Fri, Sep. 16, 1:44 PM
- While already anticipated, Intel (INTC +2%) components are now confirmed to be installed within certain iPhone 7 configurations. Two Intel RF transceivers, a baseband modem and RF power management ICs are noted.
- Modems, transceivers and power management ICs provided by Qualcomm (QCOM +0.2% ) are also confirmed to be utilized in other device variations. Qualcomm had historically maintained an exclusive provider position of modem components for previous iPhone iterations.
- Supplies from Skyworks Solutions (SWKS -1.9%), Cirrus Logic (CRUS -1.8%), Samsung Electronics (OTC:SSNLF), Taiwan Semiconductor Manufacturing Company (TSM -0.7%), NXP Semiconductors (NXPI -2.2%), Broadcom (AVGO -1.3%), Qorvo (QRVO -2.4%), Texas Instruments (TXN -0.5%), Toshiba (OTCPK:TOSBF +4.4%), Lattice Semiconductor, (LSCC -0.6%), Dialog Semiconductor (OTC:DLGNF), SK Hynix (OTC:HXSCF) and other makers also so far validated.
Fri, Aug. 19, 11:43 AM
- The chip sector is hot but no name is hotter than Advanced Micro Devices (AMD +10.9%). The company has been gradually rising since last August and has really hit its stride since returning to Y/Y revenue growth for the first time since 2014 in Q2.
- The only company remotely in the ballpark of this type of growth is Nvidia (NVDA +0.4%) with a now 170% increase over the last year.
- Comparably, Intel Corporation (INTC +0.5%) is up slightly over 23%, Micron Technology (MU +3.7%) around 2%, Applied Materials (AMAT +6.7%) nearly 80%, Analog Devices (ADI +0.4%) around 10%, ARM Holdings (ARMH -0.8%) around 56%, Linear Technology (LLTC +0.1%) around 46%, NXP Semiconductors (NXPI +1.2%) around 2%, Marvell Technology (MRVL +3.9%) slightly over 1%, Qualcomm (QCOM -0.4%) around 2.5%, Broadcom (AVGO +0.5%) around 26% and Texas Instruments (TXN +0.3%) around 43% for the same period.
- Advanced Micro Devices shares continues to increase following this week's operational-reveal of the company's highly anticipated Zen-core processors.
Wed, Jul. 27, 8:17 PM
Tue, Jul. 26, 5:35 PM
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Mon, Jun. 13, 6:45 PM
- A Chinese consortium featuring JAC Capital and Wise Road Capital is buying NXP's (NASDAQ:NXPI) Standard Products unit for $2.75B. Bloomberg reported in April the business is on the block, and that NXP "may seek at least $2 billion" for it.
- The deal is expected to close in Q1 2017. Standard Products, which supplies analog and power management chips for numerous end-markets, saw revenue drop 15% Y/Y in Q1 to $274M. Its 2015 revenue totaled $1.2B.
- ~11K workers, manufacturing facilities in the U.K. and Germany, and back-end facilities in China, Malaysia, and the Philippines will be transferred as part of the deal. NXP says the sale will allow it to "continue to focus on its High-Performance Mixed Signal business, furthering our Secure Connections for a Smarter World strategy." Last year, JAC bought NXP's base station power amplifier business for $1.8B, a deal that was needed to win regulatory support for the Freescale acquisition.
Mon, May 16, 3:44 PM
- With iPhone declines hitting Apple's chip suppliers, investor eyes are turning to alternative revenue streams, and NXP Semiconductors (NXPI +2.8%) today is looking automotive.
- At its user forum in Austin, the company has unveiled its BlueBox central computing engine, which features radar, lidar and vision sensing and promises a complete autonomous vehicle platform.
- That engine uses NXP's hardware and software at each advanced driver assistance system node, and the company it's already in the hands of four of the top five carmakers in the world. It's an open-platform, Linux-based solution that should provide easier customization for automakers.
- NXP is headed out on a bit of a roadshow, with five conference appearances scheduled in the coming month.
