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Monday, December 8, 2008

Broadcom (BRCM), National Semiconductor (NSM), Texas Instruments (TXN), Altera (ALTR)

Broadcom (BRCM) has an analyst day. The webcast is available.

National Semiconductor (NSM) reports tonight. As most analog semis have seen big downticks of ~25% to their December quarter outlooks, expect National Semi to guide down. They've got a nasty triple threat in their results this quarter – September, October and November – all of which were the weakest months in the last several years for the industry. It won't be pretty.

Texas Instruments (TXN) will guide lower yet again on their mid-quarter update. Nokia, their largest wireless customer, seems to be in major disarray and Texas Instruments has totally stuffed the channel for a couple of quarters. The downward revision here could be startlingly severe. The street has been moving numbers down to the 2.9 – 3.0 bil area. It could be 10-20% weaker than that without too much imagination stretch. This is the slowest boat in semis and always hits the drawbridge head on when it comes down.

Altera (ALTR) also has a mid-quarter update after the call. No edge there. Obviously it'd be surprising if they didn't lower guidance.

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