A new thread for Cambridge Silicon Radio, a bluetooth play for 2004.

Cambridge Silicon Radio Holdings Ltd, the Bluetooth technology group that is about to list on the London Stock Exchange, said its offering will be priced at 160-200 pence a share.

The indicative price range corresponds to an offer size of 54-68 mln stg and a market capitalisation for the company of 192-239 mln stg after flotation.

CSR designs and manufactures single-chip radio devices - focusing initially on solutions for the 2.4GHz Bluetooth personal area networking standard. The background and experience of our development team give CSR a unique advantage to help OEMs exploit the new wave of wireless networking, allowing us to offer the most highly integrated single-chip Bluetooth solutions, which are based on commodity CMOS technology with all its inherent advantages.

www.csr.com

===

CSR, which has secured over 70 mln usd of funding from a number of investors including Compaq Corp, Philips Electronics NV, Sony Corp, Intel Corp and 3i Group PLC, was founded in 1998.

The company claims on its Website to be the world's leading provider of Bluetooth, accounting for 60 pct of all Bluetooth end-products.

Bluetooth is a low-cost, short-range radio link between mobile PCs, mobile phones and other devices, enabling users to connect a wide range of devices easily and simply, without the need for cables.

Apple
Whats the relation with Psion? Is it a competitor or a user?
A huge market cap for what?

Psion is a software company in competion with microsoft for the PDA/Phone market. HOWEVER, LINUX is being considered by the PDA/Phone makers.


CSR is a spin off from a chip design company.

They get their blootooth chips made by a contract wafer fab company, in Taiwan or S Korea etc.

philj66

What was that about market cap?

The indicative price range corresponds to an offer size of 54-68 mln stg and a market capitalisation for the company of 192-239 mln stg after flotation.

26 FEBRUARY 2004



NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN AUSTRALIA, CANADA, JAPAN OR
THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS)

CSR PLC

Announcement of Offer Price of 200 pence per share



CSR PLC ("CSR" or the "Company"), a leading developer and provider of Bluetooth
solutions, announces the offer price (the "Offer Price") in connection with the
Company's listing on the London Stock Exchange of 200 pence per share. This is
the top of the initial price range set by the Company at the start of the offer
process.



Highlights of the Offer


* The Offer comprises an aggregate of 39,371,539 shares, corresponding
to a total offer size of #78.7 million. Of this, 19,443,847 shares will be new
ordinary shares issued by CSR.


* Based on the OfferPrice of 200 pence per share, and the number of
shares in issue of 120,177,235, the market capitalisation of the Company at
listing will be approximately #240 million


* The offer attracted very significant demand from quality institutional
investors across the world. Shares allocated in the offer have been placed with
investors in the UK, Europe, the United States and elsewhere. In response to
this strong demand from investors, the size of the offer has been increased by
approximately 5.6 million shares (approximately 14%) from the size originally
set by the Company at the start of the offer process. This was achieved by
increasing the number of shares sold by existing shareholders. The number of
shares issued by the Company, and the number sold by the executive directors,
remains unchanged.


* The Employee Offer was also successful, with around 75% of employees
applying for shares.


* Conditional dealings will commence at 0800 on 26 February 2004 on the
London Stock Exchange. It is expected that the listing will become effective
and unconditional dealings will commence at 0800 on 2 March 2004 under the
ticker symbol CSR.L.


* In connection with the offer, CSFB has been granted an option (the "
Overallotment Option") by certain shareholders selling in the offer to purchase
up to an additional 5,072,308 shares at the Offer Price to cover
over-allotments, if any, and to cover short positions arising from stabilisation
transactions. The Over-allotment Option will be exercisable for a period of 30
days after the admission of the ordinary shares to the Official List of the
United Kingdom Listing Authority.


* Credit Suisse First Boston ("CSFB") acted as sole bookrunner and
sponsor for the flotation. CSFB and Cazenove acted as joint lead managers and
will act as joint brokers to CSR. SG Cowen acted as US co-manager.



Commenting on today's announcement, John Hodgson, CEO of CSR, said:


"We are delighted with the very strong levels of interest and participation in
the Offer from investors all over the world. It demonstrates that investors
recognise the potential within CSR and have confidence in our ability to drive
future growth. I am also particularly pleased that so many of our employees have
taken this opportunity to show their commitment to CSR by participating in the
Employee Offer. We look forward to life as a listed company as we believe it will
help us consolidate our position in thefast growing Bluetooth market."

Shares now trading on pre-market at 240p so the institutions have made a nice fat 20% profit straight off. Did the little guys get a look-in????? Did we hell.

A couple of my friends were able to buy in today (telephone trading). I may dip in next week if comdirect have them listed then, depending on what happens to the price on Mon or Tues.

These new tech stock issues can be pushed too high when first available and it might be better to wait until the dust settles. On the other hand if they continue to climb up does one want to fail to get on board. It's never easy is it?

Chandos

Thanks Chandos. Yes I see that Hargreaves Lansdown Online has them listed (currently 245p!). Bit steep to take an immediate 20% hit!

I bit the bullet and bought in this morning at 254p. Now up to 260p and counting...

Anyone else interested in this stock? The big boys have piled in - Fidelity took a huge slug (see RNS on section 198 notices). More to come I think. The stock lists unconditionally on Thursday.

beaufort1 - Take a look at WLF (Wolfson) to see how their share price behaved post float. In the same way I expect there to be euphoria for a while then when the price stabilisation stops there will be a *small* mark down. It depends if you want to maximise profit or take a dead cert so far as decision to buy and when?

Since CSR are essentially a WLF but 5 months behind (too long to explain why) expect this share will go to 300p over then next quarter. Strong profits and growth from WLF bode well for CSR although must admit they are more of a "one trick pony" as compared to WLF.

Good luck.

Thanks H2W. I agree with all you say and in particular all depends on whether Bluetooth really flies or is another Betamax in the making. If it gets to 300p will probably bale out then (depending on the timescale). I anticipate it will continue to climb gently for the next few days, with maybe a spike on Thursday.

There was very strong institutional interest in the float - heavily oversubscribed.

beaufort1 - personally I could never quite understand why CSR chose to focus purely on bluetooth instead of the more ubiquitious 802.11[a,b,g] standards. Seems like WIFI will rule the world (via McDs and Starbucks).

Bluetooth has a lot of bad press with relatively slow data transfer rates and losing connectivity with the base unit - not good if you are on the receiving end. WIFI just gets better and better.

For this reason I rate them a much higher risk company than Wolfson.

Share price upwards movement has been good so far. Now 4.00. How long can it last?

Erik

This share has had a fantastic run, time for a breather or has the peak been reached?

In terms of headline numbers it is a well over bought share!!

But not overbought when you see today's statement! I see it touched 4.50 briefly early today, but is now down to 4.15. One to hold for another doubling over the next twelve months, I think.

ARM Holdings plc is currently on a prospective PE for 2004 of about 44. Applying that to ABN AMRO's fairly conservative estimate for CSR of EPS of 17.67p for 2004, and you get a target price of about 775p. So plenty of headroom...

Good to see it back above 4.00 again! I did manage to buy a few more at 3.62 on the way down - too soon I suppose, I should have waited until it started climbing before jumping in. I still think this could be over 8.00 by mid summer, based on comparisons with ARM's share price.

Over reaction today with that large drop. Results were excellent, only dampner was a slight drop in revenues for the next quarter but then back into full swing after that. So no real worries, broker reiterated their buy statements today aswell.

Well, it's back to 4.00 again, but hardly the "over 8.00 by mid summer" I hoped for in Jan. Still see it as worth holding for the mid term though.

Superb results announced today, and good forecast going forward. Well over 5.00 now and more to go, I think, though my mid summer target of 8.00 is unlikely to met, I guess.

Excellent update today, and good price reaction - up some 15% to 6.40. We could see 8.00 by the end of the year, but that will depend very much on the guidance for the next quarter, due November 2nd. ABN Amro now has a target price of 7.50 and has upgraded from add to buy.

I find it strange that nobody here seems interested in a tech share which has gone up by some 175% since flotation in Feb. 2004, and by some 133% since May this year. Is it because it is too big (FTSE 250) or because the management play it so low key?

Hopefully a re-rating is underway and we may see 10.00 before too long - 6.98 now- and if it were ever to get onto the same PE as ARM Holdings holders would really be laughing all the way to the Bank.

quiet here

Late in time behold it came!
Pleased to see my target of 8.00 has arrived, albeit it three months late.
Time to think of top slicing?
Go on some one, persuade me otherwise. Should I wait for 10.00, or is that being too greedy?

What a quiet board this is, considering the stellar performance of this company's share price over the last couple of years.

ABN Amro reiterates its buy rating and raises price target from 8.00 to 9.15. Price rise today 32p to 8.59.

Today's paper edition of the Telegraph (Business section) reports that CSR was named Company of the Year at the techMARK Awards Dinner. "CSR is to Bluetooth what Google is to the web and Chelsea is to the Premiership - the new industry standard." CSR currently controls between 50% and 60% of the Bluetooth market.

Can't be bad for the company.

Hi August
Just taking a look at this I`d say you picked an absolute corker and have had more or less just yourself to congratulate for a job well picked. Well, you now have my congratulations too ! What do you think this company could be worth next year ? It can`t keep climbing at the rate it has the later part of this year...can it ?!
I`d appreciate your insight and knowledge. Obe

Obe,

Welcome to this lonely board!

You flatter me by suggesting I have any particular insight or knowledge - I don't.

I think prospects remain bright for the next twelve months at least, based on existing momentum. Beyond then will depend on what products they come up with to enhance or replace bluetooth. Wi-Fi, Playstation 3 or iPod inclusion? Any of these would see the growth story continuing at breakneck speed, but if they come up with nothing, well...

Recently John Hodgson the CEO said to analysts that bluetooth sales were booming and showing no signs of slowing down, and this lead to a few upgrades to around 10.50. I feel these are conservative and that we should see 12.50/15.00 over the next 9/12 months. They are based on a PE of around 19x, which in itself is conservative for a co. growing at this speed; 25x/30x would be quite reasonable; and so far we keep getting upgrades to the figures which the analysts have to adjust to in time, so we could see a price of over 20.00 within 18/24 months (dream on!) if all continues well; but the next quarter's figures could be weak on the seasonal influence of Christmas and the Chinese New Year.

