|
RIDE: One week in things already sound different to us
|
Sep 3, 2021 |
|
We add Vanguard Semiconductor to our framework: We’re having trouble seeing all this hold together
|
Sep 1, 2021 |
|
RIDE: Moving to Neutral: Feels like a situation we have to view differently with some adult supervision
|
Aug 27, 2021 |
|
MX: WIP + Finished Goods + build plan aspirations make us wonder if we cut 2H CY ’21 a little too sharply
|
Aug 24, 2021 |
|
Innolux 3481 TT: TV panel prices appear to have started legging lower. We don’t think it will take long to spread elsewhere
|
Aug 23, 2021 |
|
INSG: 4G smartphones started declining when 5G came along. We don’t think hotspots will be different
|
Aug 20, 2021 |
|
KEYS: Feels like Commercial Comms is losing altitude. Might be time to keep an eye on A&D
|
Aug 19, 2021 |
|
RMO: Recent developments are unacceptable, but the opportunity hasn’t really started yet and we suspect consolidation could (arguably should) continue
|
Aug 18, 2021 |
|
FocalTech 3545 TT: The decline in LCD smartphone displays got a respite in 1H CY ’21. We don’t think it lasts long
|
Aug 18, 2021 |
|
LEV: After reflecting Lion’s best quarter thus far, we still find ourselves well below the consensus. Gross Margin remains our primary concern
|
Aug 16, 2021 |
|
Micro-Star 2377 TT: When the last VGA card cycle rolled MSI’s DOI was > 80 days. It’s pretty much there now and the air is just starting to come out of this one
|
Aug 16, 2021 |
|
PTRA: It wasn’t all good news, but we think a lot of it was
|
Aug 13, 2021 |
|
RIDE: Things seem likely to get worse before they get better. There is a chance they don’t get better
|
Aug 12, 2021 |
|
SMCI: We find the reasons to get overly concerned with the near term Margin profile tough to square
|
Aug 11, 2021 |
|
Micro-Star 2377 TT: MSI’s CQ2 ’21 Sales wound up ~ 500bps below the consensus. CQ3 ’21 is not off to a great start.
|
Aug 11, 2021 |
|
CMBM: Shifting to Neutral: Feels like a few things to keep an eye on for the first time in a while
|
Aug 10, 2021 |
|
WKHS: Oh good, it’s just a product redesign. Wait, what?
|
Aug 10, 2021 |
|
MX: Bad time to not be communicating post a bad quarter
|
Aug 9, 2021 |
|
SYNA: Did (lack of) organic growth get worse? You don’t have to look very hard to find Gross Margin trending comparable to Synaptics’
|
Aug 6, 2021 |
|
SYNA: A lot more PC exposure now vs. not that long ago as cautionary inputs continue to surface
|
Aug 5, 2021 |
|
INFN: Reiterating 2021 targets and “the healthiest optical environment in years” feel like the places to focus
|
Aug 4, 2021 |
|
ANET: Keep an eye on the Deferred, for now in a good way
|
Aug 3, 2021 |
|
Innolux 3481 TT: AUO, the latest to add capacity, doesn’t seem all that worried about industry supply. We aren’t sure why
|
Aug 3, 2021 |
|
Innolux 3481 TT: LG Display’s shipments grew a lot in CQ2 ’21. So did Inventory and Capacity. They don’t sound like they are exiting LCD anytime soon
|
Jul 29, 2021 |
|
MPWR: Amidst Semiconductor results we don’t think are telling us a whole lot, we thought this one would be better
|
Jul 28, 2021 |
|
INTC: The naming stuff is mostly silly. The rest isn’t
|
Jul 28, 2021 |
|
RIDE / WKHS: The good news? Some potential access to funding. The bad news? Some potential access to funding.
|
Jul 27, 2021 |
|
INTC: Does it make sense to pick a fight with a guy who seems really focused on “say / do” ratios and execution?
|
Jul 26, 2021 |
|
NTGR: US Channel Inventory hit an all-time last quarter. Europe did too
|
Jul 22, 2021 |
|
EVGO: Developments at three of the four largest DCFC networks bear (careful) monitoring
|
Jul 22, 2021 |
|
TXN: We suspect a largely seasonal picture will emerge but we aren’t sure that’s going to tell us a whole lot
|
Jul 20, 2021 |
|
SYNA: Improvements we’re not sure have been all that impressive in context. Sustainability remains a concern
|
Jul 20, 2021 |
|
Novatek 3034 TT: / FocalTech 3545 TT: We find a few things within TSMC’s CQ2 results confusing, arguably concerning
|
Jul 16, 2021 |
|
EVGO: NeutralTwo weeks into life as a public company EVgo makes an acquisition. It confuses us a little
|
Jul 16, 2021 |
|
FocalTech 3545 TT: Underwhelming conclusion to a weak CQ2 ’21 for China Smartphones
|
Jul 14, 2021 |
|
Innolux 3481 TT: Another quarter of really favorable pricing is in the books. We don’t think there’s many more left
|
Jul 13, 2021 |
|
Micro-Star 2377 TT: Well below seasonal June pushes CQ2 ’21 Sales > 500bps below consensus
|
Jul 9, 2021 |
|
LEV: Downgrading to Sell: We’re now a good bit below the consensus and our estimates still make us a little uneasy
|
Jul 9, 2021 |
|
Micro-Star 2377 TT: A key peer saw June Sales slow sharply. Graphics card supply appears to have kept coming since.
|
Jul 8, 2021 |
|
Novatek 3034 TT: Novatek’s June Sales nearly doubled Y/Y. We think Global Large Panel units likely slowed to LSD growth.
|
Jul 7, 2021 |
|
We add EVgo: In some ways pretty straightforward, in other ways not so straightforward
|
Jul 6, 2021 |
|
LEV: While this is probably a first cut, it doesn’t feel great for School Bus Electrification
|
Jun 25, 2021 |
|
PTRA: We don’t want to get overly focused on individual Transit mandates, but this one causes us to raise our estimates a bit
|
Jun 24, 2021 |
|
INFN: Cisco’s Optical Chief spoke publicly this week. He didn’t really say a whole lot
|
Jun 23, 2021 |
|
Micro-Star 2377: VGA card developments continue to look awfully familiar. A few notable differences may loom.
|
Jun 22, 2021 |
|
We add Focaltech to our framework: We don’t think the next few years for TDDI will look nearly as good as the last few did
|
Jun 22, 2021 |
|
PTRA: In a shocking turn of events, an EV SPAC comfortably exceeds our CQ1 ’21 estimates
|
Jun 21, 2021 |
|
WKHS: Probability of successfully challenging this contract feels low while our estimates increasingly feel high
|
Jun 18, 2021 |
|
Novatek 3034 TT: CQ2 21 is on track to be one of the best quarters in many years for Small DDICs. It’s looking less good for China Smartphones.
|
Jun 17, 2021 |
|
RIDE: It’s been about 48 hours since the Founder left (was ousted). We aren’t feeling any less uneasy.
|
Jun 16, 2021 |
|
RIDE: The developments haven’t looked good to us for some time now. This latest one doesn’t either.
|
Jun 15, 2021 |
|
MX: It feels tougher to argue, one way or another, a deal isn’t getting done.
|
Jun 14, 2021 |
|
Innolux’ May Sales undershot our model a bit — and that’s the good news.
|
Jun 10, 2021 |
|
RMO: Checking in with Romeo: Encouraging progress
|
Jun 10, 2021 |
|
Micro-Star 2377 TT: Micro-Star’s CQ2 Sales trending okay. Reception to that latest batch of graphics cards, less okay.
|
Jun 10, 2021 |
|
RIDE: If viable and sustainable mechanisms to avoid all of this existed, wouldn’t they have surfaced by now?
|
Jun 9, 2021 |
|
FSR: Fisker continues push for mass market EV rebates as Ford data suggests preferences (for now) skew premium
|
Jun 8, 2021 |
|
Innolux 3481 TT: We were a little confused by the “supply discipline” narrative before. We’re really confused now.
|
Jun 7, 2021 |
|
SMCI: Following good growth separation in CQ1 ’21, Super Micro putting capacity in place for repeat performances
|
Jun 4, 2021 |
|
CIEN: A few things to monitor now that the narrative shift has arrived a bit earlier than we thought
|
Jun 4, 2021 |
|
CIEN: Things likely remain unexciting near term, but we’d guess a narrative shift comes sooner vs. later
|
Jun 2, 2021 |
|
We add Micro-Star to our Idea Framework: A set of “new normal” expectations we don’t view as all that new or normal
|
Jun 2, 2021 |
|
MCHP: Really, really favorable demand commentary we are struggling a bit to process
|
May 28, 2021 |
|
DY: As expected / feared, the near term is not great. Seems like a uniquely bad time to be overly concerned.
|
May 26, 2021 |
|
RIDE: Problematic timing for what is, again, not a good look.
|
May 25, 2021 |
|
DY: The last time Dycom repurchased $100M of stock in a quarter, it worked out well. They just did it again.
|
May 24, 2021 |
|
RIDE: If feels extreme yet simultaneously legitimate to ask: If Lordstown leaves the Endurance pricing unchanged, why will they sell any of them?
|
May 21, 2021 |
|
INFN: The path to record earnings, this time in a less crowded competitive environment, doesn’t feel all that daunting
|
May 20, 2021 |
|
MX: Headlines take an interesting turn at an interesting time
|
May 19, 2021 |
|
LEV: Some encouraging developments, some less encouraging
|
May 19, 2021 |
|
FSR: The unexciting part isn’t going to last a whole lot longer
|
May 18, 2021 |
|
Acer: PC demand has been really, really good. Acer’s share of that demand appears a lot less good.
|
May 17, 2021 |
|
RMO: Securing supply far more relevant than reported results. We’d wager those discussions are a bit smoother now
|
May 14, 2021 |
|
Innolux 3481 TT: Really strong results take a backseat to a really large increase in LCD Industry Capex
|
May 13, 2021 |
|
MX: CQ1 ’21 EPS above our model as Power offset Display. We don’t expect Display to need offsetting much longer
|
May 10, 2021 |
|
UI: CQ1 was close to our model, although again looks consumer heavy. We continue to see Ubiquiti on the wrong end of some things.
|
May 10, 2021 |
|
CMBM: Results were again very good. We find carefully chosen words on new customer opportunities more intriguing.
|
May 7, 2021 |
|
INSG: With the pandemic not yet extinguished, revenue is right back where it was. Operating losses (removing a sizeable spike in SBC) are quite a bit worse.
|
May 7, 2021 |
|
INFN: Can margins (again) approach the largest peer’s? We’ll see. Should they be below a sub-scale peer? Nope.
|
May 6, 2021 |
|
ANET: As 400G gets closer Arista’s comfort and visibility increase, while checks suggest (at least) one whitebox project has gone sideways
|
May 5, 2021 |
|
SMCI: Best start to a year ever leaves us unclear as to why Super Micro should trade at a discount to Server ODMs
|
May 5, 2021 |
|
SMCI: We consider this a pretty important quarter
|
May 4, 2021 |
|
We add Novatek to our Idea Framework: Capitalizing an unexpected set of ideal conditions doesn’t feel like a great idea
|
May 4, 2021 |
|
3481 TT: Are we sure about supply discipline?
|
Apr 30, 2021 |
|
TXN: We remain focused on TI’s distribution dynamics and wonder if they haven’t worsened this crisis a bit
|
Apr 29, 2021 |
|
AMD: Are we sure the answers to all the big questions land favorably for AMD?
|
Apr 28, 2021 |
|
INTC: The big questions remain, but either they fix or they don’t, sitting still wasn’t an option
|
Apr 23, 2021 |
|
ACTC: Things still moving a little slowly on the Transit side, although two looks from the White House might help
|
Apr 23, 2021 |
|
INTC: We like the potential for roadmap repair, the PC market concerns us
|
Apr 22, 2021 |
|
RIDE: The Endurance made it to mile 40 of a 280 mile race. We have a few questions.
|
Apr 22, 2021 |
|
NTGR: From 50 week lead times to seasonally abnormal promotional activities in less than 90 days
|
Apr 22, 2021 |
|
NTGR: Doesn’t appear as though things are going to get any less crowded from here
|
Apr 21, 2021 |
|
MX: MagnaChip’s Proxy Filing: We find ourselves most intrigued, and a little confused, by “Parties F and G”
|
Apr 20, 2021 |
|
We add Innolux to our Idea Framework: Feels like time to take the under(s)
|
Apr 16, 2021 |
|
RIDE: REE’s Analyst Day: Four motors? Yes. In-wheel? No.
|
Apr 13, 2021 |
|
Acer: Deceleration will be dismissed for now, we are less sure it remains dismissed later
|
Apr 12, 2021 |
|
INSG: Verizon recalling one competitor’s hotspot appears most beneficial to another competitor’s hotspot
|
Apr 9, 2021 |
|
HIMX: Things remain really good for now. Things staying this good continues to feel like a tall order.
|
Apr 8, 2021 |
|
RMO: An important step taken toward resolving the chicken and egg issue. We think there’s more to come.
|
Apr 7, 2021 |
|
INSG: Inseego sheds another CFO “effective immediately”
|
Apr 7, 2021 |
|
HIMX/ ACER: Triple digit NB growth in the best of places now but Y/Y contraction doesn’t appear too far off
|
Apr 6, 2021 |
|
MX: A more assertive follow-up filing
|
Apr 6, 2021 |
|
UI: Prior to what is, again, not a good look, an important share metric was already heading the wrong way
|
Apr 5, 2021 |
|
RMO: A chicken and egg problem we think resolves itself sooner rather than later
|
Mar 31, 2021 |
|
MX: Moving to Neutral from Buy: Smart deal, fair price
|
Mar 29, 2021 |
|
MPWR: An update on litigation we find noteworthy
|
Mar 29, 2021 |
|
SMCI: The good news? There’s plenty of share to gain. The bad news? It’s still moving in the wrong direction
|
Mar 25, 2021 |
|
INTC: A broad ambition we think is probably pretty narrowly focused at the outset
|
Mar 24, 2021 |
|
ACTC: We add Proterra to our Idea Framework: Electrifying buses now, bigger opportunities elsewhere later
|
Mar 22, 2021 |
|
RIDE: Estimates down, confusion up
|
Mar 18, 2021 |
|
RIDE: Near term focus to jobs, intermediate term to product / production quality, longer term to crowding
|
Mar 17, 2021 |
|
NGA/LEV: Good, although expected, battery progress in Canada
|
Mar 16, 2021 |
|
Acer: Lapping the last of the easy compares amidst continued component constraints and Chromebook crowding
|
Mar 16, 2021 |
|
WKHS/RIDE: USPS clarifies and repeats they can electrify as much of the fleet as is economically feasible, with Oshkosh
|
Mar 12, 2021 |
|
NGA/LEV: Some delivery snags at the end of 2020
|
Mar 12, 2021 |
|
COHR: We are removing our “Neutral” rating and Terminating Coverage within our Idea Generation Framework
|
Mar 10, 2021 |
|
CMBM: We continue to be encouraged by the broad strokes, with one or two things to monitor
|
Mar 10, 2021 |
|
We add Himax to our Framework: Some commendable progress recently, but a handful of “bests ever” could make for a high bar
|
Mar 9, 2021 |
|
DY: Backlog and buybacks now, well situated for (at least) a 100 up / 100 down world later
|
Mar 9, 2021 |
|
SMCI: Not a ton of detail, but the CEO ties himself quite directly to some lofty growth ambitio
|
Mar 5, 2021 |
|
INSG: Turns out we missed at least one more willing seller
|
Mar 4, 2021 |
|
WKHS: Oshkosh strengthens over view that the NGDV ship has sailed
|
Mar 4, 2021 |
|
CIEN: We’d be surprised to see much near term strength or much shift in intermediate term narrative
|
Mar 3, 2021 |
|
DY: Expectations have drifted appropriately lower now, we expect them drift appropriately higher later
|
Mar 2, 2021 |
|
INSG: We think life is about to get a lot tougher in (all) hotspots while < 20% of Americans want 5G home (and the two largest appear all set for CPEs)
|
Mar 2, 2021 |
|
RMO: What looks increasing like a Force Majeure year for cells has more positives than negatives in our view
|
Mar 1, 2021 |
|
INFN: Whether it’s 2021 or 2022 doesn’t seem all that important a distinction to us
|
Mar 1, 2021 |
|
FSR: The Ocean is coming along well, but we find more relevance in progress toward the larger ambition(s)
|
Feb 26, 2021 |
|
NTGR: A large customer’s demand and inventory comments worth noting amidst continued discounting
|
Feb 26, 2021 |
|
INSG: Selling close to half of a business that not that long ago accounted for > 100% of NG EBITDA
|
Feb 25, 2021 |
|
FSR: Life after the FM29 platform coming into focus could (should) put upward pressure on our model
|
Feb 24, 2021 |
|
MCHP: Checking in with Microchip: Creatively navigating an environment we find trickier than advertised
|
Feb 24, 2021 |
|
WKHS: Looks like VT Hackney was on to something
|
Feb 24, 2021 |
|
INTC: Checking in with Lenovo: Supply remains the problem for now, although not uniformly so
|
Feb 23, 2021 |
|
KEYS: Sustaining the pace and slope of spending for 4G, 5G and Defense continues to feel challenging to us
|
Feb 23, 2021 |
|
ANET: We find Cloudification more compelling than Cloud, and see some important momentum building here
|
Feb 19, 2021 |
|
CMBM: Pretty much everyone is seeing supply constraints, not everyone has a primary competitor who seems not to like their customers very much
|
Feb 19, 2021 |
|
MX: We think OLED supply should look better by Analyst Day and see scope for a much larger Power business
|
Feb 18, 2021 |
|
INSG: 4G hotspot demand remained skewed to low cost versions. We don’t think 5G will be much different
|
Feb 18, 2021 |
|
MX: Our estimates continue to feel low relative to an opportunity set that looks high and rising
|
Feb 17, 2021 |
|
RMO: Unexpected with some moving pieces, but we think ultimately favorably for Romeo
|
Feb 16, 2021 |
|
SMCI: We’d like a more forceful response to what we view as more or less the same dynamics
|
Feb 12, 2021 |
|
INSG: Bar starting to look awfully high
|
Feb 12, 2021 |
|
NGA/LEV: School bus market remained challenged but optimism around recovery and electrification gathering steam
|
Feb 11, 2021 |
|
RIDE: “Prototype”, “Police report” and “engulfed in flame” are generally not words you want to see in close proximity to each other
|
Feb 11, 2021 |
|
FSR: We sense a higher level of comfort / confidence ahead of the Ocean spec lock down
|
Feb 10, 2021 |
|
MCHP: We find the other kinds of six sigma events more conducive to outsized returns
|
Feb 9, 2021 |
|
WKHS: Biden’s Section 205: Anyone checked with UAW?
