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  • Fri, Oct. 28, 3:01 PM
    | Fri, Oct. 28, 3:01 PM
  • Fri, Oct. 28, 12:47 PM
    | Fri, Oct. 28, 12:47 PM | 3 Comments
  • Thu, Oct. 27, 4:28 PM
    • MagnaChip Semiconductor (NYSE:MX): Q3 EPS of -$0.04 misses by $0.07.
    • Revenue of $192.29M (+24.6% Y/Y) beats by $9.29M.
    • Press Release
    | Thu, Oct. 27, 4:28 PM
  • Thu, Aug. 4, 3:02 PM
    | Thu, Aug. 4, 3:02 PM
  • Thu, Aug. 4, 12:55 PM
    | Thu, Aug. 4, 12:55 PM | 1 Comment
  • Wed, Aug. 3, 4:26 PM
    • MagnaChip Semiconductor (NYSE:MX): Q2 EPS of -$0.05 beats by $0.20.
    • Revenue of $167.1M (+3.1% Y/Y) beats by $8.1M.
    • Press Release
    | Wed, Aug. 3, 4:26 PM | 1 Comment
  • Thu, May 5, 5:04 PM
    • MagnaChip Semiconductor (NYSE:MX): Q1 EPS of -$0.08 beats by $0.18.
    • Revenue of $148.11M (-10.2% Y/Y) beats by $4.11M.
    | Thu, May 5, 5:04 PM | 1 Comment
  • Thu, Feb. 18, 1:48 PM
    • MagnaChip (MX +13.4%) is up strongly after soundly beating Q4 EPS estimates. Though officially beating the revenue consensus by $2.4M, Q4 revenue of $152.4M was just slightly above the guidance ($152M) given in MagnaChip's Jan. 19 pre-announcement.
    • Q1 guidance is for revenue of $141M-$144M, below a 2-analyst $152M consensus. However, MagnaChip notes it's due to lose more than $10M in revenue from its 6" wafer fab, which is due to close at the end of February.
    • Q4 gross margin was 19.6% - down from 22.5% at the end of Q3 and 20.6% a year earlier, but above revised guidance of 19% and initial guidance of 14%-16%. GM is expected to rise to 21%-24% in Q1.
    • Also boosting EPS: GAAP SG&A spend fell by $3.4M Y/Y to $18.7M, and R&D spend by $1.6M to $18.9M. MagnaChip ended 2015 with $90.9M in cash and $224.2M in long-term borrowings.
    • CEO YJ Kim: "Revenue in the fourth quarter was at the high end of our guidance range and gross margin was better than expected, driven primarily by an increase in demand for AMOLED display drivers consumed by smartphone makers in China. Despite a weak macro environment, our foundry pipeline is filling, AMOLED demand is improving and our business is showing early signs of stabilizing."
    • MagnaChip's Q4 results, earnings release
    | Thu, Feb. 18, 1:48 PM
  • Wed, Feb. 17, 4:24 PM
    • MagnaChip Semiconductor (NYSE:MX): Q4 EPS of $0.15 beats by $0.63.
    • Revenue of $152.4M (-9.1% Y/Y) beats by $2.4M.
    | Wed, Feb. 17, 4:24 PM
  • 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
    | Tue, Feb. 2, 2:42 PM | 5 Comments
  • Thu, Jan. 21, 4:17 PM
    • Chip stocks fared well (SOXX +1.5%) on a day the Nasdaq was nearly flat. The gains came after FPGA maker Xilinx (XLNX +8.6%) beat calendar Q4 sales estimates, issued solid Q1 guidance, and published an 8-K filing that has fueled hopes the company will join the ranks of chip firms to be acquired during the industry's M&A wave.
    • Also: Microcontroller and SRAM/NOR flash memory maker Cypress Semi (CY +7.6%) affirmed its Q4 guidance against a backdrop of low expectations.
    • Seeing the biggest gains was AMD (AMD +16.1%), which is two days removed from providing weak Q1 guidance to go with a Q4 sales beat. In spite of the guidance and the largely downbeat analyst commentary that has followed, AMD is now up 7% since the Q4 report arrived. Short-covering is likely helping - 120.4M shares (19% of the float) were shorted as of Dec. 31.
    • Small-cap Xilinx rival Lattice Semi (LSCC +10.8%) was also a standout. Lattice (like Xilinx) has seen its share of M&A speculation, and CEO Darin Billerbeck has suggested he's open to a sale.
    • Other notable gainers include Cavium (CAVM +3.6%), Silicon Motion (SIMO +3.7%), and Knowles (KN +6.5%) - Cavium is exposed to some of the same end-markets as Xilinx. MagnaChip (MX +13.9%) jumped two days after making a positive Q4 pre-announcement. Beaten-down Micron (MU +8%) also rallied strongly, possibly aided by a bullish Morgan Stanley note.
    • On its earnings call (transcript), Xilinx mentioned the automotive market (a strong point for many chip companies, as chip content within cars steadily grows) is expected to see record sales in calendar Q1, and deliver 30% sales growth for FY16 (ends in March). Mobile infrastructure-related sales are expected to rise Q/Q, but deemed unlikely to reach a March 2014 peak anytime soon. CEO Moshe Gavrielov: "[E]verything until 2020 is likely to be of a smaller scale and the next big surge will be driven by 5G."