"CSR is to bluetooth what Google is to the web" has a lovely ring to it, and similar growth is not impossible. However I agree that a breather must come some time, and I recently sold 30% of my holding at 9.17 to leave the rest in at zero cost. If I were new to the co. I might take a modest position, but I shall not be adding at this stage.

CSR is now about the 185th largest publicly quoted co. on the LSE, and I remain amazed at how little recognition it seems to get for its massive achievements - quite different from the heady days of the ARM and Autonomy booms! See http://www.stockchallenge.co.uk/typo/stockchallenge/site/index.htm

Hi August

Thanks for getting back to me and in the same day too !.....wasn`t sure if you only check every month or so due to lack of apparent interest.
You may have a lonely board but at least it`s not full of snide remarks and cat fights like many others. I enjoy educated banter and two sides to a tale but some BB`s are way beyond that.
I wish I had come across this way back in June or earlier like you did. Healthy profit to pad out the matress. Locking away profit and riding the gravy is always a good thing. I`ve followed these now for only afew weeks but may wait until january before making any decision.
Agree PS3 or ipod inclusion would add to momentum nicely. I`ll be watching for that.
Thanks again for the info. I`ll come along and keep you company from time to time. Save you talking to yourself ! :)
All the best for Christmas and the New Year. Obe

I'm a little surprised that there's not more buzz about CSR. I would have thought that they are likely to be acquired by a major cellular manufacturer. The technology roadmap for Bluetooth has plenty of legs so there's no reason why CSR shouldn't maintain a fair degree of momentum. Acquisition would just be icing on the cake.

Wednesday January 25, 12:41 PM
CSR's BlueCore Provides Wireless Connection to Griffin's iPod Adapter
By Business Wire




CAMBRIDGE, England Jan. 25, 2006 CSR plc (LSE:CSR):

Ref: EMD1020 Photo ref: PEM4477

To download: http://www.csr.com/images/hires/pem4477.jpg

CSR plc (LSE:CSR) the wireless technology provider and world leader in Bluetooth connectivity, today announced that its BlueCore3-Multimedia (BlueCore3-MM) silicon is at the heart of the new BlueTrip from Griffin Technologies. The Bluetooth accessory enables users to wirelessly broadcast and control CD-quality music from an
Apple iPod to any home stereo environment or compatible A2DP compliant Bluetooth stereo headphones. Griffin Technologies' decision to use BlueCore3-MM in delivering Bluetooth wireless connectivity, assures the BlueTrip a reliable connection while co-existing with other 2.4GHz radios. The BlueTrip is available now worldwide.

The BlueTrip wireless transmitter clips onto the iPod through the audio output jack and transmits CD-quality music directly to the BlueTrip receiver attached to a home stereo or AV system. The transmitter is powered directly from the iPod creating no need to charge the unit separately. The stylish receiver is powered by a 12v DC power supply and features RCA stereo plugs as well as optical S/PDIF and mini-jack output allowing for compatibility with any home stereo. The BlueTrip is compatible with the 3G and 4G iPods along with the iPod mini and iPod photo.

BlueCore implements a host of profiles including A2DP (Advanced Audio Distribution Profile) and AVRCP (Audio/Visual Remote Control Profile). AVRCP permits the BlueTrip to act as a remote control unit for a connected Bluetooth device. The A2DP profile allows advanced audio to be transmitted from the music player to devices such as Bluetooth stereo headphones or a home stereo. BlueCore3-MM's integrated DSP also means that the device requires no external processor for audio analysis, thus saving money on the associated bill of materials. The BlueCore3-MM DSP is also more efficient in audio processing, achieving power consumption levels similar to that of Bluetooth mono headsets. This allows the BlueTrip to have a small impact on the battery life of the iPod and enjoy a longer playing time.

CSR offers a range of standard solutions and technologies for customers designing Bluetooth multimedia products. CSR's BlueLab 3.2 software development kit allowed Griffin Technologies Inc. to take these standard solutions and customise them for their own distinct offering. The in-built protected user mode, enabled by BlueLab, means that customer software cannot interfere with the Bluetooth operation of the chip. This protection feature all but obviates the need for re-testing.

Mark Rowan, Engineering Manager for Griffin Technologies commented, "Our new BlueTrip device uses the best Bluetooth technology and the highest quality components on the market. CSR's expertise has allowed us to achieve the highest possible sound quality and a highly attractive product." Mark continued, "Thanks to CSR's support, we have been able to introduce Bluetooth connectivity to our iTrip offerings with ease and minimal time to market."

Luke d'Arcy, product marketing manager for CSR commented, "Griffin Technologies demanded the highest Bluetooth audio quality for their BlueTrip. CSR was able to offer the most cost-effective, high-performance multimedia silicon and software package on the market. Through the use of BlueLab software we were able to offer Griffin a truly customised, leading Bluetooth solution without them incurring increased costs."

About CSR

CSR plc is the leading global provider of Bluetooth technology and has developed expertise in other single-chip wireless communication standards such as Wi-Fi (IEEE802.11). CSR offers developed hardware/software solutions for Bluetooth based around BlueCore, a fully integrated 2.4 GHz radio, baseband and microcontroller.

CSR has now launched its fifth generation BlueCore suite and is in volume manufacture of its fourth generation BlueCore devices. BlueCore4 supports the Enhanced Data Rate (EDR) standard, which was ratified at the end of 2004. BlueCore4 remains the only EDR silicon to be shipping in volume today. In November 2004 CSR launched UniFi, the first single chip 802.11a/b/g embedded solution specifically targeting the mobile phone and consumer electronics markets.

BlueCore features in over 50 per cent of all Bluetooth devices shipped and over 60 per cent of all qualified Bluetooth enabled products and modules listed on the Bluetooth website with industry leaders including Nokia, Dell, Panasonic, Sharp, Motorola, IBM, Apple, NEC, Toshiba, RIM and Sony using BlueCore devices in their range of Bluetooth products.

In March 2005, CSR acquired Clarity Technologies Inc., for its Clear Voice Capture (CVC) technology that enhances the audio performance of any voice-based product or system. Applications for CVC include wireless headsets, handsets and automotive hands free systems.

In August 2005, CSR completed the acquisition of UbiNetics' software business, providing a strong R&D team to accelerate its existing software development in Bluetooth, Wi-Fi and UWB. The UbiNetics team gives CSR the capacity to extend its offering to mobile handset customers.

CSR has its headquarters and offices in Cambridge, UK, and offices in Japan, Korea, Taiwan, China, India, France, Denmark, Sweden and both Texas and Detroit in the USA.

More information can be found at www.csr.com and the partner web site www.btdesigner.com

More information about Bluetooth technology can be found on the SIG web site at www.bluetooth.com

Contact

Broadcom profit tops Wall St view, stock up 24 pct

Thu Jan 26, 2006 7:47 PM ET


By Eric Auchard

SAN FRANCISCO (Reuters) - Broadcom Corp. , a diversified, high-growth maker of microchips, on Thursday said quarterly earnings nearly tripled, topping all Wall Street expectations and sending shares galloping 24 percent higher.

Investors cheered both 2005 results and an outlook for accelerating revenue growth in the first quarter, which follows a trend among many U.S. chipmakers who see unusually strong growth in the current quarter over the fourth quarter.

Separately, the company said its board of directors had approved a three-for-two stock split and amended its stock repurchase plan to allow an additional $500 million worth of common stock to be bought back, or about 2 percent of shares.

Net income for the Irvine, California-based company jumped to $194.8 million or 50 cents per diluted share in the fourth quarter from $71.1 million or 20 cents per share a year ago.

Revenue rose 52 percent to $820.6 million. Broadcom semiconductor chips are used in products ranging from Apple Computer Inc.'s video iPods to broadband networks, wireless phones, storage devices and computers.

"We do have a lot of different growth drivers," Chief Executive Scott McGregor told investors on a conference call following the report. "Many companies are betting on one or two growth drivers and we have a dozen or more," he said.

"Broadcom is now actually diversified and high-growth at the same time," Lehman Brothers' analyst Arnab Chanda said. "There is no other company in the industry that is comparable, except, to a degree, Marvell (Technology Group Ltd.

)."

"Most companies fall into one of two categories," Chanda said. "Either they are diversified and slow growth or concentrated and higher growth, and therefore definitely higher-risk investments," he said.

UNEXPECTED RESULTS

Broadcom's results topped all published Wall Street expectations.

Analysts were looking for a net profit on average of 39 cents per share. Excluding one-time items, analysts were looking for a consensus forecast of 44 cents per share, according to Reuters Estimates data.

The revenue consensus among analysts was $780.8 million, according to Reuters Estimates. Forecasts ranged between $770.0 million up to $800.0 million.

Chief Financial Officer Bill Ruehle told investors on a conference call following the company's year-end report that he expected the current first-quarter's revenue to grow to between $865 million and $875 million -- well above current forecasts.

Wall Street had been looking for revenue between $730.0 million to $835.0 million, according to Reuters Estimates.

Shares of Broadcom, which were trading up 7 percent on the fourth-quarter report, surged further when company executives later boosted their first-quarter outlook during a conference call with investors.

The stock jumped 24.5 percent above its regular session close to $73.10. Ahead of the results, the stock had gained 1.1 percent, or 64 cents, to close at $58.72 in regular-session trading on Nasdaq. The enthusiasm helped boost Marvell shares, which rose 6.1 percent to $70.10 in after-hours trading.

"I get paid to talk and I am almost speechless," CSFB analyst Michael Masdea said on the Broadcom conference call.

At current levels, the stock is trading at 46 times the $1.56 full-year 2006 Wall Street earnings' consensus. But with analysts likely to sharply raise their estimates following the report, this comparison undervalues Broadcom shares.

The comparable price-to-earnings ratio for somewhat slower-growing Marvell is 45 while far slower-growing Texas Instruments Inc. is 21 and Intel Corp. is 17.

Several less diversified chipmakers sport even higher valuations, such as Atheros Communications Inc. , which trades at 114 times 2006 estimates.

Evening Euro Markets Bulletin
Daily world financial news from AFX/Marketwatch Supplied by advfn.com

01 Mar 2006 17:46:13

On the second line, shares in CSR closed 78 pence higher at 983 as brokers suggested that yesterday's heavy post-results losses may have been overdone.

