Broadcom Limited (AVGO) - NASDAQ
  • Dec. 3, 2015, 9:15 AM
    | Dec. 3, 2015, 9:15 AM
  • Dec. 2, 2015, 5:40 PM
    | Dec. 2, 2015, 5:40 PM
  • Dec. 2, 2015, 5:02 PM
    • Avago (NASDAQ:AVGO) has jumped to $142.24 after hours after beating FQ4 EPS estimates, posting in-line revenue, and issuing FQ1 sales guidance that was below consensus but better than feared in light of soft guidance from other chipmakers and reports of Apple component order cuts. Merger partner Broadcom (NASDAQ:BRCM) has risen to $57.47.
    • Financials: Lifting FQ4 EPS: Gross margin (non-GAAP) was 62%, up from 61% in FQ3 and 58% a year ago, and above a guidance midpoint of 60.5%. FQ1 GM guidance is at 61% (+/- 1%). Operating expenses rose 12% Y/Y to $338M, slightly topping guidance of $336M. Avago ended FQ4 with $1.82B in cash, and $3.9B in debt.
    • Top-line performance: Wireless communications chip sales (37% of revenue, driven in FQ4 by iPhone orders) rose 10% Q/Q and 8% Y/Y. Enterprise storage (LSI/Emulex, 35% of revenue) rose 9% Q/Q and 38% Y/Y; the Emulex purchase boosted Y/Y growth. Wired infrastructure (optical components, 20% of revenue) rose 2% Q/Q and 7% Y/Y. Industrial/other (8% of revenue, hurt by inventory correction) fell 10% Q/Q and 7% Y/Y.
    • Avago's results/guidance, PR
    | Dec. 2, 2015, 5:02 PM | 1 Comment
  • Dec. 2, 2015, 4:05 PM
    • Avago Technologies (NASDAQ:AVGO): FQ4 EPS of $2.51 beats by $0.13.
    • Revenue of $1.85B (+14.9% Y/Y) in-line.
    • Expects FQ1 revenue of $1.78B (+/- $25M), below a $1.82B consensus.
    • Shares +3.2% after hours.
    | Dec. 2, 2015, 4:05 PM
  • Dec. 1, 2015, 5:35 PM
    | Dec. 1, 2015, 5:35 PM | 2 Comments
  • Nov. 17, 2015, 5:46 PM
    • Broadcom (NASDAQ:BRCM) declares $0.14/share quarterly dividend, in line with previous.
    • Forward yield 1.07%
    • Payable Dec. 14; for shareholders of record Nov. 30; ex-div Nov. 25.
    | Nov. 17, 2015, 5:46 PM
  • Nov. 10, 2015, 6:21 PM
    • As expected, both Avago (NASDAQ:AVGO) and Broadcom (NASDAQ:BRCM) shareholders have approved the companies' planned merger. Avago states over 99% of shareholder votes were cast in favor of the deal. (PRs: Avago, Broadcom)
    • The deal is expected to close in late 2015 or early 2016, following (expected) regulatory approvals; EU regulators are reportedly set to sign off. As previously announced, Broadcom shareholders can elect to receive either $54.50/share in cash or 0.4378 shares (current value of $52.47), with half the total payout in cash and half in stock.
    • Avago fell 5.3% and Broadcom fell 3.3% in regular trading following a Credit Suisse report stating Apple has cut iPhone component orders by up to 10%.
    | Nov. 10, 2015, 6:21 PM
  • Nov. 10, 2015, 8:32 AM
    • Apple is down 1.9% in premarket action after Credit Suisse supplier checks found the company cut component orders as much as 10% recently.
    • Cirrus Logic (NASDAQ:CRUS-1.3%, NXP Semi (NASDAQ:NXPI-2%, Skyworks (NASDAQ:SWKS) -2.2%, Avago (NASDAQ:AVGO-2%, Qorvo (NASDAQ:QRVO-1.3% premarket.
    | Nov. 10, 2015, 8:32 AM | 16 Comments
  • Nov. 5, 2015, 4:32 PM
    • Avago (NASDAQ:AVGO) has risen to $124.00 after hours after Skyworks provided strong FQ1 guidance to go with FQ4 results that nearly matched its October outlook, and beaten-down Qorvo beat FQ2 estimates and offered mixed FQ3 guidance (below-consensus revenue, in-line EPS).
    • Avago's FQ4 (October quarter) report typically arrives later this month.
    | Nov. 5, 2015, 4:32 PM
  • Nov. 3, 2015, 6:19 AM
    • EU antitrust regulators are set to unconditionally approve Avago Technologies' (NASDAQ:AVGO) proposed $37B takeover of Broadcom (NASDAQ:BRCM), according to Reuters.
    • The acquisition is one in a series of global semiconductor deals this year, with consolidation driven by demand for cheaper chips and new products to power Internet-connected devices.
    | Nov. 3, 2015, 6:19 AM
  • Oct. 29, 2015, 12:29 PM
    • Down on Monday following Dialog Semi's Q3 report and up yesterday in the wake of Apple's results/guidance, chip stocks are selling off again (SOXX -2.5%) after leading microcontroller vendor NXP (NXPI -18.2%) posted mixed Q3 results and (more importantly) guided for Q4 revenue to be down by a "low to upper-teens" % Q/Q. The Nasdaq is down 0.3%.
    • Also: 1) NXP rival and fellow European chipmaker STMicroelectronics (STM -5.8%) slightly missed Q3 revenue estimates and has guided for Q4 revenue to be down 6% (+/- 3.5%) Q/Q. 2) Network processor vendor Cavium (CAVM -5%) issued light Q4 guidance, while blaming a distribution model change at its biggest data center customer. 3) Microcontroller maker Atmel (ATML -2.4%, set to be acquired by Dialog) missed Q3 revenue estimates and guided for Q4 revenue of $266M-$286M, below a $296.1M consensus.
