NXP Semiconductors
 (NXPI)

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  • Nov. 10, 2015, 8:32 AM
    • Apple is down 1.9% in premarket action after Credit Suisse supplier checks found the company cut component orders as much as 10% recently.
    • Cirrus Logic (NASDAQ:CRUS-1.3%, NXP Semi (NASDAQ:NXPI-2%, Skyworks (NASDAQ:SWKS) -2.2%, Avago (NASDAQ:AVGO-2%, Qorvo (NASDAQ:QRVO-1.3% premarket.
    | Nov. 10, 2015, 8:32 AM | 16 Comments
  • Oct. 29, 2015, 12:29 PM
    • Down on Monday following Dialog Semi's Q3 report and up yesterday in the wake of Apple's results/guidance, chip stocks are selling off again (SOXX -2.5%) after leading microcontroller vendor NXP (NXPI -18.2%) posted mixed Q3 results and (more importantly) guided for Q4 revenue to be down by a "low to upper-teens" % Q/Q. The Nasdaq is down 0.3%.
    • Also: 1) NXP rival and fellow European chipmaker STMicroelectronics (STM -5.8%) slightly missed Q3 revenue estimates and has guided for Q4 revenue to be down 6% (+/- 3.5%) Q/Q. 2) Network processor vendor Cavium (CAVM -5%) issued light Q4 guidance, while blaming a distribution model change at its biggest data center customer. 3) Microcontroller maker Atmel (ATML -2.4%, set to be acquired by Dialog) missed Q3 revenue estimates and guided for Q4 revenue of $266M-$286M, below a $296.1M consensus.
    • On the bright side, Apple-dependent Cirrus Logic (CRUS -5.7%) beat FQ2 EPS estimates (revenue was in-line) and provided solid FQ3 guidance, and fellow Apple/Samsung supplier InvenSense (INVN +14.3%) beat FQ2 estimates and issued in-line FQ3 guidance. Cirrus is nonetheless selling off; the earnings call (transcript) was generally upbeat, with management talking up FY16/FY17 growth opportunities related to smart codec and boosted amplifier sales.
    • NXP merger partner Freescale (FSL -15.4%) is naturally seeing big losses. Other decliners include RF chipmakers Skyworks (SWKS -3.1%), Avago (AVGO -6%), and Qorvo (QRVO -2.6%), analog/mixed-signal chipmakers Texas Instruments (TXN -3%), ON Semi (ON -5.9%), MagnaChip (MX -6.8%), Fairchild (FCS -4.3%), Maxim (MXIM -3.1%), and IDT (IDTI -5.2%), and smart TV SoC vendor/STMicro rival Sigma Designs (SIGM -3.2%).
    • Like NXP, Cirrus, and InvenSense, Skyworks, Avago, Qorvo, TI, and Fairchild are Apple suppliers. Fairchild and Maxim have recently benefited from M&A reports (I, II).
    • Both NXP and STMicro reported seeing conditions deteriorate as Q3 progressed. NXP added lower-than-expected chip sell-through led to higher channel inventories, and STMicro stated "lower consumer spending in China is impacting the dynamics of the distribution channel in the region and the industry more globally, particularly in automotive." NXP has added 20M shares to its buyback in an attempt to soften the blow.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Oct. 29, 2015, 12:29 PM | 7 Comments
  • Oct. 29, 2015, 9:13 AM
    | Oct. 29, 2015, 9:13 AM
  • Oct. 28, 2015, 10:57 PM
    • NXP Semiconductors (NASDAQ:NXPI): Q3 EPS of $1.57 beats by $0.02.
    • Revenue of $1.52B (flat Y/Y) misses by $30M.
    • Expects Q4 revenue to be down by a low-to-upper teens % Q/Q. Implies revenue will be below a $1.58B consensus.
    • Management's commentary: "As we entered the third quarter, we noted a weakening of demand as our customers began to communicate concerns with an uncertain economic environment. As the third quarter progressed, our end-customers, across multiple end-markets continued to voice an increased and significant degree of uncertainty around any increase in demand. This has resulted in lower than planned sell-through and an increase of channel inventory. As a result, our guidance for the fourth quarter reflects a much more cautious view of near term sales which may occur during the quarter."
    • Shares finished after hours trading up 1%. NXP reported earnings shortly following the end of after hours trading.
    | Oct. 28, 2015, 10:57 PM | 19 Comments
  • Oct. 27, 2015, 7:48 PM
    • Apple beat estimates with the help of ASP/margin strength and 99% Greater China growth, reported 48M iPhone sales (consensus was around 48.5M), and guided for FQ1 revenue of $75.5B-$77.5B vs. a $77.1B consensus. The numbers are good enough for chip suppliers hammered yesterday thanks to Dialog Semi's Q3 report to move higher.
