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NVLS

Novellus Systems, Inc.

5/25/2013, 9:00 PM ET

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Tuesday, October 16, 2012, 4:31 PM More on Intel's Q3: PC division sales -8% Y/Y, server division +6%. PC CPU prices -1% Q/Q and -4% Y/Y. Gross margin was 64.3%, nearly flat Q/Q and better than expected. But it's forecast to fall to 57%-59% in Q4, which suggests pricing/ASP weakness. 2012 capex, previously expected to be at low end of $12.1B-$12.9B range, is now expected to total just $11B-$11.6B (a negative for chip equipment stocks). INTC -1.9% AH. CC at 5PM ET (webcast). (CFO comments - PDF) (PR) 18 Comments [Tech, Earnings]
Friday, June 1, 2012, 5:44 PM Lam Research (LRCX) is expected to complete its acquisition of Novellus Systems (NVLS) on Monday, June 4, and will be added to the S&P 500 after the close of trading. Additionally, LRCX will be removed from the S&P 400 on the same day, and Royal Gold (RGLD) will be added in its place. Comment! [Tech]
Thursday, May 24, 2012, 6:03 PM Chip contract manufacturer UMC, which has long played second fiddle to larger Taiwanese rival TSMC (TSM), has broken ground on an $8B fab expansion plan that will manufacture chips at cutting-edge process nodes. TSMC has a head start on UMC and other rivals in producing chips using a 28nm process, and is having trouble meeting demand. Chip equipment makers are counting on strong orders from contract manufacturers to offset weak demand elsewhere. 1 Comment [Tech]
Wednesday, May 16, 2012, 3:27 PM J.P. Morgan's Chris Blansett chops KLA-Tencor (KLAC -4.7%), Lam Research (LRCX -4.5%) and Novellus (NVLS -4.4%) to Underweight, predicting a "downtick" in capital expenditures by chip foundries in H2 of this year, and that capex in the memory and logic sectors of the business will be lower than many investors expect. Comment! [Tech, Quick Ideas, On the Move]
Tuesday, May 15, 2012, 9:56 AM Needham makes a bearish call on chip equipment stocks, and is downgrading Applied Materials (AMAT +0.1%), Ultra Clean Holdings (UCTT -4.3%), and Nova Measuring (NVMI -2.9%) in the process. The firm thinks order rates from major chip manufacturers are decelerating, and is less confident memory capex (ed: no doubt affected by Elpida's bankruptcy and falling flash prices) will rebound in the near-term. Thus, it thinks the Street's growth forecasts are too high. 1 Comment [Tech, On the Move, Quick Ideas]
Thursday, May 10, 2012, 6:20 PM Lam Research (LCRX) is going to be removed from the S&P 400 and added to the S&P 500, replacing Novellus (NVLS) on a date to be announced. LRCX is acquiring NVLS in a deal expected to be completed soon pending final approvals. Royal Gold (RGLD) will be added to the S&P 400 in its place. Comment! [Tech, Commodities]
Wednesday, April 18, 2012, 6:30 PM Chip equipment maker Lam Research (LRCX) guides on its FQ3 earnings call for FQ4 revenue of $690M-$730M and EPS of $0.62-$0.72, which compares with Street estimates of $712.3M and $0.71. Novellus (NVLS), which Lam is in the process of acquiring, also reported today. LRCX -0.8% AH. Comment! [Tech, Earnings]
Wednesday, April 18, 2012, 4:42 PM Novellus Systems (NVLS): Q1 EPS of $0.61 in-line. Revenue of $327M (-21% Y/Y) beats by $11M. (PR) Comment! [Earnings, Tech]
Tuesday, March 27, 2012, 5:25 PM Though expecting chip equipment spending to fall this year (like others), Applied Materials (AMAT) CEO Mike Splinter predicts demand will rebound in 2013, and says he's "slightly more optimistic" about 2012 spending than last month, thanks to the impact of strong mobile device demand. He adds Applied now expects its acquisition of Varian Semiconductor to eventually result in $80M in annual cost savings, up from a prior $50M-$60M. Comment! [Tech]
Friday, February 24, 2012, 6:04 PM North American chip equipment makers posted a book-to-bill ratio of 0.95 in January, according to a preliminary estimate from SEMI. Though indicating orders still trailed sales, the figure is a marked improvement from December's 0.85, and evidence of the positive impact rebounding foundry demand is having on the likes of AMAT, KLAC, NVLS, and LRCX. 1 Comment [Tech]
Friday, February 3, 2012, 1:27 PM Novellus (NVLS -0.7%), which closed yesterday near its 52-week high, is underperforming in spite of beating Q4 estimates, and guiding on its earnings call for Q1 revenue of $300M-$330M and EPS of $0.71-$0.86 (consensus of $306.2M and $0.66). A valuation-based downgrade from D.A. Davidson is likely playing a role. However, Needham (Buy) expects both Street estimates and shares to move higher. 1 Comment [Tech, On the Move]
Thursday, February 2, 2012, 4:44 PM Novellus Systems (NVLS): Q4 EPS of $0.73 beats by $0.26. Revenue of $282.7M (-26.5% Y/Y) beats by $5M. Shares +1.2% AH. (PR) Comment! [Earnings, Tech, On the Move]
Thursday, February 2, 2012, 12:10 AM Notable earnings after Thursday's close: APKT, CAVM, CFN, CPT, EW, GILD, GNW, MCHP, NLY, NVLS, PFG, PKI, SFSF, SUN, SXC, TTWO, VRTX, WYNN Comment! [Earnings]
Wednesday, February 1, 2012, 5:35 PM Notable earnings after Thursday's close: APKT, CAVM, CFN, CPT, EW, GILD, GNW, MCHP, NLY, NVLS, PFG, PKI, SFSF, SUN, TTWO, VRTX, WYNN Comment! [Earnings]
Tuesday, January 24, 2012, 2:54 PM Citigroup's Terence Whalen picks up coverage of semi equipment stocks and raises KLA Tencor (KLAC +1.2%) and Novellus (NVLS +3.1%) to Buy from Neutral, while cutting FormFactor (FORM -2.6%) to Neutral. Investors “have yet to correctly quantify escalating capital intensity” in the chip manufacturing business, he asserts, expecting wafer fab equipment spending will near $36B in three years. Comment! [Tech, On the Move]
Tuesday, January 17, 2012, 5:57 PM Pacific Crest upgrades Lam Research (LRCX +4.1%) to Outperform, seeing "little risk" that the company's deal to purchase Novellus (NVLS +3.6%) will fall apart and expecting shares to more fully reflect the value of the combined entity as the deal gets closer to its expected Q2 completion. Pacific also is confident in the ability of CEO Martin Anstice, the architect of the $3.3B deal. Comment! [Tech, M&A]