Dec. 2, 2014, 12:33 PM
- Atmel (ATML +2%) and Synaptics (SYNA +2.8%) are seeing healthy gains after touch controller rival Cypress announced it's merging with NOR flash vendor Spansion, the latest in a series of big M&A deals to hit the semi industry. Cypress and Spansion have both soared.
- Atmel also squares off against Cypress in other microcontroller markets. Synaptics, which has been gaining touch controller share, recently closed a $465M deal to buy LCD driver IC vendor Renesas SP Drivers.
Oct. 24, 2014, 12:48 PM
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Oct. 14, 2014, 2:47 PM
- Qualcomm (QCOM +2.4%), NXP (NXPI +5.8%), Synaptics (SYNA +3.1%), and Himax (HIMX +3.5%) are among the mobile chipmakers outperforming after Skyworks hiked its calendar Q3 guidance.
- Like Skyworks, Qualcomm, NXP, and (via the Renesas SP deal) Synaptics are iPhone suppliers. Recent reports have pointed to strong iPhone 6 build activity and Chinese pre-orders.
- Like many other chipmakers, the group sold off after Microchip (has relatively low mobile exposure, but a diversified customer base otherwise) issued a calendar Q3 warning, and stated it believes an industry correction has begun. Intel reports after the close.
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.
Oct. 1, 2014, 11:30 AM
- Synaptics (SYNA +3.1%) has officially closed its acquisition of leading high-end LCD driver supplier Renesas SP Drivers. Thanks to the yen's decline, the deal's price is now $465M (down from a prior $475M). The timing of the close means a full quarter of Renesas SP's results will be included in Synaptics' Dec. quarter numbers.
- The company also states it has taken out a $150M credit facility, and a $150M term loan facility. Proceeds will be used to both pay for the Renesas deal, and for other purposes.
- Shares are higher on a down day for equities. Synaptics blasted off after announcing in June it's buying Renesas SP (the LCD driver supplier for the iPhone) for less than just 0.8x trailing sales.
Sep. 2, 2014, 10:18 AM
- "The Street's average price target is around $100 ... I think there's potential for more, depending on how fast the adoption of fingerprint technology goes," analyst Steve Jue is quoted as saying in a bullish weekend Barron's column on Synaptics (SYNA +5.2%).
- The paper observes sales of Synaptics' fingerprint sensor modules (obtained through the Validity Sensors acquisition) have grown much faster than expected with the help of a Galaxy S5 design win, and now make up 22% of revenue (the Renesas SP deal could lead that figure to drop some).
- With Android OEMs hungry to counter Apple's integration of a proprietary fingerprint sensor module within iDevices, Synaptics expects industry fingerprint sensor sales soaring to 530M in 2016 from a mere 30M in 2013.
- Barron's also observes Synaptics respectively has 40% and 65% of the touch controller and notebook touchpad markets, and notes shares (going into today, anyway) trade for only 13x forward EPS (exc. cash).
- Shares now +67% YTD. Touch controller rival Atmel (ATML +1.2%) is also higher.
Jul. 31, 2014, 6:40 PM
- Synaptics (NASDAQ:SYNA) expects FQ1 revenue of $275M-$295M, below a $296M consensus. The company notes it's seeing "strong but moderating" smartphone market growth to go with "signs of stability in the PC market."
- However, a soft outlook was expected on account of top customer Samsung's challenges - fellow Samsung supplier Audience has it much worse - and a reported Note 4 touch controller design loss to STMicroelectronics.
- Moreover, Synaptics says it's confident it can deliver FY15 (ends June '15) revenue growth "in the mid-20% range," not counting the impact of the Renesas SP deal. Consensus is for 25.2% growth.
- $110M has been added to Synaptics' buyback authorization, raising its size to $200M. ~5% of outstanding shares were repurchased in FY14.
- Strong demand from Chinese OEMs (taking share from Samsung) boosted FQ4 sales. Mobile revenue (77% of total) rose 40% Y/Y thanks to both touch controller and fingerprint sensor demand, and PC revenue (23% of total) rose 26% to $72M.
- FQ4 results, PR
Jul. 31, 2014, 4:32 PM
Jul. 15, 2014, 10:17 AM
- OTR Global reports Synaptics (SYNA -5%) has lost the touchscreen controller slot for Samsung's upcoming Galaxy Note 4 to STMicroelectronics (STM -0.6%).
- Synapitcs has the touch controller slot for the Note 3, and both the touch controller and fingerprint sensor slots for the Galaxy S5. High-volume Samsung design wins have contributed heavily to the company's strong mobile growth over the last two years.
Jun. 11, 2014, 12:47 PM
Jun. 11, 2014, 9:13 AM
Jun. 10, 2014, 4:40 PM
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Synaptics Inc is a developer and supplier of custom-designed human interface solutions that enable people to interact easily and intuitively with mobile computing, communications, entertainment, and other electronic devices.
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