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Tue, Feb. 16, 4:09 PM
- Diodes (NASDAQ:DIOD): Q4 EPS of $0.14 beats by $0.08.
- Revenue of $214.4M (-4.1% Y/Y) beats by $11.81M.
Mon, Feb. 15, 5:35 PM
Nov. 25, 2015, 10:30 AM
- Less than a week after Pericom (PSEM - unchanged) shareholders approved Diodes' (DIOD +0.8%) planned $413M ($17.75/share) acquisition of the serial connectivity IC firm (thus turning their backs on a $19/share offer from China's Montage Technology that had financing/regulatory questions attached), the deal is officially on the books.
- Diodes CEO Keh-Shew Lu: "[T]his acquisition broadens Diodes analog footprint and adds a strong mixed-signal connectivity offering that will drive expanded product content in our target market applications. Pericom also provides an extensive timing product line that complements Diodes' standard product portfolio."
- The all-cash deal is expected to be immediately accretive. Pericom will stop trading on the Nasdaq following today's close.
Nov. 20, 2015, 2:58 PM
- Pericom Semi (PSEM +1%) shareholders have approved Diodes' (DIOD +0.6%) $17.75/share ($413M), all-cash, offer to buy the serial connectivity IC maker.
- The approval comes two days after China's Montage Technology upped its offer for Pericom to $19/share. Pericom rejected the bid, declaring it "still suffers from the fundamental flaws and significant risks that plagued [Montage's] previous offers, including financing, regulatory and other risks that make Montage's ability to close a transaction."
Nov. 18, 2015, 3:46 PM
- "[T]he Pericom Board consulted with its independent financial advisors and outside legal counsel and unanimously determined that Montage's revised offer still suffers from the fundamental flaws and significant risks that plagued its previous offers, including financing, regulatory and other risks that make Montage's ability to close a transaction substantially uncertain and significantly less likely than the closing of the transactions contemplated by Pericom's previously announced Merger Agreement [with Diodes]," says Pericom (PSEM +1.5%), turning down a new $19/share offer from China's Montage Technology.
- A shareholder meeting for Diodes' (DIOD +2.4%) $17.75/share, all-cash, deal to acquire Pericom (features committed financing) is still set for Friday.
Nov. 18, 2015, 9:32 AM
- Chinese analog/mixed-signal chipmaker Montage Technology (taken private last year) is now offering $19/share ($442M) for Pericom Semi (PSEM +1.4%), $0.50/share above its prior bid and $1.25/share above the $17.75/share ($413M) price Pericom has agreed to with Diodes (DIOD -0.3%), per its revised deal terms.
- Nonetheless, Pericom has issued a PR this morning urging shareholders to vote for the Diodes deal ahead of a Friday special meeting. The company originally announced a $17/share deal with Diodes in September.
- Pericom is currently trading at $17.91.
Nov. 5, 2015, 4:50 PM
- Diodes (NASDAQ:DIOD): Q3 EPS of $0.13 misses by $0.17.
- Revenue of $208.9M (-10.6% Y/Y) misses by $7.46M.
Nov. 4, 2015, 5:35 PM
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Oct. 14, 2015, 3:10 PM
- Though still well below its May/June highs, the Philadelphia Semi Index (SOXX +2.9%) has reached its highest levels since August following calendar Q3 results from Intel, Linear Technology, and ASML, and reports SanDisk and Fairchild are in buyout talks with potential suitors (respectively Micron/Western Digital and ON Semi/Infineon). The Nasdaq is down slightly.
- Intel (up 1.5%) beat Q3 estimates and provided in-line Q4 guidance. ASP strength and signs of stabilizing PC demand are overshadowing a full-year guidance cut for Intel's server CPU division, Linear (up 4.6%) posted mixed FQ1 results and issued above-consensus FQ2 guidance.
- Lithography equipment giant ASML (ASML -0.4%) beat Q3 EPS estimates and posted nearly in-line sales, but also guided for Q4 revenue of €1.4B ($1.61B), below a $1.77B consensus. Soft demand from foundry clients is blamed. Credit Suisse and Cowen argue ASML is hurt by a lack of exposure to the 3D NAND flash ramp.
- Aside from Linear and companies associated with the SanDisk/Fairchild reports, chipmakers seeing big gains include NXP (NXPI +4.6%), Freescale (FSL +3.6%), Himax (HIMX +4.2%), Qorvo (QRVO +4.9%), Cypress (CY +6.9%), AppliedMicro (AMCC +4.9%), and Linear/Fairchild peers Semtech (SMTC +4.7%), MangaChip (MX +4.6%), Diodes (DIOD +4%), and Power Integrations (POWI +4.2%). Chip packaging/testing firms ChipMOS (IMOS +3.8%) and Amkor (AMKR +5.9%) are also rallying.
- With much already priced in, chip equipment makers are also doing well, in spite of ASML's guidance, a fresh $400M cut to Intel's 2015 capex budget (to $7.3B), and a Gartner forecast for global wafer fab equipment spend to drop 0.5% in 2015 and 2.5% in 2016 before returning to growth.
- Chip equipment gainers include Lam Research (LRCX +3.6%), KLA-Tencor (KLAC +1.6%), Kulicke & Soffa (KLIC +3.3%), and Teradyne (TER +1.9%). Possibly helping: Intel stated on its earnings call its capex will rise in 2016 from 2015's depressed levels.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Sep. 4, 2015, 12:38 PM
Sep. 3, 2015, 9:38 AM
- Diodes (NASDAQ:DIOD) is acquiring connectivity/timing IC vendor Pericom Semi (NASDAQ:PSEM) for $17/share, or $400M, in cash. The price represents a 40% premium to Pericom's Wednesday close.
- The purchase is expected to be immediately accretive, and be financed in large part by debt - Diodes recently upped its credit facility by $200M. It's expected to close in Q4.
- Diodes CEO Keh-Shew Lu: "This transaction broadens Diodes' analog footprint and adds a strong mixed-signal connectivity offering that will drive expanded product content in target market applications. Also, Pericom's extensive timing product lines complement Diodes' standard product portfolio and broaden our analog footprint." Like Diodes, Pericom is exposed to a wide variety of consumer electronics, networking/telecom, and enterprise IT end-markets.
- Pericom is halted. Diodes has moved higher.
- Update (10:04AM ET): Pericom has resumed trading, and is up 37.5% to $16.75.
Aug. 6, 2015, 4:23 PM
- Diodes (NASDAQ:DIOD): Q2 EPS of $0.34 beats by $0.01.
- Revenue of $219.5M (-1.7% Y/Y) misses by $0.93M.