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AVGO

Avago Technologies Limited

6/18/2013, 11:55 PM ET

Quote & Headlines Market Currents StockTalk

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| Dividends
| M&A
| On the move

Monday, June 10, 9:09 AM RF Micro (RFMD) +3.9% thanks to an upgrade to Strong Buy from Charter Equity. Shares fell on Friday following reports of Samsung (SSNLF.PK) Galaxy S4 build order cuts. Davidson defended RF Micro and rivals Skyworks (SWKS) and Avago (AVGO), claiming checks indicate S4 demand "has been as expected with the exception of possible slowing orders in Europe," and that any demand shortfall could be shifted to other phones. 2 Comments [Tech, On the Move]
Thursday, June 6, 9:01 AM Avago Technologies (AVGO) declares quarterly dividend of $0.21/share. Forward yield 2.27% For shareholders of record June 17.Payable June 28. Ex-div date June 13. (PR) Comment! [Dividends]
Thursday, May 30, 12:52 PM RF Micro (RFMD +3.9%) jumps following an upgrade to Buy from DA Davidson. Shares were already higher thanks to rival Avago's (AVGO +10.6%) FQ2 beat and upbeat commentary. On its earnings call, Avago mentioned orders for the Galaxy S4 and other 4G devices partly offset Apple-related weakness, and that it expects a "very strong ramp" in iPhone-related orders in FQ3. Avago claims the technical demands of 4G phones are lifting sales of chips using its FBAR filters, which offer performance advantages over traditional SAW filters. RBC recently estimated Avago had a ~70% share of the FBAR market. Rivals Skyworks (SWKS +3.7%) and Anadigics (ANAD +4.5%) are also up, as is Apple-dependent Cirrus Logic (CRUS +3.1%). Comment! [Tech, On the Move, Earnings]
Wednesday, May 29, 5:54 PM After-hours top gainers, as of 5:15 p.m.: NVE +23.9%. IQNT +6.4%. AVGO +3.9%. HIMX +3.9%. ELN +2.7%.
After-hours top losers: UCO -9.1%. BWP -4.4%. IOC -4.1%. VNR -4.0%. NBN -2.4%. 2 Comments [On the Move]
Wednesday, May 29, 4:24 PM More on Avago: FQ3 guidance is for 6%-9% Q/Q revenue growth vs. a 6.7% consensus. FQ2 gross margin was 51.2% +50 bps Q/Q and +10% Y/Y; 50-52% GM expected in FQ3. Wireless sales (50% of total) -9% Q/Q and +9% Y/Y, likely hurt by declining Apple orders. Wired Infrastructure +7% Q/Q and -9% Y/Y, Industrial & Other +4% Q/Q and -16% Y/Y; Avago claims improved industrial distributor sales helped. "The initial ramp of a product transition at a large smartphone OEM" (likely one or more new iPhones) is expected to boost FQ3 sales, as will stronger enterprise networking and industrial demand. AVGO +4.1% AH, CC at 5PM ET (webcast). (PR) Comment! [Tech, Earnings]
Wednesday, May 29, 4:10 PM Avago Tech (AVGO): FQ2 EPS of $0.61 beats by $0.03. Revenue of $562M (-3% Y/Y) beats by $3.76M. Shares +2% AH. (PR) Comment! [Earnings, Breaking News, Tech, On the Move]
Wednesday, May 29, 12:10 AM Notable earnings after Wednesday's close: AVGO Comment! [Earnings]
Tuesday, May 28, 5:35 PM Notable earnings after Wednesday's close: AVGO Comment! [Earnings]
Wednesday, April 17, 12:26 PM Chip stocks have a rough day (SOXX -2.8%) following Cirrus Logic's warning, light guidance from Linear Technology (LLTC -4.6%) to go with a Q1 beat - Linear sees 1%-4% Q/Q revenue growth for calendar Q2, below a 4.7% consensus - and ho-hum Q1 results/Q2 guidance from Intel. Apple suppliers Broadcom (BRCM -4%), Avago (AVGO -5.5%), STMicroelectronics (STM -6.7%), NXP (NXPI -7%), RF Micro (RFMD -2.8%), and OmniVision (OVTI -3.3%) are among the casualties, but they're far from alone. ANAD -6.2%. STM -5.7%. FSL -5%. ADI -4.5%. TXN -4.4%. Comment! [Tech, On the Move]
