Qorvo, Inc (QRVO) - NASDAQ
  • Tue, Jul. 5, 5:38 PM
    • Top gainers, as of 5.25 p.m.: QUNR +18.1%. GRMN +13.6%. ABBV +4.0%. YY +3.2%. QRVO +2.1%.
    • Top losers, as of 5.25p.m.: IBN -15.8%. NUS -10.3%. GSK -3.3%. CIG -1.7%. KOPN -1.4%.
    | Tue, Jul. 5, 5:38 PM | 4 Comments
  • Tue, Jul. 5, 10:18 AM
    • Cirrus Logic (NASDAQ:CRUS) is off 7.4% and Skyworks Solutions (NASDAQ:SWKS) down 5.6% as Pacific Crest downgrades both to Sector Weight amid some disappointing iPhone supply chain forecasts.
    • Qorvo (QRVO -5.5%) and InvenSense (INVN -5.1%) are down as well.
    • Pac Crest has a fair value range of Cirrus Logic of $33-$36 (vs. its previous close of $38.04) and for $60-$67 on Skyworks (vs. previous close of $62.60).
    • It also cut price targets on Analog Devices (ADI -1.7%) to $60 from $62 (7.7% upside); Broadcom (AVGO -2.5%) to $180 from $185 (19.7% upside) and Qualcomm (QCOM -1.3%) to $59 from $61 (12.8% upside).
    • "Our lowered estimates reflect a much more disappointing second-half 2016 iPhone 7 ramp than what we had previously expected, as feedback from Asia indicates units are expected to be down 15% to 20% as compared to the iPhone 6s, as Apple appears to be taking a much more cautious view of the ramp," the analysts wrote.
    | Tue, Jul. 5, 10:18 AM | 6 Comments
  • Thu, Jun. 9, 2:28 PM
    • Believing the stock "deserves to trade at a discount or 11x P/E vs. last three year average of 12.5x," Citi's Atif Malik has downgraded Skyworks (SWKS -1.7%) to Sell, and cut his target by $4.50 to $65.
    • Malik notes Skyworks has relatively high exposure to the iPhone 6S, whose sales have been pressured. He also cites a "lack of premium [RF] filters to address faster growing carrier aggregation market," and concerns about "increasing dual sourcing led competition in the low band market where SWKS participates." He could become positive on Skyworks if it makes further progress in lowering its dependence on mobile (still responsible for 80% of sales).
    • Rival Qorvo (QRVO -0.4%) has simultaneously been upgraded to Neutral, after "discussions in Asia indicate improved execution on integration/share gains and higher proliferation of carrier aggregation design wins." Malik adds Qorvo gained content share with the Galaxy S7 and iPhone SE. "Fundamentally, we view carrier aggregation as a key theme for RF stocks with QRVO better positioned to expand its $ growth opportunity based on its comprehensive suite of products including BAW filters."
    | Thu, Jun. 9, 2:28 PM | 15 Comments
  • Thu, Jun. 2, 4:57 PM
    • Skyworks (NASDAQ:SWKS) is up 1.8% after hours to $67.75, and Qorvo (NASDAQ:QRVO) up 1.1% to $54.10, after RF chip rival Broadcom (up 6.4%) beat estimates for the April quarter (its first quarter following the Avago/Broadcom merger), and issued July quarter sales guidance that was above consensus at the midpoint.
    • Wireless products accounted for 22% of Broadcom's revenue (much less than Avago's pre-merger exposure). Concerns about soft iPhone demand ahead of the iPhone 7 launch had contributed to low pre-earnings sales expectations.
    | Thu, Jun. 2, 4:57 PM | 2 Comments
  • Thu, May 26, 10:16 AM
    • Mark J. Murphy, formerly, the CFO auto parts supplier Delphi Automotive, has been named Qorvo's (QRVO -0.6%) new CFO, effective June 6.
    • Murphy will succeed Steve Buhaly, who previously announced he plans to retire this year. Buhaly will remain with Qorvo in an advisory role until the end of July.
    | Thu, May 26, 10:16 AM
  • Mon, May 23, 10:53 AM
    • Taiwan's Economic Daily News reports Apple (AAPL +1.7%) has ordered contract manufacturers to produce 72M-78M iPhone 7 units this year, a record figure for a new iPhone and above analyst estimates of ~65M.
