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Tower Semiconductor Ltd. (TSEM)

  • Wed, Mar. 25, 12:03 PM
    • Chip stocks are particularly hard-hit  (SOXX -3.6%) on a rough day for tech. The Nasdaq is down 1.3%, and the S&P 0.7%. Going into today, good earnings reports and ongoing M&A activity had led the Philadelphia Semi Index to rise 10% from its Jan. 30 close; the index remains up nearly 2x from its fall 2012 lows.
    • AMD (AMD -7.2%) is a major decliner following a UBS downgrade. AMD rival/GPU giant Nvidia (NVDA -5.2%) and memory giant Micron (MU -3.7%) are also selling off, as are merger partners NXP (NXPI -3.8%) and Freescale (FSL -3.4%), RF chipmakers Avago (AVGO -5.2%), Skyworks (SWKS -5.3%), and Qorvo (QRVO -7.1%), LED/RF chipmaker Cree (CREE -4.1%), and high-flying video processor developer Ambarella (AMBA -4.3%).
    • Other decliners include telecom chipmakers/ARM server CPU vendors Cavium (CAVM -4.8%) and AppliedMicro (AMCC -4.4%), microcontroller vendors Atmel (ATML -3.5%), Cypress (CY -5.5%), and STMicroelectronics (STM -3.5%), voice processor developer Audience (ADNC -3.7%), analog/mixed-signal chipmakers Linear (LLTC -3.7%), Maxim (MXIM -3%), and Intersil (ISIL -3.5%), FPGA maker Lattice (LSCC -3.9%), and mixed-signal/wireless charging IC developer IDT (IDTI -5.4%).
    • Chip equipment, IP, and foundry providers are also underperforming. Big decliners include ARM (ARMH -4.4%), KLA-Tencor (KLAC -4.2%), Lam Research (LRCX -5.4%), ASML (ASML -4.1%), TowerJazz (TSEM -4.3%), Mattson (MTSN -4.5%), Ultratech (UTEK -4.7%), and Tessera (TSRA -6.1%). ASML has been downgraded to Hold by Banco Santander.
    • TSMC (TSM -4.6%) is among the decliners in spite of a Digitimes report stating the foundry giant's sales are expected to rise 0%-5% Q/Q in Q2 - consensus is for a 2% drop - with strong Apple A8 CPU orders offsetting soft Qualcomm Snapdragon 810 orders.
  • Thu, Mar. 19, 9:16 AM
    • Nine days after offering to convert $40M of the $120M in Series F convertible bonds it has outstanding ahead of schedule, TowerJazz (NASDAQ:TSEM) has upped the offer to $80M.
    • As previously stated, the bonds carry a 7.8% interest rate and $10 conversion price, and have $15M worth of coupon payments remaining in 2015 and 2016. Holders have until March 25 to decide whether to accept TowerJazz's offer.
    • TSEM -1% premarket to $17.64.
  • Tue, Mar. 3, 10:02 AM
    • TowerJazz (NASDAQ:TSEM) is at its highest levels since 2011 after announcing it has begun producing an IR sensor that Intel will use in one of its 3D depth-sensing camera solutions (presumably involving Intel's RealSense platform).
    • The specialty foundry notes it developed a unique sensor pixel for Intel that "allows high quantum efficiency at near infrared light, specifically at the scanning laser wavelength with high sensor resolution," and that its proximity to Intel's Israeli ops (responsible for its 3D sensing efforts) also helped.
    • Shares are adding to the gains they saw yesterday amid a chip stock rally.
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  • Tue, Mar. 3, 9:16 AM
  • Mon, Mar. 2, 1:41 PM
    • The Philadelphia Semi Index (SOXX +2.4%) has rallied to new highs after NXP announced it's buying microcontroller, network processor, and RF amplifier supplier Freescale for $16.7B after factoring net cash/debt, the biggest deal yet in the chip industry's ongoing consolidation wave. The Nasdaq is up 0.5%.
    • Microcontroller makers are among today's big gainers - NXP/Freescale assert they'll be the world's biggest supplier of general-purpose microcontrollers. Standouts include Atmel (ATML +6%) and STMicroelectronics (STM +3.4%), as well as Cypress (CY +3.1%) and merger partner Spansion (CODE +3.2%).
    • Other notable gainers include InvenSense (INVN +3.4%), Ambarella (AMBA +6.3%), Audience (ADNC +5.5%), Cirrus Logic (CRUS +3.7%), Cavium (CAVM +4.2%), ON Semi (ONNN +3.5%), Silicon Motion (SIMO +3.5%), InPhi (IPHI +3.8%), and TowerJazz (TSEM +5.5%).
    • With the Mobile World Congress as a backdrop, InvenSense has unveiled a 6-axis SoC that pairs a gyroscope and acceleromoter with a motion processor and related software/algorithms; the company claims 25%-50% better power consumption than rival solutions. It has also launched a software library meant to "provide sensor-assisted positioning in places where GNSS alone cannot provide desired accuracy."
    • Cavium has announced its OCTEON Fusion-M processor line for mobile base stations. The chips support up to 16 custom CPU cores running at 2GHz., and are declared by Cavium to enable "Smart Radio Heads" that can adapt to network conditions. They begin sampling in Q3.
