AllThingsD » National Semi

National Semi Chips Away at Workforce

John Paczkowski — Wed, 11 Mar 2009 19:22:24 +0000

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Happy Holidays from Fairchild and Alcatel-Lucent

John Paczkowski — Fri, 12 Dec 2008 19:00:39 +0000

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Everybody Gets Back in the Boat: Nasdaq Jumps 6.5 Percent

Eric Savitz — Fri, 14 Nov 2008 00:41:11 +0000

Well, I for one never know what to make of a day like this one, with the market jumping back and forth over the flat line before staging one of those crazy end of the day runs that have become so much a part of the current market pattern. The Nasdaq Composite finished at the high for the day, up 97.49, or 6.5 percent, to 1596.70, and 168 points above the day’s low. The other major indexes had similar gains, with the Dow up 552 points, or 6.7 percent, to 8835, or 900 points above the low for the day, after briefly dropping below the 8000 level.

It sure is tempting to think that we’ve set a sustainable bottom; but what it really feels like is yet another unsustainable bear market rally. I will note that it seems encouraging that investors opted to more or less ignore the bearish earnings news yesterday from Intel (INTC), Best Buy (BBY), National Semi (NSM) and others, and focus instead on hunting for bargains. But I would also note that, as Bernstein Research pointed out earlier today, earnings estimates for many tech company are likely still too high, and due for further cuts in the weeks and months ahead.

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Chips: Citi Turns Bullish; Upgrades Nvidia, STMicro, IDT; Upbeat on Semi Equipment

Eric Savitz — Mon, 03 Nov 2008 12:30:03 +0000

Citigroup’s Glen Yeung this morning turned positive on the chip sector, asserting that the sector has reach the right point in the cycle to jump in for the next upturn.

Yeung uses the 1990-91 downturn as a model for the current period, and concludes that “the risk/reward has now become favorable” for select names in the group. “It is optimal to invest ahead of the report of [the] first quarter of year-over-year GDP growth,” he writes, adding that current valuations are near 1990 troughs.” In a research note this morning, Yeung also contends that “estimate capitulation has occurred.” His bottom line: now is the right time to invest in semi names.

In connection with the call, he upgrades Integrated Device Technology (IDTI), Nvidia (NVDA) and STMicro (STM) to Buy from Hold. Yeung’s colleague, Craig Ellis, who covers specialty semis, raised Fairchild (FCS) to Hold from Sell, and National Semi (NSM) to Buy from Hold.

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