Cazenove upgraded its rating to 'outperform' from 'in-line', arguing that it believes "the shares now offer good value".

ABN Amro reiterated its 'buy' recommendation and 1,325 pence target, saying it believes yesterday's weakness is an opportunity to buy the shares as it expects the group to regain market share as early as second quarter 2006.

Morning Euro Markets Bulletin
Daily world financial news from AFX/Marketwatch Supplied by advfn.com

02 Mar 2006 09:49:38

CSR was also a gainer again, adding 55 pence at 1,038 following upgrades yesterday after recent results, with Citigroup today hiking its target price to 1,409.

Independent online
Market Report
By Andrew Dewson
Published: 02 March 2006


There was also a strong bounce back for shares in CSR, after Tuesday's numbers disappointed and investors fretted over the 2006 outlook. The bluetooth-chips company is one of few British technology firms that can lay genuine claim to being a global leader in its field, and the broker Killik & Co advised its clients to buy into the weakness. It said: "We believe the fall looks overdone and the prospective rating on the downgrade leaves the stock at an unjustifiable discount to the sector."

Press Release Source: CSR plc


CSR brings Bluetooth to Serene handset from Samsung and Bang & Olufsen
Thursday March 2, 4:52 am ET
Ref: EMD1015 Photo ref: PEM4471


CAMBRIDGE, England--(BUSINESS WIRE)--March 2, 2006--To download: http://www.csr.com/images/hires/pem4471.jpg
CSR plc (LSE:CSR - News) has announced that its CSR's BlueCore technology for Bluetooth is inside the new eye-catching Serene mobile phone, the product of a collaboration between Samsung and Bang & Olufsen. The handset's minimalist design demanded Bluetooth connectivity that would enable the user to connect easily to an extensive range of wireless devices without compromising form or functionality. CSR's BlueCore was chosen because it offers the industry's leading power and size. The Serene is available from Bang & Olufsen stores and selected Samsung resellers.

The design-conscious Serene handset simplifies communication and connectivity by adopting only essential features. Its ergonomic design incorporates a novel circular number pad with a thumb-operated touch wheel. The Serene's approach to simple communication integrates Bluetooth connectivity as a necessity and thanks to the use of BlueCore with its deep sleep power saving modes, does so without affecting the battery's impressive 250 hr standby time. The Serene also comes with a DECT docking station, which enables the phone to synchronise with Bang & Olufsen cordless phones. The tri-band GPRS-enabled phone features a 640 x 480 VGA camera and a 240 x 320 pixels TFT 256K colour screen.

With the Serene, Samsung aimed to create a high quality phone that enabled communication in its purest form, thus reflecting B&O's design philosophy. They therefore needed the same level of quality and reliability from their partners. CSR's BlueCore technology provided high-quality, stable Bluetooth connectivity without forcing the Samsung engineers to compromise on their design objectives.

CSR's BlueCore3 silicon with Bluetooth version 1.2 software stack was chosen to bring essential Bluetooth wireless connectivity to the handset's simplistic design and it demonstrates the importance of Bluetooth for today's mobile phone. The extensive portfolio of profiles included with CSR's BCHS allows the device to connect seamlessly to a whole host of Bluetooth-enabled devices offering enhanced flexibility in a high-fashion, minimalist design.

Matthew Phillips, VP Asia for CSR commented, "The use of Bluetooth connectivity in the Serene handset is a clear demonstration of the importance of the technology for any mobile phone manufacturer today. Samsung's decision to choose CSR as a connectivity partner further demonstrates the market leading quality and innovation of our wireless systems." Phillips, added, "CSR works closely with its customers to ensure manufacturers have access to most complete and reliable wireless technologies on the market today and we have an excellent track recording in helping our customers' products to become winners."

About CSR

CSR plc is the leading global provider of Bluetooth technology and has developed expertise in other single-chip wireless communication standards such as Wi-Fi (IEEE802.11). CSR offers developed hardware/software solutions for Bluetooth based around BlueCore, a fully integrated 2.4 GHz radio, baseband and microcontroller.

CSR has now launched its fifth generation BlueCore suite and is in volume manufacture of its fourth generation BlueCore devices. BlueCore4 supports the Enhanced Data Rate (EDR) standard, which was ratified at the end of 2004. BlueCore4 remains the only EDR silicon to be shipping in volume today. In November 2004 CSR launched UniFi, the first single chip 802.11a/b/g embedded solution specifically targeting the mobile phone and consumer electronics markets.

BlueCore features in over 50 per cent of all Bluetooth devices shipped and over 60 per cent of all qualified Bluetooth enabled products and modules listed on the Bluetooth website with industry leaders including Nokia, Dell, Panasonic, Sharp, Motorola, IBM, Apple, NEC, Toshiba, RIM and Sony using BlueCore devices in their range of Bluetooth products.

In March 2005, CSR acquired Clarity Technologies Inc., for its Clear Voice Capture (CVC) technology that enhances the audio performance of any voice-based product or system. Applications for CVC include wireless headsets, handsets and automotive hands free systems.

In August 2005, CSR completed the acquisition of UbiNetics' software business, providing a strong R&D team to accelerate its existing software development in Bluetooth, Wi-Fi and UWB. The UbiNetics team gives CSR the capacity to extend its offering to mobile handset customers.

CSR has its headquarters and offices in Cambridge, UK, and offices in Japan, Korea, Taiwan, China, India, France, Denmark, Sweden and both Texas and Detroit in the USA.

More information can be found at www.csr.com and the partner web site www.btdesigner.com

More information about Bluetooth technology can be found on the SIG web site at www.bluetooth.com

i think this is an ace company in the tech sector ...... it is currently nearly 100 off its 52 week peak, having tumbled 36p today ...... figures are due on tuesday, so i have either been foolish or prescient having just jumped back in (took profits a few weeks ago to beat the tax man).

Following is an extract from an RNS of 28/2 ....... "Looking ahead, the company said it is confident on the outlook for 2006 as a whole and it predicted continued expansion in the market for wireless Bluetooth technology.

Specifically on the prospects for the first quarter of this year, CSR said it expects revenues to be up 88-104 pct from a year earlier at 125-135 mln usd.

'As in Q1 2005, we have seen an acceleration in orders following the Chinese New Year and expect significant growth in Q2 2006,' the group said."

On 14 April UBS raised their target for CSR to 14.50.

CSR Q1 results now out ..... To my amateur eye, they look stunningly good ...... Pre-market has marked sp up just 11p, but real market reaction will come shortly after 08:15 with company conference call.

Sorry to crow, but did I make a good call or what?????!!!!! ....... Sp has now truly roofed it = +180 this morning

Meant to post the following here instead of Traders Room ........... A real rollercoaster on this share for the last month ...... Rocketed from 1200 to 1400 in the first week, tumbled back to 1200 in the general fallout and suddenly found favour again today pushing sp to 1448 (near peak) on at least double normal volumes.

I know I have said it before, but will say again .... This is a company with a great product and track record and, though a heavyweight, deserves a place in anyone's portfolio, even if for some strange reason it does tend to be quite volatile.
Thread List

have just posted on this share in Traders Room ..... well worth watching or even buying

Nick Fletcher
The Guardian


The biggest major casualty of the day was CSR, the bluetooth equipment group formerly known as Cambridge Silicon Radio. Its shares slumped 25% to 856p after it cut revenue forecasts for the year, blaming weaker than expected second-half demand from a major headset customer - thought to be Motorola. Panmure Gordon originally advised clients to sell after the news, but revised that to hold after this morning's fall. "The shares, which will need time to settle, are clearly being penalised for the lack of visibility and the fact that most brokers have been bullish," said Panmure. "We have downgraded our price target from 1280p to 1000p and cut our recommendation from buy to hold."

Others brokers were more optimistic. Bridgewell maintained its overweight rating, saying, "We believe both CSR's competitive position and the fundamentals of the bluetooth market remain strong." Charles Stanley said it expected the share price to recover and told clients to accumulate. "There may or may not be technical factors [for the share price fall], with a large volume of trading, such as investors cashing in some of their significant profits since the IPO, or active traders of one sort or another selling the shares short," said the broker.

19 September 2006


Citigroup (NYSE: says buy CSR


Deutsche says buy BP (cutting the price target to 690p from 700p) and CSR (cutting the price target to 1100p from 1240p).

UBS (Virt-X: UBSN.VX - news) says buy CSR.

From UK-Analyst.com: September 19th 2006
Brokers' notes


Following the profits warnings from CSR on Monday, UBS said it thought the long-term story remained intact. The broker noted that the group attributed the bulk of the shortfall to push outs by headset customers as well as two other customers in other application areas. Although the broker accepted that the revenue guidance downgrade suggested some slackening of Bluetooth momentum in the mono headset market, UBS said it believed that medium-term growth prospects for CSR remained broadly intact, evidenced by design win market share increasing in the third quarter to in excess of 60%. The broker trimmed its current-year earnings per share estimates to 50.44p from 56.87p and its 2007 forecast to 59.1p from 65.04p. The broker also slashed its target to 1,200p from 1,700p, but maintained a "buy" stance. The stock rose 48p to 904p

Wednesday September 20, 2006
The Guardian

CSR, the Bluetooth specialist, bounced back a little after this week's profit warning. Its shares added 48p to 904p, with Deutsche Bank saying the previous day's 25% drop was an over-reaction. ABN Amro was also positive on the company.

Dresdner Starts CSR With Sell Rating

Dow Jones: Dresdner starts CSR (CSR.LN) coverage with a sell rating, after a warning on Monday sent the stock down 25%. Says there were warning signs of clearly rising headset inventory at its main customers, GN Store Nord (GN.KO) and Plantronics (PLT). However, to compound matters, Dresdner believes GN is planning to start using rival Broadcom (BRCM). Meanwhile, in wireless, believes CSR's share is also set to fall. GN is not immediately available to comment. Dresdner has a 770p target. CSR closed -3.2% at 875p.

CSR profits warning is rude awakening for investors in chip-making companies


By Eric Culp In Frankfurt
24 September 2006 (The Business)

INVESTING in semiconductor companies is seldom for the faint-hearted. Roller-coaster chip demand and selling prices see to that.