    • Apple is outperforming on a day the Nasdaq is up 0.3%. As are chip suppliers Cirrus Logic (CRUS +3.1%), Skyworks (SWKS +3.3%), Qorvo (QRVO +2.7%), and InvenSense (INVN +4.6%). Over in Taipei, Foxconn parent Hon Hai Precision (OTC:HNHAF) rose 4.6%, and fellow iPhone manufacturer Pegatron (OTC:PGTRF) rose 9.9%. TSMC (TSM +2.7%), which is believed to be the exclusive manufacturer of Apple's A10 processor (expected to go into the iPhone 7), is also doing well.
    • The report comes with Apple having guided calendar Q2 revenue to be down 13%-17% Y/Y due to soft iPhone 6S sales. The rumor mill has indicated the iPhone 7 will feature a dual-camera array and a 256GB storage option, and do away with the 3.5mm headphone jack. The 9.7" iPad Pro's improved display suggests display enhancements are also possible.
    • Now read Apple: Berkshire Hathaway Not The Only One Buying
    • Update: Also reported by the Economic Daily News: Apple is prepping a "Pro" or "Premium" iPhone 7 model to go with a standard iPhone 7 and 7+.
    | Mon, May 23, 10:53 AM | 101 Comments
  • Thu, May 12, 10:53 AM
    • A 2.4% decline in Apple (NASDAQ:AAPL) -- making a fresh 52-week low today -- is being tied to the Nikkei report pointing to a rough year for iPhone suppliers.
    • Nikkei's report said that chip shipments from Taiwan Semiconductor Manufacturing (TSM -1.2%) -- will be 70-80% of 2015 second-half levels.
    • CNBC is saying that Apple's decline today makes Google parent Alphabet the largest U.S. company by market value, at about $498.6B.
    • Meanwhile, among Apple's suppliers, steep declines are prevalent today: AVGO -2.2%, SWKS -3.9%, QRVO -2.9%.
    • Shares in Apple are down 14.3% YTD, and down 28.4% over the past 12 months.
    • Now read Apple: Nikkei Declares iPhone 7 Dead Before Arrival »
    | Thu, May 12, 10:53 AM | 67 Comments
  • Wed, May 11, 12:31 PM
    • Thanks to a continuing slump in demand for premium smartphones and a lack of groundbreaking features for the upcoming iPhone 7, Taiwan's tech suppliers will get significantly fewer orders in H2 than the previous year, according to the Nikkei Asian Review.
    • "The traditional peak season this year will not be able to compare to the past few years," says one source. Another source says for Taiwan Semiconductor Manufacturing Company (TSM -0.2%) - the sole supplier for the A10 chips used in the iPhone 7 - its iPhone 6s and iPhone 7 chip shipments in H2 will be just 70-80% of 2015's H2 levels.
    • Others with interest: AVGO, SWKS, QRVO
    | Wed, May 11, 12:31 PM | 13 Comments
  • Thu, May 5, 9:12 AM
    | Thu, May 5, 9:12 AM | 2 Comments
  • Wed, May 4, 4:06 PM
    • Qorvo (NASDAQ:QRVO): FQ4 EPS of $1.04 beats by $0.12.
    • Revenue of $607.1M (-12.6% Y/Y) beats by $7.94M.
    • Expects FQ1 revenue of $650M and EPS of $1.05, above a consensus of $625.8M and $0.96.
    • Shares +6.7% after hours.
    • Press Release
    | Wed, May 4, 4:06 PM | 4 Comments
  • Tue, May 3, 5:35 PM
  • 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, 5:19 PM | 27 Comments
  • Mon, Apr. 18, 2:23 PM
    • A look at RF chip suppliers ahead of a possible iPhone 7 leads Cowen's Timothy Arcuri to favor Broadcom (AVGO +0.4%), and note that it, Skyworks (SWKS -0.4%) and Qorvo (QRVO -1%) can benefit even if iPhone growth slows, as some are fretting.
    • He's launched coverage on Broadcom at Outperform, with a $190 price target, implying 22% upside from current pricing. Skyworks ($78 target; 4.3% upside) and Qorvo ($50 target; 5.8% upside) get Market Perform ratings.
    • Shares in Apple (NASDAQ:AAPL) fell on Friday after Nikkei reported that Q1 production cuts would continue into Q2, and are down another 2.4% today. Morgan Stanley has warned that the iPhone 7 could see delays as the entire supply chain of the phone could be affected by a Japanese earthquake and aftershocks.
    • The three chipmakers have heavy exposure to Apple, though less so at Broadcom after its merger with Avago. And Arcuri says worries of Apple's production cuts are "overblown."
