Integrated Device Technology, Inc. (IDTI) - NASDAQ
  • Oct. 26, 2015, 5:37 PM
    • Top gainers, as of 5.25 p.m.: IDTI +10.5%. MT +9.8%. ONE +6.8%. EW +6.1%. AU +2.9%.
    • Top losers, as of 5.25p.m.: HCLP -14.7%. RCII -19.0%. MRVL -15.3%. MSTR -12.4%. AMKR -8.0%.
    | Oct. 26, 2015, 5:37 PM | 5 Comments
  • Oct. 26, 2015, 5:26 PM
    • Along with its FQ2 results, IDT (NASDAQ:IDTI) has announced it's buying ZMDI, a German provider of power management, battery management, sensor, and LED driver ICs for auto and industrial clients, for $310M in cash.
    • With ZMDI producing quarterly revenue of $20M, IDT is paying roughly 4x sales. The company's gross margin (currently 57%) is expected to top 60% once cost synergies are reaped.
    • IDT: "IDT gains immediate leverage for new designs in Wireless Charging, Power Management, and Timing & Signal Conditioning ... ZMDI's signal conditioning products provide an elegant interface between microcontrollers and analog components, such as sensors. This is extremely complimentary to IDT's Advanced Timing products, and will enable intelligent systems that are aware of their surroundings, and can adjust system performance, timing, and power management automatically."
    • Separately, IDT's buyback authorization has been upped by $300M to $531M. That's good for repurchasing 15% of shares at current levels. IDT plans to pay for the additional $300M via debt, and promises to "execute this portion of our buyback on an accelerated pace."
    • IDT's FQ2 top-line performance is attributed to "a strong rebound in sales of our communications products, continued market leadership in memory interface, as well as solid contributions from our wireless charging business." EPS benefited from a 70 bps Q/Q and 220 bps Y/Y increase in gross margin (non-GAAP) to 63.4%.
    • Shares have jumped to $26.27 after hours, making new 52-week highs along the way.
    • FQ2 results, PR
    | Oct. 26, 2015, 5:26 PM | 2 Comments
  • Oct. 26, 2015, 4:08 PM
    • Integrated Device Tech (NASDAQ:IDTI): FQ2 EPS of $0.35 beats by $0.04.
    • Revenue of $169.5M (+23.6% Y/Y) beats by $1M.
    • Shares +1.5%.
    | Oct. 26, 2015, 4:08 PM
  • Oct. 25, 2015, 5:35 PM
    | Oct. 25, 2015, 5:35 PM | 2 Comments
  • Oct. 22, 2015, 12:24 PM
    • The Philadelphia Semi Index (SOXX +3%) has risen above $90 for the first time since July on a day the Nasdaq is up 1.5%. Helping out: Texas Instruments (TXN +10.4%) soundly beat Q3 estimates, reported positive growth for its analog and embedded processing (DSP/microcontroller) units in spite of a customer inventory correction, and (with the help of iPhone content gains) provided mostly above-consensus Q4 guidance.
    • Meanwhile, Cypress Semi (up 4.1%) is rallying in spite of posting mixed Q3 results and issuing light Q4 guidance. A new $450M buyback is helping.
    • TI/Cypress microcontroller peers NXP (NXPI +4.2%), Freescale (FSL +3.5%), STMicroelectronics (STM +2.5%), and Microchip (MCHP +2.9%) are among the gainers. As are TI analog/mixed-signal peers ON Semi (ON +5%), Intersil (ISIL +3.2%), IDT (IDTI +3.6%), Monolithic (MPWR +3.3%), and Silicon Labs (SLAB +2.6%).
    • Other notable gainers include InvenSense (INVN +2.6%), Nvidia (NVDA +3.5%), Cavium (CAVM +4.4%), Knowles (KN +3.6%), and Lattice Semi (LSCC +7%).
    • On its earnings call (transcript), TI mentioned automotive chip demand (boosted by growing chip content in various systems) was strong. Industrial sales were roughly flat (better than expected), and personal electronics benefited from "demand from one customer" (likely Apple). Wireless infrastructure fell 30% Y/Y (Chinese weakness), but rose Q/Q.
    • Chip stocks also outperformed yesterday after Western Digital announced it's buying SanDisk, Lam Research announced it's buying KLA-Tencor, and CPU core giant ARM (ARMH +2.7%) beat Q3 revenue estimates (EPS slightly missed) with the help of a 20% Y/Y increase in ARM chip shipments to 3.6B, and stated it expects 2015 revenue to be in-line with market expectations.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Oct. 22, 2015, 12:24 PM
  • Oct. 21, 2015, 10:34 AM
    • BAE Systems (OTCPK:BAESY -0.6%) and IDT (IDTI) have developed a space-grade chip to transfer greater volumes of data at higher speeds during space missions than ever before.
