QLogic Corporation
 (QLGC)

- NASDAQ
What's your position on ?
Bullish
Bearish
Why are you ish?
Skip
Post
You voted ish on Vote again
Posts appear on the My Feed page of subscribers to this ticker
Last vote:
  • Thu, Jan. 28, 5:38 PM
    | Thu, Jan. 28, 5:38 PM | 6 Comments
  • Thu, Jan. 28, 4:17 PM
    • QLogic (NASDAQ:QLGC): FQ3 EPS of $0.33 beats by $0.07.
    • Revenue of $122.73M (-12.5% Y/Y) beats by $5.36M.
    • Shares +3.15%.
    • Press Release
    | Thu, Jan. 28, 4:17 PM
  • Wed, Jan. 27, 5:35 PM
  • Nov. 17, 2015, 9:19 AM
    • QLogic's (NASDAQ:QLGC) buyback is good for repurchasing roughly 1/8 of shares at current levels. It will last for a period of up to two years following the first purchase made through it.
    • QLGC +1.2% premarket to $12.37. Though having bounced from a summer low of $8.37, QLogic remains below where it traded 10 years ago. Shares topped $20 in 2006 and 2010, only to reverse course.
    | Nov. 17, 2015, 9:19 AM
  • Oct. 23, 2015, 12:46 PM
    | Oct. 23, 2015, 12:46 PM | 3 Comments
  • Oct. 22, 2015, 4:24 PM
    • QLogic (NASDAQ:QLGC): Q2 EPS of $0.17 beats by $0.03.
    • Revenue of $103.4M (-18.9% Y/Y) beats by $0.6M.
    • Shares -1%.
    | Oct. 22, 2015, 4:24 PM | 1 Comment
  • Oct. 21, 2015, 5:35 PM
  • Sep. 15, 2015, 10:54 AM
    • QLogic (QLGC +0.9%) discloses it launched a restructuring plan on Sep. 2. The number of job cuts involved hasn't been discloses; QLogic does say it expects $5M-$6M in pre-tax cash charges.
    • The company stated on its July 30 FQ1 call it plans a restructuring that aims to lower its FY16 operating expenses to $200M. With Fibre Channel and (to a lesser extent) Ethernet product sales under pressure, QLogic is expected by the Street to see its revenue drop 14.7% Y/Y in FY16 to $443.7M.
    | Sep. 15, 2015, 10:54 AM
  • Aug. 31, 2015, 10:39 AM
    • Summit Research's Srini Nandury, upgrading QLogic (QLGC +2.4%) to Buy and hiking his target by $2 to $13: "Qlogic has pulled back significantly from early June highs (down 37% versus S&P of down 4%) after the company preannounced an earnings shortfall. We believe Qlogic kitchen-sinked estimates and we are optimistic the company will at least meet (likely beat) the lowered bar for the year, which is enough for the stock to work."
    • He adds QLogic's core Fibre Channel connectivity market (under pressure recently) is "fairly stable," and expects seasonality, Intel's Grantley server CPU platform, cost cuts, and buybacks to support estimates. "In addition, any improvement in Ethernet business will also aid the stock given that the company inherited a fairly robust portfolio from Broadcom ... Finally, gross margin improvement in its Ethernet business due to manufacturing consolidation and design for costs and operational improvements should at least contribute 800-1200bps improvement in Ethernet margins (with part of the improvement showing in F2016). "
    • The upgrade comes 10 days after QLogic announced Prasad Rampalli has resigned as CEO, and that CFO Jean Hu will serve as acting CEO.
    | Aug. 31, 2015, 10:39 AM
  • Jul. 31, 2015, 12:46 PM
    | Jul. 31, 2015, 12:46 PM
  • Jul. 31, 2015, 10:18 AM
    • Though officially missing consensus, QLogic's (NASDAQ:QLGC) FQ1 revenue ($113.4M) was slightly above the guidance ($113M) provided in its July 9 warning. Cost cuts EPS ($0.19) top guidance ($0.16-$0.17).