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Thu, Jan. 21, 4:17 PM | 8 Comments
  • Tue, Jan. 19, 11:16 AM
    • MagnaChip (NYSE:MX) expects to report Q4 revenue of $152M, near the high end of a $143M-$153M guidance range and above a 2-analyst $148.8M consensus. Gross margin is expected to be at 19%, above prior guidance of 14%-16%.
    • The Korean analog/mixed-signal and display chipmaker primarily attributes the GM guidance hike to "an increase in demand for its AMOLED products as well as better than expected product mix and manufacturing efficiencies." Shares sold off in November after MagnaChip used its Q3 report to offer cautious Q4 sales guidance and forecast GM would drop sharply from Q3's 22.5%.
    • Q4 results arrive on Feb. 17. Shares had closed on Friday just $0.19 above a 52-week low of $3.60.
    | Tue, Jan. 19, 11:16 AM
  • Dec. 14, 2015, 12:44 PM
    | Dec. 14, 2015, 12:44 PM
  • Dec. 11, 2015, 5:13 PM
    • MagnaChip (NYSE:MX) has struck a deal to settle a class-action suit related to its 2014/2015 accounting review/restatement for $23.5M. (8-K filing)
    • MagnaChip expects the settlement to be fully funded via insurance proceeds. The company closed today with a $168M market cap.
    | Dec. 11, 2015, 5:13 PM
  • Nov. 6, 2015, 4:47 PM
    • The Philadelphia Semi Index (SOXX +2.6%) rallied after Nvidia (NVDA +13.9%) beat estimates and provided strong guidance (gaming GPUs led the way), Skyworks (SWKS +7.1%) offered good calendar Q4 guidance and RF chip peer Qorvo (QRVO +23.2%) posted better-than-feared results and guidance. The Nasdaq rose just 0.4%.
    • Also: Analog/Ethernet chipmaker Microsemi (MSCC +4.9%) beat calendar Q3 revenue estimates and offered solid Q4 guidance: Revenue of $325M-$329M and EPS of $0.70-$0.74 vs. a consensus of $323.5M and $0.72.
    • Big gainers today included specialty foundry/Skyworks supplier TowerJazz (TSEM +6%), smart TV/home automation chipmaker Sigma Designs (SIGM +16.6%), telecom/networking IC provider InPhi (IPHI +6.7%), touch controller/LCD driver supplier Synaptics (SYNA +6.1%), FPGA maker Lattice Semi (LSCC +6.6%), network processor vendor Cavium (CAVM +5.6%), DSP core IP provider CEVA (CEVA +7.2%), and analog/mixed-signal chipmakers MagnaChip (MX +4.6%) and Semtech (SMTC +5.4%).
    • On its earnings call (transcript), Qorvo mentioned Chinese smartphone demand (a recent headwind) is "seeing a bit of a rebound," and that the launch of 5-mode and 6-mode Chinese 4G phones is boosting RF chip content. Qorvo also thinks Chinese base station activity (an issue for many telecom chip/component firms) bottomed in Q3, but cautions a mobile infrastructure recovery is expected to be gradual.
    • Microsemi stated on its call (transcript) broadband gateway chip sales were a Q3 strong point, that telecom infrastructure began to improve, and that defense/aerospace sales are expected to rebound in 2016. Industrial demand remained soft in Q3.
    • MKM's Ian Ing has upgraded Nvidia to Buy, calling shares "expensive and worth it." Ing: "We see a sustainable growth trajectory, given [Nvidia's] positioning to lead in significant paradigm changes favoring more valuable semiconductor solutions: automotive evolving from driver assist to autonomous driving, gaming transitioning to virtual reality and professional or social E-sports, and cloud computing increasingly using GPU accelerators for machine learning."
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    • Last week: Chip stocks sell off after NXP, STMicro, others issue soft guidance
    | Nov. 6, 2015, 4:47 PM | 1 Comment
  • Oct. 29, 2015, 6:35 PM
    • Though MagnaChip (NYSE:MX) beat Q3 estimates, it's guiding for Q4 revenue of $143M-$153M, unfavorable at a $148M midpoint to a $151.7M consensus. In addition, GAAP gross margin is expected to drop to 14%-16% from Q3's 22.5% and Q2's 21.8%.
    • Foundry Services revenue fell 28% Y/Y in Q3 to $71.5M, Display Solutions (display drivers and other display-related ICs) fell 18% to $48.3M, and Power Solutions (power management ICs) fell 5% to $34.4M. Chinese sales of display/power products were a strong point.
    • Cost cuts led GAAP operating expenses to drop 16% to $42.6M. CEO Y.J. Kim: "Spending in the first three quarters of 2015 declined by approximately $38 million as compared with the same period last year, and our 2016 spending targets are now under review as part of a comprehensive cost reduction plan launched earlier this year." MagnaChip ended Q3 with $68.5M in cash, and $224.1M in long-term borrowings.
    • Shares have fallen to $5.80 after hours.
    • Q3 results, PR
    | Oct. 29, 2015, 6:35 PM