|
Feb 8, 2021 |
|
INSG: A Hotspot peer demand drop off in CQ4 ’20, it looks quite a bit worse in CQ1 ‘21
|
Feb 5, 2021 |
|
NTGR: Demand environment remained unsustainably good. Results remained confusing, arguably concerning
|
Feb 4, 2021 |
|
SMCI: Returning to growth and upping the buyback now, Analyst Day and compelling CPU cycles later
|
Feb 3, 2021 |
|
MCHP: Move to Neutral: Things can, likely will, stay this good for a while, but significant improvement from here feels challenging
|
Feb 3, 2021 |
|
SMCI: We’re not nuts about near term estimates. Beyond that, we (should) see a lot to like
|
Feb 2, 2021 |
|
We add Lion Electric to our Idea Framework: A first mover in electric school buses with credible, but ambitious, commercial vehicle aspirations
|
Feb 1, 2021 |
|
RMO: Comfort in getting airborne smoothly now, confidence in escape velocity later
|
Jan 29, 2021 |
|
TXN: 2020 was not 2008. Overseas Distributors and ODM raw materials bear monitoring
|
Jan 27, 2021 |
|
INTC: What should Intel do? We’re not sure, but there are a lot of pieces to work with and we’re guessing he has some ideas
|
Jan 25, 2021 |
|
INSG: One 5G hotspot spiked, a FWA development which doesn’t look great
|
Jan 15, 2021 |
|
INTC: Opportune time for a compelling choice
|
Jan 14, 2021 |
|
INFN: ICE6 performance continues to impress and improve
|
Jan 13, 2021 |
|
WKHS: With GM’s BrightDrop another former customer goes in a different direction
|
Jan 13, 2021 |
|
MX: Things appear to have tracked well in CQ4 20 with a decent slate of positives ahead
|
Jan 12, 2021 |
|
Acer: Following the best growth for PCs in a decade, focus shifts from reacting to sustaining
|
Jan 12, 2021 |
|
CIEN / INFN: A broadly positive update from Adva
|
Jan 11, 2021 |
|
KEYS: With not much room left on smartphones, China’s 5G base station intentions underwhelm
|
Jan 7, 2021 |
|
WKHS: We have a few questions about that purchase order
|
Jan 6, 2021 |
|
CIEN: Comfortable, we’re just not sure THAT comfortable
|
Jan 5, 2021 |
|
FSR: We add Fisker to our Idea Framework: Looking for better Karma
|
Jan 4, 2021 |
|
CIEN: Backlog a bit worse than advertised
|
Dec 21, 2020 |
|
Scope for TDDI competitive dynamics to take a problematic turn as the market moves closer to saturation
|
Dec 20, 2020 |
|
RMO/RMG: We add Romeo Power to our Framework: Bringing the merchant vendor model to markets where batteries matter most
|
Dec 18, 2020 |
|
ANET: As the core business firms it’s turned out to be a pretty good time to own advanced NDR capabilities
|
Dec 16, 2020 |
|
RIDE: Camping World? What happened to Ryder?
|
Dec 16, 2020 |
|
INSG: Again, not a new customer or use case, and this one has already cut price by 25%
|
Dec 15, 2020 |
|
CMBM: We think elevated (elevating) lead times for key SKUs now owes in part to success with Elevate then
|
Dec 15, 2020 |
|
INSG: A not exactly new customer announced right around the time an interesting price cut surfaced
|
Dec 14, 2020 |
|
CIEN: Not great, but portions feel pretty extreme
|
Dec 10, 2020 |
|
MX/MCHP/MPWR/TXN: A key peer offers an update with some positives, but also a few warning flares
|
Dec 10, 2020 |
|
CIEN: We aren’t particularly worried about death by Whitebox, but still feels like a problematic setup in either direction both near and intermediate term
|
Dec 9, 2020 |
|
CMBM: 60GHz Terragraph continues to look compelling, but also starting to crowd a bit
|
Dec 9, 2020 |
|
Acer: Another largely seasonal month, but key segments are crowding and much tougher compares loom
|
Dec 8, 2020 |
|
INSG: Not a new customer, not a new use case and (we strongly suspect) not good for Gross Margin
|
Dec 4, 2020 |
|
SMCI: It’s not a normal year and caveats apply but things seem to be moving the wrong way exiting vs. entering
|
Dec 4, 2020 |
|
MCHP: Target model bumped marginally, we’d like to see more progress supporting the Total System narrative
|
Dec 3, 2020 |
|
WKHS: Lack of urgency to a process now over half a decade old could (arguably should) signal something larger
|
Dec 2, 2020 |
|
MPWR: Important customer(s) seeing 5G infrastructure soften, important competitor(s) making progress
|
Dec 2, 2020 |
|
KEYS: Relevant trade restrictions keep coming, and this might not change much with the new administration
|
Dec 1, 2020 |
|
DY: Moving back to Buy: Not great, but that might have been the worst of it
|
Nov 25, 2020 |
|
We add Lordstown Motors to our Idea Framework: A shift to technology they don’t own and which the industry has passed on for a century might bring some challenges
|
Nov 20, 2020 |
|
KEYS: The last few years have included tailwinds we think are unlikely to be included in the next few
|
Nov 19, 2020 |
|
KEYS: Recent peer inputs haven’t been particularly solid and the narrative continues to feel a little long in the tooth
|
Nov 18, 2020 |
|
MPWR: Mediatek acquiring (more) Analog power assets as aspirations extend beyond their own platforms, with a focus on Cloud Servers
|
Nov 17, 2020 |
|
INSG: The primary competitor in at least one key account again grew materially faster with (arguably because of) lower Gross Margins
|
Nov 17, 2020 |
|
WKHS: A Post Office in pretty tough shape causes us to continue questioning prospects for a NGDV contract
|
Nov 16, 2020 |
|
CMBM: A PTP product cycle offering more last mile opportunities set to join the PtMP cycles in early 2021
|
Nov 13, 2020 |
|
WKHS: After a noteworthy effort couldn’t make the EV math work abroad, Ford set to try it alone domestically
|
Nov 13, 2020 |
|
COHR: Not good, and at this point both confusing and concerning
|
Nov 11, 2020 |
|
WKHS: Another production target missed, a concerning production cost comparison and a PPP decision we don’t think is a particularly good look
|
Nov 11, 2020 |
|
MPWR: The third sizeable contribution from a direct customer in about a year, this one with much more favorable payment terms
|
Nov 10, 2020 |
|
Acer: Near term trends still mostly good, beyond near term still feels mostly concerning
|
Nov 10, 2020 |
|
CMBM: 2020 was an important year, but the product cycles and stimulus tailwinds really start to matter in 2021
|
Nov 6, 2020 |
|
INFN: Handling themselves well now, significant product cycle opportunity against arguably the best industry landscape ever later
|
Nov 6, 2020 |
|
INSG: Against a backdrop of unsustainably good demand aided by channel fill, growth lagged peers and earnings quality wasn’t very good
|
Nov 6, 2020 |
|
INSG: Enhancements to the iPhone don’t feel like a great development and we’re not seeing much to assuage our FWA concerns
|
Nov 5, 2020 |
|
MCHP: Several things look too low to us near term, beyond that we think the opportunity still lies in doing nothing
|
Nov 5, 2020 |
|
SMCI: A far more definitive stance on growth ambitions and drivers is a significant positive
|
Nov 4, 2020 |
|
ANET: Share debate might shift from how much might be at risk to how much might be gained
|
Nov 3, 2020 |
|
SMCI: Super Micro to report CQ3 ’20: There are clearly some headwinds right now, but equally clearly there are some opportunities
|
Nov 3, 2020 |
|
INSG: A customer add, but one we don’t expect to drive much contribution (at least) near to intermediate term
|
Nov 2, 2020 |
|
MPWR: It turns out CQ3 ’20 was pretty much everyone’s best quarter in quite a while, but there are a few more asterisks here
|
Oct 30, 2020 |
|
MX: Feels more like an IPO than a company sneaking up on its 10th year as a public company
|
Oct 30, 2020 |
|
KEYS: A key competitor saw orders slow sharply, sees some snags with mmWave
|
Oct 29, 2020 |
|
ANET: Another surprisingly strong Enterprise Switching input, a key Hyperscale vendor continues expanding capacity
|
Oct 28, 2020 |
|
We add Workhorse to our Idea Framework: From Title Starts Online to EV last mile disruptor (..?)
|
Oct 26, 2020 |
|
INTC: Semi IP and manufacturing have never been this geopolitically relevant, Intel has never been this disliked
|
Oct 23, 2020 |
|
INSG: One peer doesn’t seem all that convinced of sustainability of Hotspot demand
|
Oct 22, 2020 |
|
NTGR: Further share loss ahead of looming market crowding and Service Provider trajectory implications feel problematic
|
Oct 22, 2020 |
|
TXN: Above consensus but not all that different from peers doesn’t do much to ease our concerns
|
Oct 21, 2020 |
|
TXN: Certainly better be good now, we continue to be less enthusiastic later
|
Oct 20, 2020 |
|
CMBM: With one Hyperscale led wireless broadband initiative now in motion, a second might be surfacing
|
Oct 16, 2020 |
|
SYNA: Things continue to look challenging in Mobile
|
Oct 14, 2020 |
|
CMBM: Cambium will comfortably exceed guidance for the third time this year, next year should be better
|
Oct 14, 2020 |
|
We add Ciena to our Framework: Shifting focus to a recovery, but we have some questions, and we aren’t nuts about the estimates
|
Oct 14, 2020 |
|
ACER: Best quarter of growth in a decade, although it started out stronger than it finished
|
Oct 13, 2020 |
|
ANET: Not the cleanest read, but it probably doesn’t hurt
|
Oct 9, 2020 |
|
SMCI: A US project award could / should provide benefits far in excess of the deal size
|
Oct 8, 2020 |
|
MX: First redemption done eliminates > 70% of Interest Expense a bit ahead of our prior assumption
|
Oct 7, 2020 |
|
MX: Our MagnaChip estimates already feel too low
|
Oct 6, 2020 |
|
DY: Most developments continue to look encouraging, one or two we think it makes sense to monitor
|
Oct 6, 2020 |
|
Another export restriction looks official, seemingly another instance of pull forward
|
Oct 5, 2020 |
|
INSG: Two fixed wireless offerings domestically and developments overseas don’t look all that encouraging
|
Oct 5, 2020 |
|
STMicro’s best growth in > 15 years likely good now, but concerning later, for MCU peers
|
Oct 1, 2020 |
|
We add Acer to our Idea Framework: We think we understand how they got here, staying here could prove trickier
|
Oct 1, 2020 |
|
ANET: Adding items to the menu ahead of what should be a more favorable demand environment
|
Sep 30, 2020 |
|
INITIATION: MX: Transformation yields a very favorably exposed product company with about half its market cap in cash
|
Sep 25, 2020 |
|
INSG: Inseego lost share at their largest customer, and things have gotten more crowded since
|
Sep 23, 2020 |
|
INITIATION: We re-add Netgear to our Framework: Sustaining a COVID bump as things crowd feels challenging
|
Sep 22, 2020 |
|
CMBM/UI: Cambium’s 60GHz is potentially transformative, and looks quite a bit more compelling than what we’ve seen from the primary competitor
|
Sep 18, 2020 |
|
INSG: Another hotspot competitor surfaces at Verizon alongside certified pre-owned
|
Sep 17, 2020 |
|
MPWR: A confusing update causes our concerns to spread to production alongside consumption
|
Sep 15, 2020 |
|
COHR: Moving to Neutral: Concerns unchanged, but consensus estimates look too low near term
|
Sep 14, 2020 |
|
SMCI: Market share took another step in the right direction, our CQ3 ’20 confusion remains unchanged
|
Sep 11, 2020 |
|
UI: We think continued splintering of what had been a loyal user base has important and problematic implications
|
Sep 11, 2020 |
|
August wasn’t great for Component Distribution, and we haven’t lost Huawei / HiSilicon yet
|
Sep 11, 2020 |
|
INSG: With Verizon’s 5G Home reboot imminent, we can find only one CPE that looks like it fits the bill
|
Sep 10, 2020 |
|
KEYS: Another potential entity list addition feels like another problem
|
Sep 9, 2020 |
|
DY: Moving to Neutral: There remains a lot to like, but consensus estimates cause us some concern
|
Sep 8, 2020 |
|
INSG: With school already online, hotspots seem pretty widely available amidst continued indications of lower end preference
|
Sep 4, 2020 |
|
SMCI: 1H CY ’20 performance stacks up well, CQ3 ’20 guide increasingly looks like a really low bar
|
Aug 28, 2020 |
|
KEYS: More entity list additions, one in particular jumps out
|
Aug 28, 2020 |
|
DY: Raising FV Target / Certainly more good than bad, but customer dynamics and backlog development a little confusing
|
Aug 27, 2020 |
|
SMCI: Negative headline, positive developments
|
Aug 26, 2020 |
|
MPWR: First unit decline in multiple years seems noteworthy, and comes at sort of a confusing time
|
Aug 25, 2020 |
|
UI: A bit below our estimates during a quarter in which we don’t think customers were treated particularly well
|
Aug 24, 2020 |
|
KEYS: With more customer risk and lower order coverage, feels like the ice is getting thin
|
Aug 21, 2020 |
|
KEYS: Should be fine now, we see some challenges later
|
Aug 20, 2020 |
|
KEYS: Probably makes sense to keep an eye on Cisco
|
Aug 19, 2020 |
|
CMBM: From here there are more products into more use cases against a backdrop of more funding for more customers
|
Aug 18, 2020 |
|
COHR: OLED capacity air pocket amid 5G phone de-spec’ing
|
Aug 17, 2020 |
|
ANET: In a year of decent Cloud spending Arista is not going to grow, but neither is anyone else
|
Aug 14, 2020 |
|
SMCI: The opportunity set remains compelling, more concrete communication remains required
|
Aug 13, 2020 |
|
SMCI: Near term is understandable, arguably encouraging, but it’s time for some intermediate term guide posts
|
Aug 12, 2020 |
|
AAOI: Several things moving in the right direction could make laser capacity an issue
|
Aug 10, 2020 |
|
AAOI: Adding fronthaul to the mix yields more positives than negatives for now
|
Aug 7, 2020 |
|
INFN: On the verge of redefining themselves as technology and politics redefines their market
|
Aug 6, 2020 |
|
INSG: A period of unsustainable demand yields no guidance and a CFO departure
|
Aug 6, 2020 |
|
MCHP: Some caution won’t be welcomed today, but it helps one way or another through the 2H
|
Aug 5, 2020 |
|
COHR: Near term underwhelming, continue to think OLED is proceeding toward concerning
|
Aug 5, 2020 |
|
MCHP: Letters historically have been share price friendly
|
Aug 4, 2020 |
|
INSG: Probably makes sense to keep an eye on South Africa
|
Jul 31, 2020 |
|
KEYS: A non-US peer continues to do very well in APAC, a US peer hits some snags
|
Jul 31, 2020 |
|
ANET: A peer and a customer suggest upward pressure to estimates, while checks suggest some whitebox delays
|
Jul 30, 2020 |
|
MPWR: Dynamics favorable now, we think less so later
|
Jul 29, 2020 |
|
MPWR: Concerns affecting a well-positioned competitor seem worthy of attention
|
Jul 28, 2020 |
|
INTC: The DCG downturn should be brief, and we think it’s unlikely this node transition is as tough as the last
|
Jul 24, 2020 |
|
INFN: Adva results look encouraging
|
Jul 24, 2020 |
|
INTC: Portfolio arguably never more relevant, multiple arguably never more depressed
|
Jul 23, 2020 |
|
TXN: Underperforming peers now, Growth and Margin risks later
|
Jul 22, 2020 |
|
INSG: The week since LA announced delayed reopening appears to have been better for the low cost hotspot
|
Jul 21, 2020 |
|
TXN: Near term should be / better be fine, we think some challenges loom intermediate to longer term
|
Jul 21, 2020 |
|
TSM: Potential for the “anything is ok” narrative to disappoint
|
Jul 17, 2020 |
|
DY: With some pretty positive tailwinds already in place, seems like Google might be reactivating
|
Jul 16, 2020 |
|
5G smartphone penetration already exceeds 60% in China
|
Jul 15, 2020 |
|
UI: Pushing two products to EOL during a global pandemic doesn’t appear to be going over particularly well
|
Jul 14, 2020 |
|
MCHP/MPWR/TXN: CQ2 ’20 Component distribution was well below seasonal, with first input into CQ3 ’20 not great
|
Jul 13, 2020 |
|
INSG: In the span of about 60 days, Hotspot availability issues have eased quite a bit
|
Jul 13, 2020 |
|
INTC: Worst quarter in a long time for PCs followed by best quarter in a long time for PCs
|
Jul 10, 2020 |
|
CMBM: Guidance bumped, and the product cycles haven’t even started yet
|
Jul 9, 2020 |
|
SYNA: We suspect there is a reason Broadcom is looking to exit these markets for a second time
|
Jul 8, 2020 |
|
Short Idea: We add Coherent to our Framework: Scope for OLED to shift from encouraging to concerning
|
Jun 30, 2020 |
|
Cambium’s product announcements yield some questions about Ubiquiti’s roadmap, and further confusion about Ubiquiti’s Bill of Materials
|
Jun 25, 2020 |
|
CMBM: We add Cambium to our Idea Framework: Scope for continued share gains against a competitor with an Enterprise Value > 50x larger
|
Jun 22, 2020 |
|
Infinera’s 800G looks pretty compelling vs. direct competition, although there appears to be plenty of opportunity elsewhere
|
Jun 19, 2020 |
|
SYNA: A recent fundraising could develop into a sizeable problem
|
Jun 17, 2020 |
|
Synaptics’ CMD: Some OLED commentary we have trouble squaring, and some targets which feel like a stretch
|
Jun 15, 2020 |
|
INTC: Feels like it ended prematurely, but Mr. Keller’s Intel tenure was about equal to his average AMD tenures
|
Jun 12, 2020 |
|
SMCI: Market share moves in the right direction for the first time since “the article”
|
Jun 12, 2020 |
|
MCHP/MPWR/TXN: Component distribution slowed pretty hard last month
|
Jun 11, 2020 |
|
INTC: Compute supply chain tracking comfortably ahead, MB / Server feels better than NB into CQ3 ‘20
|
Jun 10, 2020 |
|
We Add Texas Instruments to our framework: Less than three months later, more or less back where we just were
|
Jun 9, 2020 |
|
INTC: Server chassis demand is picking up a lot, and visibility is extending
|
Jun 5, 2020 |
|
Infinera pretty soundly outpaced industry peers, and the competitive backdrop has arguably gotten more favorable
|
Jun 5, 2020 |
|
MCHP: A little better now, a lot of potential later
|
Jun 3, 2020 |
|
INTC: Desktop feels like a lever for upside near term, and for narrowing a substantial multiple discount longer term
|
Jun 3, 2020 |