    • Now read My Best Large Cap Stocks Portfolio: Consider Broadcom »
    | Mon, Apr. 18, 2:23 PM | 17 Comments
  • Tue, Mar. 8, 2:36 PM
    • Skyworks (SWKS -3.1%), Qorvo (QRVO -3.5%), and Jabil (JBL -3.8%) are among the ZTE suppliers selling off after the Chinese phone/telecom equipment vendor got hit with U.S. sanctions over the alleged re-exporting of controlled items to Iran. Qualcomm and various optical component vendors are also off. The Nasdaq is down 0.6%.
    • The sanctions, which have stoked fears of Chinese retaliation, require U.S. ZTE suppliers to apply for an export license. The Commerce Department says it's operating under a "policy of presumption of denial" for granting licenses.
    • Bloomberg estimates Jabil's quarterly ZTE sales total ~$35M. Rosenblatt's Jun Zhang sees a major hit to Qualcomm (NASDAQ:QCOM) and Skyworks' sales. "ZTE sold 55M smartphones in 2015, and we think the halt on order shipments will affect at least 25-30M units for 2Q16 and 3Q16, even though other smartphone OEMs will take market share away from ZTE. The impact to Skyworks and Qualcomm would be around $100-200M and $300-500M, respectively." Some of those sales, of course, could be picked up by rivals also buying from Qualcomm and Skyworks.
    | Tue, Mar. 8, 2:36 PM | 13 Comments
  • Fri, Mar. 4, 12:21 PM
    • Skyworks (SWKS +6.3%) and Qorvo (QRVO +3.2%) are rallying after Broadcom (AVGO +6.9%) - known as Avago before closing its merger with Broadcom last month - beat FQ1 estimates and issued solid FQ2 guidance in spite of ongoing worries about weak iPhone sales in particular, and soft high-end smartphone demand in general. The guidance excludes businesses from classic Broadcom that the new Broadcom plans to sell, and which produced an estimated $295M in FY15 revenue.
    • Possibly helping: Broadcom stated on the earnings call (transcript) it expects FQ2 to be "the trough for our wireless businesses for the rest of the fiscal year," and says it has already begun "pre-building in significant quantities" FBAR filters to support a 2H16 product cycle ramp with its North American customers (i.e. the iPhone 7).
    • Broadcom added it expects "a substantial increase in our content" with the iPhone 7, and that also increased RF content with new flagship phones launched by its top Korean client (i.e. the Galaxy S7/S7 Edge). Wireless sales are expected to make up 23% of FQ2 revenue.
    • The company also offered an upbeat outlook for its wired infrastructure ops, which (thanks to the addition of the old Broadcom) are expected to account for 55% of FQ2 sales. Growing ASIC sales for base stations and data center switches, higher ASSP sales for enterprise networking applications, last-mile fiber and DSL deployments, and a seasonal set-top refresh are expected to provide a lift.
    • Enterprise storage, by contrast, is expected to be hurt by "seasonal declines" in hard drive and storage demand. Industrial chip sales are expected to rise slightly following an FQ1 shipment drop blamed on "lingering uncertainty in industrial end-markets." Storage and industrial are respectively expected to make up 17% and 5% of FQ2 sales.
    • Canaccord's Mike Walkley (Buy, target hiked by $10 to $185) is pleased with Avago's implied earnings guidance, which benefits from M&A synergies and the planned asset sales. "We believe management will continue to execute on the recently closed Broadcom acquisition and achieve synergy targets given management’s strong track record in integrating acquisitions."
    • Update: Along with its earnings/guidance, Broadcom has disclosed (through an 8-K filing) it plans to cut 1,900 jobs, and record $650M in related charges through FY18. Major post-merger job cuts were generally expected.
    | Fri, Mar. 4, 12:21 PM
  • Wed, Feb. 17, 9:11 AM
    • Qorvo (NASDAQ:QRVO) is launching a $500M accelerated buyback with BofA that's expected to be finished in the first quarter of FY17 (calendar Q2 of 2016). The purchases will count towards the $1B buyback Qorvo announced in November.
    • The RF chipmaker has been aggressively buying back shares. $250M was spent on buybacks in FQ3 (calendar Q4). $400M and $200M buybacks were previously completed in 2015. $1B in debt was raised in November to finance Qorvo's most recent program.
    • QRVO +2.5% premarket to $41.80.
    | Wed, Feb. 17, 9:11 AM | 4 Comments
Company Description
Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. Its products include amplifiers, control products, discrete transistors and integrated circuits, filters and duplexers, frequency converters,... More
Sector: Technology
Industry: Semiconductor - Integrated Circuits
Country: United States