    • Cirrus Logic (NASDAQ:CRUS) is up 2% after hours ahead of tomorrow afternoon's FQ2 report. Skyworks (NASDAQ:SWKS) is up 1.7%, Avago (NASDAQ:AVGO) is up 2%, InvenSense (INVN - reports tomorrow) is up 2.2%, NXP (NXPI - reports tomorrow) is up 1.3%, and Qorvo (NASDAQ:QRVO) is up 1%.
    | Oct. 27, 2015, 7:48 PM | 7 Comments
  • Oct. 27, 2015, 5:35 PM
  • Oct. 26, 2015, 10:52 AM
    • Apple suppliers Qualcomm (QCOM -2.9%), Cirrus Logic (CRUS -10.1%), Skyworks (SWKS -5.1%), Qorvo (QRVO -5%), Avago (AVGO -4.2%), Broadcom (BRCM -2.3%), NXP (NXPI -3.5%), InvenSense (INVN -2.1%), Synaptics (SYNA -4.4%), and Analog Devices (ADI -2.7%) are selling off after iPhone/iPad power management IC supplier Dialog Semi (down 18.8% in Frankfurt) reported 18% Y/Y Q3 revenue growth and guided for annual Q4 growth to be in a range of -1% to +6%. Both the Q3 sales and Q4 guidance missed consensus estimates.
    • NXP merger partner Freescale (FSL -2.9%) is also lower. As is Atmel (ATML -8.1%), which is set to merge with Dialog in a cash/stock deal. Atmel was originally due to receive over half its payout in Dialog shares, whose value has fallen considerably since the deal was announced in mid-September.
    • Broadcom, set to merge with Avago, reports after the bell. Apple reports tomorrow, and Cirrus, NXP, and InvenSense on Wednesday. With the help of improving demand and ongoing M&A, chip stocks had bounced strongly from their August/September lows in recent weeks.
    | Oct. 26, 2015, 10:52 AM | 19 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. 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
    | Oct. 14, 2015, 3:10 PM | 4 Comments
  • Oct. 12, 2015, 10:33 AM
    • As part of a resumption of coverage, Morgan Stanley's Craig Hattenbach has started NXP (NXPI +2.5%) with an Overweight rating and $115 target. Merger partner Freescale (FSL +2.3%) is following NXP higher.
    • With Freescale on board, Hattenbach expects NXP's revenue growth to top a 6% chip industry CAGR over the next few years, with its core business (includes smart card/electronic ID microcontrollers) growing at twice the rate of peers thanks to "strong leadership in a number of secular growth themes, including rising penetration of mobile payments, transition to chip based payment cards in the US and China and continued digitization of government documents."
    • He adds the Freescale deal will cut NXP's Apple dependence and (as expected) deliver major cost synergies. Broader industry challenges are seen presenting risk to Q4 estimates, but Hattenbach thinks NXP "likely protects EPS better than peers in this difficult macro environment."
    • The launch comes ahead of NXP's Q3 report. Shares +17% YTD.
    | Oct. 12, 2015, 10:33 AM
  • Oct. 1, 2015, 2:01 PM
    • After outperforming yesterday as markets rallied, chip stocks are doing the opposite today amid a selloff. The Philadelphia Semi Index (SOXX -2.1%) is back below $80.
    • Possibly hurting the group: Digitimes reports iPhone chip suppliers are worried Apple could cut its Q4 orders, and that one "major analog IC supplier" has disclosed a slight December order cut. At the same time, Digitimes states suppliers won't know if major order cuts will happen for at leas 1-2 months. iPhone suppliers seeing major losses include NXP (NXPI -4.2%), Avago (AVGO -3.8%), Qorvo (QRVO -4.5%), Cirrus Logic (CRUS -3.1%), Fairchild (FCS -4.9%), and Analog Devices (ADI -3.8%).
    • However, it's worth noting several chipmakers lacking iPhone exposure are also down strongly. The list includes Himax (HIMX -3.5%), PMC-Sierra (PMCS -4.1%), InPhi (IPHI -4.6%), Semtech (SMTC -4.6%), and QuickLogic (QUIK -5.7%). Chip IP provider CEVA (CEVA -3.8%) and specialty foundry TowerJazz (TSEM -5%) are also selling off.
    • Memory giant Micron reports after the bell.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    | Oct. 1, 2015, 2:01 PM | 26 Comments
  • Sep. 17, 2015, 1:10 PM
    • As expected, the EU has signed off on NXP's (NXPI +0.6%) pending cash/stock merger with Freescale (FSL +0.6%). Shares of both companies have risen slightly in response.
    • Regulators note the $1.8B sale of NXP's base station power amplifier unit to China's JAC Capital addresses antitrust concerns related to NXP/Freescale's combined base station amplifier share. The deal will still create a huge player in the microcontroller market - Gartner estimates Freescale and NXP were the market's #2 and #5 players in 2014 - but plenty of competition exists.
    | Sep. 17, 2015, 1:10 PM | 2 Comments
  • Sep. 14, 2015, 1:55 PM
    • With the Philadelphia Semi Index (SOXX +0.4%) down ~20% from its June highs - an inventory correction and concerns about PC/smartphone sales have contributed - Evercore's C.J. Muse thinks "now is the time" to buy into the group. He sees 20%-25% potential upside over the next 3+ months, and 5%-10% potential downside.