|
INSG: Fixed Wireless CPE might be the most crowded market on the planet, and margins appear to show it
|
Jun 1, 2020 |
|
Super Micro appears to have comfortably outpaced the peer group for a second straight quarter
|
May 29, 2020 |
|
INTC/AMD/TSM: Some demand optimism, but this still looks like a lot of Compute Inventory
|
May 28, 2020 |
|
HPE adding execution missteps to a narrow portfolio should yield opportunity
|
May 22, 2020 |
|
TSM: Feels like an odd time for Samsung to add capacity without customer commitments
|
May 21, 2020 |
|
INSG: A surprising input makes us more worried about competitive dynamics
|
May 21, 2020 |
|
INTC: A lot of optimism from the largest PC vendor, but also a lot of inventory
|
May 20, 2020 |
|
SYNA: Huawei might be a problem, but we don’t think the only problem
|
May 20, 2020 |
|
DY: FQ1 21 first look: Things are better than we thought now, and several key customer compares get a lot easier later
|
May 19, 2020 |
|
SMCI: Scope for some upward pressure on revenue estimates, We think JV should be fixed or exited
|
May 19, 2020 |
|
ANET: After an unplanned step backward, developments downstream seem to be moving forward
|
May 18, 2020 |
|
INSG: A little curious to find a competing product go from out of stock to on sale in the span of about two weeks
|
May 18, 2020 |
|
MPWR: A big distributor again has big inventory
|
May 15, 2020 |
|
Cisco’s 1H CY ’20 Switching Sales look down close to 15% Y/Y, but perhaps a glimpse of stability
|
May 14, 2020 |
|
MPWR: China again accounted for over 100% of Sales growth, and a 10% Direct Customer appeared / reappeared
|
May 14, 2020 |
|
The largest distributor in APAC seeing this type of growth now has generally not meant good things for TSMC later
|
May 12, 2020 |
|
Infinera to report CQ1 20: There are and will be complications, but the broad strokes here seem somewhat straightforward
|
May 12, 2020 |
|
TSM: April Sales below seasonal, scope for heightened US / China risks mounts
|
May 11, 2020 |
|
INSG: Financings we find awfully confusing appear to have arrived just in time
|
May 11, 2020 |
|
SYNA: Concerning Revenue trending
|
May 8, 2020 |
|
SMCI: More good than bad near term, with renewed focus on growth a notable positive
|
May 8, 2020 |
|
INSG: Not sure we agree with any of the key assertions, and unclear on a Balance Sheet omission
|
May 7, 2020 |
|
INTC: A key component vendor’s visibility extending suggests scope for upward pressure to our DCG estimates
|
May 7, 2020 |
|
SMCI: Near term could be choppy, but scope to get back on track with some product cycle help
|
May 7, 2020 |
|
ANET: We think a marginal upward revision to Cloud segment is more positive than it looks
|
May 6, 2020 |
|
INFN: Becoming the largest customer to a key component vendor for the first time suggests progress continues despite near term headwinds
|
May 5, 2020 |
|
DY: Results and guidance from a key industry peer look reassuring, perhaps even encouraging
|
May 4, 2020 |
|
INTC: Comet Lake Desktop CPUs are official, scope for recovery off a CQ1 ’20
|
May 1, 2020 |
|
KEYS: Revised export restrictions probably helpful short term, but we suspect they get unhelpful in a hurry after that
|
May 1, 2020 |
|
We add Inseego to our Framework: We aren’t sure this turnaround effort ends up much differently than all the ones that preceded it
|
Apr 30, 2020 |
|
AMD CQ1 20: Seems like an awful lot of the upside isn’t accruing to AMD, and that’s before competitors regain at least some of their stride
|
Apr 29, 2020 |
|
MPS CQ1 20 results: Growth undershooting some relevant yardsticks now, things could get a bit more challenging later
|
Apr 29, 2020 |
|
With pretty clear acceleration across the 5G ecosystems, a key T&M vendor sees things flattening out
|
Apr 28, 2020 |
|
INTC: We think the biggest headline negative is a really important structural positive
|
Apr 24, 2020 |
|
Intel to report CQ1 ’20: Seems like a lot of concerns for a company with some decent tailwinds trading at a substantial discoun
|
Apr 23, 2020 |
|
Things at TI are not good right now, but the bottom of this might not be too far off
|
Apr 22, 2020 |
|
TSM: Feels like more risk than reward
|
Apr 17, 2020 |
|
TSM: Not sure either primary concern was addressed
|
Apr 16, 2020 |
|
TSM to report CQ1 ’20 results: Not sure COVID is the biggest risk
|
Apr 15, 2020 |
|
A weak CQ1 ’20 for PC shipments could mark the interim growth trough
|
Apr 14, 2020 |
|
INTC: ODM production pops back: Doesn’t tell us much, but a pretty bleak scenario is already resident in our estimates
|
Apr 13, 2020 |
|
MCHP: Good start to a bad crisis
|
Apr 9, 2020 |
|
Novatek: Removing from Our Framework: Thesis stalled on upstream capacity shifts we don’t think it makes sense to ignore
|
Apr 8, 2020 |
|
We add Arista to our Framework: A key metric got off track, but looks to be back on track, amidst a lot of cash and a lot of “Neutrals”
|
Apr 6, 2020 |
|
Dycom taking some proactive measures we aren’t sure will be all that necessary as broadband favorable initiatives continue
|
Apr 2, 2020 |
|
We add Microchip to our Framework: The path to post crisis revaluation might be as easy as “Do the opposite”
|
Mar 31, 2020 |
|
We Add Infinera to our Idea Framework: Best shot looms to get back in gear after a pretty long winter
|
Mar 27, 2020 |
|
SMCI Reducing CY ’20 on production / logistics, leaving CY ’21 alone; A lot of cash, and an incented senior management
|
Mar 25, 2020 |
|
We add Intel to our Framework: Some cushion built in ahead of a crisis we suspect may not be as bad as the one faced a decade ago
|
Mar 24, 2020 |
|
Removing Realtek from Our Idea Generation Framework: Target attained
|
Mar 20, 2020 |
|
We add Dycom to Our Framework: Access to bandwidth loos like a mounting priority, Navigating next year’s convert maturity looks feasible
|
Mar 19, 2020 |
|
Removing Ciena from our Idea Generation Framework: Thesis stalled
|
Mar 19, 2020 |
|
CDW Removing from our Idea Generation Framework: Target attained
|
Mar 17, 2020 |
|
Removing TXN from Our Idea Generation Framework: Target attained faster than expected creates yield dynamics we don’t think it makes sense to ignore
|
Mar 13, 2020 |
|
Novatek had a very good February, while underlying consumption doesn’t look particularly good
|
Mar 10, 2020 |
|
Ciena’s near term feels riskier, next several years look harder than the last several
|
Mar 6, 2020 |
|
Ciena FQ1 ’20 a bit better but Services driven; Below consensus guide on corona follows in-line guide from a peer also dealing with corona
|
Mar 5, 2020 |
|
One metric makes us wonder if KEY’s FY ’20 Sales estimate is too high; A lot of talk about Software, but charging differently for Services looks like a bigger driver
|
Mar 4, 2020 |
|
MPS’ 10K: Customer trending inverted, Pricing benefit faded, New Auditors raised a flag
|
Mar 3, 2020 |
|
Some encouraging AAOI developments, some less encouraging developments
|
Feb 28, 2020 |
|
Keysight, like peers, saw no real problems exiting 2019, but concurrent infrastructure + device cycles now suggest less favorable conditions later
|
Feb 25, 2020 |
|
Keysight to report FQ1 ’20 results: Pull forward in one adjacent market flattens out CY ’20, while a peer sees the late cycle portion of early cycle spike up exiting CY ’19
|
Feb 24, 2020 |
|
Novatek : Tough to see why 2H CY ’20 will be above seasonal, while growth in CY ’21 looks challenging
|
Feb 21, 2020 |
|
Acacia’s Sales growth (ex-ZTE) again surpasses Ciena’s; Infinera acceleration offsets Cisco softness
|
Feb 20, 2020 |
|
Apple’s CQ1 ’20 cut follows Huawei’s worst CQ4 on record; Samsung’s Touch Controller shows up attached to a non-Samsung display
|
Feb 19, 2020 |
|
We add Monolithic Power to our Idea Framework: Expectations high, sailing might get a little less smooth
|
Feb 18, 2020 |
|
Macro uncertainty isn’t great, but share loss seems like the bigger problem
|
Feb 13, 2020 |
|
PC Touchpad share loss looks set to continue; One of several recent developments we have trouble squaring
|
Feb 12, 2020 |
|
We revise our estimates higher, but a lot of good things have happened against arguably the strongest backdrop in decades
|
Feb 11, 2020 |
|
Uninspiring start to the year in Taiwan passives
|
Feb 11, 2020 |
|
January TSM Sales were just a bit below seasonal trending, we suspect end consumption did not / is not faring as well
|
Feb 10, 2020 |
|
UBNT: One quarter removed from tariff fears, Sales slow sharply; Net Debt ticks past $500M
|
Feb 7, 2020 |
|
SMCI: Returning to growth with a lot of headwinds gone or dissipating, and an all-time high net cash balance
|
Feb 7, 2020 |
|
Underwhelming CQ4 ’19 CPU trending implies GPU trending that looks an awful lot like the “crypto-bubble”
|
Feb 7, 2020 |
|
CDW: Solid quarter, but a lot more PC exposure now vs. the last major O/S EOL
|
Feb 6, 2020 |
|
TXN: No change to capital management commentary, no incremental clarity on struggles in Embedded
|
Feb 5, 2020 |
|
NTGR: Removing from Our Idea Generation Framework
|
Feb 5, 2020 |
|
The largest MLCC vendor sees Orders jump sharply, while the largest High-End PCB vendor cuts guidance sharply
|
Feb 4, 2020 |
|
Scope for Verizon headwinds in FY ’20
|
Jan 31, 2020 |
|
A key customer’s Capex specifics don’t look all that encouraging
|
Jan 30, 2020 |
|
T&M peer sees Orders bounce back, although Sales less so, as share appears to be shifting in China
|
Jan 30, 2020 |
|
Intel had an awfully good CQ4 ’19 in the places AMD’s 7nm was supposed to hit hardest
|
Jan 29, 2020 |
|
We Add TI to our Idea Framework: Feels like a tricky time for a shift in Distribution strategy
|
Jan 28, 2020 |
|
Scope for the first drop in the SoC Test Market in 5 years
|
Jan 24, 2020 |
|
During a month in which China’s 5G smartphone units doubled, Japan’s MLCC units and ASP dropped
|
Jan 22, 2020 |
|
We Add Taiwan Semiconductor to Our Idea Framework: TSMC was also sold out 20 years ago. It didn’t go all that well
|
Jan 16, 2020 |
|
Removing Lenovo from Our Idea Generation Framework
|
Jan 13, 2020 |
|
Removing ANET from Our Idea Generation Framework
|
Jan 13, 2020 |
|
Novatek’s CQ4 ’19 Sales a bit better than planned, but updates from a customer and a competitor are arguably more noteworthy
|
Jan 8, 2020 |
|
CIEN: The last time Packet Networking Sales did this was never
|
Dec 12, 2019 |
|
Lenovo’s Server Units rebound, Server ASP continues to free fall
|
Dec 11, 2019 |
|
Super Micro share trends starting to become a bit concerning
|
Dec 11, 2019 |
|
We suspect CIEN will reiterate the broad strokes for FY ’20, but we see challenges in getting there
|
Dec 11, 2019 |
|
Realtek- Things cooled a bit in November
|
Dec 6, 2019 |
|
Lenovo estimates continue to look too high
|
Dec 4, 2019 |
|
KEYS Commercial Communications looks poised to slow quite a bit, and not clear to us it will un-slow
|
Nov 27, 2019 |
|
Keysight to report FQ4 ’19: 5G is clearly moving faster now, we continue to believe this has implications for later
|
Nov 26, 2019 |
|
Strong 2H for Realtek , but scope for slowing sales and margin pressure prospectively
|
Nov 25, 2019 |
|
Netgear’s Analyst Day: 2020 guidance feels like a stretch
|
Nov 21, 2019 |
|
COHR Thesis Stalled — Removing from our Idea Generation Framework
|
Nov 20, 2019 |
|
Another M/M drop in MLCC ASP marks the longest duration in > 5 years
|
Nov 19, 2019 |
|
Super Micro FQ1 20: First constructive demand commentary in over a year; Scope to regain compliance / listing into a recovering market
|
Nov 15, 2019 |
|
Reducing NTGR estimates as Cisco’s first decline in Commercial Orders since at least 2010 doesn’t bode well for Netgear’s most profitable business unit
|
Nov 14, 2019 |
|
Cisco FQ1 20: Opex guidance arguably more concerning than Revenue guidance; The initiatives intended to insulate Cisco don’t appear to be working
|
Nov 14, 2019 |
|
TDDI to sustain a bit longer than we thought but secular decline looms, OLED expectations still look aggressive to us
|
Nov 13, 2019 |
|
Coherent to report FQ4 19: Timing a little fluid but comfort in OLED recovery remains high; Materials Processing not good, but further deterioriation feels unlikely
|
Nov 5, 2019 |
|
ANET: Internally sourced alternatives might be a bigger problem than Server refresh cadence at one key customer, Tier 2 ICP trends are concerning
|
Nov 1, 2019 |
|
Less than one year in, and with China supply chain localization a potential factor, scope for a “correction phase” in 5G Semi Test is already upon us
|
Oct 31, 2019 |
|
Largest MLCC vendor globally cuts Sales guidance, does not cut Capex guidance
|
Oct 31, 2019 |
|
Broadly utopian conditions yield below consensus results; Relevant variables changing, not clear to us why AMD’s narrative won’t follow
|
Oct 30, 2019 |
|
A Key T&M Peer For KEYS Sees the Sharpest Slowing in Orders in Close to a Decade
|
Oct 30, 2019 |
|
For now, Intel’s CPU units appear quite a bit stronger than we expected. For later, Intel is pretty much guaranteeing an oversupplied CPU market.
|
Oct 25, 2019 |
|
Netgear CQ3 ’19 results: The launch of 802.11ac didn’t help Netgear, leaving us confused by different expectations for 802.11ax
|
Oct 24, 2019 |
|
AMD: This is starting to look an awful lot like a price war
|
Oct 4, 2019 |
|
A big pop in Japan MLCC units in July, but M/M price declines continued / worsened
|
Sep 20, 2019 |
|
AAOI Coast not entirely clear, but scope for some headwinds to dissipate toward year end
|
Sep 19, 2019 |
|
There goes the Server ASP
|
Sep 12, 2019 |
|
One T&M peer already expected a lower 5G peak vs. 4G LTE, and that was before a quasi-merger between two Chinese operators
|
Sep 11, 2019 |
|
We Add CDW to Our Idea Framework: Things have been very good, but appear to be getting less good as the next PC EOL event looms
|
Sep 10, 2019 |
|
Yageo Removing from Our Idea Generation Framework
|
Aug 30, 2019 |
|
We continue to have trouble squaring Synaptics’ Apple revenue, but, that may not be the most pressing problem right nowshares
|
Aug 28, 2019 |
|
Ubiquiti Ignoring investors is one thing, ignoring customers seems quite a bit
|
Aug 27, 2019 |
|
We Add Realtek to Our Idea Framework: Revenue sustainability questionable, Deviations like this one haven’t generally gone well for Realtek’s shares
|
Aug 26, 2019 |
|
Japan MLCC Sales into Y/Y contraction for first time in > 2 years, while Aluminum Electrolytic has gone south in a hurry
|
Aug 19, 2019 |
|
We Add Keysight to Our Idea Framework: When it arrived last time, it was already close to over
|
Aug 14, 2019 |
|
Asmedia’s CQ3 ’19 Off to the Slowest Start in at Least 7 Years
|
Aug 8, 2019 |
|
AAOI Not a Disaster, but Not Great, with Scope for Some Improvement in Quality Next Quarter
|
Aug 8, 2019 |
|
Yageo July Sales Bounce Unlikely to Sustain; We’re Still Not Clear on CQ2 ’19 Opex
|
Aug 7, 2019 |
|
Well Below Seasonal MLCC Sales Guide as Backlog Coverage Again Erodes; The Auto MLCC Narrative Feels a Lot Like IT MLCCs a Year Ago
|
Aug 6, 2019 |
|
Unclear to Us Why Slowing in Cloud Won’t Spread to Slowing in Campus
|
Aug 2, 2019 |
|
Tariffs Appear Problematic for Lenovo’s Notebook PC Sales, at a Bad Time
|
Aug 2, 2019 |
|
Amidst Clear Pull Forward in PCs, Tough to Peg AMD’s Guidance Cut on Consoles Alone
|
Aug 1, 2019 |
|
Confirmation of OLED Capacity Cycle Implies Incremental Annealing Sales > 2x Larger than a No Recovery Scenario in Industrial Lasers
|
Jul 31, 2019 |
|
Coherent Guidance Likely to Undershoot Consensus on Industrial Laser Headwinds, but OLED Recovery Gathering Momentum
|
Jul 30, 2019 |
|
Scope for first NB MPU share loss since Ryzen Mobile release; Intel’s 10nm / 7nm progress continues as checks suggest concerns with Foundry 5nm
|
Jul 26, 2019 |
|
We think Netgear will find “undiscounting” challenging as Amazon’s hardware ambitions extend to Home WiFi
|
Jul 25, 2019 |
|
Japan MLCC Units Below Seasonal in May, ASP Declines for the First Time This Year
|
Jul 19, 2019 |
|
The Largest Component Vendor Cuts Guidance with DOI at a > 10 Years High
|
Jul 16, 2019 |
|
Most Above Seasonal PC Units in > 5 Years, but Quality Appears Low, and Sustainability Questionable
|
Jul 12, 2019 |
|
Vishay’s Cut Implies a Return to Y/Y Sales Contraction and ASP Pressure; Taiyo’s Estimate Progression Implies Neither
|
Jul 11, 2019 |
|
Odd Timing for Acacia to be Acquired if both 600Gbps and / or 400G ZR aren’t Panning Out
|
Jul 11, 2019 |
|
Asmedia CQ2 ’19 Sales Well Below Consensus, Challenges Extend into 2H
|
Jul 10, 2019 |
|
Novatek’s Well Below Seasonal June Pushes CQ2 ’19 Sales Marginally Below the Consensus
|
Jul 9, 2019 |
|
Yageo CQ2 ’19 Sales Close on a Weak Note, Reducing Estimates Given Scope for Headwinds to Extend into the Peak Procurement Season
|
Jul 9, 2019 |
|
OLED Capacity Recovery Underway, ELA Installation Timing Firming Up
|
Jul 2, 2019 |
|
Taiyo Yuden: Sustaining Pricing and Factory Loadings into 2H CY ’19 Feels Like a Stretch to Us
|
Jul 1, 2019 |
|
Impacts from the latest additions to the US Entity List could expand a bit beyond the JVs
|
Jun 25, 2019 |
|
Small Panel OLED Capacity Recovery On Track, with Visibility Now Extending Out a Bit Further
|
Jun 19, 2019 |
|
Lenovo’s Recent Return to Smartphone Growth Could Prove Short Lived
|
Jun 17, 2019 |
|
CIEN: Unusually Strong Start to the Year in North America Telco, but Not for WaveServer
|
Jun 14, 2019 |
|
Ubiquiti’s WLAN and Non-WLAN Growth Slowed in CQ1 ’19, SMB WLAN Market Poised to Crowd Further as an Existing Vendor Takes a More Aggressive Shot
|
Jun 13, 2019 |
|
Lenovo Grew Server Sales in CQ1 ’19, but We Find Composition of Growth Concerning
|
Jun 11, 2019 |
|
Asmedia Consensus Estimates Very Likely to Again Require Downward Revision as AMD Reverses Stance on PCIe 4.0 Support
|
Jun 10, 2019 |
