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Broadcom Corporation (BRCM)

  • Jun. 12, 2013, 11:47 AM
    Maxim joins JPMorgan and Susquehanna in reporting of Galaxy S4 weakness: analyst Ashok Kumar says Samsung (SSNLF.PK) is cutting shipments due to weak sales and rising channel inventory, and that checks indicate consumers are opting for the cheaper Galaxy S III. He thinks touch controller supplier Synaptics (SYNA -2.7%) could be affected; others possibly at risk include ATML, RFMD, BRCM, PANL, TQNT, ANAD, and SWKS. As far as suppliers go, much still depends on how much demand is simply shifting to mid-range phones, or to rival high-end devices such as HTC's One, Sony's Xperia Z, LG's Optimus G, and Lenovo's K900.
  • Jun. 7, 2013, 9:33 AM
    Topeka launches coverage on the chip sector. NXP (NXPI -1.5%), Broadcom (BRCM +1.3%), Amkor (AMKR +0.5%), Freescale (FSL -0.5%), and Rambus (RMBS +0.5%) have been started at Buy, and ARM (ARMH -2.1%), Qualcomm (QCOM -2%), Applied Micro (AMCC +0.3%), and Mellanox (MLNX +1.9%) have been started at Hold. Mellanox isn't exactly a chip stock, though the company does use internally-developed ASICs in its adapter cards and switches. Qualcomm may be pressured this morning by reports of Samsung Galaxy S4 order and forecast cuts (I, II)
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  • Jun. 6, 2013, 4:27 PM
    Samsung (SSNLF.PK) has been meeting with investors to temper Galaxy S4 expectations, and the consensus for Q2 and Q3 S4 sales has fallen to 20M/quarter from a prior 25M and 30M, writes Susquehanna. The firm adds Samsung is now placing a greater emphasis on mid-range sales (Chinese OEMs have been competing aggressively here), and sees lower S4 estimates as a negative for Broadcom (BRCM) and Maxim (MXIM). PANL, RFMD, SYNA, and ANAD could also be affected. On the flip side, Canaccord believes S4 sales have passed iPhone sales at Verizon, Sprint, and T-Mobile USA, and RBC offered an upbeat forecast last week.
  • May. 30, 2013, 7:02 PM
    Galaxy S4 sales will top 20M in Q2 and 80M by year's end, estimates RBC, citing checks indicating strong U.S. demand. If Samsung (SSNLF.PK) pulls that off, it would be on its way to hitting its target of 100M lifetime sales. RBC also expects industry smartphone sales to rise 27% this year to 870M, and 20% in 2014 to 1B+. Meanwhile, a Russian site reports Samsung's June 20 London event will reveal the Galaxy S4 Zoom, a 4.3" phone sporting a 16MP camera with a 10x optical zoom, and the Galaxy S4 Active, a water/dust-proof S4 variant sporting a Qualcomm (QCOM) Snapdragon 600 CPU. Samsung's just-launched S4 Mini uses a Snapdragon 400. Other S4 suppliers: PANL, SYNA, ATML, RFMD, BRCM, ANAD, SWKS, TQNT.
  • May. 29, 2013, 6:23 PM
    Already a giant in the mobile and PC connectivity chip markets, Broadcom (BRCM) is hoping two new chips - the BCM4390 Wi-Fi SoC and BCM20732 Bluetooth SoC - will grow its share of the burgeoning embedded market. Broadcom argues the BCM4390's low power draw and feature set make it ideal for microcontroller-powered embedded devices such as thermostats and security cameras, and that the BCM20732's power draw and built-in software make it a good fit for products such as heart monitors and pedometers. GigaOm notes Broadcom is pitching Wi-Fi and Bluetooth as alternatives to the low-power ZigBee standard.
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  • May. 28, 2013, 4:17 PM
    In downgrading Broadcom (BRCM -1.4%) to Hold, analyst Chris Caso expressed concerns soft carrier capex will take a toll. Though chip sales for hardware used by carriers make up less than 10% of Broadcom's revenue, Caso points out they carry "the highest margins in BRCM's portfolio." He's worried China Mobile's (CHL +1.2%) giant 4G rollout could be delayed, given orders haven't yet been placed, CHL's 3G rollout was "beset by many delays," and Analog Devices (ADI) talked of delays during last week's earnings call.
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  • May. 28, 2013, 9:47 AM
    Broadcom (BRCM -0.7%) is missing out on today's early gains after receiving a downgrade to Neutral from Susquehanna. Shares took off last month in response to a Q1 beat and solid Q2 guidance after treading water for months in the face of a market rally (no doubt thanks to Apple-related concerns)
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  • May. 17, 2013, 11:27 AM
    Galaxy S4 sales will top 10M next week (less than a month after launching), says Samsung (SSNLF.PK) co-CEO Shin Jong-kyun. The Galaxy S III took 50 days to crack 10M. Samsung thinks S4 sales could eventually reach 100M, or twice the 50M the S III has seen over its lifetime. Suppliers with decent exposure: RFMD, ANAD, PANL, QCOM, BRCM, SYNA.
