Jan. 23, 2014, 1:58 PM
- Logitech (LOGI +21%) is at levels last seen in early 2011 after blowing away FQ3 estimates and upping its FY14 (ends March '14) guidance. The peripherals maker now expects FY14 revenue of $2.1B (above a $2.06B consensus) and op. income of $120M-$125M, up from prior guidance of $2B and $100M-$125M.
- Logitech's numbers highlight its success at lowering its dependence on slumping PC and home electronics peripherals markets. While the company's pointing device (mice), PC keyboard/desktop, video (webcams/videoconferencing), PC audio, and Harmony remote segments respectively saw sales declines of 8%, 2%, 9%, 12%, and 13%, sales to the audio wearables/wireless and tablet & other segments rose 79% and 95%. PC gaming was also an area of strength, rising 25%.
- Strong demand for Logitech's Ultrathin iPad keyboard covers continues to boost its tablet accessories sales, and surging shipments of UE Boom wireless speakers are lifting audio sales.
- Also helping Logitech's bottom line: Thanks to job cuts, opex fell 11% Y/Y to $160M, even as revenue rose 2%.
- SA contributor Ashraf Eassa highlighted Logitech's turnaround efforts and tablet/PC gaming opportunities in an August column.
- FQ3 slides, prepared remarks
Jan. 23, 2014, 12:47 PM
Jan. 23, 2014, 9:12 AM| Comment!
Jan. 14, 2014, 9:47 AM
- Intel (INTC +2.2%) has been upgraded to Overweight by JPMorgan ahead of Thursday's Q4 report.
- Facebook (FB +1.1%) and Yelp (YELP +1.7%) have been started at Outperform by FBN as part of an Internet sector coverage launch. Facebook reports on Jan. 29.
- Nokia (NOK -1.1%) has been cut to Underperform by Raymond James. Q4 results arrive on Jan. 23.
- Juniper (JNPR -0.6%) has been upgraded to Outperform by Oppenheimer a day after Elliott Management disclosed a 6.2% stake and called for big changes.
- SAP (SAP -0.7%) has been cut to Underweight by Santander four days after releasing preliminary Q4 results. Pac Crest downgraded shares yesterday, albeit to little effect.
- Brocade (BRCD +2.5%) and VeriFone (PAY +4%) have been upgraded to Overweight by JPMorgan.
- Jabil (JBL +5.1%) has been upgraded to Conviction Buy by Goldman. Shares cratered last month after the company provided disappointing guidance.
- ON Semi (ONNN +2.2%) has been upgraded to Outperform by Credit Suisse.
- Logitech (LOGI +2.8%) has been upgraded to Buy by Goldman.
- ChannelAdvisor (ECOM -5.5%) and Demandware (DWRE -2.1%) have been cut to Neutral by Goldman. Though offering different products/services, both companies cater to e-commerce firms.
- TripAdvisor (TRIP -2%) has been cut to Hold by Wunderlich.
- Mellanox (MLNX +3.5%) has been started at Outperform by Macquarie.
Nov. 11, 2013, 10:18 AM
- Haptic IP developer Immersion (IMMR +2.7%) is trading higher after a Bloomberg report indicated Apple is thinking of integrating "sensors that can distinguish heavy or light touches on the screen" in iPhones launching after 2014. So is accessory/peripherals vendor Logitech (LOGI +2.3%), which has released plenty of game controllers and mice supporting haptic feedback over the years, is also rallying.
- Logitech is getting set to launch an iPhone game controller. Immersion struck a license deal with Samsung in March covering the use of basic haptic effects, and one in September with Xiaomi that covers advanced features such as custom haptic effects for various apps.
Oct. 24, 2013, 9:12 AM
Oct. 22, 2013, 2:30 PM
- The expected 7.9" retina iPad Mini (AAPL -1%) has the same resolution (2048x1536) as the 9.7" iPad Air. Both devices also have A7 CPUs, a 5MP rear camera and and HD front camera, improved Wi-Fi performance, and 10 hours of promised battery life.
- Apple plans to charge a relatively steep $399 for the 16GB Wi-Fi-only retina Mini; Google's 2nd-gen Nexus 7 and Amazon's 7" Kindle Fire HDX, both of which also have high-res displays, start at $229.
- The first-gen Mini's starting price has been cut to $299 from $329. That still leaves it priced well above the $200-and-cheaper 7" Android devices that have taken a large chunk of the tablet market.
- Like the iPad Air, the retina Mini begins shipping on Nov. 1. No fingerprint sensor was disclosed for either device.
- New iPad Smart Covers ($39) and full-wrap covers ($79) have been shown off, but the rumored keyboard cover hasn't. Logitech (LOGI +1.2%) has ticked higher in response.
- Apple shares have dipped after the retina Mini's pricing was revealed.
- More on Apple. Live blog.
Sep. 3, 2013, 9:12 AM
Jul. 25, 2013, 9:15 AM
May 22, 2013, 12:38 PM
Apr. 16, 2013, 1:51 PMLogitech (LOGI +4.3%) catches a bid after announcing the $350 Harmony Ultimate and the $130 Harmony Smart Control. The Ultimate, a top-of-the-line universal remote, sports a 2.4" touchscreen, can control up to 15 devices, has a tilt sensor, and can program Philips Hue lighting systems. The Smart Control combines a basic universal remote with a smartphone app said to be capable of controlling 225K+ home theater devices. Logitech's remote sales fell 24% Y/Y in the Dec. quarter. (PR) | Comment!
Jan. 24, 2013, 9:19 AMLogitech (LOGI) -9.1% after badly missing FQ3 estimates. In response, the company plans to divest its Harmony universal remote and surveillance camera businesses, as well as discontinue other products such as speaker docks and console peripherals. FQ3 retail sales -14% Y/Y (-20% in EMEA) and OEM sales -23%. PC audio -19%, PC gaming -20%, remotes -24%. Tablet accessories +119% thanks to the Ultrathin Keyboard Cover. (slides) (prepared remarks) ($211M write-down) | Comment!
Jan. 24, 2013, 9:10 AMPremarket gainers: NFLX +39%. SWFT +15%. ERJ +11%. NEWL +9%.
Losers: MLNX -19%. NOK -10%. ESI -10%. AAPL -10%. LOGI -9%. KMT -7%. URRE -6%. CRUS -6%. ALTR -5%. FIO -5%. VRNG -5% . OPK -5% . | Comment!
Jan. 23, 2013, 10:48 AMLogitech (LOGI +6.5%) says it will take a $211M write-down for its videoconferencing business, which has made $440M worth of acquisitions in recent years. Logitech notes the enterprise videoconferencing market "has experienced a slowdown in recent quarters" - Polycom and Cisco can vouch for that. Not mentioned are the competitive threats posed by cloud-based and network-based solutions. Shares are nonetheless up strongly; was a bigger write-down expected? | 2 Comments
Jan. 15, 2013, 10:09 AM
Nov. 20, 2012, 3:24 PMLogitech (LOGI -2.6%) is near 10-year lows again after H-P reported an awful quarter for its PC division, and Reuters took a close look at the peripherals maker's challenges. In addition to poor PC demand, Logitech has been hurt by a weak reception for audio products (headphones, Wi-Fi speakers, etc.) meant to exploit the mobile device boom, and has to deal with efforts from OEMs to sell their own accessories. Going forward, a lack of gesture/voice recognition solutions could present a challenge. | Comment!
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Logitech International SA together with its consolidated subsidiaries develops and markets hardware and software products that enables digital navigation, music and video entertainment, gaming and social networking.
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