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Altera Corporation (ALTR)

  • Tue, Aug. 25, 5:35 PM
    • investors should stick with "market darlings" - the 25 stocks that had performed the best during the six months before a market pullback - according to the analyst team at RBC.
    • The firm notes that although many recent winners are leading the market lower, the extent of the underperformance is just 1%; it also says investing in the group following sharp market pullbacks is a winning strategy over the ensuing week, month and six months.
    | Tue, Aug. 25, 5:35 PM | 58 Comments
  • Thu, Jul. 23, 4:45 PM
    • Altera (NASDAQ:ALTR) declares $0.18/share quarterly dividend, in line with previous.
    • Forward yield 1.46%
    • Payable Sept. 1; for shareholders of record Aug. 10; ex-div Aug. 6.
    | Thu, Jul. 23, 4:45 PM | Comment!
  • Thu, Jul. 23, 4:19 PM
    • Altera (NASDAQ:ALTR): Q2 EPS of $0.23 misses by $0.03.
    • Revenue of $414.16M (-15.7% Y/Y) beats by $4.6M.
    • Shares -0.16%.
    • Press Release
    | Thu, Jul. 23, 4:19 PM | Comment!
  • Wed, Jul. 22, 5:35 PM
  • Mon, Jun. 1, 9:21 AM
    | Mon, Jun. 1, 9:21 AM | 4 Comments
  • Mon, Jun. 1, 8:49 AM
    • As rumored over the weekend, Intel (NASDAQ:INTC) agrees to buy Altera (NASDAQ:ALTR) for $54 per share in cash, or $16.7B. The purchase is expected to be accretive to Intel's EPS and free cash flow in the first year after the close (in six-to-nine months).
    • A webcast to discuss the deal is set for 10 ET.
    • Source: Press Release
    • INTC +0.65% and ALTR +4.8% (to $51.20) premarket
    • Previously: WSJ: Intel to announce $54/share Altera deal on Monday (May 31)
    | Mon, Jun. 1, 8:49 AM | 32 Comments
  • Sun, May 31, 4:02 PM
    • Following more than two months of drama, Intel (NASDAQ:INTC) is set to announce tomorrow it's buying FPGA vendor Altera (NASDAQ:ALTR) for the same $54/share price Bloomberg reported hearing in early April, per the WSJ.
    • The reported price translates to a $16.2B valuation (per Yahoo/Google Finance), or $13.2B after factoring net cash/investments. It represents an 11% premium to Altera's Friday close, and a 56% premium to where it traded before the WSJ first reported of deal talks on March 27.
    • Since the first reports, Altera has posted disappointing Q1 results/Q2 guidance, and Intel has announced a server CPU partnership with programmable ASIC maker eASIC (Pending:EASI) that has been seen as a hedge against Altera. But that alliance could prove complementary, as FPGAs remain the gold standard for rapid programmability and low design costs, while ASICs maintain a size, performance, and power edge.
    • Will Xilinx (NASDAQ:XLNX) get acquired next? Reuters reported earlier this month Avago has shown interest in the Altera archrival. But that was before Avago struck a $37B deal to merge with Broadcom.
    • Previously: Intel/Altera seen providing many synergies, sparking more M&A
    | Sun, May 31, 4:02 PM | 44 Comments
  • Fri, May 29, 9:14 AM
    | Fri, May 29, 9:14 AM | 5 Comments
  • Fri, May 29, 1:53 AM
    • Intel (NASDAQ:INTC) is close to a deal to buy fellow chipmaker Altera (NASDAQ:ALTR) for about $15B, the NY Post reports, stating that a deal is "likely by the end of next week."
    • Altera reportedly rejected an Intel $54/share bid just a few months ago and then broke off sales talks, but that was before Altera issued disappointing earnings.
    • Intel also has the option to launch a hostile bid after June 1, when its standstill agreement with Altera expires.
    • Intel-Altera timeline
    | Fri, May 29, 1:53 AM | 55 Comments
  • Mon, May 18, 9:15 AM
    | Mon, May 18, 9:15 AM | 3 Comments
  • Mon, May 18, 7:25 AM
    • Intel (NASDAQ:INTC) and Altera (NASDAQ:ALTR) are back in merger talks, sources tell the New York Post.
    • The two companies broke off deal negotiations in April after Altera declined a $54 per share offer.
    • Intel-Altera timeline
    • ALTR +6.93% to $47.50 premarket.
    | Mon, May 18, 7:25 AM | 16 Comments
  • Tue, May 12, 7:33 PM
    • Intel (NASDAQ:INTC) is partnering with programmable ASIC maker eASIC (EASI - recently filed for an IPO) to create custom Xeon CPU products that (per the companies) can deliver up to 2x the performance acceleration of a solution using an FPGA for programmability. Web/cloud service providers (major buyers of custom Xeon parts) are targeted, as are security and big data/analytics workloads.
    • eASIC, whose customers include Seagate, Ericsson, and Huawei, argues ASICs designed by its clients deliver the programmability, development cost, and deployment time advantages of FPGAs (to a large extent, at least), while maintaining the size, unit cost, performance, and power draw advantages of standard ASICs. 60%-120% and 50%-80% performance and power advantages are respectively claimed over comparable FPGAs.
