Wolfson

I've seen shares fall on good results before but this is just silly!

Surely this has got to be a buying opportunity!

Financial Highlights

Revenue increased by 94% to $56.9m (H1 2003, $29.3m)
Gross margin improved to 50% (H1 2003, 46.4%)
Profit before tax increased by 123% to $9.3m (H1 2003, $4.2m)
Diluted earnings per share increased 94% to 5.77c (H1 2003: 2.98c)

Operational Highlights

158 design wins in the period
9 new products introduced in the period
Continued strong uptake of products by major OEMs
Increased sales in Japan and Korea to 29% of group turnover
31 new technical and commercial staff

They are now forecasting GROWTH of 50-55%..........how bad is that ?

Wait for the next big fall before jumping in.

Intel shares rise following Q3 report
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 5:00 PM ET Oct. 12, 2004

SAN FRANCISCO (CBS.MW) -- Intel reported third-quarter sales near the top of its reduced expectations late Tuesday, but the world's largest chipmaker said fourth-quarter sales could fall below what Wall Street expects.


Shares of the Santa Clara, Calif.-based company (INTC: news, chart, profile) rose 3.7 percent to $21.02 immediately after the results were announced following the closing bell.

Intel's chips go into four of every five computers built around the globe. The company also makes chips used in cell phones and networking gear.

Intel reported third-quarter net income of $1.9 billion, or 30 cents a share, on sales of $8.47 billion. During the same quarter last year, Intel reported net income of $1.7 billion, or 25 cents a share, on sales of $7.8 billion.

Intel's net income included tax-related items that boosted per-share earnings by 3.6 cents. Intel's tax rate for the quarter was 21.4 percent, below the 29.5 percent rate the company detailed during a midquarter update early in September. The tax benefits came from export sales and state tax benefits for divestitures.

Actual gross margin was 55.7 percent compared with the company's expected level of 58 percent and versus the previous quarter's margin of 59.4 percent. The company stated the lower margin was due to higher inventory reserves, increased sales of lower-margin products like chipsets and motherboards, and an inventory writedown.

Analysts had expected earnings of 27 cents a share and sales of $8.44 billion, on average, according to Thomson First Call.

During the previous quarter, Intel earned $1.76 billion, or 27 cents a share, on sales of $8.05 billion.

Intel grew its microprocessor units while its average selling price held flat. Chipset and motherboard shipments increased while flash memory held flat.

Intel kept its 2004 capital expenditure budget steady between $3.6 billion and $4 billion, but the chipmaker trimmed its research and development budget to $4.7 billion from $4.8 billion.

For the fourth quarter, which ends in December, Intel said its sales would be between $8.6 billion and $9.2 billion with margins of around 56 percent.

For the fourth quarter, analysts had expected sales of $9 billion and earnings of 30 cents a share.

Intel Q3 earns 30c, sales $8.47 bln (4:20 PM ET) SAN FRANCISCO (CBS.MW) -- Intel's(INTC: news, chart, profile)third-quarter net income of 30 cents a share and sales of $8.47 billion surpassed Wall Street's reduced financial expectations for earnings of 27 cents a share and sales of $8.44 billion. The chipmaker issued a fourth-quarter sales range of between $8.6 billion and $9.2 billion compared with analyst expectations for sales of $9 billion

12th Oct 04 Panmure Gordon expecta a fall to 85p

If it gets to 85p then I start looking to buy it.

Shares Mag says: Wolfon shares remain hypefilled
even after this weeks plunge and are
susceptible to further disappointments.

Friday Press Roundup
MoneyAM
A summary of today's business comment...

Investors Chronicle

WOLFSON MICROELECTRONICS (buy)


http://www.moneyam.com/action/news/showArticle?id=470457

Equity View: Buy IMI at 355.5p - Great Portland Estates at 297.25p - Wolfson Microelectronics at 100.5p - C&C Group at 17.35 - P&O at 268p (Look who's Trading)

Taking Stock with Edmond Jackson: Follow your own nose to make profits (Wolfson Electronics)

ARM Holdings added 1-3/4 pence to 87 after the UK chip designer posted stronger-than- forecast third-quarter results and repeated its revenue growth guidance for the full year.

IBM rose 3.8% as analysts gave a positive review of its Q3 performance.

In a boost for the battered chip sector, Texas Instruments posted Q3 earnings and sales which handily beat Street estimates. Some analysts noted that its outlook for Q4 sales was guarded at a decline of 6% to a rise of 2%. Others were more positive over the indications of late quarter demand at the company. Texas Instrument shares soared 8% to $22.79.