- Now read If You Want To Own A Chip Stock It Has To Be NXP Semi »
Tue, Apr. 26, 5:19 PM
- Apple (down 7.8% after hours) missed FQ2 estimates and guided for FQ3 revenue of $41B-$43B, below a $47.32B consensus. iPhone unit shipments fell 16% Y/Y to 51.2M, and iPad shipments 19% to 10.3M. Both figures were a little better than expectations. However, guidance points to another large Y/Y iPhone decline in FQ3.
- Cirrus Logic (down 4.2%) beat FQ4 estimates, but guided for FQ1 revenue of $220M-$250M, below a $257.5M consensus. Apple accounted for 62% of FQ4 revenue, and another customer (believed to be Samsung) 17%.
- Skyworks (NASDAQ:SWKS) is down 5.2% after hours. Qorvo (NASDAQ:QRVO) is down 5%. Broadcom (NASDAQ:AVGO) is down 3.8%. Qualcomm (NASDAQ:QCOM) is down 2.4%. NXP (NASDAQ:NXPI), which rallied earlier today thanks to a Q1 beat and solid Q2 guidance is down 2.5%. Nasdaq futures are down 0.9%.
Tue, Apr. 26, 2:06 PM
- NXP (NXPI +4.6%) is at its highest levels since December after beating Q1 estimates and issuing solid Q2 guidance - revenue of $2.295B-$2.395B and EPS of $1.30-$1.40 vs. a consensus of $2.34B and $1.32. Rival/European chip peer STMicroelectronics (STM +3.3%) is also doing well.
- Boosting Q1 EPS: Gross margin was 50%, down 20 bps Q/Q but up 150 bps Y/Y. Q2 GM guidance is at 49.5%-50.5%.
- Top-line performance: When adjusted for the Freescale acquisition, NXP's revenue (pressured by a chip industry inventory correction) rose 2% Q/Q and fell 11% Y/Y in Q1. Automotive revenue rose 1% Y/Y to $795M, Secure ID Solutions (includes smart card/EMV chips) fell 5% to $222M, Secure Connected Devices (inc. microcontrollers and NFC chips, hurt by soft Apple orders) fell 10% to $525M, and Secure Interface & Infrastructure (includes Freescale network processors and RF amplifiers) fell 25% to $564M.
- Fab utilization was at 90% in Q1. $298M was spent to buy back 4.1M shares. Thanks partly to the Freescale deal, NXP ended Q1 with $1.5B in cash and $9B in debt.
- CEO Richard Clemmer: "[O]ur year on year revenue trends reflect the semiconductor industry weakness that accelerated throughout the second half of 2015, and affected both NXP and Freescale ... We believe we have begun to see incremental positive trends in a number of our businesses ... While we anticipate many of the headwinds experienced in the second half of 2015 should begin to generally subside in the coming quarters, the overall demand environment currently continues to be subdued." On the earnings call, NXP said automotive chip sales are expected to rise by a mid-to-high single digit Q/Q % in Q2.
- NXP's Q1 results, earnings release
Mon, Apr. 25, 11:16 PM
Sun, Apr. 24, 5:35 PM
Mon, Feb. 8, 12:29 PM
- Chipmakers NXP (NXPI -9.3%) and STMicroelectronics (STM -5.6%), CPU/GPU core developer ARM (ARMH -5.5%), and ad tech firm Criteo (CRTO -9%) are down sharply after European indices closed with big losses. France's CAC-40 fell 3.4%, Germany's DAX 3.3%, and the Euro Stoxx 50 3.3%. The Nasdaq is down 2.1%, and the S&P 1.8%.
- NXP has more than given back the Thursday gains seen after the company posted a Q4 beat and issued in-line Q1 guidance. Today's losses come in spite of an OTR Global note stating NXP could gain NFC chip share with Samsung's Galaxy S7 relative to the S6; the S6 heavily relied on Samsung NFC radios.
- STMicro is two weeks removed from announcing (with its Q4 report) job cuts and plans to discontinue set-top/home gateway chip R&D. ARM and Criteo report on Wednesday morning.