    • NXP (NASDAQ:NXPI), Micron (NASDAQ:MU), Analog Devices (NASDAQ:ADI), and Maxim (NASDAQ:MXIM) are Muse's top picks among chipmakers. Applied Materials (NASDAQ:AMAT), Lam Research (NASDAQ:LRCX) , and ASML are his top picks among chip equipment firms. Along with the call, Muse has upgraded Analog Devices (ADI +1.9%) to Buy.
    • Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
    • Last week: Chip stocks jump as markets rally, Microchip improves guidance, Taiwan reports
    | Sep. 14, 2015, 1:55 PM | 4 Comments
  • Sep. 9, 2015, 3:06 PM
    • Not surprisingly, the 4.7" iPhone 6S and 5.5" 6S+ (AAPL -0.6%) look similar to their predecessors on the outside, save for the addition of a rose gold color. On the inside, haptic 3D Touch sensors have been added (in-line with rumors). They enable tactile feedback for actions, as well as pressure-sensitive controls (i.e. pressing hard on a screen brings up content/menu options that don't appear if one presses lightly).
    • The Mail, Music, Camera, Maps, and Messages apps support 3D Touch, as does the Home screen. Facebook/Instagram, Dropbox, and Tencent are among the developers initially supporting it.
    • iPhone 6S/6S+ specs: As expected, the 6S/6S+ run on an A9 CPU: Apple promises up to 70% higher CPU performance, and up to 90% higher GPU performance, than the A8. An M9 motion co-processor is now built into the CPU, and always on - NXP (NXPI -1.1%) has been manufacturing standalone motion co-processors for Apple. The cover glass - possibly Corning's (GLW -0.7%) Gorilla Glass 4 - is declared to be the industry's strongest.
    • The rear camera's pixel count has been upped to 12MP, and the front camera's to 5MP; Apple promises no related dropoff in pixel quality. 4K video support has been added for the rear camera (also as rumored), and autofocus performance and color accuracy improved. A feature called Live Photos (leverages 3D Touch) plays a short video clip when a user hard-presses a picture.
    • Pricing/availability: Subsidized pricing matches that for the iPhone 6/6+ at launch time, as do the 16/64/128GB storage tiers; 6/6+ models have received $100 price cuts . An upgrade program (a new iPhone per year, starts at $32/month) will be sold at Apple Stores. 6S/6S+ pre-orders start on Sep. 12; the phones officially go on sale on Sep. 25. iOS 9 launches on Sep. 16.
    • More Apple TV details: The set-top runs on an A8 CPU (found in the iPhone 6/6+), and supports 802.11ac Wi-Fi. Its remote communicates via Bluetooth, and has built-in motion sensors (enables Nintendo Wii-like gaming). Apps from Zillow, Gilt, the MLB, and indie game developers have been demoed. 3rd-party Bluetooth gaming controllers are supported.
    • A 32GB version of the new Apple TV set-top will sell for $149, and a 64GB model for $199; the devices launch in late October. The current Apple TV will continue to be sold for $69.
    • Apple livestream. Live blogs: The Verge, Engadget.
    • Prior Apple coverage
    | Sep. 9, 2015, 3:06 PM | 132 Comments
  • 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. 24, 2015, 12:45 PM
    • Off nearly 9% in early trading, the Nasdaq is now down just 0.4%. Along the way, many tech names have not only erased their early losses, but are now posting major gains.
    • Standouts include Micron (MU +5.3%), Skyworks (SWKS +6.7%), GoPro (GPRO +4.1%), Cree (CREE +6.7%), SunPower (SPWR +6.1%), Mobileye (MBLY +5.1%), Amkor (AMKR +9.1%), ExOne (XONE +4.7%), NXP (NXPI +3.7%), Yelp (YELP +4.3%), Cirrus Logic (CRUS +4.4%), and GoDaddy (GDDY +4.1%).
    • See also: SolarCity, SunEdison
    • Update (4:08PM ET): The Nasdaq went south again in afternoon trading, closeng down 3.8%. Skyworks, Cree, SunPower, Amkor, Mobileye, ExOne, and GoDaddy managed to stay in the green, while Micron, NXP, Yelp, GoPro, and Cirrus closed with modest losses.
    | Aug. 24, 2015, 12:45 PM | 47 Comments
Company Description
NXP Semiconductors NV is a semiconductor company providing High Performance Mixed Signal & Standard Product solutions. Its solutions are used for automotive, identification, wireless infrastructure, industrial, mobile, consumer & computing applications.