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Cirrus Logic, Inc.

5/24/2013, 12:11 AM ET

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Thursday, May 23, 12:45 PM Midday top 10 gainers: ESMC +52%. HIHO +43%. CNIT +23%. RUE +23%. GAME +16%. HPQ +14%. JRJC +13%. PTIX +13%. HSOL +13%. CHYR +13%.
Midday top 10 Losers: RVM -22%. APRI -21%. CRUS -17%. BOSC -15%. NSPR -15%. MTEX -12%. SHIP -11%. IX -10%. EDMC -10%. AERL -10%. 1 Comment [On the Move]
Thursday, May 23, 12:17 PM Cirrus Logic (CRUS -17.2%) plummets after an investment presentation (Barclays Global Tech, Media, and Telecommunications Conference) in which it mentions "increased pricing pressures in the smartphone markets" and says "revenue for the fiscal year [will] likely [be] impacted by an expected decline in average selling prices" (slide 18). 3 Comments [Tech, On the Move]
Monday, May 13, 6:30 PM Apple (AAPL) roundup: 1) Jefferies' Peter Misek, fairly plugged in to supply chain movements, thinks June quarter iPad build plans have been raised to 20M-25M, and that iPhone build plans stand at 25M-30M. 2H build order pickups are forecast for both as new hardware launches. 2) Brian White's Apple Monitor (tracks supplier sales) also indicates stabilizing orders - April sales rose 1% M/M, slightly better than a -1% historical average (possibly good news for CRUS). 3) T-Mobile USA (TMUS) has raised the down payment for a 16GB iPhone 5 by $50 to $149, bringing the total 24-month cost to $630. 2 Comments [Tech]
Monday, April 29, 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. Comment! [Tech, On the Move]
Friday, April 26, 11:23 AM Though its results and guidance were in-line with the numbers provided in its April 17 warning, earnings call commentary is hurting Cirrus Logic (CRUS -9.6%). While insisting in prepared remarks (.pdf) Cirrus' relationship with its top customer (Apple) "remains outstanding," and that design win activity is robust, CEO Jason Rhode responded to a question about FY14 sales by stating Cirrus' "current projections are [for] flat to moderate growth." Much time was spent talking about Cirrus' LED controller chips, which have scored design wins with 2 "tier-one lighting customers." Apple made up 85% of FQ4 sales; that number is likely to drop in FQ1. (slides) 4 Comments [Tech, Earnings, On the Move]
Thursday, April 25, 4:09 PM Cirrus Logic (CRUS): FQ4 EPS of $0.59 misses by $0.22. Revenue of $206.9M (+87% Y/Y) misses by $2.7M, but in-line with revised guidance. Continues to expect FQ1 revenue of $150M-$170M. Shares +2.9% AH. (PR) Comment! [Tech, Earnings, Breaking News, On the Move]
Thursday, April 25, 12:18 PM Low expectations are aiding iPhone supplier TriQuint (TQNT +10.7%), which is surging after missing Q1 estimates and guiding for Q2 revenue of $185M-$190M and EPS of -$0.10 to -$0.12, below a consensus of $194.8M and -$0.08. On its earnings call, TriQuint noted mobile sales (57% of total) fell 30% Q/Q thanks to "seasonally low demand from our largest customer" (almost certainly Apple), but added sales to all other top-5 mobile clients grew, and claimed strong demand for advanced 4G power amplifiers and filters. Possibly up in sympathy: SWKS +2.7%. RFMD +1.6%. CRUS +3%.10.1% of TriQuint's float was shorted as of March 28. Comment! [Tech, Earnings, On the Move]
Thursday, April 25, 12:10 AM Notable earnings after Thursday’s close: AEM, ALTR, AMCC, AMKR, AMZN, BIDU, BJRI, BLDR, BMRN, CALX, CAMP, CB, CBG, CENX, CERN, CINF, CLWR, CRUS, CSTR, CTCT, DECK, DLB, ELY, EMN, EXPE, FII, FR, FSL, GERN, IGT, IM, INAP, INFA, KBR, KEG, KLAC, LEG, MCRS, MXIM, N, NR, NTGR, OLN, PFG, PKI, PMCS, QLIK, RMD, RRC, RSG, SBUX, SIMO, SPN, SWKS, SYNA, TCO, THRX, TLAB, UHS, VPRT, VRSN, WRE, WYNN Comment! [Earnings]