    • However, on its earnings call (transcript), the Fibre Channel/Ethernet connectivity hardware vendor guided for FQ2 revenue of $98M-$106M and EPS of $0.10-$0.16, well below a consensus of $127.1M and $0.23.
    • QLogic notes it saw weak demand from several Fibre Channel server and storage OEM customers in FQ1 due to "weaker-than-expected traditional enterprise server and storage system shipments." Cloud storage demand has been weighing on traditional enterprise sales - QLogic plans direct more resources towards cloud opportunities.
    • The company also forecasts Ethernet revenue will drop Q/Q in FQ2 thanks to a $3M-$4M inventory buildup at a major OEM, and the $3M impact of a transition at an OEM from Ethernet ASICs to adapters. The transition to adapters (higher ASPs) is expected to boost sales in the second half of FY16.
    • In response to the top-line pressures, QLogic is planning a restructuring that aims to lower the company's FY16 (ends March '16) operating expenses to $200M. $52.3M was spent on opex in FQ1, below prior guidance of $55M-$56M and down 9% Y/Y.
    • BMO, D.A. Davidson, and Summit Research have downgraded. BMO's Keith Bachman: "[W]e have concerns that the growth of x86 servers will remain weak with enterprises and (more importantly) attach rates of [10G Ethernet] will continue to be slow to ramp." He respectively forecasts Fibre Channel and Ethernet revenue will drop 9% and 26% in FY16.
    | Jul. 31, 2015, 10:18 AM
  • Jul. 30, 2015, 4:18 PM
    • QLogic (NASDAQ:QLGC): FQ1 EPS of $0.19 in-line.
    • Revenue of $113.4M (-5.1% Y/Y) misses by $7.21M.
    | Jul. 30, 2015, 4:18 PM
  • Jul. 23, 2015, 10:25 AM
    • Believing cloud data center spending growth is slowing, Morgan Stanley's Katy Huberty has downgraded Seagate (STX -1.1%) to Underweight, and Western Digital (WDC -1.3%) and QLogic (QLGC -0.7%) to Equal Weight.
    • Regarding Seagate (recently issued a calendar Q2 warning thanks to PC weakness), Huberty estimates cloud-related sales account for as much as 12% of revenue, and a larger % of gross profit. Her FY16 (ends June '16) revenue and EPS estimates are now respectively 6% and 20% below consensus.
    • Huberty sees similar challenges for Western, albeit while adding its (M&A-fueled) flash product investments will partly offset. Her FY16 (ends June '16) gross margin estimate has been cut to 28.7% from 31%.
    • As for QLogic (also recently warned), the company's core Fibre Channel/Ethernet connectivity market is expected to see "normal to below normal seasonality." She now expects revenue to drop 3% Y/Y in 2015.
    • Huberty's cloud spending remarks come after Google reported its capex (growing rapidly in recent years) fell 5% Y/Y in Q2 to $2.52B. Western reports on July 29, QLogic on July 30, and Seagate on July 31.
    | Jul. 23, 2015, 10:25 AM | 1 Comment
  • Jul. 9, 2015, 12:50 PM
    | Jul. 9, 2015, 12:50 PM
  • Jul. 9, 2015, 9:18 AM
    | Jul. 9, 2015, 9:18 AM
  • Jul. 9, 2015, 9:12 AM
    • QLogic (NASDAQ:QLGC) now expects to report FQ1 revenue of $113M and EPS of $0.16-$0.17, well below prior guidance of $124M-$132M and $0.23-$0.27, and a consensus of $128.3M and $0.25.
    • The Fibre Channel/Ethernet connectivity hardware vendor blames "lower than expected demand due to general weakness in the Company's traditional enterprise server and storage markets, and a build-up of inventory at certain of its OEM customers due to a slower next-generation server transition in enterprise environments." Back in April, QLogic blamed top-line weakness it was seeing on the delayed qualification by enterprises of servers running Intel's Grantley Xeon CPUs.
    • Shares have fallen to $11.60 premarket. Full FQ1 results arrive on July 30.
    | Jul. 9, 2015, 9:12 AM
Company Description
QLogic Corp is a designer and supplier of network infrastructure products that enhance, manage and support computer data communication.