Fri, Aug. 22, 7:03 AM
Wed, Jul. 23, 5:04 PM
Wed, Jun. 4, 10:16 AM
- Citing improving demand from SoC test equipment clients, Craig-Hallum has upgraded Teradyne (TER +2.5%) to Buy, and lifted its PT by $6 to $25.
- Chip equipment peers such as Applied Materials and FormFactor have already reported seeing strong SoC market demand, thanks in large part to healthy mobile SoC activity.
- Teradyne has been range-bound for months. Shares sold off in April due to the company's soft Q2 guidance.
Thu, Apr. 24, 1:42 PM
- Lam Research (LRCX +11%) beat FQ3 estimates and guided on its CC (transcript) for FQ4 revenue of $1.19B-$1.29B and EPS of $1.14-$1.28, above a consensus of $1.16B and $1.09. Ultratech (UTEK +3.6%) missed Q1 estimates, but has reiterated guidance for 25%-30% 2014 revenue growth (above a 23.5% consensus).
- Just as importantly for the industry, Lam has forecast the global wafer fab equipment market will be worth $32B in 2014 - $1B more than what Gartner previously forecast.
- Lam also mentioned it has "seen some strengthening" in DRAM equipment orders - clients have been conservative with their capex following industry consolidation - and a "sustained commitment" among logic/foundry clients (Intel and TSMC?) to advanced processes (20nm, 3D transistors, etc.). However, there have been "some slight delays" in 3D NAND flash investments.
- Chip equipment peers are also up: AMAT +1.4%. KLAC +1.5%. ASML +2.1%. ACLS +1.6%. CAMT +5.3%. RTEC +1.5%. PLAB +3.4%. One notable exception is Teradyne (TER -4.1%), which provided light Q2 EPS guidance - $0.36-$0.43 vs. a consensus of $0.49 - to go with a Q1 beat. Revenue guidance is in-line.
- The group sold off last week after ASML offered soft guidance and a cautious 2H outlook. KLA reports after the bell.
Wed, Apr. 23, 5:54 PM
Mon, Mar. 31, 4:27 PM
- Seagate's (STX) $294M purchase of hard drive equipment/storage subsystem maker Xyratex (XRTX), announced on Dec. 23, is officially on the books.
- With Xyratex's third-party hard drive equipment clients likely to start looking elsewhere, the business is expected to produce just $500M-$600M in revenue during Seagate's FY15 (ends July 3, 2015), and be neutral to EPS during the year. Xyratex had revenue of $814.3M and EPS of $0.15 during its FY13 (ended Nov. '13).
- Analysts have argued Xyratex rival Teradyne (TER) will benefit from the deal, as Western Digital/Toshiba step up their orders.
- Opinions have been mixed on whether the deal is a smart move for Seagate: Those who like it think Seagate's hard drive manufacturing ops and /R&D will benefit from further vertical integration, and see a major opportunity to sell Xyratex's ClusterStor systems to Web/cloud providers. Those who don't are worried about channel conflict with both hard drive equipment buyers and Seagate's storage OEM clients.
Mon, Mar. 24, 7:27 PM
- As U.S. corporations sit on $1T-plus in cash and with many facing organic growth challenges, Morgan Stanley lists 44 multi-billion dollar cap companies it thinks have a high likelihood of receiving at least one tender offer over the next 12 months.
- In the energy sector: NFX, SD, TDW.
- In materials: CLF, AXLL, UFS, RGLD.
- Consumer discretionary: SBGI, WEN, TPX, EAT, BYI, DWA, JCP, AEO.
- Consumer staples: INGR, HAIN, HSH, WWAV.
- Health care: CELG, ESRX, WLP, REGN, ALXN, AET, CI, BDX, CERN.
- Financial: NSM.
- Tech: BRCD, ONNN, TIBX, SPWR, IM, JBL, SUNE, TER, ARRS, NSR.
- Telecom: CCI, SBAC, LVLT, WIN, FTR.
Wed, Jan. 22, 5:46 PM
Wed, Jan. 22, 12:10 AM
Tue, Jan. 21, 5:35 PM
Wed, Jan. 15, 9:58 AM
- Intel (INTC +0.9%) has been upgraded to Outperform by BMO a day after JPMorgan upgraded shares to Overweight. Both moves come ahead of tomorrow's Q4 report.
