That was quick. Just over 3 weeks since last reporting earnings [Feb 26, 2010: TriQuint Semiconductor - Solid Earnings, Guidance Good] the company has already pushed guidance up to the top end of the previous range.
Let me point out yesterday's stock action smacks of leak as the stock was up strongly when its peers did nothing. I'll go email the SEC to look into it (insert laugh track here)
- TriQuint Semiconductor, Inc.(TQNT) a leading RF front-end product manufacturer and foundry services provider, updated its Q1 2010 guidance and now expects revenue on the high end of previous guidance of $175 million, which represents more than 47% year-over-year growth.
- A tax credit of about $1 million will be recorded, and non-GAAP earnings per share is expected to increase from previous guidance of $0.08 - $0.10 per share to approximately $0.11 per share for the quarter ending April 3, 2010.
- Ralph Quinsey, TriQuint’s President and Chief Executive Officer, announced this update at its annual Investor and Analyst Day in New York today.
- Following Quinsey’s overview, several members of the executive team are outlining TriQuint market strategies and operational initiatives; these presentations are being webcast and the audio will be archived and accessible from the Events tab of TriQuint’s investor website.
We had a limit buy order hit for the stock Monday @ 6.78. With the stock up nearly 8% in 3 days I am going to take 1/3rd of the position off the table around $7.30, basically reversing the exposure I added Monday. I will repurchase if the stock can get over recent highs i.e. upper $7.40s.... or on a decent pullback. I think most of today's surprise announcement already was reflected in yesterday's big jump.
Long TriQuint Semiconductor in fund; no personal position