|
Novatek Sales Slow for a 3rd Straight Month, and the Real Challenges Haven’t Yet Kicked In
|
Jun 7, 2019 |
|
Yageo’s May Sales Again Below Seasonal, Significant Cuts to Consensus Appear Likely as Problems Extending Out of 2019
|
Jun 6, 2019 |
|
Ciena to report FQ2 ’19: Shifting Consumption / Competitive Conditions, Followed by Shifting Network Architecture
|
Jun 5, 2019 |
|
We Find it Difficult to Square Samsung’s Interest in AMD’s GPU IP for Mobile Use Cases Roughly 10 Years After AMD Sold their GPU IP for Mobile Use Cases
|
Jun 5, 2019 |
|
Cambium’s WISP Growth Has Outpaced Ubiquiti’s for a Sustained Stretch, Implies Unreasonable Valuation for Ubiquiti’s Non-WISP Segment
|
May 31, 2019 |
|
Scope for Server Headwinds Now to Extend to PCs Later For Lenovo, We Question Sustainability of Recent Smartphone Strength
|
May 30, 2019 |
|
Notable Progress for SMCI Despite a Range of Challenges Yields Scope for Shares to Re-Rate as Cyclical Headwinds Eventual Subside
|
May 23, 2019 |
|
Lenovo to Report FQ4 ’19: Scope for More Challenging Conditions in Servers Now, More Challenging Conditions in PCs Later
|
May 22, 2019 |
|
We Add Taiyo Yuden to Our Idea Framework: Near Term Divergences Tough to Square, We Don’t Think These Resolve Well for Taiyo
|
May 21, 2019 |
|
Preliminary SMCI FQ3 ’19: Revenue Unsurprisingly a Bit Weaker, but Gross Margin and Cash Flow Materially Better, and First Delayed 10K is Filed
|
May 17, 2019 |
|
CSCO Product Orders Slow and Undershoot Sales for a 3rd Straight Quarter, This Continues to Look Far More Cyclical than Secular
|
May 16, 2019 |
|
Cisco to Report FQ3 ’19: Multiple at 10 Year High with Scope for Less Favorable Conditions Prospectively
|
May 15, 2019 |
|
Reducing Asmedia Estimates: CQ1 ’19 Was Below Consensus, CQ2 ’19 Off to a Slow Start, CQ3 ’19 Consensus Feels Like a Stretch to Us
|
May 14, 2019 |
|
Ubiquiti CQ1 19 Results: Enterprise Sales Slow Materially, Pricing Disclosures Appear Inconsistent with Customer Commentary
|
May 10, 2019 |
|
Synaptics CQ1 ’19 results: Guidance Implies Earnings Run Rate > 50% Below the FY ’20 Consensus, with Bigger Problems Looming
|
May 10, 2019 |
|
Ubiquiti could / should issue CQ1 ’19 Results: Sustainability of Top Line Growth and Repurchase Activity Questionable From Here
|
May 9, 2019 |
|
Applied Opto CQ1 ’19 results: Assuming Things Continue to Go South from Here Feels Low Probability to Us
|
May 9, 2019 |
|
Yageo Sales Again Well Below Seasonal as Share Loss Worsens, We Believe More Aggressive Price Competition is the Next Problem
|
May 9, 2019 |
|
The Share Gainer in Taiwan MLCCs Sees Below Seasonal Trending, Pushing Sales into Y/Y Contraction
|
May 8, 2019 |
|
Applied Opto to Report CQ1 ’19: Industry Conditions Clearly Remain Challenging, Difficult to See This Sustain if the Market Again Doubles as Forecast
|
May 8, 2019 |
|
Novatek Guides CQ2 ’19 Marginally Above the Consensus, Although Monthly Trending Suggests Core DDIC Sales Again Slowed Sharply
|
May 7, 2019 |
|
A Key Novatek Supply Chain Partner Sees Weak 1H CY ’19 as Inventory Jumps to > 10 Year High
|
May 3, 2019 |
|
Arista CQ1 ’19 Results: Unable to Outrun Cloud Indefinitely, Scope for Enterprise Tailwinds to Fade Prospectively
|
May 3, 2019 |
|
Both MPU Vendors Exit CQ1 ’19 with Sizeable Jumps in DSO / DOI, Both MPU Vendors Embed a Massive 2H in Largely Zero Sum Opportunities
|
May 2, 2019 |
|
Coherent FQ2 ’19 Results: Management More Constructive on Key End Markets, Although Argubaly Underselling Improving OLED Conditions
|
May 1, 2019 |
|
Coherent to Report FQ2 ’19 Results: Conditions Still Not Great, but Checks Suggest Recovery in OLED Capacity Orders Underway
|
Apr 30, 2019 |
|
Ongoing MLCC Deterioration Hits the High End
|
Apr 26, 2019 |
|
Novatek’s CQ1 ’19 Pre-Tax Margin Marginally Above Our Estimate, Although Appears to Have Deteriorated Through the Quarter
|
Apr 26, 2019 |
|
We Are Not Certain Netgear Has Properly Diagnosed Current Challenges, While New Challenges Loom
|
Apr 25, 2019 |
|
Optical Systems Peer Cites New Account Wins for First Gross Margin Compression in Close to Two Years
|
Apr 23, 2019 |
|
PC Market Off to a Slow Start in 2019, We Don’t Think Lenovo Grew Units Organically Despite Notable Help
|
Apr 12, 2019 |
|
Applied Opto’s Peers Continue Struggling as Well; Scope for Industry Relief from Facebook’s Architectural Shift
|
Apr 11, 2019 |
|
Novatek Below Seasonal March Sales Yields First Material Y/Y Slowing in a Year
|
Apr 9, 2019 |
|
We Add Novatek to our Idea Framework: Scope for Easing Industry Capacity Constraints to Yield More Challenging Conditions Prospectively
|
Apr 4, 2019 |
|
A Key VGA Card Partner Sees Duration of Headwinds Extending
|
Mar 26, 2019 |
|
Asmedia CQ4 ’18 Margins Undershot Our Estimates, Working Capital Trends Mixed
|
Mar 19, 2019 |
|
Syna’s CEO’s Departure “Effective Immediately” Disclosed Alongside a Guidance Cut
|
Mar 18, 2019 |
|
Yageo: Another Spike in Opex of Questionable Quality, Another Departure from the Audit Team; Sharply Reducing Estimates and Fair Value
|
Mar 15, 2019 |
|
OLED Investment Plans Firming
|
Mar 14, 2019 |
|
We Add Applied Optoelectronics to Our Idea Framework
|
Mar 13, 2019 |
|
Asmedia’s February Sales Well Below Our Estimate Places CQ1 ’19 at Some Risk
|
Mar 11, 2019 |
|
Yageo’s Estimated Organic Sales Collapse in February, with Compares Meaningfully More Difficult from Here
|
Mar 8, 2019 |
|
Yageo’s Largest Domestic Peer Reverts Back to Well Below Seasonal Trending
|
Mar 7, 2019 |
|
CIEN FQ1 ’19 Results: Troubling Trending in Deferred Continues, Product Growth Peaking is Generally Not a Favorable Development
|
Mar 6, 2019 |
|
CIEN: First Look at FQ1 ’19 Results
|
Mar 5, 2019 |
|
We Add Asmedia to Our Idea Framework: Being Tightly Tied to AMD’s Desktop CPU Business Likely Gets Tougher From Here
|
Feb 28, 2019 |
|
Yageo’s CQ2 ’19 Recovery Might Range from Underwhelming to Non-Existent
|
Feb 26, 2019 |
|
Optical Vendor Optimism Up, Optical Market Growth Forecast Down
|
Feb 26, 2019 |
|
Intel 10nm Potentially a Bit Ahead of Schedule
|
Feb 25, 2019 |
|
Arista Networks: CQ4 18 Results More Concerning than Comforting, Risks Elevated After a Year that Felt Like a High Wire Act
|
Feb 19, 2019 |
|
Super Micro CQ4 18 Results: Lowest Multiple in a Decade Confusing as CQ4 ’18 Yields Higher Sales Guide, Higher Gross Margin and Best FCF since IPO
|
Feb 15, 2019 |
|
Super Micro to Report CQ4 18 Results: Multiple the Same as 2008 / 2009, while Quality of Business is Higher and a Return to Normal Looms
|
Feb 14, 2019 |
|
Yageo: Very Weak January Implies CQ1 ’19 Sales Tracking Well Below Consensus
|
Feb 14, 2019 |
|
Cisco FQ2 19 Results: In-Line Quarter and Guide with Quality Again Suspect; Sustainability a Concern Across Several Fronts
|
Feb 14, 2019 |
|
CSCO: While Perhaps “Not Yet”, We See Scope for More Challenging Conditions
|
Feb 13, 2019 |
|
One Year After Entering the Home IP Security Camera Market, Amazon Set to Enter the Home WiFi Mesh Market
|
Feb 12, 2019 |
|
SYNA: IoT / TDDI Concerns Intensify as CFO Departs
|
Feb 8, 2019 |
|
NTGR: Scope for Low Quality CQ4 ’18 to Pressure CY ’19 Outlook
|
Feb 8, 2019 |
|
The Last Time There Was a Delta This Wide, PC MPUs Comfortably Underperformed PC Units
|
Feb 4, 2019 |
|
CIEN: A Few North America Capex Developments Ranging from Noteworthy to Concerning
|
Feb 1, 2019 |
|
Materials Processing Was Last This Bad in 2008 / 2009; We Remain Comfortable an OLED Inflection Looms
|
Jan 31, 2019 |
|
AMD Very Weak CQ1 ’19 Guide, Very Optimistic CY ’19 Guide; We Believe Degree of Difficulty Goes Up Meaningfully From Here
|
Jan 30, 2019 |
|
Coherent to Report CQ4 ’18 Results: Not Expecting Much Improvement Now, but See Scope for Looming Display Recovery
|
Jan 29, 2019 |
|
We Add Lenovo to Our Idea Framework: Multiple at Multi-Year High as Multi-Year Tailwinds Set to Progressively Fade
|
Jan 25, 2019 |
|
Worst CQ4 for PC’s since 2012, Scope for CPU Concerns to Join GPU Concerns
|
Jan 11, 2019 |
|
Yageo Sales Again Comfortably Below Seasonal Trending; Unlike Memory, Capacitor / Resistor Pricing is Only Now Starting to Correct
|
Jan 10, 2019 |
|
AAPL Thesis Attained – Removing From Our Idea Generation Framework
|
Jan 4, 2019 |
|
Apple’s First Cut to Guidance in Over 15 Years; Scope for Challenges to Extend Beyond iPhone
|
Jan 3, 2019 |
|
Ahead of Price Hikes, Strongest UniFi WLAN Quarter in Over Two Years; After Price Hikes, Ubiquiti Starts Offering 0% Financing
|
Dec 21, 2018 |
|
Cisco Again Aided by Strong Tailwinds in a Low Quality FQ1 ’19; We Continue to Question Sustainability
|
Dec 19, 2018 |
|
First Look at Ciena’s FQ4 18 Results: Feels Like an Awfully High Bar as Product Sales Set to Slow Notably Through FY ’19
|
Dec 14, 2018 |
|
Worst Consecutive Monthly Sales Declines on Record Drives Further Deceleration in Key US CSP Server Procurement
|
Dec 10, 2018 |
|
Sharp Decline in Coherent’s Display Backlog Consistent with Industry Trends; Inputs Suggest Scope for Looming Recovery
|
Dec 3, 2018 |
|
We Add Coherent to Our Framework: Inputs Suggest Scope for Recovery Post Sooner and Sharper Slowing
|
Nov 27, 2018 |
|
We Add Ciena to Our Idea Framework: Scope for Composition of Growth Now to Prove Concerning Later
|
Nov 16, 2018 |
|
SuperMicro CQ3 ’18 Results: We View Immaterial Restatements and Guidance Consistent with Peer Inputs as Encouraging
|
Nov 16, 2018 |
|
Micro-Star Thesis Attained – Removing From Our Idea Generation Framework
|
Nov 16, 2018 |
|
Cisco to Report FQ1 ’19 Results: Scope for Progressively Less Favorable Conditions as Key Compares Grow More Challenging
|
Nov 14, 2018 |
|
Wiwynn Early CQ4 ’18 Trending Much Weaker vs. a Year Ago as Cloud Headwinds Mount; We Further Reduce Our CY ’19 Estimates
|
Nov 13, 2018 |
|
HIMX Thesis Attained – Removing From Our Idea Generation Framework
|
Nov 13, 2018 |
|
First Look Synaptics FQ1 ’19 Results: IoT Sales Collapse; TDDI / COF Trends Range from Concerning to Unsustainable; 1H CY ’19 Headwinds Loom
|
Nov 9, 2018 |
|
Synaptics to Report CQ3 ’18 Results: COF DDIC Headwinds Mounting as Broader Smartphone Consumption Softens
|
Nov 8, 2018 |
|
Ubiquiti to Report CQ3 ’18 Results: Price Hikes Amidst Slowing in Key Product Categories an Additional Complicating Factor
|
Nov 8, 2018 |
|
Himax to Report CQ3 ’18 Results: Panel and WLO Developments Concerning, Multiple Premium Baffling
|
Nov 7, 2018 |
|
A Notable Omission in Ubiquiti’s Pending Results Follows Several Arguably Concerning Disclosures
|
Nov 6, 2018 |
|
INFN Thesis Attained – Removing From Our Idea Generation Framework
|
Nov 6, 2018 |
|
Apple CQ3 18 Results: Headwinds Materialize Earlier than Expected; No iPhone Channel Disclosures Now, Elimination of Unit Detail Later
|
Nov 2, 2018 |
|
One Leading MLCC Vendor Sees Notable Softening in KPIs, A Second Sees a Problematic Shift in General Purpose MLCCs
|
Oct 31, 2018 |
|
AMD Scope for Extension / Broadening of Headwinds Followed by Narrative Shift
|
Oct 30, 2018 |
|
We View Applied Materials’ FY ’19 Display Guide as Consistent with a Looming Cliff in ELA System Deliveries, Both Collectively Problematic for Coherent
|
May 18, 2018 |
|
With Inputs Already Suggesting Improved Capacitor Availability and Rising Inventories, Taiwanese ODMs Secure Contracted Supply from Japanese MLCC Vendors
|
May 17, 2018 |
|
NTGR: Sharpest Drop in Inventory Purchase Commitments in Over Two Years; US Arlo Sales Smaller than our Estimates Further our Share Confusion
|
May 16, 2018 |
|
SMCI: Our Estimates Remain Above Consensus as New Revenue Drivers Layer In, Component Availability Improves
|
May 15, 2018 |
|
Taiyo Yuden Joins Murata in Guiding to Post Recession High Capex; Mainstream Capacitor Lead Times Drop Slightly W/W
|
May 14, 2018 |
|
Synaptics CQ1 ’18 Results: We View OLED Optimism as Confusing, Share Loss as Root Cause for TDDI Issues, and GM Pressures as Mounting
|
May 11, 2018 |
|
Ubiquiti CQ1 ’18 First Look: Results / Guide Below Consensus; WISP Sales Back to Contraction, Enterprise Slows Again
|
May 10, 2018 |
|
Infinera CQ1 ’18 Results: Sharpest Drop in Deferred in 10 Years; Estimates Reduced as a Range of Concerns Surface Sooner than Expected
|
May 10, 2018 |
|
Coherent CQ1 ’18 Deferred Again Down Substantially, Flat Panel / ELA Contribution to Backlog Lowest in Two Years
|
May 10, 2018 |
|
We Add Infinera to Our Idea Framework: Things Are Good For Now, but We See Challenges to Attaining / Sustaining Requisite Earnings Power
|
May 9, 2018 |
|
CY ’18 Small Panel OLED Unit Outlook Again Down Sharply; We Believe a Key Equipment Vendor is Bracing for CY ’18 Orders Down Meaningfully
|
May 8, 2018 |
|
Arista CQ1 18 Results: Guidance Again Underwhelming as Deferred Again Drops Sharply, Billings Move to Y/Y Contraction for the First Time
|
May 4, 2018 |
|
Super Micro CQ1 ’18: Well Above Consensus for the Third Time Since Filing Issues Materialized; New CFO’s Focus to CF a Welcome Addition
|
May 4, 2018 |
|
Arista to Report CQ1 18 Results: 1H CY ’18 Certainly Better Be Good; Focus Remains to Shifting Consumption and Key Account Saturation
|
May 3, 2018 |
|
Intel / Altera Comfortably Outgrows Xilinx for a 3rd Straight Quarter, including Advanced Node Outperformance; Updating Xilinx Estimates
|
Apr 27, 2018 |
|
XLNX CQ1 ’18 First Look: CQ1 ’18 Helped by First Growth in Legacy Products in Nearly Three Years, Scope for CQ2 ’18 Help From Accounting Shift to be Material
|
Apr 26, 2018 |
|
Netgear CQ1 ’18 Results: Promotional Spending Reduced, Arlo Loses 300bps of Share; CQ1 ’18 Included Largest Drop in ST Deferred on Record
|
Apr 26, 2018 |
|
Netgear to Report CQ1 ’18 Results: Best Buy’s FQ4 ’18 Inventory Build a Consideration Near Term; Longer Term Competitive Developments Arguably More Concerning
|
Apr 25, 2018 |
|
Xilinx to Report CQ1 ’18 Results Post Close: The Basis For Xilinx to Invert from Underperforming to Outperforming the SAM Remains Unclear to Us
|
Apr 25, 2018 |
|
Super Micro’s Borrowing Terms Not Materially Changed on Refinanced Credit Facility
|
Apr 25, 2018 |
|
STMicro to Report CQ1 ’18 Results Overnight: NT Smartphone Concerns Digested; Duration / Cycle Risks Less So
|
Apr 24, 2018 |
|
Google Nest Outgrew Arlo, and Exited CY ’17 > 2x Larger than Arlo; Tolerance for Nest Operating Losses Concerning
|
Apr 24, 2018 |
|
Ahead of Nasdaq Listing Hearing, Supermicro Successfully Completes Refinancing
|
Apr 20, 2018 |
|
In-Display FP Sensors: Qualcomm’s Second Gen Ultrasonic FP Sensor Adopted by Huawei
|
Apr 19, 2018 |
|
Concerns Mounting: LCD Pricing Was Supposed to Have Stabilized by Now; Instead, Declines in Premium Panel ASPs Have Worsened
|
Apr 18, 2018 |
|
Updating and Re-Engaging on Arista Networks: Revenue Composition Joins Our Concerns, Alongside Key Customer Exposure and Shifting Competitive Dynamics
|
Apr 12, 2018 |
|
Semi Industry Posts First Below Seasonal Month in Nearly Two Years
|
Apr 3, 2018 |
|
In-Display FP Sensors: Synaptics Appears to Have Moved from Sole Sourced, to Dual Sourced, to Omitted Entirely
|
Mar 28, 2018 |
|
3rd Party Data Confirms Challenges Faced by a Key Coherent Partner, Scope For Notable Industry Slowing Despite Continued China Spending
|
Mar 22, 2018 |
|
A Clarification on In-Display FP Sensors We Do Not Believe Meaningfully Alters the Implications
|
Mar 22, 2018 |
|
Synaptics In-Display FP Sensor is Displaced in Roughly 60 Days; We Suspect Some TDDI Pull Forward in 1H CY ’18 as Competitive Dynamics Intensify
|
Mar 21, 2018 |
|
Our Work Suggests Headwinds in Korea Persist; Adoption of Micro / Mini LED Would Materially Worsen Already Problematic Intermediate Term Dynamics
|
Mar 20, 2018 |
|
Super Micro’s Nasdaq Compliance Process Moves to Procedural Hearing; Timeline, To Date, Closely Mirrors Marvell Two Years Earlier
|
Mar 19, 2018 |
|
VGA Card Demand Trends Appear Fine For Now, However, Increasingly Tenuous Beyond the Near Term
|
Mar 15, 2018 |
|
Ubiquiti’s Share Repurchases vs. Disclosed Authorizations Tough to Square as Exhaustion of the Recently Revised Credit Availability Looms
|
Mar 14, 2018 |
|
Grizzlies’ Minority Investor Developments Suggest Potential for Additional Share Sales by Ubiquiti’s CEO
|
Mar 13, 2018 |
|
Finisar FQ3 ’18 Results: Not Good Near Term, but, We See Scope for Improvements, and View Optionality as Significant
|
Mar 9, 2018 |
|
Finisar to Report FQ3 ’18 Results: We Struggle with Data Center TX Negativity Given Server Trends, Seems a Decent Time to Own Domestic VCSEL Capacity
|
Mar 8, 2018 |
|
UniFi Access Point CQ4 ’17 Detail: Sales Slow Notably for a 4th Straight Quarter, ASP Down Materially for a 2nd Consecutive Quarter
|
Mar 7, 2018 |
|
Tough to Find Evidence of Distractions as Super Micro Takes Close to 100bps of Server Share Again in CQ4 ’17
|
Mar 5, 2018 |
|
Ambarella FQ4 ’18 Results: Another DJI Loss Appears Confirmed by Omission; Estimates Do Not Appear De-Risked, to Us
|
Mar 2, 2018 |
|
Ambarella to Report FQ4 ’18 Results: Multiple within Throwing Distance of Nvidia Remains Confusing to Us Given Challenges in Existing and Aspirational Markets
|
Mar 1, 2018 |
|
Super Micro Nasdaq Extension Procedural, but March 13th Attainment Unlikely; We See Illogical Market Cap Disconnect to Peers as Business Momentum Continues
|
Mar 1, 2018 |
|
A/R DSO More Confusing to Us Post Netgear 10K Review; Amazon Appears Increasingly Committed to Compete Aggressively in Home IP Cameras
|
Feb 28, 2018 |
|
Ubiquiti’s First “LTU” Product Released: Checks Suggest Ample Availability, Confusing / Concerning Pricing
|
Feb 27, 2018 |
|
(AAOI) Thesis Attained – Removing From Our Idea Generation Framework
|
Feb 26, 2018 |
|
Inconsistencies Mount with Universal Display’s Below Consensus Guide, Implying Either Looming Weakness, or a Secular Peak
