Seeking Alpha

Cypress Semiconductor Corporation (CY)

  • Mon, Mar. 2, 4:36 PM
    • Cypress Semiconductor (NASDAQ:CY) declares $0.11/share quarterly dividend, in line with previous.
    • Forward yield 2.86%
    • Payable April 16; for shareholders of record March 26; ex-div March 24.
  • Mon, Mar. 2, 1:41 PM
    • The Philadelphia Semi Index (SOXX +2.4%) has rallied to new highs after NXP announced it's buying microcontroller, network processor, and RF amplifier supplier Freescale for $16.7B after factoring net cash/debt, the biggest deal yet in the chip industry's ongoing consolidation wave. The Nasdaq is up 0.5%.
    • Microcontroller makers are among today's big gainers - NXP/Freescale assert they'll be the world's biggest supplier of general-purpose microcontrollers. Standouts include Atmel (ATML +6%) and STMicroelectronics (STM +3.4%), as well as Cypress (CY +3.1%) and merger partner Spansion (CODE +3.2%).
    • Other notable gainers include InvenSense (INVN +3.4%), Ambarella (AMBA +6.3%), Audience (ADNC +5.5%), Cirrus Logic (CRUS +3.7%), Cavium (CAVM +4.2%), ON Semi (ONNN +3.5%), Silicon Motion (SIMO +3.5%), InPhi (IPHI +3.8%), and TowerJazz (TSEM +5.5%).
    • With the Mobile World Congress as a backdrop, InvenSense has unveiled a 6-axis SoC that pairs a gyroscope and acceleromoter with a motion processor and related software/algorithms; the company claims 25%-50% better power consumption than rival solutions. It has also launched a software library meant to "provide sensor-assisted positioning in places where GNSS alone cannot provide desired accuracy."
    • Cavium has announced its OCTEON Fusion-M processor line for mobile base stations. The chips support up to 16 custom CPU cores running at 2GHz., and are declared by Cavium to enable "Smart Radio Heads" that can adapt to network conditions. They begin sampling in Q3.
    • Previously: Chip product launches: ARMH, EZCH, BRCM, NXPI, XLNX, IDTI
  • Thu, Jan. 22, 2:11 PM
    • Both Cypress Semi (CY +2.6%) and merger partner Spansion (CODE +2.7%) beat Q4 revenue estimates while posting in-line EPS.
    • Cypress guided on its CC for Q1 revenue to fall 2%-5% Q/Q (implies a range of $174.8M-$180.4M vs. a $178.4M consensus) and EPS to be in a range of $0.08-$0.10 (below an $0.11 consensus).
    • Spansion has guided for Q1 revenue of $270M-$310M; the midpoint is below a $300.9M consensus.
    • The chipmakers still expect their 50:50 merger to close in 1H15. Shares of both remain sharply above where they traded before the deal was announced on Dec. 1.
    • Cypress: Q4 results, PR. Spansion: Q4 results, PR.
    | Comment!
  • Thu, Jan. 22, 8:01 AM
    • Cypress Semiconductor (NASDAQ:CY): Q4 EPS of $0.13 in-line.
    • Revenue of $184.09M (+9.7% Y/Y) beats by $1.43M.
    • Shares +5.93% PM.
    • Press Release
    | Comment!
  • Wed, Jan. 21, 5:30 PM
  • Wed, Jan. 14, 1:20 PM
    • A slew of tech companies have posted steep losses on a day the Nasdaq is down 1%.
    • Major decliners include Pandora (P -5%), LED giant Cree (CREE -5.9%), cloud HR software leader Workday (WDAY -4.1%), chipmakers Ambarella (AMBA -5.3%), Pixelworks (PXLW -3.7%), Audience (ADNC -3.6%), Spansion (CODE -4.4%), and Cypress (CY -3.9%) (the last two are merger partners), OLED materials/IP provider Universal Display (OLED -4.2%), industrial automation tech provider Echelon (ELON -4.8%), and P2P lending giant/recent IPO LendingClub (LC -4.8%).
    • Possibly affecting OLED: LG Display (NYSE:LPL) has been ordered to halt operations at an OLED TV panel production line following a gas leak that killed two workers.
    • Cree and Pandora aren't far removed from their 52-week lows; the former reports on Jan. 20, and the latter on Feb. 5. LendingClub, whose selloff follows a volatile Tuesday, could be affected by a neutral coverage launch from Susquehanna.
  • Thu, Jan. 8, 4:18 PM
    • Hit hard on Tuesday amid a market rout, chip stocks have more than made up for it today: The Philadelphia Semi Index (SOXX +3%) handily exceeded the Nasdaq's 1.8% gain. The index posted a 1% gain yesterday.
    • Micron (MU +4.9%) has been one of the standouts, more than recouping yesterday's post-earnings losses. Ditto Freescale (FSL +9.2%), which benefited from a Deutsche target hike, and Marvell, which got a lift from an MKM note. Others: NVDA +3.8%. NXPI +4.7%. AVGO +5%. SWKS +4.5%. CY +6.1%. CODE +5.9%. CAVM +5.2%. SWKS +4.5%. SLAB +4.5%. KLIC +3.8%. SMTC +3.6%. ATML +3.7%. FCS +4.2%. TSEM +4.2%.
    • As is their custom, both chipmakers and their clients have been unveiling plenty of new products at CES.
  • Tue, Jan. 6, 1:36 PM
    • Up 30% in 2014, the Philadelphia Semi Index (SOXX -2.2%) has fallen over 4% thus far in 2015. Today's decline comes as the Nasdaq drops 1.6%.
