfair (W +11%), and RF component maker Anadigics (ANAD +9.7%) are among the standouts on a day the Nasdaq is up 1.4%.
- TrueCar and Wayfair's volumes have already topped their 3-month daily averages. Short-covering could be helping each company out: TrueCar had 10M shares (19% of the float) shorted as of May 29, and Wayfair had 8.1M shares (29% of the float) shorted.
- TrueCar closed yesterday just $0.24 above a post-IPO low of $11.93, and Anadigics closed $0.10 above an all-time low of $0.55. Wayfair, by contrast, is now less than $1 away from a post-IPO high of $39.43.
Wed, May 27, 3:00 PM
- Chip stocks are posting outsized gains (SOXX +4%) amid a 1.3% increase for the Nasdaq after the WSJ reported Avago and Broadcom are in advanced merger talks, sparking hopes for further M&A.
- A Broadcom/Avago deal would be worth ~$67B at current valuations, easily making it the largest in the chip industry's breathless consolidation wave. It would also touch markets ranging from smartphones to set-tops to servers to switches/routers.
- Notable gainers include Avago RF chip peers Skyworks (SWKS +4.3%), Qorvo (QRVO +3.2%), and Anadigics (ANAD +4.9%). Others include Micron (MU +3.8%), SanDisk (SNDK +4.3%), NXP (NXPI +3.5%), Silicon Motion (SIMO +8.3%), Cirrus Logic (CRUS +4.8%), STMicroelectronics, (STM +3.4%), Synaptics (SYNA +3.4%), Atmel (ATML +2.8%), Cavium (CAVM +4.5%), Intersil (ISIL +4.6%), Semtech (SMTC +3.9%), ON Semi (ON +3.8%), Microsemi (MSCC +4.4%), and IDT (IDTI +4.2%).
- Non-chipmakers tied to the industry are also doing well. Standouts include ARM (ARMH +4.4%), Amkor (AMKR +4.6%), ASML (ASML +3.1%), and Rambus (RMBS +3.3%).
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Wed, May 6, 12:45 PM
Wed, May 6, 10:44 AM
- Though Anadigics (NASDAQ:ANAD) posted in-line Q1 revenue and slightly beat on EPS, it's guiding for Q2 revenue to be 10%-15% Q/Q. That implies a range of $15.7M-$16.6M, well below a $20M consensus.
- Mobile device chip sales are expected to fall 20%-25% Q/Q - Anadigics has been de-emphasizing the business - and telecom infrastructure chip sales are expected to fall 7%-9% following a 23.3% Q1 increase. Gross margin is expected to drop by 100-300 bps Q/Q, and operating expenses by 5%-7%.
- On the CC (transcript), CEO Ron Michaels blamed the infrastructure guidance on "some softness in forecasted demand from a key Wi-Fi infrastructure customer," and on "a slower rate of small cell deployment than previously anticipated, due in part to certain carriers delaying the award of hardware contracts to OEMs."
- Anadigics is counting on stronger 2H15 small cell growth and design wins for DOCSIS 3.1 cable infrastructure hardware to provide a boost later in the year. 75% of revenue is expected to be infrastructure-related by year's end. The company also offered light guidance in February.
- Q1 results, PR
Wed, May 6, 9:11 AM
Tue, May 5, 4:03 PM
Mon, May 4, 5:35 PM
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Thu, Mar. 26, 3:19 PM
- Today's notable tech gainers include ultracapacitor maker Maxwell (MXWL +4.6%), SMB Web services firm Web.com (WWWW +3.7%), health site owner WebMD (WBMD +3.7%), and RF chipmaker Anadigics (ANAD +11.3%).
- Notable decliners include NAND flash controller/4G transceiver maker Silicon Motion (SIMO -4%), hybrid storage array vendor Nimble Storage (NMBL -3.8%), local ad services provider Dex Media (DXM -8.5%). The Nasdaq is down 0.2%.
- Maxwell's gains come a day after the company announced an ultracapacitor-based engine start module will be offered for two new Kenworth trucks. Silicon Motion has joined a slew of other chip stocks in selling off for the second day in a row. Nimble is trading near its January lows, while Dex has made fresh 52-week lows.
- Previously covered: Cybersecurity stocks, SolarEdge, Infinera, Accenture, SuperCom, Neustar, Textura, ASML, GoPro, SanDisk, Red Hat
Tue, Feb. 17, 6:54 PM
- Though its Q4 results slightly beat estimates, Anadigics (NASDAQ:ANAD) is guiding for Q1 revenue to be down 10%-13% Q/Q. That implies a range of $18.1M-$18.8M, below a $19.7M consensus. Mobile chip sales are expected to drop in the seasonally weak quarter, and infrastructure chip sales rise.
- In spite of the sales guidance, non-GAAP gross margin is expected to rise 400 bps Q/Q. With the help of Anadigics' restructuring efforts, Q4 GAAP gross margin rose to 17.9% from 12.8% a year ago.
- R&D spend fell to $5.3M in Q4 from $9.3M a year ago, and sales/admin spend to $3.6M from $5.6M. The RF chipmaker ended 2014 with $18.4M in cash, and $4M in credit facility borrowings.
- Shares haven't yet moved in AH trading. They rallied in the weeks leading up to earnings.
- Q4 results, PR
Other News & PR