Spansion: You Can Benefit From The Growth Of MCUs
Tue, Aug. 9, 8:12 AM
Thu, Jul. 28, 4:38 PM
Wed, Jul. 27, 5:35 PM
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Thu, Jul. 14, 3:21 PM
- China's Summitview Capital, is reported by Betaville's Ben Harrington to have submitted a $14 per share bid that's been rejected by Cypress (CY +5%), which is holding out for $15.
- Craig-Hallum's Anthony Stoss says the company is in play with potentially multiple bidders interested, and reminds that last year, Summitview got into a bidding war with Cypress over Integrated Silicon Solutions (Cypress eventually backed down). He remains a buyer of Cypress and sees upside to his $12 price target.
- Today's big gain has Cypress up to $11.46.
Thu, Jul. 14, 9:15 AM
Mon, Jun. 20, 12:29 PM
- Cypress Semiconductor CY registers a $250M debt offering of convertible senior notes due 2022 in a private placement to qualified institutional buyers.
- Initial purchasers will have a 13-day option to purchase an additional $37.5M of notes to cover over-allotments.
- Net proceeds from the notes and an additional $450M term loan will be used to pay the cost of the capped call transaction, finance purchase price of Broadcom's IOT business, repay approx. $107M in revolving loans and pay fees and expenses related to the foregoing.
- Press Release
Wed, May 11, 8:03 AM
Thu, Apr. 28, 11:28 AM
- Along with its Q1 results, Cypress Semi (CY +2.7%) announces it's buying Broadcom/Avago's (AVGO +1.1%) wireless IoT chip unit, which sells, Wi-Fi, Bluetooth, and Zigbee chips, for $550M in cash. Cypress is also acquiring Broadcom's WICED IoT brand and related SDK/developer ecosystem.
- With the Broadcom unit having revenue of $189M during the last 12 months, Cypress is paying 2.9x trailing sales. The deal is expected to close in Q3.
- Cypress: "The acquisition strengthens Cypress's position in key embedded systems markets, such as automotive and industrial, and establishes it as a leader in the high-growth consumer IoT market, a segment that includes wearable electronics and home automation solutions."
- Broadcom notes the deal doesn't cover its wireless connectivity offerings for phones, notebooks, set-tops, and Wi-Fi access points. The company has said it's looking to divest some assets in the wake of the Broadcom/Avago merger, as it tries to streamline its offerings and pay off some of the debt taken on to help finance the merger.
- Separately, Cypress states long-time CEO T.J. Rodgers will step down this week. While the board searches for Rodgers' successor, daily operations will be handled by an Office of the CEO featuring several senior execs.
- Rodgers: "This March, Valeta and I celebrated my 68th birthday in Mexico. Upon reflection, while I am still passionately interested in Element 14, silicon, I have always planned not to be spending most of my time in the last decade of my career immersed in the details of the operations ... And, to be completely candid, the board and even the executive staff have urged me to bring new blood into operations." He'll continue to work on some projects for Cypress.
- Cypress is guiding for Q2 revenue of $440M-$470M and EPS of $0.10-$0.14, in-line with a consensus of $454.8M and $0.11. Both Cypress and Broadcom are higher.
Thu, Apr. 28, 8:13 AM
Wed, Apr. 27, 5:30 PM
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Wed, Feb. 24, 4:29 PM
- Cypress Semiconductor (NASDAQ:CY) declares $0.11/share quarterly dividend, in line with previous.
- Forward yield 5.64%
- Payable April 21; for shareholders of record March 31; ex-div March 29.
Tue, Feb. 16, 3:05 PM
- Plenty of tech companies are posting outsized gains on a day the Nasdaq is up 2%. Not surprisingly, many of the standouts are companies that have been hammered since New Year's.
- Notable gainers include action camera leader GoPro (GPRO +12.9%) and GoPro video processor supplier Ambarella (AMBA +6.2%), threat-prevention tech provider FireEye (FEYE +11.2%), supercomputer maker Cray (CRAY +19.5%), chip packaging/testing firm ChipMOS (IMOS +17.8%), point-of-sale hardware/software firm NCR (NCR +9.7%), Web hosting/domain registration firm GoDaddy (GDDY +9%), and driver-assistance system provider Mobileye (MBLY +7.4%). FireEye fell on Friday in the wake of its Q4 report.
