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Wednesday, Oct 2310:19 AMChip stocks dive on bad earnings news
Wednesday, Oct 2310:19 AM| 12 Comments
- Weaker-than-expected guidance from Broadcom, Altera, RF Micro, and STMicroelectronics has fueled a general selloff in chip stocks (SOXX -3.5%). Companies with strong mobile and/or telecom infrastructure exposure are seeing an outsized share of the damage.
- The numbers call into question the strength of year-end demand from consumer electronics, enterprise hardware, and telecom equipment firms, and make a recent Wells Fargo downgrade of the sector look smart.
- Notable decliners (aside from the reporting companies): CRUS -6%. SWKS -7.2%. TQNT -6.7%. AMD -4.1%. QCOM -2.4%. AMCC -4.4%. INVN -4.1%. FSL -5.5%. LSI -4.6%. NXPI -4.8%.CAVM -5.1%. ATML -5.2%. AVGO -4.2%. SIMO -3.8% MXIM -3.2%.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Tuesday, Aug 136:03 PM
Monday, Jul 81:24 PMChip stocks underperform (SOXX -1.8%) thanks to an Intel downgrade, negative PC commentary, and worries about Samsung's light profit forecast. Citi's Glen Yeung, who just cut his Intel estimates and pulled Qualcomm (QCOM -1.7%) from his firm's Top Picks Live list, notes smartphone penetration in developed markets (where high-end sales are concentrated) has hit 75%, and frets about a "lack of new, innovative features" in high-end phones. SWKS -3.4%. MRVL -2.9%. SMTC -3%. AVGO -3.1%. ADNC -4.3%. SNDK -2.4%. TQNT -2.4%. ATML -2.5%. TSM -3.2%. Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG. (SIA sales data) |Monday, Jul 81:24 PM| 3 Comments
Tuesday, Jun 412:05 PMChip stocks outperform (SOXX +1.4%) after Microchip raises its June quarter guidance, and STMicroelectronics raises its 2013 guidance. Microchip rivals Texas Instruments (TXN +2.6%), Atmel (ATML +3.4%), and Freescale (FSL +2.1%) are among the winners, as is STMicroelectronics rival NXP (NXPI +3.6%). Also, Altera (ALTR +2.5%) is rallying with the help of an upgrade to Buy from Argus, and Intersil (ISIL +2.4%) is benefiting from a bullish coverage launch from Piper. Some chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG. |Tuesday, Jun 412:05 PM| Comment!
Thursday, May 304:02 PMChip stocks close with solid gains (SOXX +1.5%) after Avago beats April quarter estimates and makes encouraging comments about mobile, industrial, and enterprise networking demand. In addition to Avago's rivals and Cirrus Logic (previous), big winners include Fairchild (FCS +3.8%), SanDisk (SNDK +2.7%), Spreadtrum (SPRD +7.2%), and InvenSense (INVN +4.9%), as well as touchscreen controller suppliers Synaptics (SYNA +4.3%), Atmel (ATML +6.3%), and Cypress (CY +2.8%). |Thursday, May 304:02 PM| Comment!
Wednesday, Apr 2412:28 PMAre wireless chip stocks decoupling from Apple? Even with Apple off slightly as bleak June quarter guidance outweighs fresh capital returns, iPhone/iPad combo chip supplier Broadcom (BRCM +6.6%) is surging thanks to a Q1 beat and strong Q2 guidance, and is helping out some peers - QCOM +1.4%, SWKS +2.6%, INVN +1.8%, SNDK +1%. During its earnings call, Broadcom, which also provides combo chips for many Samsung phones, stated mobile chip sales only fell 1.6% Q/Q in seasonally weak Q1, and forecast sequential growth for the business (Apple-dependent Cirrus Logic sure isn't doing the same). Qualcomm reports after the close. |Wednesday, Apr 2412:28 PM| 4 Comments
Wednesday, Apr 1712:26 PMChip stocks have a rough day (SOXX -2.8%) following Cirrus Logic's warning, light guidance from Linear Technology (LLTC -4.6%) to go with a Q1 beat - Linear sees 1%-4% Q/Q revenue growth for calendar Q2, below a 4.7% consensus - and ho-hum Q1 results/Q2 guidance from Intel. Apple suppliers Broadcom (BRCM -4%), Avago (AVGO -5.5%), STMicroelectronics (STM -6.7%), NXP (NXPI -7%), RF Micro (RFMD -2.8%), and OmniVision (OVTI -3.3%) are among the casualties, but they're far from alone. ANAD -6.2%. STM -5.7%. FSL -5%. ADI -4.5%. TXN -4.4%. |Wednesday, Apr 1712:26 PM| Comment!