|
Feb 23, 2018 |
|
Applied Opto CQ4 17 Results: CNY Matters for the First Time Ever, 40G / 100G vs. Inventory Concerning, Facebook Disclosures Arguably More Concerning than Reassuring
|
Feb 22, 2018 |
|
Ubiquiti: Broad Ranging SEC Subpoenas Arrive
|
Feb 20, 2018 |
|
Synaptics’ CQ4 ’17 Sales to Samsung Collapsed; TDDI Margin / ASP Pressures Mounting ; We Continue to Question CoF Benefits / Duration, and Marvell Sustainability
|
Feb 16, 2018 |
|
Applied Materials’ Display Segment Slows Sharply, Shift to Large Display TVs of Little / No Relevance to Coherent Given Backplane Technology
|
Feb 15, 2018 |
|
Himax’ CQ4 17 Results: If Himax Can’t Sort Out TDDI or OLED DDIC, We Remain Confused as to How They Emerge a Vendor of Relevance in Full Solution 3D Sensing
|
Feb 14, 2018 |
|
Himax to Report CQ4 ’17 Results: Margin Pressures in LDDI, Lack of Traction in TDDI, 3D Sensing Adoption Slow but Competitive Landscape Evolving Fast
|
Feb 12, 2018 |
|
UBNT CQ4 ’17 Results First Look: Biggest Jump in DSO on Record as North America Sales Slow Materially, CQ1 ’18 / CQ2 ’18 Guidance Both Well Below Consensus
|
Feb 8, 2018 |
|
Synaptics CQ4 ’17 Results: In-Line Quarter, Below Consensus Guide Despite Including First Up Q/Q CQ1 for PCs Ever, We Have Doubts on Optical FP Sensors and COF
|
Feb 8, 2018 |
|
Coherent CQ4 17 Results: CQ1 ’18 EPS Guide Light on Weaker Margins; Biggest Q/Q Drop in Deferred in > 10 Years, First Y/Y Decline in Deferred Since 2015
|
Feb 8, 2018 |
|
Coherent to Report CQ4 ’17 Results: Income Statement Likely Ok For Now, But We Suspect First Bookings Decline Since 2015 Amidst Softer AMOLED Backdrop
|
Feb 7, 2018 |
|
Netgear CQ4 ’17 Results: Arlo IPO Announced as Arlo Growth Rate Touch All-Time Low, Gross Margin Hits All-Time Low, and DSO Hits All-Time High
|
Feb 7, 2018 |
|
Oclaro Estimates Down Again, Including Tax; We Continue to See Growth Challenges, and See Scope for 400Gbps TXs to be More Price Competitive vs. 100G
|
Feb 7, 2018 |
|
Oclaro CQ4 17 Results: Guidance Down, Confusion Up; Not Clear Oclaro’s Margin Ambitions are Consistent with Industry Realities
|
Feb 6, 2018 |
|
Oclaro to Report CQ4 17 Results: We Continue to See Cyclical and Secular Revenue Headwinds, Scope for Gross Margin Pressures
|
Feb 5, 2018 |
|
Challenges Mount: 16 Weeks of GoPro Channel Inventory, Scope for Two More DJI Drone Losses This Year, More Apps Processors in Surveillance
|
Feb 5, 2018 |
|
We Question Sustaining Utopian GPU Conditions as Ethereum Risks Loom; We Question AMD Sustaining Share as Nvidia’s Consumer Volta Looms
|
Feb 2, 2018 |
|
Post Quarter Follow Up with Super Micro: Existing Filing Timeline Appears Intact, Scope for Upward Bias to Our Above Consensus Estimates
|
Feb 1, 2018 |
|
SuperMicro Preliminary CQ4 ’17 Results: Broadly Favorable Results Since Investigation Commenced Argues Against Problematic Prospective Implications From Executive Departures
|
Jan 31, 2018 |
|
Super Micro Business Update Post Close: Filing Process Appears On Track, Scope for Headwinds to Progressively Ease and Tax Rate to Decline
|
Jan 30, 2018 |
|
Intel CQ4 ’17: Strong DCG as EPYC Inputs Remain Weak, Altera Outgrows Xilinx for a 2nd Straight Year
|
Jan 26, 2018 |
|
Xilinx CQ4 ’17 Results: Crypto-Mining Helps (Saves) Guidance; Underperformance in a Massive Industry Upcycle Leaves Concerned with an Eventual Downcycle
|
Jan 25, 2018 |
|
STMicro to Report CQ4 ’17 Results Overnight: Cycle Concerns, Revenue Exposure Concerns, Capacity Concerns
|
Jan 24, 2018 |
|
TI’s First Below Seasonal Trending Since Current Industry Upcycle Started; SOX Delta to Semi Growth Back to Recent Correction Level
|
Jan 24, 2018 |
|
Korean Press Report Suggests Scope for Downside Sooner to AMOLED Capacity Additions
|
Jan 24, 2018 |
|
3rd Party Data Suggests Interim Display Spending Peaks Reached, Or Loom
|
Jan 23, 2018 |
|
Cyclical and Secular Revenue Headwinds Remain for Oclaro, We Continue to See Mounting Scope for Gross Margin Challenges
|
Jan 19, 2018 |
|
GoPro Cuts CQ4 ’17 and Exits Drones; Ambarella’s CV Offering Continues to Appear Somewhat Underwhelming for Auto ADAS Use Cases
|
Jan 11, 2018 |
|
Weak Close to CQ4 ’17 Across the Display Supply Chain
|
Jan 10, 2018 |
|
UniFi Access Point CQ3 ’17 Detail: If Ubiquiti Never Cuts Price, We are Confused as to Why UniFi ASPs are Collapsing
|
Jan 3, 2018 |
|
We Add Coherent to Our Idea Framework: Markets Already Appear Concerned with Coherent’s Customers, Scope for Material AMOLED Oversupply Looms
|
Dec 26, 2017 |
|
Synaptics’ 2017 CMD: We Believe TDDI Pressure is Already Here, We Have Doubts on In-Display, An Industry Back End Process Change as a Material Growth Driver Confuses Us
|
Dec 14, 2017 |
|
Finisar Estimates Reduced, But Navigating 100G Dynamics Better Than Most, While Product Initiatives Progress
|
Dec 11, 2017 |
|
First Look at Finisar’s FQ2 ’18: QSFP 28 / CWDM4 and China Dynamics Not Good for Finisar, Arguably Much Worse for Optical Peers
|
Dec 8, 2017 |
|
Finisar to Report FQ2 ’18 Results: Still Very Few Near Term Industry Positives, But, Finisar Could / Should Have Some Offsets
|
Dec 7, 2017 |
|
Applied Opto Pushing Out Laser Capacity as Data Center TX Sales Set to Slow Notably; We Continue to Believe Sustaining Gross Margin will be Challenging
|
Dec 6, 2017 |
|
UniFi Access Point Sales ~ 800bps Below Our Estimate, Decelerating for a 3rd Straight Quarter; AmpliFi Does Not Appear a Valid Offset
|
Dec 1, 2017 |
|
Ambarella FQ3 18 Results: CY ’18 Consensus Estimates Again Head Lower; Demo of CV Silicon Roughly 6 Months Behind ARM’s C71 Auto ISP
|
Dec 1, 2017 |
|
SIMO Thesis Relevance Diminishing – Removing From Our Idea Generation Framework
|
Nov 30, 2017 |
|
MRVL Price Target Attained – Removing From Our Idea Generation Framework
|
Nov 30, 2017 |
|
Marvell FQ3 ’18 Results: Into CY ’18 Networking Positively Inflects, Headwinds from HDD Controller Inventories Dissipate
|
Nov 29, 2017 |
|
AMD Estimated Back to Pre-Polaris GPU Share following CQ3 ’17 Share Loss; We Continue to See Scope for Notable Slowing in GPU Units in 2018
|
Nov 27, 2017 |
|
Marvell Guides FQ3 ’18 Marginally Above the Consensus; Confirms Planned Acquisition of Cavium
|
Nov 21, 2017 |
|
AMD Hemorrhages CPU Share on Steam in October, MB / VGA Card Inputs Soften Post Asus’ Caution
|
Nov 17, 2017 |
|
Updating SYNA Estimates: Acquired Marvell Assets Join Our List of Concerns; TDDI Market Deteriorating Faster than We Prior Contemplated
|
Nov 15, 2017 |
|
Himax CQ3 17 Results: Alarming Core Biz Share Loss; Apple Dynamics Perplexing; Unclear Why Android OEMs Will Pay 20% More than Apple for 3D Sensing
|
Nov 13, 2017 |
|
Ubiquiti CQ3 ’17 Results: Working Capital Growth Slows, Sales Guided > 500bps below Consensus; Opex per Employee Hits All Time Low
|
Nov 9, 2017 |
|
Two Years After Losing the Head of CPUs to Tesla, AMD Loses the Head of GPUs to Intel; We Are Skeptical of Benefits from Custom GPU for Intel
|
Nov 9, 2017 |
|
Himax to Report CQ3 ’17 Results: DDIC Trends Soft, Sharp Growth in Touch Controllers Not Sustainable, We Are Less Optimistic on 3D Sensing
|
Nov 8, 2017 |
|
Synaptics CQ3 ’17 Results: FY 18 Sales Guide Cut on Confirmed Samsung Loss; Marvell Contribution Ranges from Confusing to Concerning
|
Nov 8, 2017 |
|
Applied Opto CQ3 17 Results: 40Gbps Sales ex-AMZN Appear to Have Grown Q/Q; > 50% of DC Sales Still Subject to Ongoing Pressures; Earnings Quality Erodes
|
Nov 8, 2017 |
|
Applied Opto to Report CQ3 17 Results: Sustaining Facebook a NT Concern; Sustaining GM as LR4 Vendors Crowd into CWDM4 an Intermediate Term Concern
|
Nov 7, 2017 |
|
Synaptics to Report CQ3 ’17 Results: Close of Marvell Deal Does Not Appear in CQ3 ’17 Estimates; Continued Share and ASP Concerns in Organic Businesses
|
Nov 7, 2017 |
|
Oclaro CQ3 17 Results: Near Term is Worse; Intermediate Term is Arguably Much More Concerning
|
Nov 2, 2017 |
|
Oclaro to Report CQ3 17 Results: Softness Beyond China Near Term; Elevated Component Capex Intersects Reduced Port Consumption Intermediate Term
|
Nov 1, 2017 |
|
Silicon Motion CQ3 17 Results: Estimates Down Again; Market Risks and Market Share Risks Remain
|
Oct 31, 2017 |
|
Super Micro Preliminary CQ3 ’17 Results: Filing Delay Still Doesn’t Overly Problematic; CY ’18 Should Bring Tailwinds
|
Oct 30, 2017 |
|
Netgear CQ3 17 Results: Estimates Down Again; Amazon’s Entry and Swann’s Wire Free SKU Leave Us Concerned Competition May Not Cooperate
|
Oct 27, 2017 |
|
Xilinx CQ3 ’17 Results: CY ’18 Estimates Remain Below Consensus on Comms Contraction, Industrial Sustainability, Competitiion
|
Oct 26, 2017 |
|
Xilinx to Report CQ3 17 Results: Scope for Elongated 5G Spend and Crowding DB Inferencing Landscape to Pressure Elevated Multiple
|
Oct 25, 2017 |
|
AMD CQ3 ’17 Results: Suspect Quality, Our View Remains More Challenging Conditions Loom
|
Oct 25, 2017 |
|
AMD to report CQ3 17 Results: VGA Cards Help CQ3 17 but We See Some Slowing, Scope for Tailwinds to Fade as Competitive Responses Mount
|
Oct 24, 2017 |
|
Preliminary AAOI CQ3 ’17 Results: Sharpest Cut to Sales Guide Since Coming Public, Competitive Crowding in 100Gbps Does Not Appear Transitory
|
Oct 13, 2017 |
|
Data Center Transceiver Discussion Focuses to “Very Challenging Economics”, Competitive Crowding
|
Oct 6, 2017 |
|
Silicon Motion Preliminary CQ3 ’17 Results Due: Near Term Dynamics Appear Challenging, Slope of NAND Supply Remains an Intermediate Term Concern
|
Oct 5, 2017 |
|
Super Micro Filing Delay Unexpected and Unwanted, But Does Not Appear Structurally Problematic
|
Sep 28, 2017 |
|
Ubiquiti CMD: Comfort with Low End of Guidance Perhaps the Lone Tangible Takeaway; Many Issues Unaddressed
|
Sep 27, 2017 |
|
Scope for Focus to Shift from Optical Component “Catch-Up”, to Slowing Optical Systems Demand in China
|
Sep 26, 2017 |
|
Possible Tesla AI SoC, Developed by Engineers Who No Longer Work for AMD
|
Sep 21, 2017 |
|
UniFi CQ2 ’17 Sales and Shipment Detail: Ranging from Confusing to Alarming
|
Sep 18, 2017 |
|
Panel Trends Range from Soft to Concerning; A/R Initiatives from Apple and Google Do Not Require Dedicated 3D Scanning
|
Sep 15, 2017 |
|
FocalTech’s CQ3 ’17 Sales Tracking Well on TDDI Ramp; We Continue to See TDDI Inverting to Headwind for Synaptics
|
Sep 14, 2017 |
|
Finisar FQ1 ’18 Results: Not Good for Finisar, Arguably Worse for Peers
|
Sep 8, 2017 |
|
AMD’s Biggest Drop in CPU Share on Steam since the Ryzen Launch
|
Sep 7, 2017 |
|
Finisar to Report FQ1 ’18 Results: Again Very Few Industry Positives Near Term; Again Post-Recession Trough Multiple
|
Sep 7, 2017 |
|
Ambarella FQ2 ’18 Results: Drones Appear to Have Become Sports Cameras, Multiple Expansion Amidst Eroding Fundamentals Remains Perplexing
|
Sep 1, 2017 |
|
Super Micro Delays 10K Filing: Appears Benign vs. Two Years Ago, While Fundamental Backdrop Appears Far More Favorable vs. Two Years Ago
|
Aug 31, 2017 |
|
Oclaro Addresses China Mobile Tender, but Discussion of Data Center Dynamics Perhaps More Interesting
|
Aug 29, 2017 |
|
Ubiquiti FY 17 10K: First Ever Annual Guide Comes with Intent to Sell Disclosure from CEO; Ex-Ingram DSO Expands Again
|
Aug 29, 2017 |
|
Marvell FQ2 ’18 Results First Look: Scope for Today’s Headwinds to be Tomorrow’s Tailwinds
|
Aug 25, 2017 |
|
China Mobile OTN Tender: Shift to Metro and Significantly Higher Industry Capacity Likely Carry Pricing Implications
|
Aug 25, 2017 |
|
Marvell to Report FQ2 ’18 Results: HDD Headwinds NT, but, Nidec’s Revised Outlook Implies Well Above Seasonal CQ1 ’18 HDD TAM
|
Aug 24, 2017 |
|
Oclaro’s FY ’17 10K: Customer / Competitor Disclosures Shift, Gross Margin Disclosures Puzzling, A Notable Risk Factor is Reordered
|
Aug 22, 2017 |
|
Post-Recession High Taiwan PC OEM and PC MPU Inventories: Last Time Inventories Did This, Both Intel and AMD Cut Guidance
|
Aug 14, 2017 |
|
Updating Synaptics Estimates: We Continue to See Risks to Downwardly Revised Organic Sales Guidance
|
Aug 7, 2017 |
|
Applied Opto CQ2 17 Results: Amazon / 40G / ASP Concerns Now; Competition / Industry Capacity / Margin Concerns Later
|
Aug 4, 2017 |
|
Synaptics CQ2 ’17 Results: CQ3 ’17 Well Below Consensus, with Acquisitions and a 14th week; Tough to Square Guide w/ Optical FP Sensor at Key Customer
|
Aug 4, 2017 |
|
Oclaro CQ2 17 Results: CQ3 ’17 Guide Marginally Above, But Implied CQ4 ’17 Below; Balance Sheet Strain and ZTE Trending Concerning
|
Aug 3, 2017 |
|
Ubiquiti Receivables Again Well Outpace Sales, Another Spike in LatAm; FY ’18 Guidance Perplexing / Aggressive
|
Aug 3, 2017 |
|
Synaptics to Report CQ2 ’17 Results: Share Concerns Continue
|
Aug 3, 2017 |
|
We See Risks to Sharply Reduced SIMO CY ’17 Guidance Given Apple’s Ramp, Sources of NAND Supply, and Share Considerations
|
Aug 2, 2017 |
|
Ubiquiti to Report CQ2 ’17 Results: Slowing Enterprise, Difficult LatAm Compare
|
Aug 2, 2017 |
|
Oclaro to Report CQ2 17 Results: China and Forex Near Term; Pricing, Product Transitions and Share Longer Term
|
Aug 2, 2017 |
|
Silicon Motion CQ2 ’17 Results: Guidance Well Below Consensus; Market Conditions Appear Amplified by SSD Controller Share Loss
|
Aug 1, 2017 |
|
Silicon Motion to Report CQ2 ’17 Results: Well Below Seasonal Hynix eMMC Sales Alongside SSD Headwinds
|
Jul 31, 2017 |
|
AUO CQ2 ’17 Results: Demand Outlook Down, Panel ASP’s Down, Capacity Up
|
Jul 28, 2017 |
|
Xilinx CQ2 ’17 Results: India Joins Comms Softness, No Backlog Disclosure for First Time in Years
|
Jul 27, 2017 |
|
Netgear CQ2 17 Results: DSO Hits All Time High as GM Matches All Time Low; We See Arlo Share Tailwind Dissipating Prospectively
|
Jul 27, 2017 |
|
AMD CQ2 ’17 Results: Higher Sales on Tenuous Crypto Boost Yields Lower NG EPS; Things Get Harder From Here
|
Jul 26, 2017 |
|
Xilinx to Report CQ2 17 Results: 5G and DB Inferencing Landscapes Remain Unsettled
|
Jul 26, 2017 |
|
We Add Super Micro to Our Framework: One Year Later, Several Headwinds with Scope to Become Tailwinds
|
Jul 25, 2017 |
|
AMD to report CQ2 17 Results: Crypto-Currency Now, Coffee Lake Later
|
Jul 25, 2017 |
|
Innolight’s Merger Likely Closes in CQ2 ’17: 40G / 100G Gross Margin Contracted as Amazon Became > 10% of Sales
|
Jul 20, 2017 |
|
Applied Opto Preliminary CQ2 ’17 Results: Challenges Loom as Applied Opto’s Operating Margin Now Approximates Finisar’s Average Gross Margin
|
Jul 14, 2017 |
|
1H CY ’17 PC Units Nearly Exactly Seasonal Despite Kaby Lake and Ryzen, NB Builds Continue to Look Problematic to Us
|
Jul 13, 2017 |
|
Well Above Seasonal June 2017 VGA Card Sales Intersect a 50% Decline in Ethereum From Interim Peak
|
Jul 11, 2017 |
|
UniFi Access Point Units Slowed Sharply during CQ1 ’17 , We See Scope for ASP Tailwinds to Fade Prospectively
|
Jul 10, 2017 |
|
AU Optronics’ CQ2 ’17 Sales Below Guidance: Short Respite Possible Near Term, but Capacity Ramps are Now Underway
|
Jul 7, 2017 |
|
AMD Loses CPU Share on Steam for a 4th Consecutive Month, Share Loss Across All Clock Speeds
|
Jul 6, 2017 |
|
AMD Launches EPYC, Footnote Disclosures Seem Relevant Ahead of Intel’s Purley Release
|
Jun 22, 2017 |
|
Large UK WISP Moves From Trialing Cambium’s Elevate to Displacing Ubiquiti in Roughly 3 Months
|
Jun 16, 2017 |
|
Finisar FQ4 ’17 Results: Positive Optionality Surfacing, But Industry Developments Remain Broadly Concerning
|
Jun 16, 2017 |
|
Finisar to Report FQ4 ’17 Results: Very Few Positives Near Term, but Scope for Valuation and Optionality to Provide Offsets
|
Jun 15, 2017 |
|
Synaptic’s CQ2 ’17 Guide Cut Amidst TDDI and FP Sensor Cross Currents; Concurrent Acquisitions Questionable Given Underwhelming Track Record
|
Jun 13, 2017 |
|
40Gbps Switch Ports Decline Q/Q for a 3rd Straight Quarter, Y/Y Decline Worsens Materially
|
Jun 12, 2017 |
|
AMD Loses CPU Share on Steam for a 3rd Consecutive Month, High-End Share Hardest Hit
|
Jun 9, 2017 |
|
Ambarella FQ1 ’18 Results: Share Loss Also Includes Nest, Multiple Expansion Amidst Eroding Fundamentals Remains Confusing to Us
|
Jun 7, 2017 |
|
April 2017 Semi Industry Sales Again Above Seasonal; Revised Forecast Suggests Scope for Notable Slowing Prospectively
|
Jun 7, 2017 |
|
We Add STMicro to Our Idea Framework: Scope for Less Favorable Cyclical Dynamics as Focus Shifts from Pursuing to Sustaining Key Smartphone Sockets
|
Jun 6, 2017 |
|
Ambarella to Report FQ1 ’18 Results: Competitive Pressure Extends to Drones; ARM an Incremental Problem for Auto Ambitions
|
Jun 6, 2017 |
|
Discrete GPU Unit Market Moves Back to Y/Y Contraction Off an Easy Compare; Console Gaming Headwinds Mount
|
May 30, 2017 |
|
Marvell FQ1 ’18 Results: Estimates Marginally Higher Despite Near Term Concerns Materializing; Product Cycle Benefits Still Pending
|
May 26, 2017 |
|
Marvell to Report FQ1 ’18 Results: Some Near Term Concerns, But Intermediate Term A Rare Combination of Potential Positives
|
May 25, 2017 |
|
Dycom Guides Well Below Consensus on Capex Pull-Forward, Backlog Moves into Y/Y Contraction
|
May 25, 2017 |
|
We Add Finisar to Our Idea Framework: Six Months Later, Trough Multiple Despite Optionality on Several Product Opportunities
|
May 22, 2017 |
|
Indications of Potentially Problematic Supply Chain Volatility in Ubiquiti’s Enterprise Products
|
May 19, 2017 |
|
AMD’s 2017 CMD: We View Competitive Responses as More Salient, Difficult to Spot Intel License Deal in Gross Margin Guide
|
May 17, 2017 |
|
Scope for Capacity Shifting to QSFP28 and Ramping SiPhotonics to Challenge 100G Data Center Supply / Demand Balance
|
May 16, 2017 |
|
Roughly Two Months Post Launch, Ryzen Price Cuts Start Surfacing
|
May 15, 2017 |
|
Himax CQ1 17 Results: Estimates Down, Risks Up; Substantial Premium to 3D Sensing Exposed Peers Confusing to Us
|
May 12, 2017 |
|