Wednesday, April 24, 5:35 PM Notable earnings after Thursday’s close: AEM, ALTR, AMCC, AMKR, AMZN, BIDU, BJRI, BLDR, BMRN, CALX, CAMP, CB, CBG, CENX, CERN, CINF, CLWR, CRUS, CSTR, CTCT, DECK, DLB, ELY, EMN, EXPE, FII, FR, FSL, GERN, IGT, IM, INAP, INFA, KBR, KEG, KLAC, LEG, MCRS, MXIM, N, NR, NTGR, OLN, PFG, PKI, PMCS, QLIK, RMD, RRC, RSG, SBUX, SIMO, SPN, SWKS, SYNA, TCO, THRX, TLAB, UHS, VPRT, VRSN, WRE, WYNN Comment! [Earnings]
Tuesday, April 23, 7:39 PM More from Apple's (AAPL) FQ2 call: Mix shift towards iPhone 4 responsible for iPhone ASP drop; iPhone channel inventory up 1M Q/Q. Greater China sell-thru growth was 18% Y/Y, above reported (sell-in) 8%. Revenue mix shift towards iPad hurt gross margin, expected to fall to 36%-37% in FQ3 due to lower revenue and mix, partly offset by lower costs. Tim Cook talks of "exciting new product categories" (an iWatch?). While Cook said competitors made tradeoffs to offer ~5" phones, he didn't mention one-handed use (Apple's traditional critique) - is he hinting one will eventually arrive? AAPL -0.3% AH, as investors focus on FQ3 guidance (implies rev. growth of -4% to +2% Y/Y). CRUS -1.9%. (transcript) (previous) 24 Comments [Tech, Earnings]
Monday, April 22, 2:28 PM Marvell (MRVL +3.6%) rallies after announcing a solution for remotely controllable LED bulbs that includes a new AC/DC controller/wireless microcontroller SoC (it can work with either the ZigBee protocol, or a combo of ZigBee and Wi-Fi). Marvell, which has been aggressively pushing into the LED controller/driver chip space, claims its solution uses half as many chips as alternatives. The announcement comes a week after Marvell announced Samsung will use one of its LED driver ICs in a new line of bulbs. Cirrus Logic (CRUS) also has lofty ambitions in this space. (Marvell/Sharp demo) 1 Comment [Tech]
Wednesday, April 17, 12:59 PM Midday top 10 gainers: ACUR +53%. ECTY +16%. PCYG +16%. ALKS +15%. OCZ +15%. OGEN +14%. RECV +12%. CASM +11%. ATLS +11%. CHLN +11%.
Midday top 10 losers: EOPN -26%. CNIT -26%. INWK -25%. MHR -21%. CXW -18%. CRMB -16%. CRUS -16%. EPAX -14%. BMI -14%. EMXX -14%. Comment! [On the Move]
Wednesday, April 17, 9:12 AM Premarket gainers: VRML +29%. ACUR +26%. OCZ +18%. CUR +9%. ALKS +9%. ABMD +9%. ASML +6%.
Losers: EOPN -29%. INWK -25%. CXW -15%. MHR -12%. ZGNX -11%. TXT -9%. CRUS -7%. VRNG -6%. 1 Comment [On the Move]
Wednesday, April 17, 9:11 AM Apple (AAPL) -1.2% after Cirrus Logic (CRUS), which gets over half of its revenue from the company, issues a revenue warning for the March and June quarters (FQ4 and FQ1). Though Cirrus' FQ4 revenue forecast of $206.9M is only a little below a $210.2M consensus, its FQ1 forecast of $150M-$170M is well below a $195.2M consensus. The audio codec chipmaker also says it will take a $23.3M write-down, $20.7M of which is due to "a decreased forecast for a high volume product" as a customer (quite possibly Apple) migrates to a new component (could be a sign of a new iPhone). SWKS -2.2%. QCOM -0.9%. 8 Comments [Tech, Earnings, On the Move]
Wednesday, April 17, 8:33 AM Shares of Cirrus Logic (CRUS) fall 9% premarket after the company releases a preliminary estimate of FQ4 revenue of $206.9M, below the consensus estimate calling for $210M. The tech concern also warned of lower profit margins and the potential it might need to take a loss on inventory. Comment! [Tech, On the Move]
Tuesday, April 16, 12:30 PM The iPhone 5S is "having pre-production issues with mass production at least a month or more away," writes Jefferies' Peter Misek after visiting Asian suppliers; Misek was among the first to report of March quarter iPhone order cuts. He also thinks the launch of a cheaper iPhone could be pushed back to the Dec. quarter, and states "suppliers are worryingly beginning to discount Apple's (AAPL +1.1%) build plans following ~6 months of revisions." Misek, who has a $420 PT, is forecasting below-consensus FQ2 and FQ3 results ahead of April 23's FQ2 report. (Foxconn hiring) (WSJ iPhone report) 21 Comments [Tech]

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