    • The alliance could act as a hedge against reported acquisition target Altera (NASDAQ:ALTR), whom Intel has partnered with to create solutions that put a Xeon CPU and Altera FPGA in the same package. Web/cloud providers looking to use FPGAs to accelerate processing for algorithms they've developed are among the intended clients. FPGAs can still deliver a level of on-the-fly programmability that eASIC's offerings can't.
    • For those interested, eASIC filed its latest IPO prospectus last week. The company had 2014 revenue of $67.4M (+126% Y/Y), and a net loss of $1.1M. As of March 31, eASIC had enabled over 200 custom IC designs and shipped over 21M chips.
    • Last week: Intel launches new high-end Xeon CPUs
    | Tue, May 12, 7:33 PM | 35 Comments
  • Fri, May 1, 9:13 AM
    | Fri, May 1, 9:13 AM | Comment!
  • Thu, Apr. 30, 4:32 PM
    • Intel (NASDAQ:INTC) signed a standstill agreement with Altera (NASDAQ:ALTR) amid M&A talks, Reuters reports. However, the agreement is said to expire on June 1, after which Intel would be free to launch a hostile bid if it wishes. Sources state it's "unclear" whether Intel will make such a move (through a public tender offer) once the standstill expires.
    • The news service adds Intel discussed a $58/share bid for Altera in February, but lowered its offer after signing an NDA and poring through Altera's books - Altera's Q1 results and Q2 guidance appear to explain Intel's thinking. Bloomberg previously reported of a $54/share offer.
    • ALTR +5% AH to $43.78. Earlier this week, major Altera investor TIG Advisors demanded the FPGA maker resume Intel buyout talks.
    • Prior Intel/Altera coverage
    | Thu, Apr. 30, 4:32 PM | 7 Comments
  • Mon, Apr. 27, 5:34 PM
    • Arguing "stockholders should have right to choose between Intels reported $54 cash offer and [the] uncertain future of standalone Altera (NASDAQ:ALTR)," TIG Advisors (1.5% stake) is urging Altera investors to vote against lead independent director T. Michael Nevens' reelection at the FPGA maker's May 11 annual meeting. It's too late for investors to submit alternate candidates.
    • TIG argues rejecting Nevens will "send a strong signal to the Board to immediately re-engage with Intel." It also thinks the company's reported decision to reject a $54/share Intel offer is unsurprising given "Altera has had a history of overestimating its growth rate."
    • The firm thinks Altera would need to produce annual EPS of $2.70 to justify a $54/share valuation, something it thinks is "unlikely to happen over the next few years given the outlook for a secular decline in worldwide base station deployments in 2016-2019 until 5G starts ramping." The 2015 EPS consensus is at $1.31.
    • Bloomberg reported two weeks ago TIG, Cadian Capital, and other investors were pushing Altera to restart Intel talks. The company posted a Q1 miss and provided light Q2 guidance last Thursday.
    | Mon, Apr. 27, 5:34 PM | 2 Comments
  • Fri, Apr. 24, 2:03 PM
    • Though the Nasdaq is up 0.7% thanks to market-pleasing earnings from Google, Microsoft, and Amazon, chip stocks (SOXX -2.1%) are adding to their Thursday losses after Freescale, Altera, Microsemi, and Maxim joined the ranks of chipmakers offering soft Q2 guidance; Texas Instruments, Xilinx, and Qualcomm did so on Wednesday afternoon.
    • NXP (NXPI -4.3%), set to merge with Freescale in a cash/stock deal, is selling off ahead of its April 29 Q1 report. RF chipmakers Skyworks (SWKS -3.8%), Qorvo (QRVO -4.4%), and Avago (AVGO -5.2%) are also seeing steep declines.
    • Other decliners include a slew of telecom/networking, microcontroller, and analog/mixed-signal chipmakers. The group includes Marvell (MRVL -3%), ON Semi (ON -6.9%), Atmel (ATML -3.3%), Cypress (CY -4%), Lattice (LSCC -3.9%), Semtech (SMTC -6.9%), Cavium (CAVM -6%), PMC-Sierra (PMCS -2.9%), InPhi (IPHI -3.8%), and Silicon Labs (SLAB -2.9%). Chip packaging/testing firm Amkor (AMKR -5.7%) is also off; its Q1 report arrives on Monday.
    • As was the case with TI and Xilinx, soft telecom equipment chip demand was often blamed by those guiding light yesterday afternoon. Freescale (FSL -3.5%) stated it expects network processor division sales to be down Q/Q and RF (base station power amplifier) division sales to be flat. Microcontroller, automotive, and analog and sensor division sales are expected to rise.
    • Altera (ALTR -3.3%) stated its "telecom and wireless business, and particularly our wireless business globally looks to be quite weak in [Q2], while the rest for our business will in aggregate be flat to slightly up." Regarding its Q1 miss, the company notes "Industrial, test, compute and storage, and to a lesser extent military, fell short of our forecast" (share loss to Xilinx?).
    • Maxim reports seeing "broad-based softness in communications infrastructure demand" and soft industrial bookings to go with healthier mobile/auto demand. The Galaxy S6 appears to be giving a lift to Maxim's mobile sales.
    | Fri, Apr. 24, 2:03 PM | 1 Comment
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Company Description
Altera Corpdesigns and sells programmable logic devices, HardCopy application-specific integrated circuit devices, power system-on-chip devices, pre-defined design building blocks known as intellectual property cores, and associated development tools.