    • The microchip will use the market's first RapidIO interconnect to speed massive amounts of data through a network of radiation-hardened computer systems in outer space.
    | Oct. 21, 2015, 10:34 AM
  • Sep. 8, 2015, 3:25 PM
    • The Philadelphia Semi Index (SOXX +3.9%) has risen to its highest levels since mid-August on a day the Nasdaq is posting a 2.3% gain.
    • Likely helping out: Microchip (MCHP +8.4%), still often seen as an industry bellwether (though its commentary accompanying last fall's warning sparked criticism), has adjusted its FQ2 (calendar Q3) revenue and EPS guidance to $545M-$563M ($554M midpoint) and $0.60-$0.66 from a prior $$532M-$569M ($550.5M midpoint) and $0.58-$0.66. The outlook comes after many chipmakers (Microchip included) offered below-consensus calendar Q3 guidance amid an inventory correction, weak PC demand, and slowing Chinese smartphone growth.
    • Microchip's core ops are said to be tracking in-line with prior expectations, and recently-acquired Micrel's above expectations. The 8.6M shares issued in the Micrel deal have been repurchased.
    • Also: Various Taiwanese chipmakers and supply chain firms have reported August sales. Chip packaging/testing firms ASE (ASX +5.9%) and Siliconware (SPIL +4.1%) respectively reported sales were up 5.8% and 5.7% M/M, and up 9.5% and down 4.2% Y/Y.
    • Big gainers include Microchip peers NXP (NXPI +6.8%), Freescale (FSL +5.8%), Silicon Labs (SLAB +4.4%), and Cypress (CY +4.4%). Others include Avago (AVGO +5.8%), Xilinx (XLNX +5.7%), Cavium (CAVM +5.5%), Analog Devices (ADI +6.3%), Synaptics (SYNA +5.4%), Linear (LLTC +4.6%), Cirrus Logic (CRUS +4.7%), IDT (IDTI +4.6%), Sigma Designs (SIGM +4.9%), and chip equipment maker Axcelis (ACLS +8%).
    • SanDisk, ON Semi, and Silicon Motion are benefiting from upgrades/bullish coverage. Apple holds its iPhone event at 1PM ET tomorrow.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Sep. 8, 2015, 3:25 PM | 1 Comment
  • Aug. 18, 2015, 2:23 PM
    • Having already felt the effects of a string of downbeat earnings reports, chip stocks are underperforming today amid a 0.5% drop for the Nasdaq. The Philadelphia Semi Index (SOXX -1.7%) is near its 2015 lows, and now down 9% YTD. Fresh Chinese macro fears - the Shanghai and Shenzhen exchanges both fell sharply overnight - could be playing a role.
    • Micron (MU -4.9%), 4 days removed from hosting its analyst day and 1 day removed from seeing a slew of analysts respond, is among the names down strongly. BofA/Merrill downgraded NAND flash rival SanDisk and NAND controller vendor Silicon Motion to Underperform this morning, which citing Micron and SK Hynix's capex plans - Hynix says it's thinking of spending $39B on fab investments.
    • Other major decliners that are tied to the industry include Skyworks (SWKS -5.3%), Qorvo (QRVO -3.6%), IDT (IDTI -6.3%), AppliedMicro (AMCC -4.3%), ChipMOS (IMOS -4.3%), Rambus (RMBS -3.8%), Silicon Labs (SLAB -3.1%), Semtech (SMTC -3.5%), MagnaChip (MX -4.4%), and Amkor (AMKR -3.6%).
    • Needless to say, multiples for many hard-hit names have come down considerably over the last two months.
    • Chips ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Aug. 18, 2015, 2:23 PM | 29 Comments
  • Aug. 4, 2015, 10:06 AM
    • IDT (NASDAQ:IDTI) followed up its FQ1 beat by guiding on its earnings call (transcript) for FQ2 revenue of $162M-$170M and EPS of $0.30-$0.32, favorable at the midpoints to a consensus of $164.8M and $0.30 and much better than feared given the outlooks provided by many peers.
    • The company also noted wireless charging IC growth fueled a 57% Q/Q increase in consumer market revenue (now 14% of total revenue), and that it has landed receiver IC design wins at LG (previously announced) and with an unnamed tier-1 smartphone OEM for whom shipments will start late in FQ2. IDT adds the tier-1 OEM will implement the programmable power-share technology IDT unveiled at the Mobile World Congress.
    • HPC/data center revenue (46% of revenue) rose 5.4% Q/Q. IDT asserts it remains "the clear leader" in memory interface ICs, and is beginning to produce revenue for new programmable power management ICs aimed at high-performance storage applications.
    • Telecom infrastructure (40% of revenue) was soft, with sales falling 12.5% Q/Q. Like others, IDT reports seeing weak Chinese mobile infrastructure demand, but is optimistic the worst is behind it. "We believe the demand situation in infrastructure has stabilized for our products ... and that we will continue to outperform the overall market."