  • May. 16, 2013, 10:49 AM
    Plenty of Cisco rivals and suppliers are now rallying in response to the company's FQ3 beat, guidance, and order activity: JDSU +5.2%. RKUS +5.8%. CAVM +4.8%. PKT +2.9%. ADTN +2.6%. ALLT +1.9%. FN +2%. FNSR +2.4%. BRCM +1.3%. MRVL +1.6%. (previous)
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  • May. 15, 2013, 7:25 AM
    Broadcom Corporation (BRCM) declares $0.11/share quarterly dividend, in line with previous. Forward yield 1.20%. For shareholders of record May 31. Payable June 17. Ex-div date May 29. (PR)
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  • May. 10, 2013, 1:11 PM
    The next Nexus 7 (expected to be unveiled next week at the Google I/O conference) will feature a 1900x1200 display, Qualcomm's (QCOM) quad-core APQ8064 app processor, a Broadcom (BRCM) Wi-Fi/Bluetooth combo chip and NFC chip, and dual cameras, reports KGI Securities. This more or less matches past reports. But VR-Zone says a top-of-the-line Qualcomm Snapdragon 800 chip will be used. KGI, generally good with Apple rumors, also expects Google (GOOG) to unveil an Android laptop (no Chrome OS?), a set-top for Web streaming, and a smartwatch (previous), but not at I/O.
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  • May. 4, 2013, 3:52 PM
    Barron's is out with its list of the 500 financially strongest companies as ranked after a rigorous cash and sales analysis. A quick filter on the list shows a good chunk of the names trade with a single-digit price to earnings ratio including Goodyear Tire & Rubber (GT). Despite all the buzz about booming auto sales in the U.S. and China, concerns about growth for Goodyear's products in other regions of the globe have lowered expectations. But with auto sale estimates for full-year being taken higher, Goodyear could see enough consistent revenue growth to justify a higher trading multiple. (Top 25: AAPL, WCC, WDC, DVA, CHRW, QCOM, JOY, V, STX, MRC, MA, CVI, COF, SYMC, MCK, WCG, ETN, BRCM, TMO, CI, CBI, NOV, WNR, HFC, DK)
  • May. 1, 2013, 10:18 AM
    A revenue miss and soft guidance lead Entropic (ENTR -14.9%) to plunge towards its 52-week low. On its earnings call, the set-top/home networking chipmaker guided for Q2 revenue of $70M-$73M and EPS of $0.00, below a consensus of $77.3M and $0.01; management blamed "seasonal softness" in carrier demand and "continued revenue pressure" for its set-top SoC ops as a cable provider works through its digital adapter inventory. Needham has cut shares to Hold. Entropic is seeing intensifying competition from Broadcom (BRCM), which on its Q1 call stated broadband chip sales rose 9% Y/Y, with set-top growth offsetting lower Chinese modem shipments.
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  • Apr. 29, 2013, 12:59 PM
    As goes Apple, so goes Cirrus Logic (CRUS +7.1%). The audio codec chipmaker is taking off in sympathy with the customer than made up 85% of its March quarter revenue, one trading day after getting clocked due to downbeat remarks about FY14 sales. Likewise, iPhone/Galaxy S4 supplier Skyworks (SWKS +3.4%) is rallying following a post-earnings Friday decline caused by mixed guidance, and so is rival RF Micro (RFMD +3.2%). Broadcom (BRCM +2.5%), meanwhile, is adding to last week's strong post-earnings gains, fueled by a Q1 beat and solid guidance. The gains come even as another Apple supplier, Nam Tai, gets crushed due to weak guidance.
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  • Apr. 27, 2013, 11:03 AM
    Qualcomm (QCOM) managed to get 6 chips in the U.S. version of Samsung's (SSNLF.PK) Galaxy S4, per iFixit's teardown: the high-end APQ8064 app processor, a 4G baseband chip, an audio codec chip, an RF transceiver (beating out SIMO), and 2 power management ICs; the U.K. version uses a Snapdragon 600 baseband/app processor. Also found: a MXIM microcontroller, an SIMG video transmitter, a SWKS 2G power amplifier module, a BRCM NFC chip (likely to go with a combo chip), ATML and SYNA touch controllers, and Toshiba (TOSBF.PK) NAND flash (previous). (Chinese S4 teardown) (Galaxy S III teardown) (also)
  • Apr. 24, 2013, 1:31 PM
    Samsung's (SSNLF.PK) Galaxy S IV is a superb phone, if one can cope with a cheap plastic feel and too many gimmicks. That seems to be the consensus from the first full reviews. The Verge praises the S IV's display, camera, and performance, but still considers the HTC One a better bet. "The Galaxy S4 is fast and impressive, but it's also noisy and complex." TechCrunch and Gizmodo deliver similar takes. But others (I, II) make the case that more is ultimately better (this mindset has worked for Samsung thus far). The reviews arrive as Sprint and T-Mobile state their S IV launches will be delayed due to inventory issues. Key suppliers: QCOM, BRCM, SYNA, PANL, ATML, RFMD, TQNT. (previous)
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Company Description
Broadcom Corp is provider of semiconductors for wired and wireless communications. It provides a portfolio of SoCs that seamlessly deliver voice, video, data and multimedia connectivity in the home, office and mobile environments.