Broadcom Rising: Q2 Beats, Q3 Rev View Light

Chip maker Broadcom (BRCM) this afternoon reported Q2 revenue and earnings per share that topped analysts’ expectations but forecast revenue for the current quarter slightly below consensus. Revenue in the three months ended in June rose to $1.97 billion, yielding EPS of 72 cents, excluding some costs. Analysts on average had been modeling $1.95 billion [...]

TI: Weak Q3 View All Priced In?

Shares of Texas Instruments (TXN) are down 32 cents, or 1.2%, at $26.50 after the company last night reported a lower-than-expected fiscal Q3 view, citing a spread in caution among customers about the global macroeconomic situation. Chip makers’ stocks are quite mixed this morning, within an overall down market, showing no clear pattern of response. [...]

Chips: Bulls Look Past Weakness; BRCM in Focus

Several Street observers of semiconductors today reflected on the results thus far and the prospects ahead for the group. These reports came out before Texas Instruments‘s (TXN) disappointing Q3 view this evening, meaning that tomorrow’s assessment is bound to be somewhat more negative than these notes were today. Jefferies & Co. chip analyst Mark Lipacis [...]

Sanmina Jumps 12%: FYQ3 Rev, Q4 View Beat

Shares of contract electronics manufacturer Sanmina-SCI (SANM) are up 88 cents, over 12.3%, at $8.06 after the company this afternoon reported fiscal Q3 revenue that topped analysts’ expectations, but missed on the bottom line, and forecast Q4 revenue and profit per share ahead of consensus. Revenue in the three months ended in June fell 7.5%, [...]

TXN Q3 View Misses; Global Macro Caution Spreads

Chip maker Texas Instruments (TXN) this afternoon reported Q2 revenue and earnings per share consistent with an updated forecast offered back on April 12th. and offered a Q3 view below consensus, citing spreading global macroeconomic worries. Revenue in the three months ended in June fell to $3.34 billion, yielding EPS of 38 cents. Analysts on [...]

TXN: Q2 Report on Tap, Bulls See Safety in Diversity

Texas Instruments (TXN) is scheduled to report Q2 results this afternoon, and the Street this morning offers up some curtain raisers, if you will. After the company on July 12th narrowed its forecast revenue and profit ranges to $3.28 billion to $3.42 billion and 38 cents to 42 cents, the Street is at $3.35 billion and [...]

AMD: Street Debates How Much is Self-Inflicted

Shares of Advanced Micro Devices (AMD) Friday fell 64 cents, over 13%, to close at $4.22 after the company Thursday afternoon announced Q2 revenue in line with a prior pre-announcement, and earnings per share that missed by a penny, and an outlook for Q3 that fell below consensus as well. Many bears today criticized the notion the company's turnaround under new CEO Rory Read is progressing. For example, Daniel Berenbaum with MKM Partners reiterates a Sell rating on the stock, and a $4 price target, writing that "it is becoming apparent that the problem is even worse than we anticipated." Berenbaum thinks the notion AMD can be fixed by operating improvements is wearing thin:

"Just Need to Execute" Doesn't Seem to be Working. Investors seemed willing to give CEO Rory Read the benefit of the doubt, but one year into his tenure it is becoming increasingly difficult to believe that a fix can be arrived at by simply “improving execution.”

The stock got one downgrade today, that I can see, from Wedbush Securities's Betsy Van Hees, who cut her rating on the shares from Outperform to Neutral, and cut her price target to $5 from $7. Writes Van Hees, the problem for AMD at the moment is not just economic uncertainty but also "company-specific headwinds" that include losing share in the "application processor market," finding demand for its APUs "weak" in the channel, and slow uptake in IT shops of its "Bulldozer" server processor. Van Hees is looking for "signs of a resumption of APU share gains, inventory work-down, and the adoption of Bulldozer in the mainstream IT market to become positive again on the stock." On a more positive note, however, Cody Acree with Williams Financial Group reiterated his Buy rating on the stock and $10 price target, writing that although the outlook for Q3 "stings," nevertheless some of what the company is dealing with is simply beyond its control, such as the economy.

Cypress: Touch is Under Attack, Say Bears; Bright Prospects, Say Bulls

Shares of touch-sensor maker Cypress Semiconductor (CY) are down 74 cents, or over 6%, at $10.86 as several analysts this morning cut estimates and price targets after the company yesterday morning missed Q2 revenue estimates and forecast this quarter's results well below consensus. The stock actually got one downgrade today, from Charlie Anderson of Dougherty & Co., who cut the stock to Neutral from Buy, with an $11 price target. But there's a divide today between those who say the worsts is in the stock at this point, and those who say the company faces long-term challenges. The immediate problem is the company is trying to find growth outside of the two dominant handset makers, Apple (AAPL), and Samsung Electronics (005930KS). Glen Yeung, who has a Neutral rating on the stock, cut his price target today to $13 from $17, writing that Cypress is pressed to get around the tremendous market share of the iPhone and Samsung's phones based on Google's (GOOG) Android:

With the two largest handset vendors using, or moving towards using other solutions for touch controllers, Cypress and its competition will cobble their respective shares from the handset market that remains (feature phone/low-end smartphone). One concern we have is Cypress’s belief that in-cell won’t be important for the market outside of Apple. With the iPhone 5 likely to use in-cell, and the market likely to follow as it has in the past, there is risk Cypress may miss this trend (though their chips are in-cell ready). Similarly, our second concern is Cypress’s expectation that touch-enabled Win8 systems won’t be significant for 2-3 years; of all the drivers of Win8 sales, our software analyst Walter Pritchard feels touch is likely the most important, and sees the industry adopting this broadly in 2013, adding risk Cypress may this trend as well.