    • FQ1 results, details
    | Aug. 4, 2015, 10:06 AM | 1 Comment
  • Aug. 3, 2015, 5:37 PM
    | Aug. 3, 2015, 5:37 PM
  • Aug. 3, 2015, 4:28 PM
    • With many chipmakers having provided soft calendar Q2 reports, and a number of companies (chipmakers or otherwise) with strong data center exposure having a rough time, IDT's (NASDAQ:IDTI) FQ1 beat is going over well.
    • IDT attributes its 27% Y/Y sales growth to HPC and wireless charging-related sales. Gross margin (non-GAAP) was 62.7%, -20 bps Q/Q and +80 bps Y/Y. Operating expenses rose only 8% Y/Y to $61.9M. IDT ended FQ1 with $551M in cash/short-term investments, and no debt.
    • Shares have risen to $20.00 AH. CC at 4:30PM ET (webcast), guidance should be provided.
    • FQ1 results, PR
    | Aug. 3, 2015, 4:28 PM
  • Aug. 3, 2015, 4:07 PM
    • Integrated Device Tech (NASDAQ:IDTI): FQ1 EPS of $0.31 beats by $0.02.
    • Revenue of $160.91M (+27.4% Y/Y) beats by $0.37M.
    | Aug. 3, 2015, 4:07 PM | 3 Comments
  • Aug. 2, 2015, 5:35 PM
  • Jul. 22, 2015, 11:11 AM
    • The Philadelphia Semi Index (SOXX -3.2%) has fallen to its lowest levels since February after Apple, ARM, and Linear Technology posted their calendar Q2 reports yesterday afternoon.
    • Apple (down 4.8%) beat estimates, but offered soft guidance and reported slightly below-consensus iPhone sales. ARM (down 3.8%) reported roughly in-line Q2 results and a 26% Y/Y increase in ARM-based chip shipments, while stating it expects 2015 results to be in-line with expectations.
    • Linear (down 7.8%) missed FQ4 estimates and provided weak FQ1 guidance. Notably, the analog/mixed-signal chipmaker added it saw bookings slow "considerably" towards the end of Q2, with industrial and PC demand particularly weak. Bookings have improved in July, but Linear is still "preparing for a difficult [Q3]." The company expresses optimism the downturn will be short.
    • Apple suppliers are seeing big losses (previous). As are Linear peers Texas Instruments (TXN -3.7%), ON Semi (ON -5.1%), Maxim (MXIM -3.5%), IDT (IDTI -6.5%, Apple Watch supplier), InPhi (IPHI -4%), Exar (EXAR -4.2%), and Analog Devices (downgraded by Drexel Hamilton).
    • Other decliners include Micron (MU -4.2%, also an Apple supplier), Synaptics (SYNA -6.4%, ditto), STMicroelectronics (STM -6.2%, downgraded by Citi), Freescale (FSL -4.8%, following merger partner/Apple supplier NXP lower), Microchip (MCHP -4.6%), Cypress (CY -4.3%), Lattice (LSCC -3.9%), and Silicon Motion (SIMO -4.4%).
    • Qualcomm, TI, Cirrus Logic, SanDisk, and Xilinx report this afternoon.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Jul. 22, 2015, 11:11 AM | 3 Comments
  • Jul. 9, 2015, 2:56 PM
    • Intel (INTC -1.6%) has gradually sold off after QLogic, whose Fibre Channel and Ethernet adapter cards and controllers go into plenty of servers powered by Intel Xeon CPUs, issued a major calendar Q2 sales warning.
    • Avago is also off, as are Mellanox/Brocade and IDT (IDTI -7.1%). IDT received 45% of its calendar Q1 revenue from HPC/data center chip sales.
    • QLogic blamed its warning on soft enterprise server/storage demand, along with high OEM inventories caused by a "slower next-generation server transition in enterprise environments." The latter is an apparent reference to Intel's Grantley (Xeon E5 V3) platform.
    • Of note: Some of the enterprise weakness seen by QLogic could be due to the rapid growth of the cloud infrastructure (IaaS) market. Intel, of course, sells plenty of Xeon CPUs for both enterprise and IaaS server deployments.
    • Thanks in part to Grantley demand, Intel's server CPU division (DCG) revenue rose 19% Y/Y in Q1 to $3.68B, helping offset an 8% drop in PC/mobile CPU division (CCG) revenue to $7.42B. Q2 results arrive on July 15.
    | Jul. 9, 2015, 2:56 PM | 22 Comments
  • May 27, 2015, 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
    | May 27, 2015, 3:00 PM | 41 Comments
Company Description
Integrated Device Technology, Inc. designs, develops, manufactures and markets a broad range of low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries. It offers communications solutions for customers within the... More
Sector: Technology
Industry: Semiconductor - Broad Line
Country: United States