Thursday, April 11, 9:43 AM In addition to announcing it's acquiring CyOptics, Avago (AVGO -0.3%) is creating a 20M-share buyback authorization (good for repurchasing 8% of shares) to replace a 15M-share authorization that just expired. CyOptics, which had 2012 sales of $210M and relies on an advanced material known as indium phosphide, lowers Avago's dependence on its wireless chip business (over half of sales), and makes the company a tougher optical component rival to JDS Uniphase (JDSU) and Finisar (FNSR). Avago asserts CyOptics' products strengthen its hand in the 40G/100G space, an area Cisco and Intel are also interested in. Comment! [Tech, M&A]
Thursday, April 11, 9:00 AM Avago Tech (AVGO) agrees to pay $400M to acquire CyOptics, a provider of indium phosphide optical chip and component technologies for the data communications and telecom markets. Avago says the deal will strengthen its fiber-optics product portfolio for 40G and 100G enterprise and data center applications. (PR) Comment! [Tech, M&A, Breaking News]
Monday, April 1, 4:28 PM Avago (AVGO) appoints wireless chip division chief Bryan Ingram to the newly-created position of COO. Ingram has overseen a unit that has grown to account for over half of Avago's sales, thanks to power amplifier design wins for the iPhone and other major smartphone programs. Avago recently lost CFO Douglas Bettinger to Lam Research. Comment! [Tech]
Thursday, March 14, 8:22 AM Avago Technologies (AVGO) declares $0.19/share quarterly dividend, 11.7% increase from prior dividend of $0.17. Forward yield 2.11%. For shareholders of record Mar. 25. Payable Apr. 04. Ex-div date Mar. 21. (PR) Comment! [Dividends]
Wednesday, March 6, 9:40 AM More on Apple: Berenberg's Adnaan Ahmad has downgraded shares to Sell from Buy, while also cutting his rating on Samsung (SSNLF.PK). With smartphone growth now fueled by emerging markets, "Apple and Samsung margins are peaking and growth is going to be driven by the margin-dilutive mid-to-low-end segment," he argues. Also, Citi has cut its PT to $480, citing weaker iPhone 5 and regular iPad demand. Citi, which cut Apple to Neutral in December, now expects March and June quarter iPhone sales of 34M and 25M, below a consensus of 37M and 32M. AAPL -0.2%. 23 Comments [Tech]
Wednesday, March 6, 9:13 AM Foxconn has begun production of an iPhone 5S (AAPL) that looks much like the iPhone 5, claims Japanese blog MacOtakara, which has a mixed track record (I, II) with iScoops. MacOtakara also reports NTT DoCoMo (DCM) has slashed Android phone orders for the fall, which is fueling speculation an iPhone deal is on the way. Jefferies' Peter Misek argued last month preparation for March iPhone 5S production could be responsible for new iPhone order cuts. Possible/likely suppliers: CRUS, OVTI, SWKS, TQNT, AVGO, QCOM, BRCM, NTE, MFLX, LPL. (yesterday) 29 Comments [Tech]
Friday, March 1, 10:40 AM Apple (AAPL -1.8%) and its suppliers slump after iPhone/iPad image sensor provider OmniVision (OVTI -10.9%) issues light guidance to go with its FQ3 beat. CRUS -4.2%. SWKS -1.9%. TQNT -1.7%. AVGO -2%. RFMD -3.2%. BRCM -1.6%. On its FQ3 call, OmniVision would only attribute the guidance to "a seasonal trend of business," while adding smartphone market share trends are "highly, highly volatile right now." Like virtually all other Apple suppliers, OmniVision never mentions Apple by name. 21 Comments [Tech, On the Move, Earnings]