All positive stuff today and some massive buying along with high volume. Hopefully we should start to see some recovery in WLF.

read this thread got a few pointers

1. down 57% from high
2. profit growth est 50-55% from 79% [imagine the sp without est cockup]
3. fidelity the best special situation fund for years own a massive chunk
4. drop comes in 3's [i'm no chartist but that has happened]
5. good news from intel/ibm
6. pi's rushing back in
7. imho looks good !


cheers d

I'm still not sure about point 4. I hold at an average of 180+ so I have a long way to go to even out. if the saying 'profit warnings come in 3s' is true then there is one more to go !

ahzar, the market is expecting a third warning before Xmas, BUT it is already priced in. The word is that if they can give an upbeat outlook with the warning (if iit materialises) then the stock is heading north.
Right now, every bit of bad news that has come & is to come (possibly) is heavily priced in.

If this hits 80 to 85p then I'm interested.

If it gives another profit warning & drops way below 80p then I'm definitely interested.

The market will overeact to another profit warning.

Down again because

Panmure Gordon reiterates sell.

Thursday October 28, 03:00 PM
New Reference Design from Zeevo Featuring Wolfson Audio Codec Gives Manufacturers a Fast Track to CD-Quality Wireless
SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 28, 2004--

Untethered MP3 Players, Wireless Speakers and Stereo Headphones

Expected to Dominate CES This Winter

Asian and other original device manufacturers (ODMs) that desire to catch the next
wave in lifestyle entertainment products will appreciate a new reference design from Zeevo using Wolfson audio CODECs that will enable them to design and introduce wireless stereo headsets, speakers or wireless MP3 players that feature true CD-quality sound -- well in time for the winter Consumer Electronics Show (CES). With the availability of these new products, based upon a new generation of low-cost quality audio Bluetooth wireless transceiver chips from Zeevo, coupled with Wolfson's celebrated single-chip CODECs, consumers will be able to dispense with the wires that have until now tethered their stereo headphones to the MP3 players on their arms and waists, or their high-quality speakers to their entertainment centers.

"This could be one of the hottest new trends that we see at CES this year," said Dr. David Milne, CEO of Edinburgh-based Wolfson Microelectronics, a world leader in high-performance mixed-signal chips. "Wolfson is delighted to be part of one of the first solutions to offer high quality wireless audio."

A reference design is a sample electronics circuit design that shows engineers how to utilize the latest developments in microchips in their own products. Using a reference design as a base, it is possible today for a device manufacturer to incorporate a new technology into existing designs in a few weeks, and have products available to ship not long after. The designs use the ZV4301 Zeevo Bluetooth ARM7-based microcontroller chip to process and transmit stereo data via the Bluetooth wireless standard, and any of Wolfson's WM8731, WM8711, WM8955 audio CODECs to perform audio coding and decoding, digital to analog and analog to digital conversions, and filtering.

"This is a real breakthrough for device manufacturers," said Jalil Shaikh, president and CEO of Zeevo. "Wireless audio in personal entertainment products has not previously been offered, because of an inability to meet the consumer's expectations for quality. Wolfson has solved the problem on the audio CODEC side, and we have solved that on the wireless side. What we are assuring is that the consumer will have an uncompromising, CD-quality audio experience, and that wires to headsets and speakers will become a thing of the past."

According to Shaikh, the reference design provides full CD-bandwidth, up to an 87dB signal-to-noise ratio (SNR), and receiver sensitivity of -86dBm. The Wolfson CODECs provide 98dB SNR in the DACs, which provides for excellent "total audio chain" performance.

The reference design is available from Zeevo today.

About Wolfson Microelectronics

Wolfson Microelectronics plc is an award winning, fabless semiconductor company based in Edinburgh, UK. Wolfson develops and markets high performance mixed signal semiconductors for multimedia and communications applications worldwide. The company currently has sales offices in the USA, Japan, China, Taiwan and Korea.

For more information contact: Wolfson Microelectronics plc, Westfield House, 26 Westfield Road, Edinburgh, EH11 2QB, United Kingdom, Tel: +44 (0) 131 272 7000, Fax: +44 (0) 131 272 7001. Web: www.wolfsonmicro.com.

