Citrix (CTXS +2.5%) has been upgraded to Overweight by JPMorgan, and to Buy by Nomura. The votes of confidence come a day after shares tumbled in response to the company's soft guidance and disclosure that CEO Mark B. Templeton will be retiring within a year. Several firms had downgraded Citrix in response to the news.
Tibco (TIBX -1.6%) has been cut to Underweight by Barclays.
Vimpelcom (VIP +0.5%) has been upgraded to Buy by Citi. HSBC cut the Russian mobile carrier to Neutral two days ago.
International Rectifier (IRF +2.3%) has been upgraded to Buy by Citi. Shares sold off yesterday following the chipmaker's FQ2 beat.
Autobytel (ABTL -5%) has been cut to Hold by Ascendiant Capital.
Market-pleasing Q3 reports and better-than-feared guidance from Atmel (ATML +10.6%), Intersil (ISIL +4.2%), International Rectifier (IRF +11.4%), Microchip (MCHP +7.5%), Cavium (CAVM +8.9%), and Skyworks (previous) helped chip stocks trader higher (SOXX +0.6%) on a down day for tech
The gains followed a difficult month that saw many chipmakers (including a number with strong mobile exposure) provide disappointing Q4 guidance. While the guidance provided by the aforementioned companies wasn't stellar, it was better than feared in light of recent forecasts.
Atmel guided on its CC (transcript) for Q4 revenue of $350M-$364M, below a $364.9M consensus.
Intersil expects Q4 revenue of $142M-$148M and EPS of $0.16-$0.18 vs. a consensus of $149.1M and $0.17.
Microchip, viewed by some as an industry bellwether, was able to deliver in-line guidance: the company expects FQ3 revenue of $463.1M-$492.7M and EPS of $0.57-$0.63 vs. a consensus of $476.9M and $0.59.
International Rectifier expects FQ2 revenue of $260M-$270M vs. a $265M.1M consensus.
Cavium guided on its CC (transcript) for 1%-4% Q/Q revenue growth and EPS of $0.29-$0.31; the consensus is for 5% growth and EPS of $0.30.
AMD (AMD -12.7%) has been cut to Neutral by BofA/Merrill after beating Q3 estimates and providing above-consensus Q4 revenue guidance, but also reporting a 15% Y/Y drop in CPU division sales due to PC weakness.
A roundup of tech analyst ratings changes: 1) Sprint (S +0.6%) has received an upgrade to Outperform from Cowen in response to the SoftBank deal. 2) H-P (HPQ +0.9%) has been upgraded to Buy by Brean. 3) Nokia (NOK +2.9%) has been downgraded to Neutra by Swedbank. 4) Western Digital (WDC +0.8%) has been started at Outperform, and Seagate (STX +0.5%) at Neutral, by Piper. 5) Crown Castle (CCI +0.4%) has been downgraded to Equal Weight by Evercore. 6) International Rectifier (IRF +3.4%) has been upgraded to Strong Buy by Raymond James. 7) Freescale (FSL +5%) has been upgraded to Overweight by Piper. 8) Synchronoss (SNCR -7.4%) has been downgraded to Sell by Goldman. 9) SolarCity (SCTY -2%) has been started at Hold by Maxim. 10) Ixia (XXIA -22.7%) has been downgraded to Hold by Stifel in response to its Q2 warning.
More on International Rectifier and Semtech's earnings: IRF expects FQ1 revenue of $235M-$250M, below a $274M consensus. The company is closing a California chip manufacturing plant, and resizing a U..K. plant. Semtech expects FQ3 revenue of $148M-$154M and EPS of $0.41-$0.45, below a consensus of $158.6M and $0.47. Are the analog chipmakers just suffering from weak industry demand, or are they also losing share to expanding Texas Instruments (TXN)? IRF -4.7% AH. SMTC -4.1%. (IRF PR) (SMTC PR) (ON Semi layoffs)
Analog chipmakers Power Integrations (POWI +13.5%) and International Rectifier (IRF -11.1%) head in opposite directions after reporting earnings. POWI posted a strong Q1 beat and Q2 sales guidance of $78M-$84M, above a $74.4M consensus. IRF provided in-line FQ4 guidance (revenue of $255M-$270M vs. $261.7M consensus) to go with its FQ3 beat. The company says demand from Asian industrial and home appliance customers remains soft. (IRF transcript)
Shares of International Rectifier (IRF) trail off 1.9% premarket after the firm lowers its revenue guidance on weaker demand in Europe and China. The firm now expects FQ2 revenue of $229M-$230M, down from its prior estimate of $240M to $270M.
Analog chipmaker International Rectifier (IRF) is down 6.3% premarket after reporting FQ4 results. Revenue of $317.2M (+7% Y/Y) and EPS of $0.55 beat consensus by $1.8M and $0.04. However, the company's FQ1 2012 revenue guidance of $290M-$310M is short of a consensus of $321.4M. Rival ADI reported weak results on Tuesday. (transcript)
JMP Securities lowers its rating on International Rectifier (IRF -2.9%) to Market Perform from Outperform, and cuts FY12 EPS estimates to $2.15 from $2.42. The firm expects downward guidance on revenue from the chip-maker when it reports on August 17th due to diminished supply demands.