Thu, Feb. 4, 11:12 AM
- With expectations low due to Apple's sales pressures and a chip inventory correction (has led peers to offer light sales guidance, and led NXP to guide light in October), NXP (NXPI +6.1%) is rallying after beating Q4 estimates and issuing in-line Q1 guidance: Revenue of $2.15B-$2.27B and EPS of $1.05-$1.15 vs. a consensus of $2.24B and $1.09.
- Q4 results included one month's contribution from Freescale. Lifting EPS: Non-GAAP gross margin was 50.2%, +110 bps Q/Q and +360 bps Y/Y, and above guidance of 48.5%-49.5%. Q1 GM guidance is at 49%-50%.
The inclusion of Freescale led GAAP R&D spend to rise 61% Y/Y to $318M, and SG&A spend 147% to $413M. NXP has forecast $200M in 2016 cost synergies related to the deal, and $500M/year in cost synergies in time.
- The automotive chip segment (boosted by Freescale auto's microcontroller business) was 26% of Q4 revenue. Secure Identification Solutions (inc. smart card/EMV chips) were 14%, Secure Connected Devices (inc. microcontrollers and NFC chips) were 24%, Secure Interface & Infrastructure (inc. Freescale's network processors and base station amplifiers) were 17%, and standard products (analog/power management chips) 17%.
- With the debt issued to help pay for Freescale on the books, NXP ended Q4 with $1.6B in cash and $9.2B in debt. 2015 free cash flow was $996M.
- NXP's Q4 results, earnings release
Wed, Feb. 3, 11:41 PM
- NXP Semiconductors (NASDAQ:NXPI): Q4 EPS of $1.25 beats by $0.18.
- Revenue of $1.61B (+4.5% Y/Y) beats by $300M.
Tue, Feb. 2, 5:35 PM
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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
Fri, Jan. 29, 3:27 PM
- Several Apple suppliers are seeing major gains after iPhone power amplifier supplier Skyworks (SWKS +5.5%) and iPhone LCD driver IC supplier Synaptics (SYNA +10.6%) delivered their calendar Q4 reports yesterday afternoon - Skyworks beat estimates, while Synaptics (initially lower) missed on sales and beat on EPS.
- Both companies provided soft Q1 guidance (I, II) - Synaptics also suggested it's seeing weakness at multiple top smartphone OEMs . But with nearly every other iPhone supplier to have reported (not to mention Apple itself) having also guided light, shares are rallying nonetheless.
- Big gainers include mobile DRAM supplier Micron (MU +11.1%), microphone supplier Knowles (KN +11.2%), motion sensor supplier InvenSense (INVN +7.5%), audio codec chip supplier Cirrus Logic (CRUS +6.6%), NFC chip/motion co-processor supplier NXP (NXPI +5.9%), and RF chip suppliers/Skyworks rivals Qorvo (QRVO +6.8%) and Avago (AVGO +5.6%). The Nasdaq is up 1.8%.
- Micron could also be getting a lift from the market-pleasing reports delivered by hard drive giants Seagate and Western Digital, given Micron is exposed to many of the same end-markets as Seagate/Western.
Cirrus Logic is adding to the big Thursday gains seen after the company provided encouraging FY17 comments in its FQ3 earnings call. InvenSense has more than recovered the Thursday losses seen after the company provided soft FQ4 guidance and suggested it had lost share at Samsung.
- Possibly helping Synaptics out: When asked about M&A reports on the earnings call, CEO Rick Bergman didn't quite shoot them down. "[W]e're not going to comment on rumors or market speculation ... at the end of the day it is our job to maximize shareholder value so we'll listen to any great ideas that can do that and evaluate them appropriately."
Meanwhile, Bergman asserted Synaptics' TDDI (integrated touch controller/display driver) sales are due to ramp strongly thanks to numerous design wins at top LCD panel makers, and that its ClearForce pressure-response tech will be "a significant differentiator" for Synaptics' TDDI offerings.