AUO’s CQ1 ’17 Results Above Our Estimates, but March / April Sales Soften Significantly
|
May 10, 2017 |
|
Post Ryzen 7 and Ryzen 5 Availability, AMD Loses CPU Share on Steam for a 2nd Consecutive Month
|
May 8, 2017 |
|
Ubiquiti CQ1 ’17 Results: Smallest Sales Upside in a Year, A/R DSO Jumps Again while A/R DSO to Largest Customer Nears 90 Days
|
May 5, 2017 |
|
Applied Opto CQ1 17 Results: Concerns Heightened as Collapsing CFP Sales Accelerate Competitors’ Pushes to QSFP28
|
May 5, 2017 |
|
Ubiquiti to Report CQ4 ’17 Results: Scope for Slowing Enterprise Sales with Ubiquiti Over-Indexed to a Declining 802.11N Market
|
May 4, 2017 |
|
Oclaro CQ1 17 Results: 2H CY ’17 Sales Guide ~ 1,000bps Below Consensus; Scope for Pricing and Margin Risks to Follow Demand Deterioration
|
May 3, 2017 |
|
AMD CQ1 17 Results: One Quarter into Ryzen Launch — Inventory Days to > 10 Years High, Gross Margin Guided Down
|
May 2, 2017 |
|
Oclaro to Report CQ1 17 Results: Mounting Challenges to Sustaining All Time High Margins
|
May 2, 2017 |
|
AMD to report CQ1 17 Results: Disruption From AMD’s Initiatives Remains Difficult for us to Spot
|
May 1, 2017 |
|
Synaptics CQ1 ’17 Results: TDDI Sales Again Miss Our Model, TDDI Share Loss Likely Starting in CQ2 ’17
|
Apr 28, 2017 |
|
Netgear CQ1 ’17 Results: NG EPS Guide Well Below Consensus; Margins Compress as Competitive Dynamics Intensify
|
Apr 27, 2017 |
|
Synaptics to Report CQ1 ’17 Results: Concerns Mounting, Our 2H CY ’17 Estimates Well Below Consensus
|
Apr 27, 2017 |
|
AMS Doubles 2017 Capex Plan, Now > 5x Larger Than Himax’ 2017 Capex Budget
|
Apr 26, 2017 |
|
Netgear to Report CQ1 ’17 Results: Largest End Market Contracting and Crowding
|
Apr 26, 2017 |
|
FNSR: Price Target Attained – Removing From Our Idea Generation Framework
|
Apr 24, 2017 |
|
AU Optronics’ CQ1 ’17 Sales Marginally Above Our Estimate; Positives Thinning Out from CQ2 ’17 Onward
|
Apr 19, 2017 |
|
TSMC Flags “Quite Severe PC Inventory Adjustment”; AMD’s Ryzen Rankings Further Deteriorate
|
Apr 17, 2017 |
|
Hikvision CQ1 ’17 Sales Below Consensus, A/R DSO to Post Recession High, DOI Up Again
|
Apr 13, 2017 |
|
Applied Opto Raises CQ1 ’17 Guide Although Magnitude Less Than Recent Periods, Sustainability Concerns Unchanged
|
Apr 13, 2017 |
|
CQ1 ’17 PC Units Marginally Below Our Estimate, Price Hikes to be a “Much Bigger Problem” Prospectively
|
Apr 12, 2017 |
|
AMD Loses CPU Share on Steam in First Month of Ryzen Availability
|
Apr 7, 2017 |
|
Scope for First Ever Decline in China’s 4G LTE BTS Installations
|
Apr 4, 2017 |
|
Huawei Raw Material Up Again, Payments to Suppliers Down, R&D Highlights Silicon Optics
|
Apr 3, 2017 |
|
We Add Applied Opto to Our Idea Framework: Sailing Potentially Less Smooth as 40Gbps Demand Drops, 100Gbps Supply Increases
|
Mar 30, 2017 |
|
Console Gaming Headwinds Continue as Ryzen Inputs Remain Underwhelming
|
Mar 27, 2017 |
|
Apple Pushing Further into Video Content Creation, Editing and Distribution
|
Mar 22, 2017 |
|
Negligible Momentum Detected for Ubiquiti’s AmpliFi Home WiFi Systems
|
Mar 20, 2017 |
|
Scope for AMS to Target Apple’s 3D Sensing with In-House VCSEL’s and In-House Optical Packaging
|
Mar 17, 2017 |
|
Scope for Samsung Developments to Place Strain on Our Below Consensus SYNA Estimates
|
Mar 16, 2017 |
|
AUO: February Sales Above Our Estimate, Demand / Supply Risks Loom
|
Mar 15, 2017 |
|
Finisar FQ3 ’17 Results: Headwinds Afflict the Other ~ 90% of Sales as Record Capacity Addtions Continue
|
Mar 10, 2017 |
|
Finisar to Report FQ3 ’17 Results: Gross Margin Estimates 2 SD’s Above Mean as Capacity Adds Continue and Products Crowd
|
Mar 9, 2017 |
|
AMD’s Ryzen Day 1: Problematic Misfire on Gaming, Intel Holds 4 of Top 5 CPU Spots on Amazon post Ryzen Release
|
Mar 3, 2017 |
|
Marvell FQ4 ’17 Results: Further Gross Margin Progress, Further SSD Controller Share Gains
|
Mar 3, 2017 |
|
Competitive Responses Begin Ahead of AMD’s Ryzen / Vega Launches
|
Mar 2, 2017 |
|
Ambarella FQ4 ’17 Results: Share Loss in Existing Core Markets Problematic as Presence in Aspirational Markets Appears Far From Secure
|
Mar 1, 2017 |
|
Ambarella to Report FQ4 ’17 Results: Notable GoPro Differences vs. 2016; Home IP Cams Likely Face At Least Seasonal Pressure
|
Feb 28, 2017 |
|
ACIA: Price Target Attained – Removing From Our Idea Generation Framework
|
Feb 27, 2017 |
|
Acacia CQ4 ’16 Results: Weak Guide With or Without Adva, We Believe ZTE is the Next Problem
|
Feb 24, 2017 |
|
Acacia to Report CQ4 ’16 Results: Largest Customers at Multi-Year DOI Highs; DCI Refreshes Pending from Non-ACIA Vendors
|
Feb 23, 2017 |
|
Arista CQ4 ’16 Results: Microsoft Contribution Well Above Plan, Sales Growth ex-Microsoft Slows For 3rd Straight Year
|
Feb 17, 2017 |
|
Himax to Report CQ4 ’16 Results: DDIC Share Pressure the Next Problem
|
Feb 15, 2017 |
|
AUO: Excellent CQ4 ’16 results, But, China Inventory Up and Panel ASP’s Decelerating Prior to Sustained Industry Capacity Additions
|
Feb 14, 2017 |
|
UBNT: A Number of Cautionary Inputs During a Quarter in Which Ubiquiti Dismissed Their Audtior
|
Feb 10, 2017 |
|
Ubiquiti to Report CQ4 ’16 Results: WISP 802.11AC Demand Remains Tepid, Hopeful for Discussion of Latest Legal Development
|
Feb 9, 2017 |
|
Netgear CQ4 16 Results: Sales Up, Receivables Up, Channel Inventory Up, Guide Down
|
Feb 8, 2017 |
|
GoPro CQ4 16 Results: Sales Miss, Balance Sheet Inventory Up, Excess Hero5 Channel Inventory, Well Below Consensus Guide
|
Feb 3, 2017 |
|
Reducing SIMO Estimates, But Full Range of Concerns Not Yet Reflected
|
Feb 2, 2017 |
|
AMD CQ4 ’16 Results: Material Line Item Volatility with Another Multi-Year High in Channel GPU’s, Intel’s View the Next Input
|
Feb 1, 2017 |
|
First Look at Oclaro’s CQ4 ’16 Results: Capex Guided Up, GM Guided Down, Sales Guided to Slow
|
Feb 1, 2017 |
|
AMD to report CQ4 16 Results: Game Consoles NT Focus, Intel’s Pending CMD May Inform on Competitive Response(s)
|
Jan 31, 2017 |
|
Synaptics CQ4 ’16 Results: TDDI Sales Sharply Miss Our Model, Risks Mount on Samsung / China / Apple
|
Jan 27, 2017 |
|
Xilinx CQ4 16 Results: Sales Marginally Better, but Advanced Products Slow Sharply; 2nd Spike in A/R DSO in 4 Quarters
|
Jan 26, 2017 |
|
Synaptics to Report CQ4 ’16 Results: NT Consensus Est’s Confusing, We Do Not Expect Much Help from Samsung FP Sensors
|
Jan 26, 2017 |
|
Xilinx to Report CQ4 16 Results: Multiple at 10 year high as Communications Slows, AI Landscape Unsettled
|
Jan 25, 2017 |
|
First Look at SIMO’s CQ4 ’16 Results: CQ4 ’16 Quality Low, CQ1 ’17 Guidance Well Below Consensus
|
Jan 24, 2017 |
|
OCLR: Another Look at Gross Margin: Benefit from 100Gbps Mix Had Already Softened Materially in CQ3 ’16
|
Jan 20, 2017 |
|
TDDI Unit Aspirations from Synaptics + Focaltech Sum to > 100% of the CY ’17 TDDI Unit Market
|
Jan 19, 2017 |
|
Oclaro Marginally Raises Sales Guide as Peer Notes CY 17 Procurement Cut from Huawei; Operating Model Unsustainable
|
Jan 19, 2017 |
|
GameStop’s FQ4 ’17 Guide Cut Follows TSMC’s Sharply Lower CQ4 ’16 Consumer Sales
|
Jan 17, 2017 |
|
AMD: TSMC’s CQ4 ’16 Consumer Segment Perhaps Problematic, CQ4 ’16 PC Units Largely a Non-Event
|
Jan 13, 2017 |
|
INTC: Removing From Our Idea Generation Framework
|
Jan 13, 2017 |
|
SYNA: Sustaining 70% TDDI Share Implies Scope for 2H CY ’17 TDDI Sales Decline, Samsung Share Risks Increase
|
Jan 12, 2017 |
|
AMBA: GoPro Dynamics a Bit More Concerning Than We Thought, Concerns Extend Beyond GoPro
|
Jan 11, 2017 |
|
We Add Advanced Microdevices to Our Idea Framework: Transition from “It Could be Great” to “It Better Be Great” Looms
|
Jan 9, 2017 |
|
Fingerprint Cards Secures First Design Wins at Samsung on NB PC’s
|
Dec 21, 2016 |
|
Neophotonics Cuts CQ4 ’16 Sales Guide, Raises CQ4 ’16 Opex Guide on CFP-DCO Launch
|
Dec 20, 2016 |
|
China’s Optical Market Slows by ~ 800bps in CQ3 ’16; ZTE Loses Share Globally
|
Dec 14, 2016 |
|
FINGB: Price Target Attained – Removing From Our Idea Generation Framework
|
Dec 14, 2016 |
|
Ubiquiti’s Auditor the Latest Departure; A/R DSO of Ubiquiti’s Largest Customer Well Above Standard Credit Terms
|
Dec 12, 2016 |
|
Finisar FQ2 ’17 Results: CY ’16 Was Outstanding, but Margin Compression and Growth Deceleration Loom
|
Dec 9, 2016 |
|
We Add Finisar to Our Idea Framework: Tougher From Here, as Problematic Industry Inputs Continue
|
Dec 8, 2016 |
|
Fingerprint Cards Cuts CY ’16 Guidance, Guides CY ’17 EPS Below Consensus
|
Dec 8, 2016 |
|
Ambarella FQ3 ’17 Results: Exposure to Volatile and Short Cycle Consumer End Markets is Increasing, Not Decreasing
|
Dec 2, 2016 |
|
Cambium Directly Targets Ubiquiti’s WISP Installed Base with ePMP Elevate
|
Dec 1, 2016 |
|
Ambarella to Report FQ3 ’17 Results: Movidius’ Win at Hikvision Caps a Series of Problematic Inputs
|
Nov 30, 2016 |
|
Marvell FQ3 ’17 Results: Gross Margin Progression Accelerates, SSD Sales Imply Marvell Has Regained Merchant Lead
|
Nov 18, 2016 |
|
Cisco’s Service Provider Orders Decline Matches Sharpest Decline Since the 2008 / 2009 Recession
|
Nov 17, 2016 |
|
Marvell to Report CQ3 ’16 Results: We Are More Interested in the Pending Analyst Day
|
Nov 17, 2016 |
|
Netgear CY ’16 Analyst Day: Underwhelming New Product, Cut to Forecasted CAGR in Web Managed Switching
|
Nov 16, 2016 |
|
Updating HIMX Estimates: We Believe Premium Valuation Will Prove Difficult to Sustain Given Challenging Growth Outlook
|
Nov 15, 2016 |
|
Acacia CQ3 ’16 Results: Sales to Adva and ZTE ~ 2.5x Faster than 100G Port Growth, Sales ex-Adva and ZTE Slow Notably
|
Nov 11, 2016 |
|
Acacia to Report CQ3 ’16 Results: Component Narrative Remains, But Cautionary Inputs Spreading
|
Nov 10, 2016 |
|
HIMX: First Look at CQ3 ’16 Results: Hololens Expectations Slashed, AMOLED DDIC at Samsung Shelved
|
Nov 10, 2016 |
|
Himax to Report CQ3 ’16 Results: Ahead of Results, Consensus Forward Estimates Again Move Appreciably Lower
|
Nov 9, 2016 |
|
NTGR: Lowest Retail Segment Operating Margin On Record as Discounts Spread to Arlo Cameras
|
Nov 8, 2016 |
|
FFIV: Price Target Attained – Removing From Our Idea Generation Framework
|
Nov 4, 2016 |
|
GoPro CQ3 ’16 Component Inventory Increases ~ 4x Q/Q, CY ’16 Guidance Cut
|
Nov 4, 2016 |
|
First Look at UBNT CQ3 ’16 Results: First Two Quarters Under New Chief Accounting Officer Strongly Resemble Those Under the Former CFO
|
Nov 4, 2016 |
|
Pre-Holiday Dynamics Concerning at Both GoPro and DJI
|
Nov 3, 2016 |
|
Oclaro CQ3 16 Results: Capex Again Revised Higher, Model Leverage Joins Our CY ’17 Concerns
|
Nov 2, 2016 |
|
Silicon Motion Outshipping Hynix’ MCP’s while Hynix Depletes NAND Inventory Create Scope for 1H CY ’17 Challenges
|
Nov 1, 2016 |
|
Oclaro Will Report FQ1 ’17 Results Post the Close
|
Nov 1, 2016 |
|
First Look at SIMO’s CQ3 ’16 Results: Seeking Clarity on Loan Required for Unwind of Intercompany Transactions
|
Oct 28, 2016 |
|
Synaptics CQ3 16 Results: Gross Margin Collapses Ahead of CY ’17 Risks
|
Oct 28, 2016 |
|
Netgear CQ3 ’16 Results: Revenue Quality Again Suspect, Gross Margin Compression Tough to Square with Seasonal Trending
|
Oct 27, 2016 |
|
F5 CQ3 ’16 Results: Strongest Q/Q Product Growth in 5 Years, Product Cycle Tailwinds Loom
|
Oct 27, 2016 |
|
Optical: Adva Guides CQ4 ’16 Sales Well Below Consensus; Continued Softness at Nokia and Infinera
|
Oct 27, 2016 |
|
Silicon Motion to Report CQ3 ’16 Results: Current Supply / Demand Tightness and Competitive Pressures Key Risks into CY ’17
|
Oct 27, 2016 |
|
II-VI’s Optical Bookings and Sales Both Decline Sequentially
|
Oct 26, 2016 |
|
Netgear to Report CQ3 ’16 Results: Retail Compares Progressively Tougher as WiFi Category Crowds
|
Oct 26, 2016 |
|
F5 to Report CQ3 ’16 Results: Some Positive Inputs Emerging, CQ4 ’16 Estimates Remain Above Consensus
|
Oct 25, 2016 |
|
Axis’ First Y/Y Decline in Video Sales In Over a Decade; Hikvision’s Inventory Grows ~ 3x Faster Than Sales
|
Oct 21, 2016 |
|
Xilinx CQ3 16 Results: Backlog Down for 3rd Straight Quarter, Attaining FY ’17 Sales Guide Requires Best Quarter in > 5 Years
|
Oct 20, 2016 |
|
Intel CQ3 ’16 Results: DCG Sales to Miss Guidance for 4th Time in 6 Years, Balance Sheet Remains Concerning
|
Oct 19, 2016 |
|
Xilinx to Report CQ3 16 Results: Consumption Headwinds Mount as Advanced Node Competition Escalates
|
Oct 19, 2016 |
|
Intel to Report CQ3 ’16 Results: Scope for PC’s to Invert Back to Risk, We Remain Below Intel’s CY ’16 DCG Guide
|
Oct 18, 2016 |
|
XLNX: Adjusting CQ3 ’16 Estimates; Altera’s 14nm Stratix 10 Now Sampling
|
Oct 17, 2016 |
|
DLink Q3 16 Sales Miss; Netgear and Ubiquiti Prices Below List
|
Oct 13, 2016 |
|
AUO’s CQ3 ’16 Sales Marginally Above Our Estimates; Panel Pricing Momentum Starting to Wane
|
Oct 12, 2016 |
|
One Month After ZTE Warned of Difficult 2H CY ’16, Ericsson Guides CQ3 ’16 Sharply Below Consensus
|
Oct 12, 2016 |
|
FINGB: Share Pressures Mount as Smartphone Saturation Looms
|
Oct 7, 2016 |
|
Dialog Raises CQ3 ’16 Guide: Heightened Supply Chain Volatility Near Term, Probable Apple Share Gains Intermediate Term
|
Oct 6, 2016 |
|
Home Mesh WiFi Category Crowds Further as Netgear’s Arlo Compares Grow Progressively Tougher
|
Oct 5, 2016 |
|
Adjusting OCLR FY ’17 Estimates Post Secondary and Peer Inputs, Remain Below Consensus
|
Oct 4, 2016 |
|
Parrot Cuts Outlook on Mid-Range Drone Market Pricing Pressure
|
Sep 26, 2016 |
|
FINGB: Valid Interest From a Company 20% Smaller Appears Low Probability
|
Sep 22, 2016 |
|
INTC: Estimates Higher on PC Channel Stocking, But Quality Suspect
|
Sep 19, 2016 |
|
SIMO: Softer China Smartphone Inputs, While Apple Keeps the NAND Market Tight
|
Sep 15, 2016 |
|
Softer China Smartphone Inputs, Our 2H CY ’16 Estimates (FINGB) Remain Below Consensus
|
Sep 14, 2016 |
|
Synaptics Unable to File Form 10K On Time
|
Aug 26, 2016 |
|
ZTE’s Carrier Networks Sales Slow Sharply, Inventory Jumps, 2H Outlook Cautious
|
Aug 26, 2016 |
|
We Add Acacia Communications to Our Idea Framework: ZTE Now Squarely in Estimates, Market Cap Implies / Requires Tier One Penetration
|
Aug 25, 2016 |
|
Silicon Motion’s Largest eMMC Customer Now Mass Producing UFS 2.1 with Internally Sourced Controllers
|
Aug 22, 2016 |
|
We Add AU Optronics to Our Idea Framework: Brief Respite Now, More Chinese Capacity and OLED Threats Later
|
Aug 19, 2016 |
|
Cisco’s 2nd Consecutive Decline in Router Sales, Service Provider Orders Turn Negative
|
Aug 18, 2016 |
|
Intel’s Project Alloy Another Non-Himax Based Alternative for AR / VR Consumption
|
Aug 17, 2016 |
|
Acacia’s Results Appear a Lot Closer to In-Line Normalized for ZTE; CFP-DCO Traction in North America a Risk to CFP2-ACO
|
Aug 12, 2016 |
|
Himax CQ2 ’16 Results Initial Look: Poor Quality Heightens Near Term Estimate Risk
|
Aug 11, 2016 |
|
China Mobile’s 4G LTE and Transmission Capex Poised for 2H CY ’16 Declines
|
Aug 11, 2016 |
|
July 2016 PC Channel Sales Broadly Below Seasonal Amidst Cautionary Server Inputs
|
Aug 10, 2016 |
|
Soft DDIC Outlook From A Second Key Foundry as AMOLED DDIC Competition Escalates
|
Aug 9, 2016 |
|
Arista CQ2 ’16 Results: Microsoft Tailwinds to Fade, White Box Headwinds to Mount, Margin Compression Likely
|
Aug 5, 2016 |
|
Ubiquiti CQ2 ’16 Results: Curious Spike in WISP Sales to South America, Sequential Momentum Fading as Inventory Days Jump
|
Aug 5, 2016 |
|
For the 6th Consecutive Quarter, FiberHome’s Inventory Growth Comfortably Exceeds Sales Growth
|
Aug 4, 2016 |
|
Arista to Report CQ2 ’16 Results: Key Cloud Customers Implied 2H Capex Spend Below Seasonal
|
Aug 4, 2016 |
|
Ubiquiti to Report CQ2 ’16 Results: Later Innings on UniFi Refresh as R&D Spend Atrophies
|
Aug 4, 2016 |
|
Oclaro CQ2 ’16 Results: China 100G Port Growth Outlook Down, Capex Sharply Up
|
Aug 3, 2016 |
|
Xilinx CQ2 16 Results: Highest Turn Fill in Nearly 3 Years Required; Huawei Displacing IDTI with Internal ASICs Worth Noting
|
Aug 2, 2016 |
|
Oclaro to Report FQ4 16 Results: Narrative Likely Reiterated, But Cracks Emerging
|
Aug 2, 2016 |
|
FINGB: Pre-Dating Looming Headwinds, FPC’s 1H CY ’16 Sales Undershoot the Consensus by ~ 800bps
|
Aug 1, 2016 |
|
Synaptics CQ2 16 Results: Sales to Samsung Collapse, Qualitative Guide Again Aggressive
|
Jul 29, 2016 |
|
Netgear CQ2 ’16 Results: Channel Stocking Aids CQ2 Sales, Guide Well Below Seasonal
|
Jul 28, 2016 |
|
Marvell FQ1 ’17 Results: First Double Digit Networking Growth in over 5 Years, Recouping SSD Controller Share
|
Jul 28, 2016 |
|
Amidst “Sold Out” Optical Components, Infinera’s Bookings Drop Sharply on Excess Systems Inventory
|
Jul 28, 2016 |
|
We Add Silicon Motion to Our Idea Framework: Scope For One or More Recent Tailwinds To Invert to Headwinds
|
Jul 27, 2016 |
|
LLTC: Thesis Invalidated – Removing From Our Idea Generation Framework
|
Jul 27, 2016 |
|
Netgear to Report CQ2 ’16 Results: Elevated Insider Selling As Home WiFi Competition Mounts
|
Jul 27, 2016 |
|
Xilinx to Report CQ2 16 Results: Prior to China Slowing, Altera Appears to Have Gained PLD Share in 1H CY ’16
|
Jul 27, 2016 |
|
Check Point CQ2 ’16 Results: Low Quality Results, Guide Below Consensus With our Without Deferred Impact
|
Jul 26, 2016 |
|
Linear to Report CQ2 ’16 Results: We Model a Seasonal CQ3 ’16 as Linear Returns to Shipping Above Consumption
|
Jul 26, 2016 |
|
Check Point to Report CQ2 ’16 Results: Above Seasonal CQ3 ’16 Required
|
Jul 25, 2016 |
|
Maxim CQ2 ’16 Results: Distribution Inventory Jumps to Post-Recession High, Automotive Slows
|
Jul 22, 2016 |
|
F5 CQ2 ’16 Results: Targeted Installed Base is ~ 70% Larger Now vs. the Prior Product Refresh Cycle
|
Jul 21, 2016 |
|
Intel CQ2 16 Results: 2H CY ’16 Data Center Risks, Balance Sheet Again Deteriorates
|
Jul 21, 2016 |
|
