Fri, Mar. 27, 10:34 AM
- Raymond James has downgraded analog/mixed-signal chipmakers Diodes (DIOD -4.7%) and Semtech (SMTC -4.9%) to Outperform from Strong Buy, and peer Power Integrations (POWI -3%) to Market Perform from Outperform.
- All three companies sold off on Wednesday amid a chip stock rout that some blamed on cautious remarks from TSMC about near-term demand. Semtech fell earlier this month due to the light FQ1 guidance provided with an FQ4 beat.
Thu, Mar. 5, 12:45 PM
Wed, Mar. 4, 5:36 PM
Wed, Mar. 4, 5:07 PM
- Though Semtech (NASDAQ:SMTC) beat FQ4 estimates, it's guiding for FQ1 revenue of $130M-$136M and EPS of $0.27-$0.30, below a consensus of $136.4M and $0.37.
- The analog/mixed-signal chipmaker also announces it's buying Triune Systems, a maker of wireless charging, power management, and battery charger chips, for $45M in cash + performance earn-outs. The deal is expected to be financed via Semtech's credit line, and be slightly accretive in FY16 (ends Jan. '16).
- Shares have fallen to $28.00 AH.
- FQ4 results, PR
Wed, Mar. 4, 4:32 PM
Tue, Mar. 3, 5:35 PM
Thu, Jan. 8, 4:18 PM
- Hit hard on Tuesday amid a market rout, chip stocks have more than made up for it today: The Philadelphia Semi Index (SOXX +3%) handily exceeded the Nasdaq's 1.8% gain. The index posted a 1% gain yesterday.
- Micron (MU +4.9%) has been one of the standouts, more than recouping yesterday's post-earnings losses. Ditto Freescale (FSL +9.2%), which benefited from a Deutsche target hike, and Marvell, which got a lift from an MKM note. Others: NVDA +3.8%. NXPI +4.7%. AVGO +5%. SWKS +4.5%. CY +6.1%. CODE +5.9%. CAVM +5.2%. SWKS +4.5%. SLAB +4.5%. KLIC +3.8%. SMTC +3.6%. ATML +3.7%. FCS +4.2%. TSEM +4.2%.
- As is their custom, both chipmakers and their clients have been unveiling plenty of new products at CES.
- ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Nov. 26, 2014, 2:52 PM
- Chip stocks are outperforming after Analog Devices (ADI +5.2%) beat FQ4 estimates and offered in-line FQ1 guidance. The Philadelphia Semi Index (SOXX +1.9%) has made new highs.
- Notable gainers include many analog/mixed-signal and telecom IC firms: TXN +3%. LLTC +2.7%. SMTC +3.1%. ISIL +3.3%. SWKS +3.7%. AVGO +2.9%. OVTI +3.2%. FSL +3.1%. EZCH +2.5%. XLNX +2.3%. ALTR +2.1%. MX +4.3%. PMCS +2.7%. BRCM +2%.
- On its CC (transcript), ADI noted its telecom equipment chip sales are holding up well in spite of weak capex, aided by the fact its dollar content for 4G base stations is "at least 20% to 30% better" than for 3G base stations. The company also mentioned its lead times were stable in FQ4.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Nov. 19, 2014, 5:38 PM
Nov. 19, 2014, 4:33 PM
Nov. 18, 2014, 5:35 PM
Oct. 10, 2014, 9:59 AM
- Microchip's (MCHP -12.5%) calendar Q3 warning, which was accompanied by a declaration that it believes "another industry correction has begun and that this correction will be seen more broadly across the industry in the near future," is taking a heavy toll on chip stocks (SOXX -5.5%).
- Intel (INTC -4.2%) and many other chipmakers have joined the several firms that sold off AH yesterday in going in the same direction as Microchip: MU -5.8%. FSL -8.5%. BRCM -3.6%. SWKS -7.5%. RFMD -6.2%. XLNX -4.9%. MXIM -5%. AMBA -5.5%. IDTI -6.7%. CAVM -7.4%. AVGO -10.2%. SMTC -4.3%. SYNA -4.1%. POWI -6.9%.
- Chip equipment makers are also getting hit: AMAT -3.5%. KLAC -3.3%. LRCX -2.3%. UTEK -2.5%. KLIC -2%.
- As Microchip noted in yesterday's warning, the company's very diversified customer base, together with its recognition of distributor revenue on a customer sell-through basis rather than a distributor sell-in basis, often allow it to see industry changes before peers.
- The microcontroller vendor added its warning was driven by a September decline in sales to Chinese clients, and observed it has typically "returned to sequential revenue growth after two quarters" during past downturns.
- Chip stocks have had a good run over the last 12 months, aided by healthy mobile demand and the industry's consolidation wave.
Sep. 10, 2014, 10:32 AM
- DARPA (Defense Advanced Research Projects Agency) has selected Northrop Grumman (NOC +0.2%) to develop advanced wideband digital antenna technology for next generation radio frequency sensors using active electronically scanned arrays.
- Under an $11.9M contract, Northrop Grumman will begin phase one of the "Arrays on Commercial Timescales" program for the DARPA Microsystems Technology Office.
- The program will design key technologies for next-generation active electronically scanned arrays by designing a reusable digital common module that contains the necessary integrated circuits.
- Key subcontractors on the Northrop Grumman "Arrays on Commercial Timescales" team are Semtech (SMTC -0.4%) and Systems & Technology Research.
Aug. 28, 2014, 11:20 AM
- Goldman's Gabriela Borges has launched coverage on Semtech (SMTC +2.4%) with a Buy and $31 target.
- Following several quarters of underperforming peers due to Samsung/Huawei-related weakness, Borges expects Semtech to respectively post 11% and 34% sales and EPS growth in 2015, aided by strong data center, broadcast, and sensor market sales.
- She also sees Semtech as a reasonably-priced M&A target as the analog chip industry continues consolidating. Shares recently got a lift from Infineon's $3B purchase of International Rectifier.
Aug. 20, 2014, 5:35 PM
Aug. 20, 2014, 4:32 PM
SMTC vs. ETF Alternatives
Semtech Corp designs, develops and markets products for commercial applications, the majority of which are sold into the enterprise computing, communications, high-end consumer and industrial end-markets.
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