- Cirrus Logic (CRUS -3.3%) has been cut to Underperform by Pac Crest ahead of its Jan. 28 FQ3 report.
- Fortinet (FTNT +2.3%) has been upgraded to Outperform by Wedbush two days after Morgan Stanley upped shares to Overweight. Q4 results are due on Jan. 29.
- Xilinx (XLNX +2%) has been upgraded to Overweight by Barclays ahead of its Jan. 21 FQ3 report. Rivals Altera (ALTR +1.3%) and QuickLogic (QUIK +4.3%) are also trading higher.
- Telefonica Brasil (VIV +0.9%) has been upgraded to Overweight by HSBC.
- Synnex (SNX +3.3%) has been upgraded to Buy by Citi six days after posting an FQ4 beat.
- Teradyne (TER +2%) has been upgraded to Outperform by Pac Crest ahead of its Jan. 22 Q4 report. Goldman declared shares a Conviction Buy yesterday.
Dec. 23, 2013, 6:48 PM
- With Xyratex's storage subsystem business both a supplier and a rival to the storage OEMs who account for a large chunk of Seagate's (STX) enterprise hard drive sales, analysts note Seagate's pending acquisition of Xyratex brings both cross-selling opportunities and channel conflict risks.
- BMO suspects Seagate hopes to use Xyratex (presumably via its ClusterStor line) to directly supply Web/cloud providers, but also notes Seagate "will now compete against a set of customers." The Register's Chris Mellor: "Western Digital (WDC) and Toshiba ... should pick up some extra [hard drive] business from OEMs displeased by Seagate competing with its own channel."
- Piper, however, likes how Xyratex's hard drive equipment unit could lower Seagate's hard drive testing times and capex. It also observes Xyratex claims IBM, H-P, NetApp, and Dell as clients, even if it competes with them to an extent.
- Wells Fargo likes the deal, but also thinks Seagate may still need to make some flash storage acquisitions. Western Digital has been more aggressive here, snapping up server flash module vendor Virident and module/SSD supplier sTec.
- Deutsche, meanwhile, expects Teradyne's (TER) hard drive test equipment sales to get a boost as Western Digital and Toshiba stop buying test equipment from Xyratex.
Dec. 11, 2013, 5:24 PM
- Better a week late than never. Facebook (FB) will be joining the S&P 500 following the Dec. 20 close, and will also be added to the S&P 100. The social networking giant is replacing test equipment vendor Teradyne (TER).
- Alliance Data Systems (ADS) and Mohawk Industries (MHK) are also joining the S&P 500 following the Dec. 20 close. They're replacing Abercrombie & Fitch (ANF) and JDS Uniphase (JDSU).
- FB +3.9% AH. MHK +2.4%. ANF -0.8%. JDSU -0.6%.
Nov. 19, 2013, 3:46 PM| Comment!
Nov. 13, 2013, 5:47 PM
- Michael Bradley, Teradyne's (TER) CEO since 2004, is retiring, effective Jan. 31, 2014. He'll be replaced by Mark Jagiela, currently the company's president and once the head of its core chip test equipment business. (PR)
- Jagiela is also joining Teradyne's board. Bradley, 64, will remain a member of it.
Nov. 5, 2013, 10:14 AM
- In creating its list of top investment ideas, Credit Suisse allows its analysts a max of 3 picks over a 6-12 month horizon. Those who don't list a name under $3B in market cap are allowed a "bonus small-cap pick."
- Picks are broken down by sector and by analyst, with each allowed a few words for his/her elevator pitch ... a neat read for ideas to keep by your desk.
- Additions to the Top Picks list since the last publication in basic materials: CE, FOE, NUE, STLD.
- In consumer discretionary: BYD, MAR, CAB.
- Consumer staples: CVS.
- Energy and utilities: JKS.
- Financials: EV.
- Health care: ABBV, BMY.
- Industrials: PH.
- Media/Internet/Telecom: NXST.
- Tech: AVGO, NXPI, KLAC, TER, ULTI, CTXS.
- See also: Those removed from the list.
TER vs. ETF Alternatives
Teradyne, Inc designs, develops, manufactures and sells automatic test systems and solutions used to test complex electronics in the consumer electronics, automotive, computing, telecommunications, wireless, and aerospace and defense industries.
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