As in many other industries, semiconductor investors have a choice to make - go with the exciting secular growth stories, or stick by the proven winners. The first option is where the multi-baggers are found, while the second is arguably less risky. Although there is arguably no such thing as a safe semiconductor stock, investors may want to consider Analog Devices (NYSE:ADI) as a middle road between recovery and recession scenarios. (Dividend capture strategies provide an alternative investment approach to income seeking investors. See How To Use The Dividend Capture Strategy.)
A Tough Fiscal Third Quarter
While Analog had an unusually strong fiscal second quarter, the company gave some of that back this time around. Revenue was up 5% from last year, but down 4% from the prior quarter and a little below the bottom end of the company's guidance range. Results were hurt most by weakness in the communications business, but industrial and auto sales were weak as well. Consumer sales were stronger (up 5% sequentially), but this represents less than one-fifth of total revenue.
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