    • Previously: Chip product launches: ARMH, EZCH, BRCM, NXPI, XLNX, IDTI
  • Mon, Feb. 23, 12:44 PM
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  • Mon, Feb. 23, 9:43 AM
    • In addition to soundly beating Q4 EPS estimates (and slightly beating on revenue), TowerJazz (TSEM +13.1%) is guiding for Q1 revenue of $225M (+/- 5%), good for 70% Y/Y growth and above a $224M consensus at the midpoint. The specialty foundry also says it aims to "achieve annualized non-GAAP gross profit in [Q4 2015] of about $400 million."
    • Driving the EPS beat: Gross margin rose to 36% from 30% in Q3 and 34% a year ago. R&D spend rose 76% Y/Y to $13.7M, and MG&A spend 40% to $14.6M (compares with 75% revenue growth).
    • Organic revenue growth was 23%. Revenue from "organic" top-10 customers (excludes Micron and Panasonic) rose 32% Y/Y. TowerJazz ended 2014 with $187M in cash, and $387M in debt.
    • Shares are back withing $2 of a 52-week high of $16.59.
    • Q4 results, PR
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  • Mon, Feb. 23, 9:14 AM
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  • Mon, Feb. 23, 5:50 AM
    • Tower Semiconductor (NASDAQ:TSEM): Q4 EPS of $0.83 beats by $0.25.
    • Revenue of $235.29M (+74.8% Y/Y) beats by $0.31M.
    • Shares +6.87% PM.
    • Press Release
  • Mon, Feb. 2, 2:50 PM
    • Tech companies posting major gains today include fiber access equipment vendor Zhone (ZHNE +5.3%), wireless charging tech developer Energous (WATT +4.6%), 4G infrastructure software vendor Mavenir (MVNR +5.8%), online content provider Demand Media (DMD +6.2%), and online health insurance seller eHealth (EHTH +3.9%).
    • Major tech decliners include several Chinese Internet names. Specifically, online retailers Vipshop (VIPS -4.9%) and Dangdang (DANG -4.1%), auto site Bitauto (BITA -6.4%), mobile game publisher Sky-Mobi (MOBI -4%), and social media/gaming platform YY (YY -6.3%).
    • Other notable decliners include cybersecurity hardware firm KEYW (KEYW -4.9%), telecom/ARM server chipmaker AppliedMicro (AMCC -10.1%), specialty foundry TowerJazz (TSEM -4.7%), cloud healthcare software firm Castlight (CSLT -4.1%), cloud marketing software firm Marketo (MKTO -4.5%), online coupon code platform RetailMeNot (SALE -4.7%), optical component vendor NeoPhotonics (NPTN -6%), and supply chain software firm Manhattan Associates (MANH -5.1%). The Nasdaq is down 0.3%.
    • Previously: Solar stocks jump amid oil/energy stock rally
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  • Fri, Jan. 23, 2:53 PM
    • TowerJazz (TSEM +4.4%) is up 13% on the week, making new 52-week highs along the way. Today's gains come on volume of 1.6M shares, soundly above a 3-month daily average of 1M.
    • On Wednesday, Chardan Capital hiked its target for the Israeli specialty foundry by $2 to $17. SA Pro author Jaret Wilson provided an upbeat column last week: He thinks government approval of a planned Indian fab could arrive soon, and reports hearing TowerJazz might launch a new MEMS manufacturing JV.
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  • 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.
  • Nov. 14, 2014, 1:41 PM
    • In an article embargoed until 9:07AM ET Saturday, SA Pro author/Zacks analyst Lisa Thompson ups her TowerJazz (NASDAQ:TSEM) target to $20 on account of the company's Q3 results.
    • Thompson expects the Israeli foundry to benefit from JV partner Panasonic's imaging expertise, as well as from an ongoing trend among fab-owning chipmakers to outsource more of their production to foundries.
    • Shares +11% since TowerJazz posted a Q3 EPS beat on Thursday morning. Q4 revenue guidance of $235M (+/- 5%) was below a $243.1M consensus at the midpoint.
  • Aug. 4, 2014, 9:15 AM
  • Jul. 16, 2014, 12:37 PM
  • Mar. 11, 2014, 9:46 AM
    • Vipshop (VIPS -4.1%) has been cut to Neutral by Goldman. Shares blasted off last week in response to the company's Q4 beat and strong guidance.
    • Unisys (UIS -6.5%) has been cut to Market Perform by Raymond James.
    • Aixtron (AIXG -1.6%) has been cut to Neutral by BNP Paribas.
    • As part of a chip sector coverage launch, AppliedMicro (AMCC +1%), TowerJazz (TSEM +1.5%), Neonode (NEON +1.6%), RF Micro (RFMD +1.8%), and TriQuint (TQNT +1.6%) have been started at Buy by Ascendiant Capital.
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Company Description
Tower Semiconductor Ltd through its subsidiaries, manufactures semiconductor integrated circuits. Its products include digital CMOS, mixed-signal and radio frequency CMOS, CMOS image sensors and power management devices.