Friday, Feb 222:03 PMChip stocks are outperforming (SOXX +2%) in the wake of Marvell's FQ4 beat and solid guidance, and Texas Instruments' dividend/buyback hike. Also norteworthy: 1) SEMI estimates the book-to-bill for North American chip equipment makers rose to 1.14 in January; that's up from 0.92 in December, and the first reading above 1 since May '12. 2) Taiwanese analog chipmakers posted strong January sales thanks to demand from LED and smartphone clients; the results could be a positive leading indicator. |Friday, Feb 222:03 PM| Comment!
Friday, Feb 11:34 PMTelecom chipmakers Cavium (CAVM +7.5%) and PMC-Sierra (PMCS +13.7%) soar after delivering Q4 beats (I, II), and contribute to a decent rally in chip stocks (SOXX +1.9%). Cavium guided on its Q4 call for Q1 revenue of $68.5M-$70.5M and EPS of $0.17-$0.19 vs. a consensus of $69.1M and $0.17. PMC guided on its call for Q1 revenue of $123M-$132M, largely above a $124.7M consensus. The numbers come amidst growing optimism (I, II) about 2013 telecom capex. Peers Broadcom (BRCM +2%), Marvell (MRVL +3.1%), and LSI (LSI +4.7%) are all doing well. |Friday, Feb 11:34 PM| Comment!
Thursday, Jan 175:40 PM
Thursday, Jan 171:19 PMTSMC (TSM +2.5%) has hit levels last seen during the Dot.com bubble after delivering an in-line Q4 report (revenue was already known thanks to monthly reports) and guiding for a smaller Q/Q sales drop for seasonally weak Q1 than was expected. The world's top chip foundry claims 22% of Q4 wafer sales involved its cutting-edge 28nm process - TSMC struggled with 28nm yield issues earlier in 2012. Chip stocks are getting a lift from the report (SOXX +1.4%), and from ASML's guidance. |Thursday, Jan 171:19 PM| Comment!
Wednesday, Jan 162:19 PMChip stocks are outperforming (SOXX +1.1%) in spite of receiving soft top-line numbers from Linear Tech (LLTC +1.4%): the chipmaker missed FQ2 revenue estimates and guided for FQ3 Q/Q revenue growth of 1%-4%, below a 5% consensus. S&P 500 chip companies are already expected to post a 28.7% Y/Y earnings drop for calendar Q4 (per Thomson Reuters), thus expectations are quite low. Intel (INTC +0.9%) reports tomorrow: the consensus revenue forecast of $13.51B is below the midpoint of the chip giant's $13.1B-$14.1B guidance range. |Wednesday, Jan 162:19 PM| Comment!
Wednesday, Jan 211:00 AMChip stocks are outperforming (SOXX +3.4%) after the SIA reports global chip sales rose 8.5% Y/Y in November, albeit while falling 1.3% M/M. Though year-ago figures were depressed by an inventory correction and some were expecting a M/M increase, the sector has already priced in quite a bit of bad news. Equipment maker Lam Research (LRCX +5.5%) is one of the standouts after D.A. Davidson starts coverage with a Buy and $56 PT. |Wednesday, Jan 211:00 AM| Comment!
Friday, Dec 212012, 4:15 PMO2Micro (OIIM) warns it expects Q4 revenue of $16M-$17M, below prior guidance of $17M-$20M and a consensus of $18.6M. The company, no stranger to warnings, blames "broad-based weakness in demand in our end markets, coupled with lower than normal inventories being held in the supply chain." At least a few other chipmakers have similar problems. Shares are likely to fall after rising 8% in regular trading. (PR) |Friday, Dec 212012, 4:15 PM| Comment!
Tuesday, Dec 112012, 12:48 PMTexas Instruments (TXN +3.8%) is up after providing a guidance update that's being received favorably in light of industry and company-specific issues. During its update call, TI noted the wireless processor/connectivity business it's exiting will post a Q4 loss on revenue of ~$200M, and that those sales should be gone by 2014. Computing, industrial, and telecom infrastructure chip demand is also weak, though console and e-reader demand is healthy - that last bit could be a positive for AMZN and BKS. Chip stocks are outperforming (SOXX +2%). (Audi deal) |Tuesday, Dec 112012, 12:48 PM| Comment!
Friday, Nov 92012, 10:34 AMAnalog chipmakers Diodes (DIOD -7%) and Microsemi (MSCC -5%) are heading south following their Q3 reports (I, II). Though Diodes' Q4 revenue guidance ($160M-$167M vs. $164M consensus) was in-line, its gross margin forecast of 23%-27% is underwhelming, given the midpoint is below Q3's 26.2%. Microsemi is guiding for Q4 revenue of $262M-$268M and EPS of $0.57-$0.60, mostly below a consensus of $268.1M and $0.60. The chip industry remains mired in a slump. (Diodes PR) (Microsemi PR) |Friday, Nov 92012, 10:34 AM| Comment!