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Tuesday, January 6, 2009

Blowups – January 6th, 2009

Standard Microsystems (SMSC) met revenue expectations of $84 mil for the current quarter and EPS were a dime better. Outlook of 45-51 mil and a loss of 40-50 cents are significantly below consensus of 76 mil of revenues and 15 cents of EPS. Standard Microsystems' main foundry partner is Taiwan Semiconductor (TSM) and their customers in excess of 5% are Yosun Industrial (TW.2403) at 24%, Avnet (AVT) 9% and Arrow Electronics (ARW) at 8% (Connexiti).

F5 Networks (FFIV) preannounced lower revenues than prior guidance. The quarter will come in around $166 mil, prior guidance was $172-174 mil. North American business failed to close at the end of December, driving the shortfall. Flextronics is FFIV's primary contract manufacturer. Avnet (AVT), Ingram Micro (IM) and Tech Data (TECD) are their main distributors in North America (Connexiti).

Microchip (MCHP) guides down 30% sequentially, which would be roughly 188 mil. The street is at 230 mil. EPS will be 23-26 cents versus the street at 32 cents.

In the interest of timeliness, I'm going to post this and revise it afterward if necessary.

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