Jan. 21, 2014, 4:46 PM
- Xilinx (XLNX) shares are off 3.6% AH following the company's FQ3 report, which delivered a $13.6M top-line miss.
- Management guides for FQ4 revenue of $598.7M-$622.2M (+2%-6% sequentially) vs. analyst expectations ranging from $610M-$632M (average of $621.1M). Opex in FQ4 is seen at $226M.
- Revenue from 28nm products hit $100M during the quarter, driven by sales of Kintex-7 and the Zynq-7000 family (which more than doubled sequentially).
- Expansion in Asia-Pacific led the way, contributing 40% of revenue in FQ3 (up from 34% in FQ3 FY2013).
- PR, Conference call at 5pm ET
- Shares of Altera (ALTR) are off 0.6% AH in sympathy.
Jan. 21, 2014, 9:57 AM
- 3D Systems (DDD -3%) has been cut to Neutral by Credit Suisse.
- Seagate (STX +2.1%) has been upgraded to Overweight by Morgan Stanley, and rival Western Digital (WDC +0.5%) has been upgraded to Outperform by BMO. Wesern reports tomorrow, and Seagate on Jan. 27.
- SolarCity (SCTY -3.3%) has been cut to Neutral by JPMorgan. Deutsche started shares at Buy last week.
- SanDisk (SNDK -2.3%) has been cut to Neutral by BofA/Merrill. Q4 results arrive tomorrow.
- NetApp (NTAP +2.2%) has been upgraded to Buy by Lake Street Capital.
- InvenSense (INVN -2.8%) has been cut to Hold by Needham.
- FireEye (FEYE -3.7%) has been cut to Neutral by JPMorgan following a huge run-up in the wake of the Mandiant deal and the company's guidance hike.
- Altera (ALTR +2.8%) has been upgraded to Overweight by JPMorgan ahead of Wednesday's Q4 report.
- Tibco (TIBX -2.4%) has been cut to Neutral by Wedbush. Shares rallied last week on a report suggesting Dan Loeb is set to make an activist push.
- NetSuite (N +1.1%) has been upgraded to Buy by Maxim.
- Violin Memory (VMEM -3.7%) has been cut to Underweight by Barclays.
- Motorola Solutions (MSI +1.8%) has been upgraded to Buy by Citi.
- LG Display (LPL +3.2%) has been upgraded to Buy by BofA/Merrill.
Jan. 15, 2014, 9:58 AM
- Intel (INTC +0.9%) has been upgraded to Outperform by BMO a day after JPMorgan upgraded shares to Overweight. Both moves come ahead of tomorrow's Q4 report.
- Cirrus Logic (CRUS -3.3%) has been cut to Underperform by Pac Crest ahead of its Jan. 28 FQ3 report.
- Fortinet (FTNT +2.3%) has been upgraded to Outperform by Wedbush two days after Morgan Stanley upped shares to Overweight. Q4 results are due on Jan. 29.
- Xilinx (XLNX +2%) has been upgraded to Overweight by Barclays ahead of its Jan. 21 FQ3 report. Rivals Altera (ALTR +1.3%) and QuickLogic (QUIK +4.3%) are also trading higher.
- Telefonica Brasil (VIV +0.9%) has been upgraded to Overweight by HSBC.
- Synnex (SNX +3.3%) has been upgraded to Buy by Citi six days after posting an FQ4 beat.
- Teradyne (TER +2%) has been upgraded to Outperform by Pac Crest ahead of its Jan. 22 Q4 report. Goldman declared shares a Conviction Buy yesterday.
Jan. 2, 2014, 9:42 AM
- Sprint (S -3%) has been cut to Market Perform by Cowen, and to Neutral by Macquarie, following a major run-up fueled in part by T-Mobile M&A hopes.
- T-Mobile (TMUS -1.5%), meanwhile, has been pulled from Goldman's Conviction Buy list. Its shares have taken off in response to reports Sprint and Dish are mulling bids.
- Xilinx (XLNX +1.1%) has been upgraded to Buy by Goldman, and rival Altera (ALTR -1.8%) has cut to Neutral.
- UniPixel (UNXL -4.4%) has been cut to Market Perform by Cowen following the departure of its CEO and COO.
- Intersil (ISIL -4.9%) has been cut to Underweight by Evercore.
- NXP (NXPI -4.3%) and ON Semi (ONNN -4.7%) have been cut to Neutral by Goldman, and fellow chipmaker Analog Devices (ADI -2.5%) has been cut to Sell. ADI has also been cut to Market Perform by Wells Fargo.
Dec. 12, 2013, 9:56 AM
- Intel (INTC +1.1%) has been upgraded to Neutral by Nomura. Citi and Drexel Hamilton upgraded shares last Friday.
- Micron (MU +2%) has been upgraded to Buy by Nomura. Shares fell yesterday following an MKM report stating SK Hynix's Wuxi, China fab will be operational sooner than expected.
- Xilinx (XLNX +1.7%) has been upgraded to Buy by Nomura. In addition, both Xilinx and rival Altera (ALTR +0.6%) have been started at Outperform by JMP.
- iRobot (IRBT +2.2%) has been upgraded to Neutral by JPMorgan.
- Synchronoss (SNCR +6.8%) has been upgraded to Strong Buy by Raymond James.
- Teradata (TDC -2%) has been cut to Sector Perform by RBC. Shares are making new 52-week lows.
- Texas Instruments (TXN -0.7%) and SanDisk (SNDK -2.3%) have been cut to Reduce by Nomura. TI provided an in-line mid-quarter update on Monday, while SanDisk fell in tandem with Micron yesterday.