About Zeevo

Zeevo is a leading-edge semiconductor provider that designs and markets "system-on-a-chip" (SoC) lifestyle wireless products for use in consumer electronics products ranging from cellular phones to MP3 players to personal computers to loudspeakers. Zeevo's latest wave of products uniquely solve the problem of high quality audio over Bluetooth -- increasingly in demand as the wireless movement floods over in to headsets, stereo headphones, and loudspeakers. The company pioneered the concept of "Sound Design for Bluetooth(TM)," a quality, reliability and convenience benchmark for Bluetooth audio that includes high-quality audio, interference-free co-existence with 802.11 wireless, dynamic mode switching for convergence applications, and fail-soft out-of-range behavior.

Zeevo Bluetooth platforms integrate analog, digital, and radio-frequency (RF) circuitry, as well as memory and a programmable ARM7 processor, on a single-chip built using highly cost-effective, standard CMOS technology. Zeevo's chips are delivered in design- and manufacturing-friendly packages that incorporate all RF components, and are accompanied by Zeevo's advanced ZSound(TM) algorithms, CODEC interfaces, and operating software. This results in quality Bluetooth audio solutions that are distinguished by small size, low cost, low power consumption and ease of integration by OEMs and ODMs into market-leading end products.

Zeevo supports open, industry-standard development tools, and an easy-to-use application program interface (API) and development environment on its Bluetooth platforms, which enable customers to easily customize their solutions and deliver differentiated products.

Zeevo was founded September 1999 in Silicon Valley by industry veterans. Investors in the privately-held company include Sequoia Capital, Raza Venture, Focus Ventures, WK Technology Fund, Institutional Venture Partners (IVP), CDIB, Winbond, and Capital Group Companies.

Editors' Note: All trademarks and registered trademarks are those of their respective companies.

Additional background information is available at www.roeder-johnson.com.

http://uk.biz.yahoo.com/041028/183/f5hxr.html

any views on 3% lift today plenty of buys- dafrer

Monday November 1, 06:00 PM
Wolfson Launches High-End Stereo Audio ADCs for Professional and Prestige Consumer Markets

SAN DIEGO & EDINBURGH, Scotland--(BUSINESS WIRE)--Nov. 1, 2004--Mixed-signal IC specialist Wolfson Microelectronics plc today launches a new family of high-performance 24-bit stereo ADCs for high-performance recordable media devices, such as recordable
DVD Players and personal video recorders, and A/V amplifiers, as well as high-end sound cards and studio-audio processing equipment.

Utilizing advanced mixed-signal techniques in multi bit sigma-delta design, and a proprietary cascade topology, WM8780/1/5/6 maximize signal to noise ratio, up to 111dB, resulting in clean, accurate sound in compact and convenient surface mount packages. A choice of single-ended or differential analog inputs allows designers to achieve an optimal balance of audio performance, system cost and design effort. Both input-types are available in hardware and software controllable variants.

The WM8780 and WM8781 have single-ended inputs and achieve signal-to-noise ratio of 107 dB and total harmonic distortion -98dB. Designed with differential inputs, the WM8785 and WM8786 reach 111 dB SNR and a total harmonic distortion -102 dB.

Capable of 24-bit high-resolution sampling at frequencies from 8 kHz to 192 kHz, the digital output audio word length is configurable from 16- to 32-bit and delivered as a PCM output. Wolfson's proprietary low-order modulator minimizes jitter effects, and a selectable high pass filter is available to remove residual DC offsets. The devices support a TDM bus, providing designers with extra flexibility to build advanced audio processing equipment, including complex multi-channel studio equipment or surround sound systems.

The WM8780 is packaged in a very low pin-count 16-pin SOIC for optimum board space utilization and low number of interconnects. WM8781, WM8785 and WM8786 are available in small outline 20-pin SSOP packages.

Availability

The WM8780, WM8781, WM8785 and WM8786 are available now in volume quantities priced at $1.53, $1.62, $1.85 and $1.90 (U.S.) respectively in quantities of 10,000.

http://uk.biz.yahoo.com/041101/183/f5q76.html

Another assault on 110 seems imminent

Buys to sells fairly even. Volume smallish. I already hold WLF (Bought to high at the time of initial drop after resukts, but I would not buy any more for the time being. I still think there is another drop comming. If it hits 80-90 may buy. I think the graph does not show any signs of real trend change. W/s. I don't mind being wrong.

You are not the only one Fred1new. I also bought in @ 180+ but will not average down yet. Like I'm waiting...