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Increased adoption of connectivity and applications within cars could be beneficial to the companies that supply the underlying technology and components.
Texas Instruments Incorporated
Analog Devices, Inc.
TE Connectivity Ltd.
Microchip Technology Incorporated
Maxim Integrated Products, Inc.
ON Semiconductor Corporation
Sensata Technologies Holding PLC
TTM Technologies, Inc.
Delphi Technologies PLC
Microchip (MCHP) updates its previous guidance revision to reflect the impact of strong bookings growth triggered by coronavirus crisis-led supply chain disruptions.
Analog Devices, Inc. (Nasdaq:ADI) today announced the successful closing of the first green bond offering in the semiconductor industry. The company’s green bond issuance consisted of $400 million aggregate principal amount of 2.950% senior unsecured notes due April 2025.
Moody's Investors Service, ("Moody's") affirmed MaxLinear, Inc.'s ("MaxLinear") Ba3 Corporate Family Rating ("CFR") and other ratings following the announcement of MaxLinear's planned acquisition of Intel Corp.'s ("Intel") Home Gateway Platform division ("Home Gateway") for $150 million. Moody's downgraded the Probability of Default Rating ("PDR") to B1-PD from Ba3-PD.
ON Semiconductor Corp. said late Thursday it was laying off 475 employees as part of a cost-savings measure. The chip maker, which employs nearly 35,000 people worldwide, said the "targeted cost reductions are structural in nature and are not expected to impact the Company's ability to respond to a significant recovery in demand." Severance costs are expected to be $43 million to $47 million over the first and second quarters with the reductions saving about $65 million to $70 million a year. ON shares rose 2% after hours, following flat trade during the regular session to close at $13.73.
Texas Instruments Incorporated (TI) (Nasdaq: TXN) will hold its annual meeting of stockholders on Thursday, April 23, at 8:30 a.m. Central time. Due to the COVID-19 pandemic, the meeting will be held in a virtual-only format. The meeting can be accessed at www.virtualshareholdermeeting.com/TXN2020 or via the Investor Relations section of the company's website at www.ti.com/ir. An archived copy will also be available after the meeting.
The number of Americans seeking jobless benefits soared again on Thursday, in the latest sign of how the coronavirus that causes COVID-19 is impacting all sectors of the economy, as companies are forced to furlough and lay off workers
Despite a strong fourth quarter ending in March, the Chandler semiconductor maker said it expects demand for its products to slip later this year from the effects of the global pandemic.
Texas Instruments has been sued by one of the largest telecommunications companies in the world over intellectual property.
Today's 5 Stock Ideas: * Starbucks (SBUX) \- A dividend play. The company said Wednesday, while taking other capital reduction measures, it does not expect to cut its dividend. * Microchip Technology (MCHP) \- A play on strength in semiconductors. * El Pollo Loco (LOCO) \- A play on fast food/casual restaurants which have remained open through the coronavirus crisis. The company Wednesday reported Q1 (for quarter ended Mar. 25, 2020) same-store sales were down 1.5% on year-over-year basis. * EPR Properties (EPR) - AMC Entertainment (AMC) is the company's biggest tenant. A play on the currently-embattled theater/movie space. * IT Tech Packaging (ITP) \- A penny stock for a China-based paper products company, IT Tech reported Tuesday its tissue paper production lines were running at full capacity.See more from Benzinga * Benzinga Pro's Top 5 Stocks To Watch For Wed., Feb. 26, 2020: DIS, SPCE, BYND, SDC, JCP(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
After market close, Microchip (MCHP) updated its March quarter revenue guidance from flat ($1.29 billion) to ~+3% ($1.33 billion) from the previous quarter.Bookings for the March quarter hit a record and this strength has continued into the June quarter, with backlog for the June quarter up ~9% q/q.Microchip, however, believes that the strength in bookings may be a result of customer concerns about supply chain disruptions due to the COVID-19 virus.“With economies around the world contracting rapidly, with millions of people getting laid off and with customer factory closures due to “shelter in place” ordinances in various countries, we believe that product demand is likely to weaken significantly” the company warned.In addition, due to the uncertainty surrounding COVID-19 and potential product demand weakness, Microchip announced that it is also lowering its cost structure.Its CEO, President and other executive staff members will take a 20% salary cut effective on April 20, 2020 while the rest of the non-factory employees in the company will take a 10% salary cut.Microchip expects that its capital expenditures for fiscal 2021 ending March 31, 2021 will be reduced to about $50 million to $70 million, primarily for maintenance capital and to support new product introductions.“While we see strong bookings and backlog right now, we also see a very high degree of uncertainly in our business due to the impact of the COVID-19 virus,” said Steve Sanghi, Microchip’s CEO. “With millions of job losses, customer factories shutting down and weakening economic activity, we are taking actions to reduce expenses and capital expenditures to prepare.”Nonetheless the stock continues to win support from the Street, with a Strong Buy analyst consensus. Out of 16 analysts covering the stock, 14 rate MCHP a buy, TipRanks shows. (See Microchip’s stock analysis on TipRanks)“We continue to view Microchip as a company that will outperform as we exit the current industry down-cycle (strong cash flow, debt repayments, and design wins in microcontrollers and analog)” stated Rosenblatt analyst Hans Mosesmann on April 9. “We reiterate our Buy rating and 12-month price target of $120.”Related News: Costco Reports Strong March Delivery With $1.5 Billion Sales Bump Stitch Fix Reveals Significant Logistics Disruption, Withdraws Guidance Starbucks Feels The Pain; Expects 46% Fall In Earnings, Pulls Full Year Guidance More recent articles from Smarter Analyst: * Zscaler Announces Intent to Acquire CSPM Company Cloudneeti * Tesla Scored Record China Sales In March, Says Industry Association * Disney+ Hits New Milestone With 50 Million Paid Subscribers * Six Flags Boosts Liquidity Outlook, Suspends Dividend Payouts