    • Many names are posting 3%+ losses. SWKS -4.2%. QRVO -5.8%. AMAT -3.4%. KLAC -3.1%. SYNA -5.4%. IPHI -9%. ARMH -5.4%. SIMO -4.5%. MCRL -3.9%. AMCC -3.9%. CODE -5.1%. CY -4.6%. QUIK -7.9%.
    • This morning, Gartner estimated global chip sales rose 7.9% in 2014 to $339.8B, a little less than the 9.4% recently estimated by IHS. Sell-side firms have forecast industry growth will fall to the ~5% range in 2015.
    • Gartner thinks memory sales rose 16.9%, fueled by a 31.7% increase in DRAM sales. All other chip markets rose by 5.4%, a marked improvement from 2013's 0.8%. Intel (15% share) and Samsung (10.4%) claimed over a quarter of industry sales between them. Qualcomm (5.6%), Micron (4.9%), and SK Hynix (4.7%) rounded out the top-5.
  • Dec. 23, 2014, 9:29 AM
    • On yesterday evening's episode of Mad Money, Jim Cramer declared Cypress Semi (NASDAQ:CY) a good way to play the chip industry's consolidation wave. Cypress and merger partner Spansion (NYSE:CODE), both of which soared after announcing their 50/50, all-stock, deal on Dec. 1, are getting a lift.
    • Cramer also stated he thinks industry consolidation, which has contributed to a huge rally in chip stocks over the last 15 months, is far from finished. "I think the logic of this consolidation is so powerful that within a few years, there will be hardly be any small semiconductor companies left. That may sound crazy, but to me it makes sense."
    | Comment!
  • Dec. 15, 2014, 10:14 AM
    • Wedbush has upgraded Cypress Semi (CY +2.9%) to Outperform, and hiked its target to $18. 50/50 merger partner Spansion (CODE +3%) is naturally following Cypress higher.
    • Cypress and Spansion both received upgrades two weeks ago after announcing their merger; analysts praised the deal's cost synergies, tax savings (CODE has $900M worth of NOLs), and memory/microcontroller product synergies.
    | Comment!
  • Dec. 3, 2014, 1:48 PM
    • The Philadelphia Semi Index (SOXX +1.7%) is making fresh highs after Microchip (MCHP +4.1%) slightly upped its calendar Q4 guidance, and stated it continues to "see an improvement in our bookings and billings since our earnings call on October 30, 2014."
    • Chip stocks had also jumped following that earnings call, during which Microchip said it believed the inventory correction that triggered an Oct. 9 warning (and a major chip stock selloff) was mostly over. While a slew of chipmakers provided soft Q4 guidance after Microchip's warning, fears of a major correction didn't pan out.
    • The group outperformed a bit yesterday after Cypress (CY +2.9%) announced it's merging with Spansion (CODE +2.5%), continuing the chip industry's consolidation wave. Several firms have upgraded Cypress and/or Spansion in response, praising the deal's cost synergies.
    • Notable gainers include not only chipmakers, but also chip equipment, test/assembly, and IP licensing firms: ARMH +3.8%. AMBA +3%. MX +9%. MXIM +4.2%. AMCC +3.5%. ADI +3.1%. SIMG +3.7%. AMKR +4.2%. SPIL +3.3%. SYNA +2.7%. ATML +3.7%. ENTR +3.8%. AMAT +2.7%. KLAC +2.5%.
    • Last week: Chip stocks rally after ADI's earnings
  • Dec. 2, 2014, 12:47 PM
    | Comment!
  • Dec. 2, 2014, 9:12 AM
  • Dec. 1, 2014, 5:40 PM
    • Top gainers, as of 5:15 p.m.: CODE +12.5%. SCVL +10.1%. CY +7.6%. ANET +6.0%. ARP +4.6%.
    • Top losers, as of 5:15 p.m.: PCG -4.3%. QUNR -3.9%. MTDR -3.1%. WBAI -2.9%. THO -2.5%.
  • Dec. 1, 2014, 5:18 PM
    • After coming off a halt, Cypress Semi (NASDAQ:CY) is getting a resounding thumb-up from investors for its planned 50-50 merger with Spansion.
    • Shares are now near their 52-week high of $11.30.
    | Comment!
  • Dec. 1, 2014, 4:14 PM
    • SRAM/microcontroller vendor Cypress Semi (NASDAQ:CY) and NOR flash/microcontroller vendor Spansion (NYSE:CODE) are merging in a 50-50 all-stock deal. With Spansion having a smaller market cap than Cypress as of today's close ($1.45B vs. $1.7B), the deal effectively grants an M&A premium to Spansion.
    • The companies declare the post-merger entity will be the world's biggest SRAM and NOR flash vendor, and "a [$2B/year] global leader in microcontrollers and specialized memories for embedded systems." They promise over $135M/year in cost synergies within three years, and an $0.11/share quarterly dividend.
    • Cypress CEO T.J. Rodgers will be CEO of the combined company, and Spansion chairman Ray Bingham its non-executive chairman.
    • The deal is expected to close in 1H15. It's the latest in a string of mergers and acquisitions to hit the chip industry over the last 12 months.
    • CODE +10.5% AH.
    | 1 Comment
Visit Seeking Alpha's
CY vs. ETF Alternatives
Company Description
Cypress Semiconductor Corp with its subsidiaries, designs, develops, manufactures and markets high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and system value.