Oct. 16, 2013, 2:33 PM
- Needham's Rajvindra Gill, who upgraded Synaptics (SYNA +2.6%) to Buy back in March, says the company's touchscreen controllers are in at least two of Amazon's three new Kindle Fires, and have displaced chips from Atmel (ATML +1.8%) and Cypress (CY +1.7%) in the process.
- Synaptics has been taking touchscreen IC share this year, thanks in large part to design wins for Samsung's Galaxy S4 and Note 3, Sony's Xperia Z, and other high-volume Android devices. The company pre-announced above-consensus Sep. quarter sales last week.
Oct. 4, 2013, 3:13 PM| Oct. 4, 2013, 3:13 PM | Comment!
Oct. 1, 2013, 11:34 AM
- Intel (INTC +0.3%) is taking full control of an Israeli plant it has leased to Micron (MU +1.3%), and which is currently used to make NOR flash memory. Intel will hire 800 full-time employees and 200 contract workers currently on Micron's payroll.
- The chip giant had already expressed interest in taking over the plant, which was set to be shuttered in 2015, as well as in investing $10B to build a new Israeli fab and upgrade an existing facility.
- Though the Micron fab will continue making NOR flash for now (NOR demand has been declining), Intel wants to eventually use it to make 10nm CPUs. Intel is looking to begin shipping 10nm CPUs in 2015, though mass-production might not happen until 2016.
- Intel is reportedly looking for a $300M-$400M government grant to help pay for its investment. The company directly employs nearly 8K Israeli workers, and is indirectly responsible for many more.
- NOR flash vendor Spansion (CODE +4.4%) is rallying.
Sep. 30, 2013, 1:05 PM
- Shares of Spansion (CODE +5.1%) climb after Barclays upgrades the the flash memory maker to Overweight from Equalweight and leaves its PT unchanged at $15 (CODE closed on Friday at $9.75, just shy of the 52-week low).
- CODE shares have fallen as much as 44.8% from 52-week highs notched in Jan. on the back of declining revenues.
Sep. 25, 2013, 9:17 AM
- Facebook (FB) has been started at Buy by Canaccord. Plenty of others on the sell-side have already turned bullish since the July 24 Q2 report. Shares +1.6% premarket.
- Silver Spring (SSNI) has been upgraded to Buy by Goldman. Shares +7.1%.
- Ctrip (CTRP) has been upgraded to Buy by Deutsche. Shares +5.5%.
- Infosys (INFY) has been upgraded to Outperform by Baird. Shares +1.1%.
- Skyworks (SWKS) and Semtech (SMTC) have been cut to Neutral by B. Riley. SWKS -0.7%.
- Cypress (CY) has been cut to Neutral by Wedbush a day after issuing a Q3/Q4 warning and getting downgraded by Needham.
Sep. 24, 2013, 2:11 PM
- Needham's Rajvindra Gill has cut Cypress (CY -15.6%) to Hold in response to its Q3/Q4 warning. However, he also argues the warning shouldn't be seen as a "direct negative read" for mobile IC rivals/peers Synaptics (SYNA +1.4%), Atmel (ATML -2.5%), MagnaChip (MX +0.1%), and Silicon Image (SIMG -0.9%).
- Gill thinks "end of life actions" for certain Nokia products are hurting Cypress, as are year-end inventory cuts at Samsung, Japanese exposure, and customer push-outs (believed to be from Sony and/or Chinese OEMs). He suspects customer ramp uncertainty and "perceived share loss" to Synaptics will limit 2014 earnings and offset Cypress' operating leverage.
- Though Atmel continues to trade lower, Synaptics has turned positive after dropping in premarket trading.
Sep. 24, 2013, 12:45 PM
Sep. 24, 2013, 9:22 AM
- Cypress (CY) expects Q3 revenue of $184M-$187M and EPS of $0.10-$0.12, below a consensus of $204.7M and $0.17. (PR)
- The chipmaker primarily blames weak Asian mobile orders, thanks to "a customer push out of certain new handset programs to Q1, as well as order reductions at various end customers in China to balance inventory levels." To a lesser extent, PC weakness is also to blame.
- In addition, Cypress thinks Q4 revenue could fall 9%-11% from Q3 levels; that implies a range of $164M-$170M, well below a $207.3M consensus. Weaker-than-expected TrueTouch touchscreen controller sales in the mobile phone market is blamed, along with inventory corrections and lower memory chip demand from telecom customers.
- Synaptics (SYNA) -1.2% in sympathy. The company has been growing much faster than Cypress, and could be taking touchscreen controller share from its rival. Atmel (ATML) -0.5%.
Sep. 24, 2013, 9:14 AM
Sep. 12, 2013, 1:41 PM
Aug. 19, 2013, 4:51 PM
- Spansion (CODE -2.4%) will offer $125M in senior convertible notes through its wholly-owned indirect subsidiary in a private placement (over-allotment option of $18.75M).
- In conjunction with the offering, Spansion expects to enter into capped call transactions with purchasers with the intent of reducing potential dilution of common shares and cash payments Spansion may be required to make in the event of conversion.
- The flash memory manufacturer intends to use proceeds to repurchase $100M of its 7.785% senior notes due 2017.
- Previous: Spansion beats by $0.02, beats on revenue
Aug. 5, 2013, 3:47 PM
Aug. 1, 2013, 4:47 PM
Jul. 18, 2013, 9:10 AM
Jul. 18, 2013, 8:03 AM
Jul. 18, 2013, 12:05 AM
CY vs. ETF Alternatives
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.
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