Fingerprint Cards to Report CQ2 ’16 Results: Softer Key Customer Demand and China Pull-Ins are 2H Risks
|
Jul 21, 2016 |
|
Marvell FQ4 ’16 Results: Transitioning From Defense to Offense, Increasing Fair Value
|
Jul 20, 2016 |
|
SMCI: Price Target Attained – Removing From Our Idea Generation Framework
|
Jul 20, 2016 |
|
F5 to Report CQ2 ’16 Results: Compares Progressively Ease as Product Introductions and Refreshes Commence
|
Jul 20, 2016 |
|
Super Micro Cuts CQ2 ’16 Guide: 3rd Miss in 4 Quarters, Sharpest Cut Since Recession
|
Jul 19, 2016 |
|
Ericsson CQ2 ’16 Results: First Y/Y Sales Decline in China in 3 Years; Inventory Days to 4 Year High
|
Jul 19, 2016 |
|
Western Digital’s CQ2 ’16 Sales Marginally Above Guide; Severe HDD Headwinds May Subside as Reorganization Moves to Completion
|
Jul 7, 2016 |
|
Himax’ DDIC Test Vendor ChipMOS Cuts 2H CY ’16 Sales Guide on Small Panel DDIC Softness
|
Jul 7, 2016 |
|
Himax Updates CQ2 ’16 Guide: Sales Below High-End of Guide Prior to Key End Markets Softening, Did LCoS Sales Miss?
|
Jul 5, 2016 |
|
Multi-Sourcing Continues as Fingerprint Sensor Market Competitively Crowds
|
Jul 1, 2016 |
|
Divergence Between Park Electro’s PCB Materials and Xilinx’ Comms Segment Widest Since Early CY ’14
|
Jun 30, 2016 |
|
High End Smartphone Order Cuts Spreading
|
Jun 27, 2016 |
|
UBNT: Elevated Channel Inventories Suggest 2H CY ’16 UniFi Risk
|
Jun 24, 2016 |
|
ANET: ITC Rules Against Arista In ‘944 Case; Cisco Aggressively Questions US Manufacturing Workaround
|
Jun 24, 2016 |
|
Consumer WiFi Router Landscape at Best Buy to Crowd Further as Luma Joins Eero
|
Jun 16, 2016 |
|
Synaptics’ Fingerprint Sensor Share Loss At Samsung Begins; Problem Likely Expands to China
|
Jun 15, 2016 |
|
HIMX: Augmented Reality The Key Selling Feature of Google’s First Project Tango Smartphone
|
Jun 10, 2016 |
|
F5’s Installed Base Targeted for Refresh Is ~ 25% Larger vs. 2 years Ago
|
Jun 9, 2016 |
|
Netgear Loses Consumer WLAN Share For 3rd Consecutive Quarter; Insider Sales Hit 5 Year High
|
Jun 8, 2016 |
|
F5 Reportedly Hires Advisors Following Takeover Approaches
|
Jun 8, 2016 |
|
Ambarella FQ1 ’17 Results: Are We Sure Competitors Won’t Seize on Sony Shortages?
|
Jun 3, 2016 |
|
Consistent with Peers in Asia, Semtech Sees Weaker Base Station and Optical Demand
|
Jun 2, 2016 |
|
Fingerprint Cards’s CEO Surprisingly Dismissed as Fingerprint Cards is Displaced at LG
|
Jun 2, 2016 |
|
Ambarella to Report FQ4 ’16 Results: Hikvision’s CQ1 Was Their Worst Quarter in 5 Years; CY ’17 Estimates Remain Aggressive
|
Jun 2, 2016 |
|
NTGR: Best Buy and NetApp CQ1 16 Results; Eero Home WiFi Distribution Expanding to Best Buy
|
May 27, 2016 |
|
XLNX: We Suspect Analyst Day Guidance Will Again Prove Optimistic; We View Acquisition Probability As Low
|
May 25, 2016 |
|
Google Looks to Eliminate Passwords; Samsung’s Iris Scanning Tablet; China Tablet with Precise Biometrics and Synaptics
|
May 25, 2016 |
|
Google’s Daydream VR Does Not Appear Particularly Positive for Himax
|
May 20, 2016 |
|
Google Unveils Internally Developed ASIC for Machine Learning
|
May 19, 2016 |
|
Cisco’s Weakest CQ1 Routing + Switching Growth Since the 2008 / 2009 Recession
|
May 19, 2016 |
|
We Add Oclaro to Our Idea Framework: The Other Side of Capacity Constrained Is Generally Less Enjoyable
|
May 18, 2016 |
|
We Add Himax Technologies to Our Idea Framework: Large Display Concerns Now, Concerns Elsewhere Later
|
May 16, 2016 |
|
FINGB SS: 2nd Largest Executive Shareholder Parts with 15% of His Equity
|
May 11, 2016 |
|
Taiwan IC Distribution Below Seasonal April Sales as Manufacturing PMI Softens
|
May 11, 2016 |
|
XLNX: Nokia Guides CY ’16 Networks Sales Down Y/Y; ZTE Weak CQ1 ’16 as Inventory Days Jump
|
May 10, 2016 |
|
Ubiquiti Networks: Post CQ1 ’16 Financials The Outgoing CAO Did Not Sign, A New Consumer Division in Latvia
|
May 10, 2016 |
|
Netgear CQ1 16 10Q: CQ1 ’16 Results Lower Quality Than We Prior Thought, Key Commercial Segment Partners Struggled in CQ1 ’16
|
May 9, 2016 |
|
Ubiquiti CQ1 ’16 Results: Balance Sheet Weakens as Y/Y Contraction Spreads From Service Provider Sales to R&D Spend
|
May 6, 2016 |
|
Synaptics 10Q Review; FocalTech Ramping TDDI and On-Cell / In-Cell Touch in CQ2 ’16
|
May 5, 2016 |
|
Ubiquiti to Report CQ1 ’16 Results: Steep Compare at Flytec, Pricing Softness in UniFi AP’s
|
May 5, 2016 |
|
Arista to Report CQ1 ’16 Results: Microsoft Tailwind to Headwind?
|
May 5, 2016 |
|
Fingerprint Cards CQ1 ’16 Results: If Mediatek Is Worried About a Weak 2H CY ’16, Why Isn’t Fingerprint Cards?
|
May 4, 2016 |
|
Intel Didn’t Grow DCG Sales by 15% in 2015, and Inputs Continue to Appear Softer Now vs. Then
|
May 4, 2016 |
|
CQ1 ’16 Combined Arrow + Avnet Inventory Days: Largest Q/Q Increase in 10 Years; Fresh Post-Recession High
|
May 3, 2016 |
|
Avnet Inventory Days Jump to 10 Year High, Components Results and Guide Well Below Seasonal
|
May 2, 2016 |
|
SMCI CQ1’16 Results: Share Gains Continue to Require Free Cash Burn; Data Center Pricing Pressure
|
Apr 29, 2016 |
|
SYNA CQ1 16 Results: Quarterly EPS Now Back to Pre-Validity and RSP Level; Materials Share Risks Remain
|
Apr 29, 2016 |
|
Xilinx CQ1 ’16 Results: CQ2 ’16 Guidance Soft; Estimates Down, Risk Up
|
Apr 28, 2016 |
|
Netgear CQ1 ’16 Results: Several Unsustainable One-Offs; Retail Segment Marginally Undershoots, Set to Slow Notably
|
Apr 28, 2016 |
|
Synaptics to Report CQ1 ’16 Results: If Still Stand-Alone, We Focus to Apple’s OLED Intent & 2nd FP Source at Samsung
|
Apr 28, 2016 |
|
NTGR Earnings Preview: Price Declines in Key Products, Very Difficult Best Buy Compares
|
Apr 27, 2016 |
|
SYNA: May 2016 Options Activity Muted vs. April Activity
|
Apr 27, 2016 |
|
XLNX Earnings Preview: Did Altera Gain Material Share in CQ1 16?; Secular Challenges Beyond 1H CY ’16
|
Apr 27, 2016 |
|
FINGB SS Earnings Preview: We Have Already Seen Competitive Displacements; Focus NT to Divergence w/ Module Vendors
|
Apr 27, 2016 |
|
LLTC Q1’16 Review: Auto Risks as China’s 2015 Tax Cuts Expire, China’s EV Subsidiy Cuts Loom, BMS Competition Materializes
|
Apr 26, 2016 |
|
XLNX: Ericsson Weak CQ1 16 Before China Rolls Over; Inventory Days Jump
|
Apr 25, 2016 |
|
Risks to Intel’s Share Mounting; Intel + AMD Inventory Days Back to Post Recession High
|
Apr 22, 2016 |
|
FFIV Q1’16 Results: More Aggressive Share Repurchase Lifts EPS, Multiple Product Initiatives Loom
|
Apr 21, 2016 |
|
FINGB SS/SYNA: CQ1 ’16 Divergence b/t CrucialTec and Fingerprint Cards; Additional Wins for Qualcomm, Goodix, EgisTec
|
Apr 21, 2016 |
|
INTC CQ1 ’16 Results: CQ2 ’16 DCG Sales Down Y/Y Again Suggests Risk to Annual DCG Target; Inventory Ex-ALTR Again Increases
|
Apr 20, 2016 |
|
FFIV Earnings Preview: Peak Anxiety, Trough Valuation
|
Apr 20, 2016 |
|
INTC Earnings Preview: Executive Departures Material, PC MPU Shipments Set to Comfortably Outpace PC Units
|
Apr 19, 2016 |
|
ANET: Applied Opto’s Guide Cut Worth Noting Given Microsoft Exposure
|
Apr 19, 2016 |
|
LLTC Earnings Preview: Relevant Cautionary Inputs Across Auto, Comms and Industrial
|
Apr 19, 2016 |
|
The Latest “China Interest” Installment Intersects Reports of Apple OLED Adoption in 2017
|
Apr 15, 2016 |
|
The Latest “China Interest” Installment Intersects Reports of Apple OLED Adoption in 2017
|
Apr 15, 2016 |
|
Super Micro Cuts CQ1 ’16 Sales Guide: 2nd Cut in 3 Quarters, 3rd Miss to Guide Mid-Point in 5 Quarters
|
Apr 15, 2016 |
|
Juniper’s CQ1 ’16 Guidance Cut Not a Great Input, But Recent F5 Checks Constructive
|
Apr 13, 2016 |
|
Juniper’s Largest Sales Miss Since the Recession Follows Sharp Jump in Component Inventory
|
Apr 12, 2016 |
|
WPG Holdings CQ1 ’16 Sales Well Below Seasonal and Below Guided Mid-Point
|
Apr 11, 2016 |
|
FINGB / SYNA: Mediatek’s MStar Subsidiary Licenses Precise’s BioMatch Mobile; Elan Set to Ramp in CQ2 16
|
Apr 6, 2016 |
|
National Instruments Cuts Guide on Soft Industrial Post Anritsu’s Cut on Base Station Slump
|
Apr 5, 2016 |
|
China Carrier Capex: CY ’16 Contraction Notably Worse Than Our Prior Estimates
|
Mar 24, 2016 |
|
SMCI: We Add Super Micro to Our Idea Framework: Benefit From ASP’s and Softlayer Waning, Competitors Focused to Share Gains vs. Margins
|
Mar 18, 2016 |
|
XLNX: China Unicom Guides to CY ’16 Capex Collapse as 4G LTE Spending Peak Passed
|
Mar 16, 2016 |
|
XLNX: We Add Xilinx to Our Idea Framework: Forward Multiple Back to Peak as China’s 4G LTE Procurement Moves Late Innings
|
Mar 7, 2016 |
|
AMBA: FQ4’16 Review: Gross Margin Compression Begins, Our Biggest Estimate Cut is to IP Security Cameras
|
Mar 4, 2016 |
|
AMBA Earnings Preview: Set Up Doesn’t Seem Great In Either Direction, Focus to Gross Margin Commentary
|
Mar 3, 2016 |
|
WLAN Competiton Mounts as Amazon Launch Pad Partner Eero Starts Shipping Home WiFi Mesh System
|
Feb 24, 2016 |
|
NTGR 10K Review: At Least 50% Sales Growth and 86% A/R Dollar Growth to Best Buy During CY ’15; Adjusting Estimates on Tax Rate
|
Feb 23, 2016 |
|
ANET: Lowering FV Target: Narrow Beat Despite Microsoft, Opex Again Materially Below Plan Is Arguably Concerning
|
Feb 19, 2016 |
|
MRVL: CMU Settlement Another Incremental Positive: Elimination of Royalties Materially Outweighs Interest Income
|
Feb 18, 2016 |
|
ANET Earnings Preview: LinkedIn The Latest Cloud Operator To Embrace White Box Switching
|
Feb 18, 2016 |
|
January 2016 NB ODM Sales: Top 3 Vendors See Worst M/M Decline Since Recession, By A Wide Margin
|
Feb 16, 2016 |
|
INTC: Cisco FQ2 ’16 UCS / Server Sales: First Ever Q/Q Decline During a FQ2, First Ever Y/Y Decline in Any Quarter
|
Feb 11, 2016 |
|
FINGB SS: Lowering FV Target – CQ4 ’15 Results: Last Year Guidance Was Raised by 50%; This Year the Low End Was Bumped Up
|
Feb 5, 2016 |
|
UBNT: Quality Suspect Again as Sales to Flytec Up At Least 48% Q/Q, A/R Dollars to PW Batna Up 42% Q/Q
|
Feb 5, 2016 |
|
SYNA CQ4’15 10Q Filing: Amkor Lawsuit Disclosed, Validity Contingent Consideration Down Again; Force Touch Competitors Out Ahead
|
Feb 4, 2016 |
|
NTGR Earnings Preview: Peak Arlo Growth, Retail Outlet Contraction, Focus to Service Provider Cadence
|
Feb 4, 2016 |
|
UBNT Earnings Preview: Late Innings of UniFi Product Transitions, WISP Related Headwinds Intensify From Here
|
Feb 4, 2016 |
|
IDTI: Target Attained – Removing Short From Our Idea Generation Framework
|
Feb 3, 2016 |
|
MRVL: External Pressure Arrives While Marvell Underships HDD Consumption
|
Feb 3, 2016 |
|
FINGB SS Earnings Preview:We Believe MWC Will Prove More Informative Than CQ4 ’15 Results
|
Feb 3, 2016 |
|
IDTI CQ4’15 Results: Secular Slowing and Structural Pressures in Communications, Memory Interface More Challenging Prospectively
|
Feb 2, 2016 |
|
SLAB Earnings Preview: We Believe Sustaining Premium Multiple For Inorganic Growth Will Prove Challenging
|
Feb 2, 2016 |
|
IDTI Earnings Preview: Wireless Charging NT Wildcard, We Believe an Intermediate Term Comms Peak Looms
|
Feb 1, 2016 |
|
SYNA: Synaptics CQ4 ’15 Results: No Growth Before Samsung Multi-Sources Fingerprint Sensors and AMOLED Adoption Broadens
|
Jan 29, 2016 |
|
Semis: Avnet’s CQ1 ’16 Components Guide Well Below Seasonal, Highest Year-End Inventory Days Since 2008
|
Jan 28, 2016 |
|
SYNA Earnings Preview: Synaptics to Report CQ4 ’15 Results: Growth Pressures Mount, We Believe Margins Pressures Next
|
Jan 28, 2016 |
|
CHKP Earnings Preview: Past The Billings Growth Peak, Scope For Below Consensus Margin Progression
|
Jan 27, 2016 |
|
TXN Earnings Preview: Above Seasonal Sales Required For Each Quarter of CY ’16
|
Jan 27, 2016 |
|
AMBA: Axis CQ4 ’15 Results: Asia Pacific Sales Collapse on China, Inventory Days Spike Higher
|
Jan 26, 2016 |
|
MXIM CQ4’15 Results: Highest Turns Required In Over A Decade, Risks Shift To Non-Consumer Beyond CQ1 ’16
|
Jan 25, 2016 |
|
INTC: Nidec Cuts CQ1 ’16 HDD TAM Outlook By ~ 1,200bps, Implies Steeper Q/Q TAM Decline vs. CQ1 ’15
|
Jan 22, 2016 |
|
SYNA: “State-Backed Chinese Group” Report Resurfaces: Insider Sales Were Noteworthy Last Time, Hurdles Remain Substantial
|
Jan 21, 2016 |
|
FFIV: F5 CQ4 ’15 Results: 1H CY ’16 Product Trough Appears Set to Outperform 1H CY ’13 Product Trough
|
Jan 21, 2016 |
|
MXIM Earnings Preview: Industrial Exposure Set to Decline, Samsung’s Bio-Processor Set to Debut
|
Jan 21, 2016 |
|
INTC: Intel + AMD Combined Inventory Days Back Return to Historically Problematic Level
|
Jan 20, 2016 |
|
FFIV Earnings Preview: F5 to Report CQ4 ’15 Results: Shares Within Throwing Distance of 2009 Trough Multiple
|
Jan 20, 2016 |
|
FINGB SS: Sony Omits Fingerprint Sensor in US bound Z5; Two More Precise BioMatch Licensees
|
Jan 19, 2016 |
|
ADI: Price Target Attained – Removing From Our Idea Generation Framework
|
Jan 19, 2016 |
|
LLTC Earnings Preview: Moving Past 14 Week Quarter; Sales Acceleration Required as ASP Stagnates
|
Jan 19, 2016 |
|
INTC CQ4’15 Review: CQ4 Balance Sheet Metrics Weakest Since Recession, 3rd DCG Sales Miss in 4 Quarters
|
Jan 15, 2016 |
|
Scope For Incremental China Carrier Capex Pressure as Unicom & Telecom To Share 4G LTE Equipment
|
Jan 14, 2016 |
|
AMBA: GoPro Price Cuts Did Not Help, We Remind Hikvision Was Also Cutting Price Late in CQ4 ’15
|
Jan 14, 2016 |
|
INTC Earnings Preview: If DCG Didn’t Grow 15% in 2015, Unclear to Us Why It Will Happen in 2016
|
Jan 14, 2016 |
|
MXIM: Meter Reader Sale To Silergy Potentially EPS Dilutive, Bio-Processors Remain A Notable Risk
|
Jan 8, 2016 |
|
FINGB / SYNA: Qualcomm’s First Commerical SenseID Deployment, EgisTec Area Sensor Progress
|
Jan 6, 2016 |
|
UBNT: Ubiquiti’s WISP Product Struggles Continue; Competitive and Secular Pressures Mount
|
Jan 6, 2016 |
|
Semis: December 2015 Global Manufacturing Detail: US Manufacturing Deterioiration Remains Most Noteworthy
|
Jan 5, 2016 |
|
FINGB / SYNA: Precise Biometrics Licenses to China’s Largest Touch Controller and DDIC Vendor
|
Dec 23, 2015 |
|
FINGB / SYNA: Precise Biometrics Wins Fingerprint Sensor Socket with Silead, Signs Another Chinese Licensee
|
Dec 18, 2015 |
|
UBNT: Channel Frustration with UniFi WLAN Product Transitions; Brazil’s 2nd Cut to Junk Worth Noting for CY ’16
|
Dec 17, 2015 |
|
ADI / SYNA: Dialog Cuts CQ4 ’15 Sales Guide Following Pegatron’s Worst November Since 2008
|
Dec 15, 2015 |
|
FINGB SS: We Add Fingerprint Cards to Our Idea Framework: Software Industry Operating Margins Selling Fingerprint Sensors Not Likely To Last Long
|
Dec 10, 2015 |
|
UBNT: One Year Removed From Last Major Distributor Addition, Ubiquiti Undergrows the Enterprise WLAN Market For the First Time Ever
|
Dec 7, 2015 |
|
AMBA FQ3’16 Review: Are We Sure Drones in 2016 Aren’t GoPros in 2015? Aggressive Assumptions Yield No FY ’17 EPS Growth
|
Dec 4, 2015 |
|
AMBA Earnings Preview: Unclear To Us Why FQ1 ’17 Will Be Well Above Seasonal, We Question Sustaining Gross Margin
|
Dec 3, 2015 |
|
MXIM: Caution on Top Line, Potential Caution on Opex, No Reference to Samsung LSI’s Heart Rate Monitor
|
Dec 2, 2015 |
|
ADI: We Add Analog Devices to Idea Our Framework: Apple FY ’15 Base, Structural 4G LTE Declines Causes for Caution
|
Nov 30, 2015 |
|
NTGR: We Add Netgear to Our Idea Framework: Significant Arlo Channel Stocking in 2015 Creates Challenges in 2016 and Beyond
|
Nov 23, 2015 |
|
SYNA: 2015 Analyst Day: TDDI Forecast Cut, Share Loss Across All Segments, Estimate Risks Remain
|
Nov 18, 2015 |
|
FFIV: We Add F5 Networks To Our Idea Framework: Multiple at 5 Year Low as Product Growth Acceleration Looms
|
Nov 17, 2015 |
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INTC / TXN: Compal’s NB Unit Guide Even Worse Than Peers as “Market Demand Becomes Very Soft”
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Nov 12, 2015 |
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INTC / TXN: Taiwan NB ODM Inventory Days Rise to Multi-Years High, Tawain PC OEM Inventory Days Hold Near Multi-Years Highs
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Nov 11, 2015 |
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UBNT: Ubiquiti CQ3 ’15 Results: “Saturation” and “Stocking the Shelves” Intersect Biggest Decline in R&D Spend on Record
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Nov 6, 2015 |
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FEYE: Price Target Attained – Removing From Our Idea Generation Framework
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Nov 6, 2015 |
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UBNT Earnings Preview: WISP Industry Pressures Set to Increase Meaningfully
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Nov 5, 2015 |
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ANET Earnings Preview: Slowest Domestic Cloud Capex Growth in > 3 Years
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Nov 5, 2015 |
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FEYE Earnings Preview: Risks to Sustaining Growth As Parabolic Opex Slows, Demand Normalizes and Competition Intensifies
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Nov 4, 2015 |
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AMBA: Ambarella’s Largest Distributor Guides CQ4 ’15 Sales Down Q/Q, Again Below Seasonal, Again Below Consensus
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Nov 4, 2015 |
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IDTI 10Q Review: Sell-INTO Uniquest Declines ~ 20% Q/Q, Fortuitously Offset By Hynix Appearing as > 10% Customer For The First Time
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Nov 3, 2015 |
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UBNT FY ’15 Proxy: Share Repurchases Since CQ2 ’15 Appear to Exceed Domestic Cash, What Happened to the CTO?
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Oct 30, 2015 |