- Other big gainers: RF chipmakers Skyworks (SWKS +6.4%) and Qorvo (QRVO +8.9%), 4G modem/M2M module maker Sierra Wireless (SWIR +8%), microcontroller/flash memory maker Cypress Semi (CY +7.5%), microphone maker Knowles (KN +8%), inventory-tracking hardware firm Zebra Technologies (ZBRA +8.5%), cloud HR software firm Paylocity (PCTY +7.8%), cloud collaboration/chat software firm Atlassian (TEAM +10.5%), touch controller/display driver vendor Synaptics (SYNA +7.8%), and online P2P lender LendingClub (LC +14.2%). LendingClub rallied last week after posting a Q4 beat and announcing a $150M buyback.
- Previously covered: Solar stocks, Chinese tech stocks, Groupon, Sonus, Black Box, Canadian Solar, Palo Alto Networks, Qualcomm
Tue, Feb. 2, 2:42 PM
- On a day the Nasdaq is down 2.1%, many chip stocks are seeing outsized losses (SOXX -3.1%) after IDT (IDTI -28.3%), a mixed-signal chipmaker selling into the server, networking/telecom infrastructure, and wireless charging markets (among others), offered soft FQ4 (calendar Q1) guidance to go with an FQ3 sales beat.
- Major decliners include diversified European chipmakers NXP (NXPI -4.7%) and STMicroelectronics (STM -7%), microcontroller maker Cypress Semi (CY -6.9%), RF chipmaker Qorvo (QRVO -6.4%), motion sensor developer InvenSense (INVN -6%), chip packaging/testing firm Amkor (AMKR -6.1%), and analog/mixed-signal chipmakers MagnaChip (MX -9.8%), Inphi (IPHI -9.1%), Silicon Labs (SLAB -5%), Microsemi (MSCC -4.4%), Semtech (SMTC -5.4%), and Power Integrations (POWI -5.5%). Previously covered: Pixelworks, ON Semi.
- IDT reported Chinese telecom infrastructure demand is "normalizing to slightly less than the peak levels seen in late calendar 2014," that data center customer growth rates have slowed slightly, and that consumer demand has been affected by increased "customer smartphone shipment volatility." Both Apple and Samsung's sales have been under pressure.
- BofA/Merrill has downgraded IDT to Neutral, while Wedbush's Betsy Van Hees has gone contrarian and upgraded to Outperform. Van Hees argues IDT is still positioned to see strong FY17 growth, aided by the ramp of LRDIMM DRAM chipsets for Intel's Broadwell server CPU launch and the ramp of wireless charging IC programs at tier-1 OEMs.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Thu, Jan. 28, 11:06 AM
- Though Cypress Semi (NASDAQ:CY) posted in-line Q4 EPS and beat on revenue, it's guiding for Q1 EPS of $0.04-$0.08, below an $0.11 consensus. Revenue guidance of $410M-$440M is favorable at a $425M midpoint to a $420.4M consensus.
- Gross margin pressure is weighing on EPS: Q4 non-GAAP gross margin was 39.8%, down from 41.2% in Q3 and 52.4% a year ago - the Y/Y drop has much to do with the Spansion merger - and below guidance of 41%. Moreover, GM is expected to drop to 36% in Q1.
- Cypress attributes the Q4 GM drop to "our lean inventory initiative, under which we are running our wafer fabs at a rate lower than actual demand capacity to burn off excess inventory." Fab utilization was only ~60% in Q4, and is expected to drop to ~50% in Q1.
- On the bright side, annualized synergies related to the Spansion merger rose by $17.4M Q/Q to $137.7M, and remain ahead of plan. EPS also benefited from $56.5M worth of buybacks. The automotive and industrial markets accounted for 55% of revenue, up from 52% a year ago.
- Cypress' Q4 results, earnings release
Thu, Jan. 28, 8:05 AM
- Cypress Semiconductor (NASDAQ:CY): Q4 EPS of $0.13 in-line.
- Revenue of $456.37M (+147.9% Y/Y) beats by $11.15M.
- Shares +2% PM.
Wed, Jan. 27, 5:30 PM
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Cypress Semiconductor Corp. manufactures, designs, develops and markets digital and mixed signal integrated circuits. Its offerings include the flagship Programmable System-on-Chip families and derivatives such as CapSense touch sensing and TrueTouch solutions for touchscreens. The company... More
Industry: Semiconductor - Broad Line
Country: United States