So a second-half revenue warning from Bluetooth chipmaker CSR within weeks of a buoyant second-quarter statement and well ahead of post-Christmas stocktaking, is mildly shocking, if not surprising.

For one thing, US rival Broadcom warned recently that orders from one of its biggest customers, Motorola, were slowing. CSR isnt overly exposed to Motorola, counting Nokia and Samsung among its top customers.

But Mondays warning is still a rude wakening for CSRs management and investors.

Slowing sales momentum comes at a time when the company needs all the R&D dollars it can get to broaden its portfolio by focusing on more integrated products those that offer memory, signal processing, radio frequency on one chipset.

CSR will have to continue offering side products, too, including those that dont belong to Bluetooth family, like FM Radio and WiFi. For the latter, it may even look to some small acquisitions.

But the sales outlook doesnt look good near-term. At CSR, management has scaled back a forecast for fourth-quarter revenue growth to being less than 5% of the previous three months. That leaves CSR headed for 2006 sales of around $730m rather than the $800m analysts had anticipated.

The slowdown comes at a critical time. The CSR is in the middle of an R&D push to bring new Bluetooth products to market. Headcount rose 13% to 810 in the second quarter.

Curbing spending in this area isnt an option given the pace of competition. Infineon, STMicro and Texas Instruments have been doing beauty parades among some top OEMs, and reporting some wins.

Assuming earnings-revenues ratios remain constant, the consensus estimated EPS for 2006 should fall below 50p a share. Discounting the current consensus by higher relevant expenses, including marketing and R&D spending, and CSRs 2006 earnings might come in between 45p and 48p. That leaves shares trading at roughly a 19X price-to-earnings multiple.

This is still cheaper than 21X that of Broadcom and 25X of Atheros Communications, a specialist in WiFi, an area CSR is getting into.

If the company or any of its OEM vendors dont come up with further negative news between now and Christmas, todays valuation could even attract a big-budget bidder.

Sony cuts price of delayed PlayStation 3 console

Justin McCurry in Tokyo
Saturday September 23, 2006
The Guardian


Sony said yesterday it would cut the price of the long-awaited PlayStation 3 game console by 20% in Japan when it goes on sale in November.

The company feared the original price of 62,790 (284) would push gamers towards cheaper rivals made by Microsoft and Nintendo in the battle for supremacy in the console market. The cheaper PS3, with a 20GB hard drive, will now cost 49,980, the firm said.

Ken Kutaragi, head of Sony's game unit, said: "What is important is that we get more consoles sold to make up for the price cut, and get more game makers and chip makers in our camp."

The Times
October 03, 2006
Stock Markets

Danish customer's profit warning spells further trouble for CSR
By Nick Hasell

CSR fell a further 3 per cent yesterday after a profit warning from a Danish customer stoked fears that last months trading alert from the Cambridge-based developer of semiconductors may not be its last.

The trading update from GN Store Nord was overshadowed by the sale of its ReSound business to Phonak, the Swiss hearing aid maker, for $2.63 billion (1.4 billion), but analysts who scrutinised GNs statement were unsettled by the weakness of its flagship mobile headset operation, which it said would make a loss this year after a 42 per cent fall in quarterly sales.

Dresdner Kleinwort said that performance exceeded its worst fears and suggested that further problems could lie ahead in the headset market, which accounts for around one third of CSRs revenues. With the German broker also suggesting that GN may start to source semiconductors from Broadcom, of the United States, as well as from CSR, it repeated its sell advice and 770p target. CSR dropped 29p to 814p.

Down 111p at 669p


CSR warns of weakness ahead - MoneyAM

CSR, the bluetooth microchip designer, said third-quarter revenue rose 32%.

However it warned its second-half results would be weaker than expected due to a shift in the mobile phone market.

The Cambridge-based company, whose radio chips are used in mobile phones, portable digital assistants and laptops for swapping data over a short range, said revenue for the three months to September 29th rose to $214.1m versus $162.5m in the same period a year earlier.

Pretax profit rose 15% to $52.3m from $45.5m.

However CSR warned that fourth-quarter revenue was likely to be between $160m-$180m, lower than originally expected, due to the growing number of cheaper mobile phones that do not incorporate bluetooth technology.

'Whilst it is disappointing that our second half 2006 will not be as strong as anticipated, the Board is confident that further significant growth will be achieved in 2007,' CSR CEO, John Scarisbrick, said in a statement.

Diluted earnings per share rose to $0.28 vs $0.24, while CSR said its Bluetooth unit market share for the third quarter was more than 50%.

CSR said it expects the Bluetooth market worldwide to grow by between 60% and 70% in 2006, driven by mobile phones and headsets.

Is there another bus due shortly or is that the third one?

2nd

Closed down 135p at 645p.

time to bring this back to watch



red = 25 dma
green = 50 dma

good break out and looks right ..... have just bought for myself

It is interesting to note that the company has decided to try something new like the GPS market on the mobile phones prior to the result announcement next month. I have a feeling the results are not going to be all that spectacular like it usually is.
However, the potential of GPS on mobile phone can be pretty massive. Just think you could possibly locate the phone when its stolen (possible reduction of crime theft) or keep track on your own children etc.
Just imagine how popular it will be, like it has been with Bluetooth in the pass years plus the popularity of the tom tom etc. I think we should watch this company in the near future especially after the results and see what they have to say for future developments

I am in for the bull ride! I hope am right :0)

well through 25 and 50 dma .... 200 dma is at 950+

Q4 results tomorrow. Good luck longs, unfortunately my average is about 880+ so long way off to even out but hope it doesn't fall back to 600 again.

oh good .... hadn't realised that ..... bought back in a week or two back, so fingers crossed

sold some stuff prematurely this week, even though at a profit, and also called DOM's sp move quite badly wrong despite ace figures ..... but glad i kept faith with CSR ..... sp has rocketed +70+ .... am still trying to find out how far ahead of consensus expectaions the figures were ..... trading statement is pretty bullish

chart below show 50 and 200 dma.
rsi getting towards overbought

HELP someone, who is better at interpreting figures or something!!

I would guess 900 is the obvious resistance, being about the bottom when price slumped in September, and will also be just about where 200 dma when/if it gets there .... i suppose!

taken my profits! ..... 118p profit per share in 5 weeks will do very nicely thank you!! ..... which i could always call them that well!! ....... may well get back in again in due course, as have a liking for this company

time to dust this one down again after a couple of pretty dull or even dire months ..... sp has been tracking along 25 dma line and has now suddenly perked up ..... worth considering perhaps

=====

so i considered and did!

don't know what happened there, but sp has bolted since i bought (725.5)! .... hope it holds

oh dear .... another right call! .... quality stocks beat worrying whether GOO or CHP or EME have moved by 0.25p

2 May, 2007


CSR PLC
UNAUDITED RESULTS FOR THE QUARTER ENDED 30 MARCH 2007

STRONG RESULTS AND CASH FLOW, INCREASED INVESTMENT IN R&D


CSR plc (LSE: CSR), the wireless solutions provider and the leader in Bluetooth
technology, today announces its unaudited financial results for the quarter
ended 30 March 2007.


Financial Highlights

Revenue: $160.1m (Q1 2006: $134.9m)
Gross margin: 45.1% (Q1 2006: 47.3%)
R&D expenditure (excluding amortisation of acquired intangible assets):
$33.2m (Q1 2006: $22.4m)
SG&A expenditure (excluding the patent dispute settlement): $18.5m (Q1
2006: $16.5m)
Underlying operating profit*: $20.4m (Q1 2006: $24.8m)
Underlying operating margin*: 12.8% (Q1 2006: 18.4%)
Underlying diluted earnings per share*: $0.11 (Q1 2006: $0.14)
Operating profit: $3.9m (Q1 2006: $24.3m)
Profit before tax: $4.6m (Q1 2006: $25.8m)
Diluted earnings per share: $0.02 (Q1 2006: $0.14)
Net cash inflow from operating activities: $57.7m (Q1 2006: outflow
$9.0m)

Note*: Excluding the $15.0m patent dispute settlement and $1.5m amortisation of
acquired intangible assets

First Quarter 2007 Operational Highlights

Design win momentum strong across all applications
Important Nokia and Samsung handset design wins in both GSM and CDMA
BlueCore5 MM and BlueVox QFN (low cost headset) now in volume production
GPS technology acquisitions: product offering well received by customers


Outlook

CSR has had a good start to the year with first quarter seasonality being less
pronounced than in prior years.

Strong customer demand, supported by bookings, gives us the expectation of $195
million to $220 million of revenue in Q2 2007. With expectations of growing
mobile phone attach rates and continued Bluetooth growth beyond the mobile phone
market, CSR remains on track to meet its expectations for the full year.

Commenting on the results, John Scarisbrick, CEO said:


'CSR has made a good start to the year as we retain and build upon our position
as the unequivocal Bluetooth market leader. Net operating cash flow remains very
strong, inventory has returned to normal levels and we have increased our rate
of investment in research and development to ensure we continue to capitalise on
the growing market for wireless applications.

The outlook for 2007 remains positive. We expect mobile handset attach rates to
grow to 40% - 50% this year. The market beyond the mobile phone, which now
accounts for over 50% of our revenues, will continue to grow. This, together
with our first quarter results and forward bookings to date, places CSR on track
to meet its expectations for the full year'.

having been away fro a few days, i am glad to see the liveliness in this nice little earner ...... sp has now pushed though 200 dma, albeit that that is still on a downward trend .... could do with some help from help from PT with his more sophistcated charts and reading of the entrails, but i suspect there is still quite a lot of room on the upside in the immediate future

meanwhile, below is a basic "cynic chart" ...... sp has come back to test below 200 dma, but could easily be just that ....... still well above 25 and 50 dma

for those who invest in "proper" companies too(!!) just to remind you ...... have a look at the chart and comment above

in today's pretty dull market, good to see this second-liner ticking upwards again and (just) into new high ground ...... ditto PFC (qv) now in new high ground

Hey Cynic,
I hope you haven't let this fall off your radar. Things could get very interesting now, especially after the golden cross which appears at the end of May allied to today's jump.

do not currently hold, but chart is now excellent always provided FTSE does not run into reverse due to summer inertia or just general correction ..... CSR is on my permanent watch list and shall not be afraid to venture back in

nasty looking resistance at 760, but if that is breached, then plenty to go for ...... will watch even more carefully

sp now moving nicely through 25 dma, so changed my mind ..... jumped in at 756.5

You're dead right about the 760 mark. I wish I knew how to post charts I have drawn which also show a pennant which has been forming since March. It shows five touching points on the support line, admittedly, only two for the resistance, but nevertheless at two thirds of the way along, this is due to break out one way or the other. If, hopefully because I am long, it does on the up-side, the 800 mark is the key point. Going through that, apart from the pschological barrier numbers, there appears to be no significant resistance until the shoulders of the old head and shoulder reversal of 2006. This would mean a realistic target of some-where around 1200.
Good call on MPH by the way.

still quite tempted to short mph, even at today's lower level.

speak nicely to PTH and he may well post the more sophiticated chart(s) for you .... i know where you get them from ..... i think you have to download to hard drive and then copy and paste, but not sure

garfee, if get chance I'll post summat this afternoon (although golf match beckons), if not tonight, latest by tomorrow.

pth

pth, cheers pal. Good luck with the weather!