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IDTI: Cavium’s Ramping Fusion-M Suggests Secular Risk Potential to IDT’s SRIO Switches in CY ’16
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Oct 29, 2015 |
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AMBA: GoPro’s Sell Through Well Below Plan, Excessive Channel Inventory, All Time High Inventory Days
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Oct 29, 2015 |
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ANET: Broadcom’s CQ3 ’15 Ethernet Switch Sales Decline as Cloud Capex Hits a Soft Patch
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Oct 29, 2015 |
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TXN / MXIM: Latest Report Would Require Mr. Templeton to Have Notably Changed His Thinking
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Oct 29, 2015 |
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TXN / LLTC: Arrow CQ3 ’15 Component Sales ~ 200bps Below Guide, Inventory Days Hold Near Post-Recession Highs
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Oct 28, 2015 |
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IDTI CQ3’15 Review: Several Other Points in the Comms Supply Chain See 2H CY ’15 Quite Differently
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Oct 27, 2015 |
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AMBA: Qualcomm Competition Extends to IP Security Cameras
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Oct 27, 2015 |
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IDTI Earnings Preview: Near Term Inputs At Best Mixed, Intermediate Term Growth Progressively More Challenging
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Oct 26, 2015 |
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MXIM CQ3’15 Review: 5th Revenue Miss in 6 Quarters
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Oct 26, 2015 |
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CHKP Earnings Preview: In-Line Quarter and Guide From Fortinet Not Well Received
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Oct 23, 2015 |
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SYNA CQ3’15 Review: Downwardly Revised FY ’16 Guide Suggests Lower Probability on GS7 Force Touch, Renesas Restructuring?
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Oct 23, 2015 |
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SYNA Earnings Preview: Several Moving Pieces, Insider Selling Noteworthy
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Oct 22, 2015 |
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TXN CQ3’15 Review: > 15% Customer in Analog a Risk for CQ1 ’16 and CY ’16, Opex More Noteworthy Than Sales
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Oct 22, 2015 |
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TXN Earnings Preview: Above Seasonal Sales Modeled Through CQ1 ’17, Inventory In Focus
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Oct 21, 2015 |
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AMBA: Hikvision CQ3 ’15 Sales Again Below Consensus, DSO Rises, Gross Margin Declines
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Oct 21, 2015 |
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AMBA: Ambarella Announces New Drone SoC’s as US Reportedly Set to Impose Mandatory Drone Registration
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Oct 19, 2015 |
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UBNT: Another Director and Audit Commitee Member Removes Himself from Ubiquiti’s Board
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Oct 19, 2015 |
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SYNA: September 2015 Sales Well Below Seasonal, Scope for Continued CQ4 ’15 Softness
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Oct 16, 2015 |
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MXIM: Analog Devices’ Reported Interest In a Lower Quality Asset At a Premium Valuation Confusing to Us
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Oct 15, 2015 |
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INTC CQ3’15 Review: Data Center Group To Miss CAGR Target for 3rd Time in 5 Years
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Oct 14, 2015 |
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UBNT: WISP Response to Ubiquiti’s SunMax: “It Might As Well Have Been a Line of Pool Products”
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Oct 14, 2015 |
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LLTC Earnings Preview: Unclear to Us Why All 4 Quarters of CY ’16 Will Be Above Seasonal
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Oct 13, 2015 |
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INTC Earnings Preview: We Believe PC Optimism Will Fade, Server Concerns Will Rise
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Oct 13, 2015 |
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INTC: EMC CQ3 ’15 Total Sales Below Consensus With or Without $100M in Unshipped Storage Products
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Oct 12, 2015 |
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IDTI: In First Quarter Post Win2003 Server Suport Expiring, SuperMicro Cuts Guide For First Time in 3 Years
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Oct 9, 2015 |
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INTC: CQ3 ’15 PC Shipments Underwhelming Despite Lenovo Price Hikes, PC Build Momentum Softens Into CQ4 ’15
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Oct 9, 2015 |
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LLTC / TXN: Global Manufacturing Detail for September 2015: US Manufacturing Data Arguably Most Concerning
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Oct 2, 2015 |
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SYNA: If CFIUS Has Hung Up NXP over ~ 1% of RF Revenues, How Would Selling Fingerprint Authentication to China Fare?
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Oct 1, 2015 |
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MRVL: Mobile Restructuring: Decent First Step, Base Business R&D Spend Should Be The Next Area Of Meaningful Cost Savings
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Sep 25, 2015 |
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MRVL: We Add Marvell Technology to Idea Our Framework: E/V to Sales Needed Actions
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Sep 18, 2015 |
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GPRO: Price Target Attained – Removing From Our Idea Generation Framework
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Sep 14, 2015 |
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ANET: ITC Staff Favors Cisco in 944 Hearing with Presiding Judge a Former ITC Staff Attorney
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Sep 11, 2015 |
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AMBA 10Q Review: Purchase Commits Down; AllWinner Added to Competitor Roster
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Sep 9, 2015 |
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Semiconductor Industry Enters Y/Y Contraction; If Sustained, History Suggests Not A Great Time to Own Semiconductor Shares
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Sep 9, 2015 |
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AMBA FQ2’16 Review: First Below Consensus Sales Guide On Record; Heightened Competition Likely Intersects Slowing Consumption
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Sep 2, 2015 |
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10th Consecutive Month of Y/Y Contraction in Global Manufacturing PMI; US New Orders Deteriorate Sharply
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Sep 1, 2015 |
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AMBA Earnings Preview: Scope For Less Seasonal 2H CY ’15 Trending; ISP’s Unlikely to Sustain as Most Profitable Fabless Category
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Sep 1, 2015 |
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CQ2 ’15 Server Units Below Seasonal Ahead of WinServer2003 Expiry, Gartner Suggests International Budgets Pulled Forward on Currency Concerns
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Aug 27, 2015 |
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SYNA 10K Review: Validity Contingent Consideration Reduced for 4th Consecutive Quarter
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Aug 26, 2015 |
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UBNT: As EM Currencies Collapse QTD, Cambium Joins Ruckus and Google in Offering 802.11AC WLAN AP’s Cheaper than Ubiquiti’s UniFi
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Aug 26, 2015 |
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INTC: HP’s PC Channel Inventory Commentary the Opposite of Intel’s, HP’s Inventory Days to Post Recession High
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Aug 21, 2015 |
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Analog Devices’ FQ3 ’15: Ex-Consumer Sales Guide Implies Sharpest Drop since 2012, Asian Distributors All Sink to 52 Week Lows
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Aug 19, 2015 |
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UBNT: Google Now a WLAN Competitor, Google Partners with Vivint as SunMax Trademark Application Is Suspended
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Aug 19, 2015 |
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IDTI: Uniquest CQ2 ’15 Results: Sharpest Q/Q Sales Decline in At Least 3 Years, Inventory Days Again Rise Sharply
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Aug 13, 2015 |
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China’s Passenger Car Sales Decline Y/Y For 2nd Consecutive Month For First Time Since 2008
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Aug 12, 2015 |
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INVN: Price Target Attained – Removing From Our Idea Generation Framework
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Aug 11, 2015 |
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Asustek Guides CQ3 ’15 NB Units Below Seasonal; Acer + Asus Inventory Days to Fresh All Time High
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Aug 11, 2015 |
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AMBA / GPRO: Chicony June 2015 Sales: CQ3 ’15 Starts Out Slowly
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Aug 7, 2015 |
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UBNT CQ2’15 Review: Not The First Mention of Ubiquiti and a Hong Kong Bank, Risks Broadly Escalating
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Aug 7, 2015 |
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UBNT Earnings Preview: D-Link Trajectory Relevant, Regulatory and Competitive Headwinds Mount
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Aug 6, 2015 |
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IDTI 10Q Review: High Wire Act Manifests in Collapse In Memory Interface Sales, Spike in Legacy Comms Sales
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Aug 6, 2015 |
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AMBA: Ambarella’s Largest Distributor Guides CQ3 ’15 Sales Down Q/Q, Meaningfully Below Seasonal
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Aug 5, 2015 |
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INVN CQ2’15 Review: If Samsung is Multi-Sourcing, Why Won’t Apple?
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Aug 5, 2015 |
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INVN Earnings Preview: Growth Challenges At Odds With Valuation Premium to RF Vendors
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Aug 4, 2015 |
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IDTI CQ2’15 Review: Line Item High Wire Act Extends to Communications Guide, Increased Cause for Concern into CY ’16
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Aug 4, 2015 |
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IDTI Earnings Preview: DDR3 Also Matters, Communications Headwinds Mount
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Aug 3, 2015 |
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Mediatek Guides CQ4 ’15 Smartphone Units Down Q/Q, Citing “Anti-Seasonality”
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Jul 31, 2015 |
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Synaptics CQ2’15 Review: Organic Sales Down > 20% Y/Y Before Area Sensor ASP Declines; FY ’16 Guide Low Probability
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Jul 31, 2015 |
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FEYE Earnings Preview: No Reason Results Shouldn’t Be Above Guide; Duration Remains Our Concern
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Jul 30, 2015 |
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Synaptics Earnings Preview: Sustaining 100% Share of Samsung and Apple In Perpetuity Required
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Jul 30, 2015 |
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Hikvision CQ2 ’15 Sales: Growth Still Elevated, But Decelerating; Slowing China Factory Automation Spend Noteworthy
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Jul 29, 2015 |
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SLAB Earnings Preview: TV Panels Remain Soft into CQ3 ’15, Estimates A High Bar If (When) Access Sales Revert
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Jul 28, 2015 |
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GoPro CQ2’15 10Q Review: Factored Receivables Up, BestBuy Sell-IN Up, Raw Materials Inventory Up
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Jul 27, 2015 |
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MXIM CQ2’15 Review: 4th Revenue Miss in 5 Quarters, 3rd Restructuring in 4 Quarters
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Jul 24, 2015 |
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Y/Y Declines Worsen in Both China’s and Germany’s Flash Manufacturing PMI
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Jul 24, 2015 |
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MXIM Earnings Preview: How 30% Operating Margin is as Relevant as Attainment Itself
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Jul 23, 2015 |
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TXN CQ2’15 Review: First Consecutive Revenue Misses Since 2008, Inventory Up Again, R&D Down Again
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Jul 23, 2015 |
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TXN Earnings Preview: Above Seasonal Sales Modeled Through 2016, Inventory In Focus
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Jul 22, 2015 |
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Apple iPhone Units ~ 10% Below Expectations, Difficult to See Reduction in Channel Inventory As Positive
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Jul 22, 2015 |
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GPRO CQ2’15 Review: 60% Growth in Retail Outlets Over Roughly One Year, A Pace ~ 3x Faster Than Netgear
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Jul 22, 2015 |
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LLTC Earnings Preview: Consumption Headwinds Intersect Above Seasonal 2H ’15 Estimates
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Jul 21, 2015 |
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CHKP Earnings Preview: Tides Eventually Go Out, Evolving Competitive Landscape Pressures Profitability
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Jul 21, 2015 |
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GPRO Earnings Preview: Previously Undisclosed Products Aid Near Term Sell-IN, Hero 4 Sessions Underwhelms Enthusiasts
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Jul 21, 2015 |
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INTC CQ2’15 Review: Balance Sheet More Noteworthy Than Income Statement, Risk Shifts to Data Center and Mobile
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Jul 19, 2015 |
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Google’s CQ2 ’15 Capex: First Consecutive Q/Q Declines Since 2009, First Y/Y Decline Since 2012
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Jul 17, 2015 |
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TSM CQ2’15 Results: TSM Will Beat Intel to 10nm, Weak CQ3 ’15 Guide, Record DOI
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Jul 16, 2015 |
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INTC Earnings Preview: Near Term, Well Vetted; Long Term, Less So
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Jul 15, 2015 |
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UBNT: Checks Show Anemic AirFiber 5X Volumes; 2 Latin American Resellers’ Websites Dead-End as Venezuelan Users Complain of Currency Restrictions
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Jul 15, 2015 |
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AMBA: Leading IP Security Camera Vendor Axis Local Currency Sales Growth Goes Negative
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Jul 10, 2015 |
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8th Consecutive Month of Y/Y Contraction in Global Manufacturing PMI; US Auto Consumption Joins Softness Elsewhere
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Jul 7, 2015 |
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GoPro Mimics Polaroid’s Cube For > 2x the Price; Chicony’s CQ2 ’15 Sales Underwhelm
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Jul 7, 2015 |