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Tuesday, Oct 22012, 1:18 PMFBR's Craig Berger, who made a bearish call on chip stocks in July, is reiterating his stance. China and Europe's macro issues, U.S. budget worries, soft PC demand, and slumping auto production are all named as concerns. Berger views ATML and sell-side whipping boy AMD as the "most risky" names in the space, but considers QCOM, BRCM, and MXIM relatively insulated thanks to their Apple/Samsung exposure. Chip stocks rallied for much of the summer, but have lately corrected. |Tuesday, Oct 22012, 1:18 PM| Comment!
Friday, Sep 282012, 6:45 PMApple may now account for a decent chunk of chip industry sales, but its growth is very much a mixed blessing for the industry, argues Piper's Gus Richard. Apple often demands "onerous terms" from its suppliers, Richard points out, and Samsung's (SSNLF.PK) flash memory profits are actually improving following Apple's decision to shift orders to other suppliers. In addition, the iPad's chip content value is well below that of the PCs it's cannibalizing. (also) |Friday, Sep 282012, 6:45 PM| 1 Comment
Monday, Sep 242012, 10:21 AMApple component suppliers trade lower in response to the company's iPhone 5 sales data. CRUS -3.8%. SWKS -2%. AVGO -2.7%. BRCM -1.5%. QCOM -1.5%. TQNT -1.7%. The broader chip sector, which depends a lot on Apple these days, is also underperforming (SOXX -1.3%). |Monday, Sep 242012, 10:21 AM| 2 Comments
Tuesday, Sep 182012, 10:00 AMRBC's Doug Freedman has downgraded the chip sector to Market Weight from Overweight, citing inventory issues, poor PC and telecom equipment demand, and a softening Chinese market. "The current cycle is unique in that semis have contracted three quarters only to exhibit one-quarter of recovery," says Freedman. INTC, ADI, TXN, and NVDA are receiving downgrades, though BRCM is getting an upgrade on expectations of rising chip content within the platforms it's a supplier for. |Tuesday, Sep 182012, 10:00 AM| 4 Comments
Monday, Aug 202012, 2:07 PMChip inventories remain at moderate levels, notes Susquehanna: the firm estimates customers held 29.7 days of inventory in Q2, a low number in light of weak consumption. Moreover, while chip sales have been outpacing consumption in Q2 and Q3 (in-line with seasonality), that trend is expected to reverse in Q4 thanks to Apple and Windows 8 product launches. Susquehanna recommends buying chipmakers with strong Apple exposure, including BRCM and QCOM. (Goldman) |Monday, Aug 202012, 2:07 PM| Comment!
Tuesday, Aug 72012, 1:35 PMFreescale (FSL +10.9%), LSI (LSI +5.8%), and Applied Materials (AMAT +4.9%) lead a major rally in chip stocks (SOXX +2.6%) after Goldman upgrades the companies. Discussing Freescale, Goldman argues downside to estimates is limited given soft guidance and a lean supply chain, and (more importantly for peers) the firm expects EPS to be "up significantly" in 2013 and 2014 thanks to a new chip industry up cycle. MU +5.4%. NXPI +5.8%. MRVL +4.8%. ATML +5.9%. |Tuesday, Aug 72012, 1:35 PM| 1 Comment
Friday, Jul 202012, 6:54 PMThough chip stocks rallied strongly earlier this week in response to Intel and Qualcomm's Q2 reports, MKM's Daniel Berenbaum cautions against getting too excited. Other names with broad industry exposure, such as Xilinx, Cypress, and Fairchild, posted more disappointing results, and the industry won't see chip buyers fully replenish their inventories for a while. (TSMC) |Friday, Jul 202012, 6:54 PM| Comment!
Thursday, Sep 152011, 10:15 AMWith the firm's PC and mobile phone guidance having been cut, and chip companies slashing guidance left and right, Gartner now sees semiconductor revenues declining 0.1% in 2011, compared with a prior forecast for 5.1% growth. Gartner is also lowering its 2012 growth forecast to 4.6% from 8.6%, and warns macro issues could reduce its outlook further. |Thursday, Sep 152011, 10:15 AM| Comment!
Friday, Jul 222011, 9:51 AMIDC expects chip industry sales to grow more than 7% in 2011 to $303B, eclipsing the 5.4% and 4% growth forecasts respectively given by the SIA and Future Horizons. But only 5% growth is seen for 2012, below the SIA's 7.6% forecast, as IDC expects macro issues to take their toll. Communications chip sales are expected to outpace the broader industry. |Friday, Jul 222011, 9:51 AM| Comment!
Thursday, Jul 142011, 9:50 AM
Monday, Apr 42011, 12:54 PMGlobal chip sales were up 13.6% Y/Y in February, to $25.2B, the SIA reports - but down 1.1% sequentially. Worse, the trade group notes those numbers predate Japan's quake and tsunami - and using actual February figures rather than the SIA's three-month moving average shows a 7.9% M/M decline. |Monday, Apr 42011, 12:54 PM| Comment!
Wednesday, Mar 22011, 8:41 AM