Cypress Semiconductor CorporationNASDAQ
Fri, Dec. 2, 12:13 PM
- Analyst Vijay Rakesh notes fundamentals across the subset remain in place and despite coming up on a seasonally weaker March quarter, sees recent downturn resulting in an acquiring opportunity.
- Highlights a semiconductor group trading at 2013 levels and sees forthcoming catalysts stemming from robust earnings growth, cost synergies, positive industrial, automotive, defense and aerospace, and further M&A consequent expected regulatory climate improvements.
- Recommends Intel (INTC +1%), Qualcomm (QCOM +2.4%), Micron Technology (MU +3.1%), Broadcom (AVGO +0.7%), ON Semiconductor (ON +0.7%), Cypress Semiconductor (CY +0.6%) and Microsemi (MSCC +0.6%).
Mon, Nov. 7, 4:36 PM
Thu, Oct. 27, 4:12 PM
Wed, Oct. 26, 5:35 PM
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Mon, Oct. 3, 4:59 PM
- Projected to mostly be paid in Q3 and Q4, though could partially extend through FY 2017.
- Approximately 500 positions to be cut worldwide.
- Cypress Semiconductor (NASDAQ:CY) intends to utilize savings resulting from the plan for "employee related matters and certain business initiatives and opportunities," noting a reduction in operating expenses going forward may not therefore be realized.
- Shares -0.02% after hours.
Tue, Aug. 30, 2:24 PM
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.
Wed, May 11, 8:03 AM
- Cypress Semiconductor (NASDAQ:CY) declares $0.11/share quarterly dividend, in line with previous.
- Forward yield 4.6%
- Payable July 21; for shareholders of record June 30; ex-div June 28.
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
- Cypress Semiconductor (NASDAQ:CY): Q1 EPS of $0.07 beats by $0.01.
- Revenue of $425.24M (+103.3% Y/Y) in-line.
Wed, Apr. 27, 5:30 PM
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