- Sigma Designs (SIGM -17.8%) has been cut to Hold by Needham after missing FQ3 estimates.
- Progress Software (PRGS -7.5%) has been cut to Market Perform by JMP.
Nov. 19, 2013, 10:23 AM
- Goldman's James Schneider (Buy, $39 PT) says he's still upbeat about Altera's (ALTR -3.3%) "medium-term trends," including the impact of China Mobile's 4G TD-LTE launch and Vodafone's capex ramp, but also thinks "these catalysts may be further out in time than [Goldman] had anticipated."
- Schneider also believes Altera has "failed to articulate a clear path" for delivering on its op. margin targets in the near-term, given "a lack of revenue visibility."
- The FPGA vendor's shares have underperformed the Nasdaq this year by a sound margin, as well as those of archrival Xilinx. They dove last month due to a revenue miss and soft Dec. quarter guidance.
Oct. 22, 2013, 6:08 PM
- In addition to missing FQ3 revenue estimates, Altera (ALTR) is guiding for FQ4 revenue to be down 3% to up 1% Q/Q; that's worse than a consensus for 6% growth.
- While archrival Xilinx (XLNX - down 0.7% AH) saw 10% Y/Y sales growth in the Sep. quarter, Altera saw a 10% decline, evidence of share loss. However, Xilinx's Dec. quarter Q/Q sales growth guidance (-2% to +2%) isn't far removed from Altera's.
- An 18% Y/Y drop in telecom/wireless chip sales (41% of revenue) dinged Altera's FQ3. Industrial, military, and automotive chip sales (23% of total) rose 1%; networking, computer, and storage (19% of total) was flat, and "Other" (17% of total) was down 12%.
- Book-to-bill was below 1. Opex rose 6% Y/Y thanks to moderate increases in R&D and sales/marketing spend. Gross margin was 68.2%, and is expected to be at 68.5% (+/- .5%) in FQ4.
- FQ3 results, PR
Oct. 22, 2013, 4:18 PM
Oct. 22, 2013, 12:10 AM
Oct. 21, 2013, 5:35 PM
Oct. 16, 2013, 5:05 PM
- Xilinx (XLNX) expects FQ3 (Dec. quarter) revenue to be down 2% to up 2% Q/Q; the consensus is for a 1.4% increase.
- FQ2 non-GAAP EPS (excludes a $0.09 litigation charge) was $0.58, beating a consensus of $0.53. Gross margin was 69.5%, +50 bps Q/Q and +350 bps Y/Y, and above guidance of 69%. FQ3 gross margin is expected to be around 69%.
- Telecom/data center chip sales (43% of revenue) -3% Y/Y in FQ2 vs. -2% in FQ1. Industrial, aerospace, and defense (38% of revenue) was strong, +32% vs. +9%; broadcast, consumer, and automotive saw a turnaround, +17% vs. -5%.
- R&D spend +12% Y/Y to $125M, SG&A +4% to $96.3M. $70M spent on buybacks.
- XLNX -4.5% AH. Archrival ALTR -2.8%.
- FQ2 results, PR
Aug. 28, 2013, 4:29 PM
- Together with the shares remaining under an existing authorization, Altera (ALTR) is free to repurchase up to 41.1M shares, or 13% of outstanding shares. At current levels, buying back 41.1M shares would cost $1.44B. (PR)
- Altera says it pay for its buybacks via cash on hand, cash from operations, and newly-issued debt. The chipmaker had $500M in debt on its balance sheet as of June 28, and $3.7B in cash/investments.
- Shares +1% AH.
Aug. 26, 2013, 12:55 PM
- Baird has joined Citi in upgrading Altera (ALTR +1.9%). The firm now rates the FPGA developer an Outperform, and has lifted its PT to $45.
- Both firms expect Altera to benefit from ramping Chinese 4G infrastructure spend - China Mobile reportedly handed out orders for 207K base stations (total value of $3.26B) earlier this month.
- Citi expects 1M+ 4G base stations to be deployed by Chinese carriers, with ~500K deployed by 2014. The firm observes Altera and Xilinx's (XLNX +0.9%) Chinese programmable logic sales grew at a 28% CAGR during the Chinese 3G buildout (2008-2011), and expects the 4G buildout to be bigger.
- Citi upgraded Xilinx to Buy on July 12, shortly before the company delivered an FQ1 beat and better-than-expected FQ2 guidance.
Aug. 26, 2013, 9:14 AM| Comment!
Jul. 23, 2013, 5:48 PMTech guidance roundup: 1) Electronic Arts (EA - earnings) expects FQ2 revenue of $975M and EPS of $0.12, below a consensus of $976M and $0.15. FY14 guidance is for revenue of $4B and EPS of $1.20, in-line with consensus. 2) Altera (ALTR - earnings) expects FQ3 sales to rise 5%-9% Q/Q, in-line with a 7.2% consensus. 3) RF Micro (RFMD - earnings) expects FQ2 revenue of $305M-$310M and EPS of $0.10-$0.11 vs. a consensus of $306.8M and $0.10. 4) Linear (LLTC - earnings) expects FQ2 revenue to be up 2%-5% Q/Q, mostly above a 2.2% consensus. EA +7% AH. ALTR +1.5%. RFMD -0.7%. LLTC +1.5%. (PRs: Electronic Arts, Altera, RF Micro, Linear) | Comment!
Jul. 23, 2013, 4:18 PM
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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.
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