Nice and sunny here at the moment, albeit a tadge windy!

CSR TA for Garfee :)

" alt="" />

Firstly the usual health warning, I do not profess to be a TA expert, but happy to give my opinion and analysis for what its worth!

This is the first chart of two, shorter time frame to follow.

I have drawn two historical trendlines (red); the first steeper line you may not think particualrly important, but it does serve to illustrate an important point.
When a SP breaks through a down trendline it often then becomes support, you can see that the original steeper downtrend was broken Feb / Mar earlier this year and then became support, albeit still down.

The second downtrend line is partly responsible for capping the current SP. Although breached recently the move wasn't convincing and was achieved on relatively small volumes. However, it would appear that this line will be breached quite soon, at which point it should become short term support.

It is quite clear from the chart that 8 is a significant obstacle for further gains and this level in conjunction with downtrend resistance has prevented the SP climbing. Once the downtrend is breached, at least there will be but one obstacle rather than two! What is also pretty clear is that the SP has traded in a 6-8 range over the last six months and has been unable to find support at 720p, however once the downtrend line goes and becomes support I would be reasonably confident that 720p will offer medium term support, at least until the latter half of this year.

Looking at the shorter term picture:

" alt="" />

On this shorter term chart you can see the original down trendline which has nearly been breached; I have also added a second shallower downtrend line from Feb this year. Additionally there is the uptrend line (green) established from April this year. Thus far this line has provided support during recent dips.

Overall it would appear that the SP is reaching something of a decision point, (within the yellow circle). The SP is contained within both support and resistance and has formed a triangular pattern. Personally I'm not a great an of triangles, pennants, wedges and such like, often what sort of shape it actually is can be the matter of much debate.

Interestingly as I type the SP is up 20p, effectively breaching the first down trend resistance and the shallower line is under attack. When and if that second resistance goes (and I think it will) this line will become short term support, moving support closer to 760-780p rather than the previous 720p.

I suppose you want a prediction and I will stick my neck out (gulp).

A new uptrend has been established, slowly but surely lines of resistance are being breached and I see no reason for the thrend not to continue. 8 may prove to be a tough obstacle, but I expect that level will give up the ghost no later than mid August.

Incidentally there is quite a falling gap from 11 to 9, gaps are not always filled, but often they are. Perhaps this recently established strength / uptrend may try to fill that gap in due course - just a thought.

AIMHO of course, read into this analysis what you will, but make sure you do your own research!

Best of luck

pth

Thanks for that ptholden. Looking forward to the day CSR reaches the 8 and continues to climb :0)

CSR (LSE:CSR):

Photo ref: PEM4767

To download: http://www.csr.com/images/hires/pem4767.jpg

CSR (LSE:CSR) today announced that a range of speech and audio
enhancement technologies have been added to CSR's BlueCore5-Multimedia
silicon to improve the quality of in-car Bluetooth applications. CSR
has selected nFore's software to bring noise and echo cancellation and
music enhancements specifically for in-car Bluetooth solutions.
nFore's technology comes via CSR's eXtension Partner Programme, an
open DSP developers' programme which brings a host of third party
software enhancements to the BlueCore5-Multimedia platform.

The offering combines CSR's long history of designing Bluetooth
technology for the automotive market (CSR customers include Audi, BMW,
Nissan, Saab) with nFore's proven air acoustic technology,
demonstrated through customers including Mitsubishi, Peugeot and
Volkswagen.

nFore offers adaptive AEC (Acoustic Echo Cancellation) to remove
echo quickly at the start of a call, as well as a full-duplex solution
to avoid voice clipping during the call. In addition, nFore's two
omni-directional microphone solution and active noise cancellation
technology further reduces unwanted noise by more than 90%, allowing
the user cleaner music or speech.

nFore brings a number of audio enhancements for improved stereo
sound including virtual reality sound and virtual stereo sound to
bring sound to life. Also included is PowBass, a bass-boost solution
for headphones which utilises unique auditory characteristics to
reproduce low frequencies.

Due to a high performance 24-bit 64 MIPS on-chip DSP, CSR's
BlueCore5-Multimedia platform is the only Bluetooth platform available
which can support a variety of third-party audio enhancement
algorithms. In addition, BlueCore5-Multimedia provides superior sound
quality with a best-in-class signal to noise ratio of -95dB.

BlueCore5-Multimedia also leads the industry for power consumption
and radio design. The radio transmits at +6.5dBm and receives at
-90dBm which eliminates interference when listening to music or taking
a call. When used in stereo headset applications, BlueCore5-Multimedia
enables industry-leading battery life of more than 24 hours of music
playback.

Anthony Murray, Senior Vice President of CSR's Wireless Audio
Strategic Business Unit, CSR commented, "The stringent requirements of
the automotive market can appear to be a barrier to entry to new
players in Bluetooth. However, nFore's market proven software combined
with CSR's automotive qualified silicon provides an easy route for
designing quality in-car Bluetooth hands-free systems."

"The flexibility of CSR's BlueCore5-Multimedia silicon means that
we are able to bring our speech and audio software to enrich the
experience of users in the automotive market," added Jack Chen, Vice
President, nFore. "nFore's participation in the eXtension Partner
Programme allows CSR's automotive customers a generous set of acoustic
technologies."

Excellent PT thanks pal and I hope you enjoyed a good swipe yesterday.

Blimey and as if by magic the both down trendlines have been taken out intraday and knocking on the door of 8 resistance. Just been having a look at L2 and there are quite a few sell orders on the book at just under 8, so obviously quite a few traders think that this is a good shorting level; understandably so given historical failure at this level. Will take a bit more momentum to break through.

Have been watching L2 order book for the last hour, looks like 8 might be coming under pressure?

interesting stuff; there was a 20000 sell order sitting on the book, the minute the SP closed in, it was pulled, the MMs have also retreated on the Sell side opening up the book to 8+

Blimey, PT, if this holds!!!! Volume doesn't look great though.

Looks like the sellers reappeared at 8, you don't have to be a rocket scientist to work out that this is a very significant level at the moment. For a few minutes though I thought the bulls might push it through. To answer the comment re volume, you can see from the chart below that volume levels are on the increase (OBV). Something I didn't mention on my previous analysis is that if the SP does continue to rise, a Golden Cross may be on the cards (50MA cross upwards through 200MA whilst both MAs rising). This would bode extremely well for the future.



pth

thanks for all your input PTH .... no great surprise that 800 proved a bridge too far at this juncture ... indeed, i would rather sp took this step at a steady rate rather than at a gallop, for such have a nasty tendency to be short-lived ...... ceratinly very happy with my investment at the mo!

Something of an update following today's activity.

Unsurprisingly resistance at 800p was a step too far, although it was a good attempt for a little while. If ever there was level to short a stock that was probably it, but I imagine it wasn't only shorters but profit taking on what was perceived as a major obstacle. The importance of the move is that it was accompanied by an increase in volume. What is also apparent is that the downtrend resistance although pierced has yet to be broken. If I had to hazard a guess I think it will take a few days or so for this particular resistance to give up the ghost, become support and then in conjunction with the uptrend support, form a platform for a credible assault on the 800p level.

pth

can't fault your judgement m8 .... that's why i am very happy to have bought the other day

I can confirm that Apple's new iPhone contains a CSR Bluecore-4 ROM WLCSP device for its Bluetooth capability.

Looks like she's having another go!!

now for a little fun! ...... will sp now hold above 800? ...... are there some automatic computer trades about to come in either as buyers or to close down shorts?

Cynic, indeed, fingers crossed.

800 just about held from a high of 818 ...... all in all, not a bad result for the day, but the break needs to be decisive, so tomorrow quite important

Two charts tonight and a few comments. Quite surprised really that CSR had another good go at 800p today, but a word of caution, look at the volume. Expecting a small pull back tomorrow, but the good news is that the downtrend resistance has been breached and as hypothesied previously should now become support and provide a base for a real go at 800p. So no real change on the first chart.



The second (and I didn't post this before) is the RSI resistance. Most peeps consider this indicator as an oversold or overbought indicator, but actually it's neither and does have other value. In this instance you can see that the RSI is replicating the 800p resistance (after a fashion) and before this level is breached, further momentum will be required.



Seems that the CSR SP is doing stuff quicker than I thought, but it will take quite a push before the 800p is gone and becomes support.

AIMHO of course and charting aint always an exact science.

pth

as always, would never disagree with your analysis which is always much more profund than mine ..... however, Dow is currently +116 after about +70 at London close ..... provided that it can hold this, I would not be at all susprised to see CSR powering ahead tomorrow ...... as far as I can determine, next resistance is at 900 and then at 1000; coincidentally nice round numbers too

Apologies for the cocked up post. I seem to have done summat to the HTML code and I can't even edit my own post, but hopefully you get the gist, perhaps Ian can sort it out.

Cynic, next reistance is at 800p............still, but it will go, just a matter of when. Pity I'm not a holder, done enough TA, but as long as it helps you guys......good enough for me :)

pth

Edit: Mostly sorted, although not sure why I am getting that little box with a red X :(

very many thanks PT .... i am already a holder and am at least reasonably confident that 800 barrier will now be breached with decent impetus ...... tomorrow and arguably rest of week will tell, though with Wall Street closed for Wednesday 4th, and thus de facto the rest of the week, it may not be clear until this time next week.

