Cypress Semiconductor Corp.
) increased its revenue expectation for the first quarter of
The chip maker now expects sales of $169-$171 million, up from
its previous guidance range of $161 to $168 million. Analysts, on
an average, expect revenues of $165 million, according to Thomson
Management expects revenues to increase on account of new
customer and new program ramp ups and solid design wins in
Additionally, Cypress announced the retirement of Executive
Vice President (EVP) and Chief Financial Officer (CFO), Brad
Buss. Buss will continue to serve as the CFO through Jun 1, 2014
and will then assist in the transition through Sep 1.
The company will appoint Thad Trent, currently Vice President
of Finance, as the new EVP and CFO.
Cypress is a semiconductor company, offering high-performance,
mixed signal, programmable solutions. In fourth-quarter 2013, the
company reported revenues of $167.8 million, down 11.1%
sequentially and 6.9% year over year due to normal seasonal
declines in all divisions. However, loss of 4 cents per share was
wider than the Zacks Consensus Estimate of a loss of 1 cent.
Though we remain optimistic about the company's advanced
technology and momentum in new products, weak macro environment
and poor visibility remain a cause of concern.
Currently, Cypress has a Zacks Rank #3 (Hold). Other stocks
that are performing well include
Dealertrack Technologies, Inc.
). All these stocks sport a Zacks Rank #2 (Buy).
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