Visteon Corp. said Thursday it will further reduce the number of employees at various sites, in addition to the cuts announced as part of its restructuring plan in January, in response to the COVID-19 pandemic. The new plan is expected to cost between $11 million to $15 million and is expected to be substantially completed in mid-2021. The previously announced plan was expected to cost $18 million to $24 million. The auto parts maker announced a temporary four-month salary reduction program, which includes a 40% reduction in the CEO's salary, the executive committee's salaries will be reduced by 30%, cash compensation for non-employee directors will be lowered by 30% and all other employee salaries will be cut by 20%. Separately, Visteon said it is looking to deliver up to 50,000 face shields and other personal protective equipment to doctors and nurses. The stock, which is still inactive in premarket trading, has dropped 40.6% over the past three months while the Dow Jones Industrial Average has lost 19.1%.
Visteon Corporation (VC) today outlined various actions it is taking in response to the global coronavirus pandemic. The company has taken decisive actions to manage costs and preserve liquidity, including effective cost management and the previously disclosed drawdown of its revolving credit facility. As of March 31, Visteon had approximately $825 million of cash and roughly $785 million of debt, which includes the $400 million draw down of the revolving credit facility.
Microchip Technology Inc. said it is cutting costs even while sales rise given the uncertainty and economic volatility resulting from the COVID-19 pandemic. The chip maker said it expects quarterly revenue to rise 3% sequentially, up from a previous forecast of flat revenue. Analysts surveyed by FactSet had forecast quarterly revenue of $1.29 billion, or a sequential decline of 3.3%. "Microchip, however, believes that the strength in bookings may be a result of customer concerns about supply chain disruptions due to the COVID-19 virus," the company said in a statement. "With economies around the world contracting rapidly, with millions of people getting laid off and with customer factory closures due to 'shelter in place' ordinances in various countries, we believe that product demand is likely to weaken significantly." The company said senior executives will take a 20% salary cut with non-factory employees taking a 10% cut. Some factory workers will have to take salary cuts with "others taking rotating time off depending on the factory loading levels for various locations," the company said. Board-member compensation is being reduced by 20%, the company said. Microchip shares rose 2.5% after hours, following an 8.4% rise to finish the regular session at $79.52.
CHANDLER, Ariz., April 08, 2020 (GLOBE NEWSWIRE) -- (MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today provided an update on its expected March 2020 quarter net sales and the current business environment. Microchip announced that its net sales for the quarter ending March 31, 2020 is expected to be up about 3% sequentially versus its revised guidance provided on March 2, 2020 of about flat sequentially. Microchip also announced that it received record bookings for the March 2020 quarter and that its backlog for the June 2020 quarter is up about 9% from the March 2020 quarter backlog at the same point in time.
SANTA ANA, Calif., April 08, 2020 -- TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on Wednesday, April 29, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time.
WILMINGTON, Del., April 07, 2020 -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of.
A Relative Strength Rating upgrade for Maxim Integrated Products shows improving technical performance. Will it continue?
Steve Sanghi became the CEO of Microchip Technology Incorporated (NASDAQ:MCHP) in 1991. First, this article will...
PHG vs. GRMN: Which Stock Is the Better Value Option?
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
TE Connectivity Ltd. (NYSE: TEL) will report financial results for the second quarter of fiscal 2020 before trading begins on April 28, 2020. The company will hold a conference call for investors at 8:30 a.m. ET. The conference call may be accessed in the following ways:
Designers of compact consumer devices can now slash solution size by half and extend battery life by 20 percent with the MAX77654 single inductor, multiple output (SIMO) power management IC (PMIC) from Maxim Integrated Products, Inc. (NASDAQ: MXIM). This next-generation SIMO PMIC delivers 3 outputs with just one inductor at 91 percent efficiency, which is 16 percent greater than traditional 4-chip systems. With significantly reduced solution size, system designers can pack more functionality in their applications such as wearables, hearables and other compact consumer devices when compared to using traditional power solutions. The MAX77654 builds on Maxim Integrated's robust portfolio of SIMO PMICs.
Analog Devices Contributes to Global Fight Against COVID-19