PT let me add my thanks to those of Cynic, you pulled into focus my crude attempt at T/A, although I got the gist right.
Cynic, again, good call re the U.S. Let's see what the close brings. I still aim for something closer to 1200 based on the charts.................we shall see.
I added a small hedging short S.B. last night, believeing the volume meant the rise unsustainable with a very tight stop. Happy to be taken out of that if this continues.
Good luck!

So far so good, if it can hold this today 800p should become support rather than resistance. my only concern is the slim volume, both yesterday and thus far today.

pth

Volumes picking up nicely and as you said last night Cynic, Dow dragging the FTSE along (for a change) looks like it's made it. Will have a look at the chart this evening and see where it might go from here.

Got all my timings wrong, but in general it did what I thought it would. Easier to make predictions when one doesn't have a holding.......seemingly :)

pth

LOL, tell me what else you're not in then PT!

garfee, loads of stuff I'm not in that perhaps I should be (and stuff I am, I shouldn't be)

Had a look at the chart tonight, interestingly the SP action was capped by the RSI, won't bother posting the snapshot, but still to break through that particular resistance. 800p should now provide support but if not, the rising trendline will, I am sure do so. If it does slip below 800p, the level will not prove particularly strong resistance again as it has been breached now in quite conclusive fashion.

pth

pth

Back test of 800 today?? Finished clear, so should be O.K. now, fingers crossed.

ignoring "silly" auction pricing, i thionk sp finished around 818, which will do very nicely so long as Mr B does not spook Wall Street as is his wont

Good to see it bouncing off 800p intraday, will need to have a gander at the chart to see if the trendline did the business of providing support.

nice broker upgrade as copid below, but would love to know what "bull case" actually means!

Morgan Stanley has upgraded CSR to 'equal weight' from 'underweight' this morning with a raised target of 720 pence, as it does not expect the WiFi and bluetooth solutions provider to lose market share in 2007, according to traders.

The broker said combined with a positive operating environment, this could result in positive earnings revisions during the second half of 2007, which could drive the share price up towards its bull case of 960 pence.

Cynic, So they think we are currently running above their target price? Does that often happen?

no idea .... puzzling isn't it, especially as they then mention 960!

CSR might be ready to take a rest now. Bounced off SP res at 910 ish and also tried to climb out of this already steep channel yesterday, but fell back. RSI looking quite toppy for CSR and is hitting resistance. Channel support at 870.

pth

Thanks PT, so you don't think it's going to shoot for the gap fill at this attempt?
Oh and thanks for the tip on charts on your TA thread, I'll have a play this week-end because I'm NOT playing golf in the weather forecast for this week-end. LOL

garfee, gaps are not always filled, but in this case CSR probably will, I just don't think it will on this move. When I first looked I think the SP was 760p or 780p (would have to check back) and it's done somewhere in the region of 20% since, which when taking the indicators into account makes me believe a bit of a pause is on the cards.

pth

In total agreement PT re the gap and you are quite correct about the SP, I was just curious. Cheers

Blimey PT were you ever right?? 40 down now.

garfee, LoL, bit more of a sharper faller than I thought, but probably sitting on the bottom of that channel now, will post an updated chart later. Must admit that like most I'm wondering when the DOW is going to run out of steam and not IF but WHEN the markets in general will see significant falls. What it will mean is that trending stocks such as CSR, EMG and many more could easily fall out of channels and establish new trends from lower down. Trick is to recognise the end of one trend and the start of another. All we can do is keep a watchful eye on the indicators in an attempt to anticipate any such moves :))

pth

CSR - Will history repeat itself?

The basis of TA says it does, otherwise it wouldn't work.

CSR remains in its channel following the breakout from 800p but has run into stiff resistance at 910p - 920p, but where does it go next?

Fascinating stuff now; the rise in March and April has been exactly replicated by the latest rise, a move of 200p, the width of the channel and the gradient of the channel, even the time frame! What followed was a five week period of consolidation and an easing of the SP. I have replicated this period of consolidation (two rectangles) and superimposed on the chart. If history does repeat itself the SP will remain in this 'box' until late August where if finds support from the longer term trendline at 810p and then begins the next move up. We shall see.

In any event I'm now quite bearish on CSR in the short term; there is little room for any sizeable rise on the RSI; as can be seen, the uptrend support is converging on resistance and although it could happen, CSR just doesn't like to be above 70, so I would expect this RSI support to be broken in due course. MACD is also toppy and looks like it might be turning down. Confirmation of consolidation rather than a breakout through 900p will be confirmed if the uptrend channel support is broken, which is at 855p, so watch this level.

hi PT .... just back from a week away, mainly biz, and have not been able to been on line at all ...... actually took a load of money off the table, but note what you say about CSR ..... as well as SCHE (lol!) ..... will review CSR monday a.m. especially in the light of a bad night tonight on Wall Street

CSR Update

No great change here, although the SP nearly fell out of the steeper channel, still expecting CSR to consolidate during the next month or so and would be tempted to sell into any strength with a target of 820p. Depends if this theory of history repeating itself holds true.

pth

thanks PT .... am actually already out a a very decent profit but like the company and will assuredly reinvest in due course

Chaps, yep, well I've had one trailing stop loss taken out, but after tonight's performance I'm decidedly uneasy.It wouldn't surprise me if I was taken out of two more tomorrow morning leaving me with just four of my positions waiting, hopefully for the chart to fulfill its prophecy. Wish I had the cojones to short stuff. Mind you, I'm doing O.K. on cable, ever wary of your old advice from your friend Cynic about 207. I too have a friend who used to be a Forex trader, heavily chart oriented and I will confer with him this week-end. Godd luck guys.

garfee .... my forex position is comfortably in the money, even if that can quickly change .... have also just bought back in here at 807 having banked profits a couple of days back at a considerably higher level.

Blimey, CSR taking a real hammering on what appears to be good news, same old story, didn't expect this sharp fall. Looks like it's out of the 'box', should find support from the longer term trendline.

pth

trendline at 780

Found support at 770p, good grief that has to be cheap?

md, had mine at 778p :))

my eyesight not as good as it was ! :-))

nasty

only for gamblers now

Berlimey, MMs propped it up earlier at 770, not this time though. Needs to recover intraday if the support hasn't gone.

Gone into auction, might see a recovery now

pt , behaving properly , resistance at 780

md, indeed, needs to close at that level or we're into a new trend. If it drops again, think the low of 730p would be a good entry for a long position, albeit risky, think I'll just watch :) I know I said I was bearish and sell into any strength with a target of 820p, didn't expect this though :S

pt , next stop i have is 720 and surprisedthe gamblers jumped in

md, bounced off the 200MA, it's a volatile F"*^er though innit!!

working at the mo with limited graphics , you as usual are correct

Still a bit of a novice so please excuse my persistent quries (for those who have seen them on other threads) - but what was this all about CSR going into an auction this morning after the markets were open? With hindsight, I have a very sore score since I could have got in @ 731 ....

limit down = automatic auction

still lost ... what limit?

loss in this case of 10% or more, i think

it was a fast moving market and they did it when they could but perhaps somebody else knows more than me?

ask PT on the technical analysis thread

thanks md - that'll do me 4 now

Anyone - can someone please tel me this is not going further down? Though the markets may indeed be choppy at the moment, but CSR's slide, if I re-call correctly, began on good news, and it keeps getting worse. Is there something in TA that shows what 'normal' levels for this will be?

weak $ will certainly not help CSR, but i am happy enough to keep holding them ...... chart below shows that this stock is pretty volatile at the best of times, but i would hazard a guess that a bounce now is not unquestionable, partly due to 200 dma being tested and also indicated good bounce on Dow this afternoon ..... how long that will hold is anyone's guess

Thanks cynic - any suggestions as to wht entry and exit points? (I am really useless at this TA thing, though quite fascinated at how accrate it can be)

has been said before, but will repeat .... charts are no more than an indicator ..... would i buy (anything) today? ..... no, prob not

thanks for the advice - walked away andthus survived. Now 4 the big qn, bearing in mind the gains on DOW 2day, does this look good?

taken a bit of a pasting today. any indicators on the DOW as to whether we can see a mini intra-day recovery here say to 650? (I have it now L2 @ 617 - 625)

Dow indicator is to open about 100 lower ....... as posted elsewhere, this bloodbath must surely be overdone, so at least some respite would be reasonable to expect, even if not realised .... now indicating -140, but that may not happen - better hope not!

bravely bought back in a couple of days back at 658 ...... not quite sure why the sudden spurt for glory, but not to be knocked ...... good to see 25 dma just breached with no obvious resistance until about 718 where 200 dma is met

Morning all...........

Can't help wondering why the dip to 6.00 this morning?
All thoughts welcome.

Cheers
Amar

why don't you read items in NewsWatch .... it's all there

I think this has bottomed now and should start it nice rise back to 10 soon. Any views or holders?

wait to buy ..... Dow could soon be bashed - i.e. tomorrow evening after Fed announcement

....... or not!

having had a rush of blood after the results and, bearing in mind the markets' performance, an obvious reaction, i have just bought back in .... if the markets behave, a difficult call in itself, then there is no obvious resistance before 700/710 being the 200 dma

Can't see any reason for the big drop yesterday other than Ericcsson reporting slower sales. It seems a bit of a severe correction with the FTSE up over 100 points. Am I missing something before I buy back in a 548

i still hold, but confess it is a stock to try the patience at times

this is one of the very few bright spots today .... as i wite, 580 = +33 with quite heavy volume ...... can see no reason for this, but be thankful for small mercies!

HI all ...........

Results due Friday ......... tempted to buy in.

All views welcome.

My recent forays into buying in before results ............ has not been good!

Ceers
Amar

They do seem cheap but interesting they got hammered last week while the big telco and networking conference in Barcelona was on so there must not have been a good vibe.

Sorry to add a concurrent post but does anyone have any ideas why this is stuck around 415 despite the markets rises. Tempted to go long as clearly support at this level and results out next week but not sure if im missing something

I feel results would not be encouraging next week. Be cautious. This could go below 400p easily. DYOR.

be careful as this could rise, so be very very careful!

why

The results are quite good, looks cheap at 350p now. Looks oversold now.

hlyeo98 Thought the same bought 10k this morning @ 324p vastly oversold in my opinion

You did well to get 324. Tried 319 and waterhouse couldnt get a price so gave up when eventually went to 350

Some buys at 317p (8.25) perhaps buy now or get a new broker

i went to dinner and now its 321. Im sure it will fall further so will buy about 4.15pm (12.15am for me) as agree its oversold

Bought another 5k @ 318p Good Luck Everyone

Another stockmarket darling down the pan !, short of the day (taking WLF with it), must be a rebound somewhere along the way !, though might drop again tomorrow !, luckily not in.