For the moment, Cypress is actually benefitting from Samsung's sales of the "Galaxy S III" smartphone, as observed by Pacific Crest's John Vinh. But Cypress has to worry about other fronts in the touch battle, writes Vinh. Specifically, it appears to be losing business to Atmel (ATML):

Cypress sees TrueTouch mix in 2012 to be 90% to 95% smartphones versus 5% to 10% eReaders/tablets. We are modeling $197.7 million (-21%) in TrueTouch revenues for 2012, which, at the midpoint, implies $14.8 million in eReader revenues. This is consis- tent with our recently lowered Amazon eReader build forecast of ~5 million units and, in our analysis, confirms that Atmel has won the Kindle Fire refresh.

INTC, QCOM Less Bad Results Belie Semi Weakness, Says MKM

MKM Partners‘s chip analyst Daniel Berenbaum this morning sneers at what he sees as investors’ unwillingness to expect the worst as far as the semiconductor market. Berenbaum, who rates Broadcom (BRCM) a Buy, along with Intel (INTC) and Qualcomm (QCOM), and several others such as Texas Instruments (TXN) and Altera (ALTR) a Neutral, writes that [...]

STEC CEO Moshayedi Charged With Insider Trading

The Securities & Exchange Commission this afternoon announced that it has charged solid-state drive maker Stec (STEC) CEO Manouchehr Moshayedi with violating insider trading rules in conjunction with a secondary offering of the company’s stock back in August of 2009. The SEC said Moshayedi “sought to take advantage of a dramatically upward trend in the [...]

AMD Q2 EPS Misses by a Penny, Q3 View Misses

Shares of chip maker Advanced Micro Devices (AMD) are down 16 cents, or 3.3%, at $4.71 in late trading after the company this afternoon reported Q2 revenue in line with analysts estimates but missed by a penny on the bottom line. The revenue result was in keeping with the company’s pre-announcement a week ago, when [...]

SanDisk Jumps 7%: Q2 Rev, EPS Beat

Shares of flash memory technology maker SanDisk (SNDK) are higher by $2.54, or over 7%, at $37.62 in late trading after the company this afternoon reported Q2 revenue and earnings per share that topped analysts’ expectations. Revenue in the three months ended in June fell 25%, year over year, to $1.03 billion, yielding EPS of [...]

SWKS Jumps 9%: FYQ3 Beats, Q4 View Light

Wireless chip maker Skyworks Solutions (SWKS) this afternoon reported fiscal Q3 revenue and profit per share that beat analysts’ estimates, though it forecast this quarter’s results slightly below consensus. Revenue in the three months ended in June rose 9%, year over year, to $389 million, yielding EPS of 45 cents. Analysts on average had been [...]

Xilinx FYQ1 Beats, Q2 Rev View Misses

Programmable chip maker Xilinx (XLNX) this afternoon reported fiscal Q1 revenue and profit per share that topped analysts’ estimates, but forecast revenue growth this quarter below consensus. Revenue in the three months ended in June rose 4% from the prior quarter, and fell 5%, year over year, to $582.8 million, yielding EPS of 47 cents. [...]

QCOM Up 5%: FYQ3 Misses, Q4 View Light

Wireless chip maker Qualcomm (QCOM) this afternoon reported fiscal Q3 revenue and earnings per share a little light of consensus, and a Q4 view below analysts’ estimates. Revenue in the three months ended in June rose 28%, year over year, and fell 6%, quarter to quarter, to $4.63 billion, yielding EPS of 85 cents, excluding [...]

Intel: Buy the Resilience, Says Bulls; New Normal, Say Bears

Shares of Intel (INTC) are up 62 cents, or 2.4%, at $26 following last night’s in-line Q2 revenue report and cut in the company’s year outlook. Revenue in the quarter fell below the mid-point of the range that Intel originally offered in April as a result of weakness in the NAND flash memory chip market. [...]

This Morning: Great Divide over Intel, Check Point Rises

Here are some things going on this morning in your world of tech: Shares of Intel (INTC) are up 30 cents, or 1.4%, at $25.68 following last night’s in-line Q2 revenue report and cut in the company’s year outlook. Some very different perspectives are emerging about that this morning. Evercore Partners’s Patrick Wang writes, “It’s [...]

Intel Conf Call: NAND Pricing Not Stabilizing, Says Otellini

Following an Intel (INTC) report of Q2 revenue in line with expectations and better-than-expected EPS, a lower-than-expected Q3 revenue view, and a cut in the company’s year outlook, management, including CEO Paul Otellini and CFO Stacy Smith held a conference call with analysts. Otellini said business in the quarter played out more or less as expected [...]

Intel Conf Call: NAND Pricing Not Stabilizing, Says Otellini

Following an Intel (INTC) report of Q2 revenue in line with expectations and better-than-expected EPS, a lower-than-expected Q3 revenue view, and a cut in the company’s year outlook, management, including CEO Paul Otellini and CFO Stacy Smith held a conference call with analysts. Otellini said business in the quarter played out more or less as expected [...]

Intel Q2 EPS Beats; Q3 Rev View Light, Cuts Year View

Intel (INTC) this afternoon reported Q2 revenue in line with expectations and earnings per share slightly better than expected. Revenue in the three months ended in June rose to $13.5 billion, yielding EPS of 54 cents, on a GAAP basis. Excluding some costs, Intel reported 57 cents a share. Analysts on average had been expecting [...]