    • On the bright side, Apple-dependent Cirrus Logic (CRUS -5.7%) beat FQ2 EPS estimates (revenue was in-line) and provided solid FQ3 guidance, and fellow Apple/Samsung supplier InvenSense (INVN +14.3%) beat FQ2 estimates and issued in-line FQ3 guidance. Cirrus is nonetheless selling off; the earnings call (transcript) was generally upbeat, with management talking up FY16/FY17 growth opportunities related to smart codec and boosted amplifier sales.
    • NXP merger partner Freescale (FSL -15.4%) is naturally seeing big losses. Other decliners include RF chipmakers Skyworks (SWKS -3.1%), Avago (AVGO -6%), and Qorvo (QRVO -2.6%), analog/mixed-signal chipmakers Texas Instruments (TXN -3%), ON Semi (ON -5.9%), MagnaChip (MX -6.8%), Fairchild (FCS -4.3%), Maxim (MXIM -3.1%), and IDT (IDTI -5.2%), and smart TV SoC vendor/STMicro rival Sigma Designs (SIGM -3.2%).
    • Like NXP, Cirrus, and InvenSense, Skyworks, Avago, Qorvo, TI, and Fairchild are Apple suppliers. Fairchild and Maxim have recently benefited from M&A reports (I, II).
    • Both NXP and STMicro reported seeing conditions deteriorate as Q3 progressed. NXP added lower-than-expected chip sell-through led to higher channel inventories, and STMicro stated "lower consumer spending in China is impacting the dynamics of the distribution channel in the region and the industry more globally, particularly in automotive." NXP has added 20M shares to its buyback in an attempt to soften the blow.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Oct. 29, 2015, 12:29 PM | 7 Comments
  • Oct. 27, 2015, 7:48 PM
    • Apple beat estimates with the help of ASP/margin strength and 99% Greater China growth, reported 48M iPhone sales (consensus was around 48.5M), and guided for FQ1 revenue of $75.5B-$77.5B vs. a $77.1B consensus. The numbers are good enough for chip suppliers hammered yesterday thanks to Dialog Semi's Q3 report to move higher.
    • Cirrus Logic (NASDAQ:CRUS) is up 2% after hours ahead of tomorrow afternoon's FQ2 report. Skyworks (NASDAQ:SWKS) is up 1.7%, Avago (NASDAQ:AVGO) is up 2%, InvenSense (INVN - reports tomorrow) is up 2.2%, NXP (NXPI - reports tomorrow) is up 1.3%, and Qorvo (NASDAQ:QRVO) is up 1%.
    | Oct. 27, 2015, 7:48 PM | 7 Comments
  • Oct. 26, 2015, 4:08 PM
    • Broadcom (NASDAQ:BRCM): Q3 EPS of $0.77 beats by $0.03.
    • Revenue of $2.19B (-3.2% Y/Y) beats by $50M.
    • No guidance provided in earnings release.
    • Shares +1.8% after hours.
    | Oct. 26, 2015, 4:08 PM
  • Oct. 26, 2015, 10:52 AM
    • Apple suppliers Qualcomm (QCOM -2.9%), Cirrus Logic (CRUS -10.1%), Skyworks (SWKS -5.1%), Qorvo (QRVO -5%), Avago (AVGO -4.2%), Broadcom (BRCM -2.3%), NXP (NXPI -3.5%), InvenSense (INVN -2.1%), Synaptics (SYNA -4.4%), and Analog Devices (ADI -2.7%) are selling off after iPhone/iPad power management IC supplier Dialog Semi (down 18.8% in Frankfurt) reported 18% Y/Y Q3 revenue growth and guided for annual Q4 growth to be in a range of -1% to +6%. Both the Q3 sales and Q4 guidance missed consensus estimates.
    • NXP merger partner Freescale (FSL -2.9%) is also lower. As is Atmel (ATML -8.1%), which is set to merge with Dialog in a cash/stock deal. Atmel was originally due to receive over half its payout in Dialog shares, whose value has fallen considerably since the deal was announced in mid-September.
    • Broadcom, set to merge with Avago, reports after the bell. Apple reports tomorrow, and Cirrus, NXP, and InvenSense on Wednesday. With the help of improving demand and ongoing M&A, chip stocks had bounced strongly from their August/September lows in recent weeks.
    | Oct. 26, 2015, 10:52 AM | 19 Comments
  • Oct. 25, 2015, 5:35 PM
    | Oct. 25, 2015, 5:35 PM | 2 Comments
  • Oct. 19, 2015, 6:27 PM
    • As of Nov. 2, Bryan Ingram will no longer be Avago's (NASDAQ:AVGO) COO, and instead serve as GM of its wireless chip unit. (8-K filing)
    • Like many other companies, Avago has "decided to eliminate this position in order to simplify the operating structure of the Company." The company adds Ingram was "instrumental in growing the Company's Wireless business and has a deep expertise in this field."
    • Avago's wireless ops accounted for 35% of its July quarter revenue. The unit's sales rose 69% Y/Y thanks to iPhone 6-related demand and broader share gains fueled by demand for Avago's FBAR filters within 4G phones. The Broadcom merger (brings with it Broadcom's market-leading Wi-Fi/Bluetooth combo chip business) will significantly increase the unit's size.
    | Oct. 19, 2015, 6:27 PM | 2 Comments
Company Description
Broadcom Ltd. designs, develops and supplier of a broad range of analog and digital semiconductor connectivity solutions. It serves four primary end markets: wired infrastructure, wireless communications, enterprise storage and industrial & other. The company product's includes data center... More
Sector: Technology
Industry: Semiconductor - Broad Line
Country: United States