Even investors who don't know a MOSFET from a Muppet should give some thought to attractively priced semiconductor stocks. It's true that it is an absurdly cyclical market and there is rampant competition, but these are also consummate second-chance stocks; investors often get multiple opportunities to invest in solid growers at reasonable valuations.
With that in mind, now may be a good time to consider ON Semiconductor (Nasdaq:ONNN). Although the recent weakness in the tech sector has not really impacted this stock (it's hardly down relative to its 52-week high), there is a lot of potential here as the company looks to move up the value chain with its customers.
First Quarter Results - Less Bad Is Good Enough
As has been the case for most chip stocks, no one was really expecting a strong quarter from ON Semiconductor, so "less bad" is good enough. Reported revenue rose 58% from last year and 50% from the December quarter as the company included the results of its Sanyo acquisition. Although pricing was not strong (down slightly on a sequential basis) and lead times are expanding, the impact of the quake in Japan was not as bad as it could have been. (or more, see 5 Hot Semiconductor Stocks.)
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