Can someone please tell me what brokers you are using to get these prices. I have
used selftrade and td waterhouse and have found both worse than useless when it comes to activating stop losses, achieving decent volume at mkt prices etc. I dont mind paying more for a decent broker. All recommendations welcome

an ordinary stop loss is not much better than an indication ..... if you want to properly protected, you have to take a guaranteed stop loss


str* ..... only back in office after market close, but if that closing price is anything to go by, you were lucky not to place your order!

Could go either way tomorrow, risky... !

Sometimes if a stock drops very suddenly, the stoploss will activate a lot further down, I know : it has happened to me.

Where is the upside for shareholders?

prob somewhere else, much as i regret saying so about a former "lover"

At these prices its a buy and hold. I really didn't think the results were that disasterous. I know they lost a big proportion of these sales with Motorola pulling out of the hand held market but they have managed to actively diverisify 25% of their earnings from this market. I suspect we may be in the beginnings of a move down in the mkts so agree with cynic it could fall further and maybe a better entry point

Down again...possibly into the 290p's area soon !

its a tricky one the call. It is very tempting at these levels but likely to be a buy and hold

profit warnings and similar often come in threes ..... you are warned

Am I missing something, I did not see a profit warning, I saw growth and anyone with a brain bigger than pea must relise it will become tougher in the next couple of years, to me sound company with good product pipeline.
Overdone

looks like you were right required field heading South 290p or below

700202 ..... i think your comment may well come back to haunt you

cynic: Thanx for your confidence, will see, bought another 5k, balls where they should be.

At some future stage it will make a comeback... if you are already a shareholder stay put, if you have a bad position in cfd's or spreadbets, well that's a lot more tricky, but at the moment I would not buy any shares in this (diving knife syndrome) !

balls where they should be? ..... i take that to mean on the end of a sharp stick

required field: Sounds about right, I just think they are overdone and it is very difficult to judge when to catch the knife, but hey, you have to start somewhere

you may have to start with a surgeon to re-attach your fingers

The problem with these situations is that : there are very big players out there...us lot are small fry compared to the likes of Evil Knievil and so and institutions...when they decide to short something ..it is like gravity, you just can't stop it...

HI all.........

I bought in prior to results ..... looking for a bounce up ....... Alas shares went in opposite direction to my expectation ..........
Nursing a big loss at the moment.

LOL
Amar

required field: Has to stop somewhere,they have to buy back at some point and CYNIC just checked my balls are still where they should be.

i never said they were not!

Guys there are thousands of companies out there, why buy in to something that's dropping, keep an eye on it and wait for a rebound, and look at wall street, we in the UK depend a lot on what's going on out there !

CYNIC I am out @348p fingers intact to count my 3400 profit, postive thinking for you.

you did well, and big outlet of breath in relief i dare say!

at 300p surely CSR is well worth considering again, either for med/long term or merely to trade

See today's RNS not too good.

I can't understand the recent strong upward trend from 300p to 390p then suddenly went off the cliff today.

i have halifax, but i suspect the reaction overdone as usual ..... both and $ are now slowly strengthening and just maybe US economy will start to recover in Q2/3

Cynic what has fundamentally changed to make and $ stronger apart from the current move out of commodities as the global economy slows?

sentiment linked to the perception that both and $ are oversold especially against

another crap share

you stupid little man, in all its connotations and senses ...... actually, you will be grieved to know that i sold at a nice profit 7/10/14 days ago!

lol in your dreams

nope ... in my bank!

is that the muslim bank?

oh do stop making such a total ass of yourself, or are you so purblind that you cannot see it? .... frankly, i care not one iota whether or not you believe i made a (quick) profit on CSR.

hmm! .... worth contemplating a little flutter here again with sp poking its nose through 25 dma ...... 50 dma only about 20p higher but lots of scope if that barrier is broken

cynic looks like you made a good call, rising nicely.

i called it right but have not bought myself!
i remain very nervous of Dow, so will. watch this afternoon

cynic did you go back in, any mileage left in this one?

don't remember but must have traded if i did as not there at present ...... good call though wasn't it

4 days ago i was slightly rueful that i ahd not bought back in ..... now i am delighted as sp has been hammered (-64) after release of employment figures in US

Nokia announcement hit all chip related shares.

Below 200p...I think weakness prevails now for CSR...lost of demand

maybe ..... just nosed below 9 dma.....

Cynic, results out tomorrow for CSR...bad news expected.

i am short here and well in the money, though with Dow rocketing tonight, that paper profit may get trimmed quite smartly

I am short too but don't worry, Dow will nose-dived by end of week to near 8000

i am also short of Dow as of late last night

CSR will go down, no worries....


CSR says markets tough, lowers Q4 guidance - AFX


LONDON, Oct 29 (Reuters) - British bluetooth specialist CSR reported revenue of $205.5 million for the third quarter, towards the low end of expectations, and said the difficult economic environment was impacting its end-market.

The company, which makes chips and devices using wireless-link bluetooth, said its gross margin was steady at 44.5 percent, while adjusted pretax profit was $30.8 million, down from $57.6 million for the same period a year ago.

The market was expecting revenue of $207.5 million and adjusted pretax profit of $33.1 million, according to a consensus of nine analysts compiled by Reuters.

CSR said the current macroeconomic environment was affecting end-customers and, reflecting the slowdown, it now expected fourth quarter revenue to be in the $140-160 million range. A Reuters-compiled analyst consensus had fourth quarter revenue at $190 million.

'The current macroeconomic environment and resulting uncertainty are inevitably affecting end-consumers and will negatively impact our addressable market,' the company said in a statement.

'Whilst visibility is limited, we currently expect the downturn to extend well in 2009 and potentially beyond.'

cynic the DOW will fall to 6500 next year taking the Ftse with it as for this one short to 50p.

i suspect you are over-pessimistic re bottom for Dow, but certainly CSR cannot be a buy!

cynic some appear to be buying or short covering?

suspect short covering .... am prefectly happy to remain short on the basis of horrid numbers and forecast and also on the basis that recovery has been far too sharp without true justification

The chart remains the same.

cynic/mitzy
what are yr thoughts now - - - ?
CSR has seen recovery in-line with general market sentiment - any ideas on their sales prospects beyond 2009.....?

used to be a great fan of this company but have not followed it for ages .... however, if you look at the chart on post 221, it looks very promising ..... no idea what the trading outlook is

I've been having a trawl around, looking for a trading opportunity and this old favourite popped up.

2nd quarter and H1 Results are out on Wednesday, I plan to open a short position on Monday based on the chart with a target of 300p or thereabouts.

I don't recommend anyone should follow suit.

Breakout from rectangle trading range, should see next leg up now.

"

Fundies not bad either....

CSR PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
29-07-09 BUY 3.65 18.99

Exane BNP Paribas
29-07-09 HOLD -17.83 -0.09 42.92 0.15

Milkstone Ltd
28-07-09 HOLD -16.42 -6.09 32.93 19.49

ABN AMRO
27-07-09 BUY -7.98 -2.02 35.53 14.79

Seymour Pierce
20-07-09 BUY -17.34 -6.68 23.96 9.62

Noble & Company
30-06-09 None -24.44 -2.50 44.11 20.70

Singer Capital Markets Ltd
10-06-09 BUY -5.20 -3.40 50.40 28.30

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus -17.15 -1.99 38.55 16.71

1 Month Change -5.17 0.26 -4.78 -2.03
3 Month Change -4.55 2.96 -0.97 0.45


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS -37.44% -40.94% 71.75%
DPS % % %

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 59.91m 51.96m 81.68m

EBIT 39.14m 43.72m 61.17m

Dividend Yield % % %

Dividend Cover x x x

PER 14.48x 24.52x 14.28x

PEG -0.39f -0.60f 0.20f

Net Asset Value PS 176.30p 254.48p p

2 broker recos today......

30-Jul-09 CSR CSR Seymour Pierce Buy 414.25p 425.00p 498.00p Reiteration
30-Jul-09 CSR CSR Citigroup Buy 414.25p 450.00p - Reiteration

broker reco from yesterday...

29-Jul-09 CSR CSR Panmure Gordon Buy 414.00p 450.00p - Reiteration

Well, I was very lucky here, fully intended to short as posted but messed up my exit on another stock (sola) and failed to act. Would have been an expensive error. Certainly doesn't look like a short now.

Hi PTH,

hope your making plennty as usual,

got a new broker report.............

New broker report out this morning....

BROKER CALL: CSR receives a boost
31 July, 2009 07:37:48 AM


Credit Suisse has taken a closer look at the company's recent buy SiRF. Reckons there are legitmate concerns over its product portfolio, but these are offset by a strong Q2 showing. Broker has raised its forecasts for SiRF and CSR's price target follows, rising 60p a share to 450p a share. Recommendation remains outperform

From FT :-

CSR climbs on revenue forecast.
By Philip Stafford

Published: July 29 2009 23:40 | Last updated: July 29 2009 23:40

Shares in CSR rose 17.83% after the microchip manufacturer reported a pre-tax loss of $46.8m and raised its third quarter guidance.

Although the loss was significantly wider than the $21.5m recorded in the first half of last year, it was still at the top end of analysts expectations.

The Cambridge-based company benefited from consumer electronics makers restocking their inventories, while a steady performance from Sirf, its new US acquisition, led to a better-than-expected cash performance. The shares rose 62p to 409.75p.

CSR said it was benefiting from new design wins as it attempts to reassure the market that it has more than just the Bluetooth wireless connection technology string to its bow.

Revenues for the six months to June 30 fell from $349.3m to $193.5m while losses per share were $0.31 compared to $0.19 a year ago.

Joep van Beurden, chief executive, said the end of destocking in the handset market in the first quarter, had spread to CSRs other main markets gaming, headsets and personal navigation devices in the second quarter.

