Thu, Jan. 29, 4:39 PM
Tue, Jan. 20, 10:58 AM
- Micrel's (NASDAQ:MCRL) board has "unanimously decided to undertake a comprehensive review of strategic alternatives to enhance value for shareholders."
- A Transactions Committee composed of three directors has been formed, and Credit Suisse hired to advise.
- Plenty of other chipmakers have been acquired over the last 15 months.
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.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Oct. 23, 2014, 4:22 PM
Jul. 24, 2014, 4:37 PM
Jun. 17, 2014, 6:58 PM
- The consolidation wave that has hit the semi industry could soon yield tax inversion deals for foreign firms similar to deals seen in the healthcare industry, says FBR's Christopher Rolland.
- Inversion deals allow U.S. companies buying foreign firms to see lower tax rates if less than 80% of the equity in the new company is owned by legacy U.S. shareholders, and the post-merger company has substantial foreign ops.
- Rolland thinks ARM (ARMH), NXP (NXPI), Mellanox (MLNX), and Taiwan's MediaTek could be among the foreign companies targeted by U.S. chipmakers. Worth noting: Mellanox sells more than just chips, and ARM's business model depends on the company maintaining a neutral status within the industry.
- Meanwhile, Nomura's Romit Shah names 15 potential M&A candidates, and divides them into 3 groups: "Sub-scale companies" with high margins and strong IP; "strategic companies" with compelling product lines; and "undervalued companies."
- Shah's "sub-scale companies:" IDTI, ISIL, MTSI, MCRL, SMTC, SLAB.
- "Strategic companies:" ALTR, AMCC, ATML, CAVM, MPWR, BRCM ($22.5B market cap could make it tough to digest).
- "Undervalued companies:" DIOD, IRF, MSCC.
Apr. 24, 2014, 4:47 PM| Comment!
Jan. 30, 2014, 4:45 PM| Comment!
Oct. 24, 2013, 5:09 PM
Oct. 2, 2013, 9:07 AM| Comment!
Aug. 30, 2013, 4:54 PM
- In an effort to "complement [its] high performance clock and timing products" as well as expand its MEMS capabilities, Micrel (MCRL) will acquire MEMS maker Discera.
- The deal "gives MCRL the intellectual property and technical know-how to pursue not only MEMS-based timing devices but also other types of MEMS devices," CEO Ray Zinn says.
- Terms of the deal were not disclosed but MCRL did say it expects the acquisition to be dilutive to earnings in FY13 and "neutral to slightly accretive in FY14." (PR)
Aug. 23, 2013, 4:20 PM
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Dec. 7, 2012, 4:23 PM
MCRL vs. ETF Alternatives
Micrel Inc designs, develops, manufactures and markets analog, power and mixed-signal integrated circuits. The Company also manufactures custom analog and mixed-signal circuits and provides wafer foundry services.
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