We are experiencing an improvement in order levels, he said, forecasting a rise in third quarter revenues to between $195m and $215m, ahead of analysts consensus of $186m.

Cash balances rose to $396m, ahead of the groups forecast that it would see cash burn from $387m after the acquisition of Sirf.

FT Comment:

CSR is showing signs of refocusing after getting waylaid with mistaken acquisitions and a reliance on a maturing Bluetooth headset market. Cash generation was very strong, the integration of Sirf is ahead of expectations and licence wins with Nokia and Apple for streaming music to wireless stereos to iPhones suggest CSR is being taken seriously by the big equipment makers again. But the second quarter rise in orders is due to restocking and is unlikely to be repeated amid the economic uncertainty.

Analysts forecasts of pre-tax losses of $40m from revenues of $582m suggests only a modest improvement this year. The shares now trade on a prospective enterprise value/earnings before interest, tax, depreciation and amortizsation ratio of 8 times, which is moderately below the sector average but accurately reflects that the benefits of a turnaround have yet to be fully demonstrated.

COMPANY WEB SITE:-
http://www.csr.com/home.php

Next resitance kicks in at around 540p ish/550p ish so a good target to aim for.



Would you agree PTH, your TA skill as ever much appreciated.

You in then Cyners.... thought you were on holiday???.

hiya sticky ...... no hol this year except the odd bit of golf and a week's cycling in Beauj at end August with a couple of pals ..... too much expense elsewhere .....

thanks for the heads-up here, and though a bit late, bought in this morning

Hi GF
I think 600p is probably a more realistic target based on SP resistance. I'm not going to post a chart but there is price action going back to 2007 which gives a little evidence. I tend to think the SP will form a big V eventually so 900p isn't necessarily out of the question (bu July 2010!!). Shorter term the SP is looking a bit toppy in relation to the Bollinger Bands (not my favourite indicator) however, there is plenty of room for further upward momentum within the RSI and MACD. Trendline support is at 355P and rising, so stops should be set in this region. Overall I'm thinking a retracement to the 400p region soon before heading North again.

I thought this was going to be a short last week for three reasons:

1. Sell on the news.
2. Markets have had a really good run over the last two weeks
3. There is negative divergence on the MACD, ie if you draw a line across the MACD histogram peaks, this line is a downtrend whilst the SP is in an uptrend. Generally this indicates the move is coming to an end but can be very leading in time, sometimes by weeks. On the other hand if the SP keeps going up, the divergence disappears, therefore no negativity. In rough handfulls the SP will need to get close to 480-500p for the MACD to look more positive. This negative divergence is on all time frames.

WOW thats a pro at work their PTH on the TA, fantastic analysis.

Good to see you in cyners.

Two more Broker upgrades late Friday.......

31-Jul-09 CSR CSR JP Morgan Overweight 427.00p - - Upgrade

31-Jul-09 CSR CSR Morgan Stanley Overweight 427.00p - - Upgrade

Wheres Beauj? by the way please forgive my ignorance.

Belgium France?.

A bit more of an update from hemscott....

CSR's 3Q guidance sends shares surging higher

Holly Cook, 29/07/09 09:21

The Bluetooth microchip producer rallies in early deals after pleasing with its 2Q results and predicting a 3Q recovery in revenues
Subscribe to Hemscott News RSS Feed Share Hemscott News via the Web

Bluetooth chipmaker CSR this morning surged into pole position on the FTSE 250 index in early deals after reporting second quarter results in line with market expectations and surprising on the upside with its third quarter outlook.

By 9.00am, CSR shares had jumped 8.8% or 30.75p to 378.5p, helping drag the FTSE 250 index 0.1% higher to 7,740.6.

The company, which supplies chips to Nokia among other technology firms, this morning reported pretax losses for the second quarter of US$24.3 million down from profits of US$22.7 million in the year-ago period, on revenues down almost 40% year-on-year to US$113 million (including contributions from its SiFR acquisition). However both these new figures surpassed analysts forecasts and the ensuing positive market reaction was compounded by the groups guidance that revenues will recover over the third quarter to the tune of US$195-US$215 million.

CSR also confirmed it has completed its scheduled merger of SiRF Technology and reiterated its confidence in securing at least US$35 million of annualised cost synergies within 60 days.

Responding to the update, Panmure Gordon analyst Nick James said the second quarter numbers are in line with expectations, with revenue from both CSR stand-alone and CSR-SiRF combined topping consensus forecasts.

In addition, the revenue guidance for third quarter stands around 10% ahead of expectations at the mid-point, James noted, while CSRs net cash position of US$396 million was also ahead of his US$371 million forecast.

Panmure Gordon expects to increase its full-year 2009 revenue forecast to around US$598 million from US$584 million previously expected following todays results, amounting to around US$0.06 of EPS on the new adjusted basis. The broker also predicts raising its year-end cash forecast to around US$370 million from US$320 million, with the new forecast representing around 124p per share.

CSR has changed its method for calculating adjusted earnings to exclude share-based payments, which makes sense, James told clients this morning, since the charge is high and doesnt reflect the economic cost of the options for a company of this type.

The analyst repeated his Buy recommendation and 450p price target.

Interesting to note that in saturdays Independant CSR got a write up in the trading column with broker Citigroup having raised its target to 500p .... Nice.

Moving up nicely at the moment and as some strong momentum behind it.

where did you get that from?
sp is +7 and volume little greater than usual

Here cyners, if +80 (yesterday) isnt positive for this time of the year I dont know what is, although I note your comments on volume.

Getting too cynical in your old age you pineapple bonce.

+80 yesterday??????????/
load of rubbish though i wish it were true

GF is talking about Momentum (+80)

whatever that means!

You need a break cyners get your golf clubs buffed up.

Ithink theirs a few here in these a broker upgrade this afternoon....

13-Aug-09 CSR CSR Panmure Gordon Buy 445.50p 525.00p -

new target 525p.

i'ld be very happy with that - am in at 427.25

Seems I missed my retrace target by 20p, dreadfull TA :(

In at 398p, 404p 412p.

if that was dreadfull TA PTH dread to think what mine was LOL.

Hey look at this one lads....goldman sach with NEW COVERAGE..... going up in the world here.....500p target .

14-Aug-09 CSR CSR Goldman Sachs Neutral 454.90p - 500.00p New Coverage

perhaps prematurely, have banked a very respectable profit as market(s) could be in for a (sharp) correction after this extended northerly run

Hmmmm you may be right....... or may be wrong...... hope that makes sense.

of course it does ..... but all of us - Master RSI excepted it would seem - make bad decisions, of which selling prematurely is rarely one .... as we all know to our cost, it's hanging on too long (greed!) and finding the juicy profit has cost us our house (requiescat in pace maestro)

sticky ..... may be right to get back in here .... chart looking pretty good and Intel's figures must help sentiment if nothing else

strong trading update rns this morning ..... sp has recovered sharply and now challenging 25 dma and 50 dam not far above ..... i think this stock still has plenty of puff over the coming months .... note Intel's results and also ARM also (i think) indicated positive outlook

CSR chart looks very positive now that we have a breakout from the downtrend channel. Sector is very hot at the moment aswell.



Long term looking at overcoming resistance at 550p qand then 600p.



Fundies looking solid aswell.....

Citi group with historical 550p target...

Broker recommendation
Date: 12 October, 2009

Broker: Citigroup
Company: CSR


Recommendation:
Raises price target to 550p from 500

InterMarket Stock's recommendation rating:
Buy

And since xmas we have had some pretty bullish broker recos with a forward P/E to results 2011 at just over 14 FOR A TECH LEADING stock.

CSR PLC

FORECASTS
2010 2011

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Exane BNP Paribas
08-01-10 HOLD 50.60 18.29 64.63 24.39

Panmure Gordon
08-01-10 BUY 70.90 27.41 83.10 33.11

ABN AMRO
22-12-09 HOLD 65.08 26.23

Seymour Pierce
18-12-09 BUY 40.78 17.63

Milkstone Ltd
14-12-09 BUY 50.02 21.76

Edison Investment Research
11-12-09 None 60.95 21.36

Noble & Company
10-12-09 None 42.81 25.40 59.87 33.00

Singer Capital Markets Ltd
07-12-09 BUY 36.30 19.90 43.10 23.60

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 59.91m 69.58m 82.35m

EBIT 39.14m 46.94m 60.97m

Dividend Yield % % %

Dividend Cover x x x

PER 15.64x 19.98x 14.64x

PEG -0.42f -0.92f 0.40f

Net Asset Value PS 176.30p 264.28p 507.40p

LOOK AT THE NAV above.


Looks far too cheap to me.

i hope to many others too .... i bought these in mid october and am still waiting to get into profit!

results last year were on the 10th of Feb so I expect them around that date or maybe a little earlier.

If we go back to 3/4tr statement we should be looking for......


London: 29 October, 2009: CSR plc ("CSR") today reports strong third quarter results:


Guidance: Fourth quarter revenue expected to be between $180m and $200m

Hopefully towards the upper end.

Reckon we will get a good run up to the 10th.

New broker target...

CSR Panmure Gordon Buy 442.50p 525.00p 550.00p Reiter

550p target.

Going back to the list of broker recommendations I posted earlier today Ive been delving a little further and can now put some SP targets down for the analysts who have tipped the stock...

Date Broker name New Price Old price target New price target Broker change

08-Jan-10 Panmure Gordon Buy 442.50p 525.00p 550.00p Reiteration

03-Dec-09 Seymour Pierce Buy 420.00p - - Reiteration

19-Nov-09 Bank of America Buy 434.40p 540.00p - Reiteration

30-Oct-09 Royal Bank of Scotland Buy 446.80p 500.00p 575.00p Reiteration

30-Oct-09 Citigroup Buy 446.80p 550.00p - Reiteration

I think Seymour Pierce have upgraded from Buy at 420p but cant find the data.

So we have a list of SP targets from 500p upwards to 550p so it would appear there is plenty of upside to come fingers crossed.

TFC - company had very strong Q4 - see rns of 10/2 ...... with "real" markets now recovering, the likes of CSR as well as Intel and prob ARM must surely be serious beneficiaries ..... ditto the likes of Apple etc

A word of caution, be careful of resistance at 510p

that's certainly true .... may take (part) profits around that level, with a view to re-buying if/when upward break again

Electronics is not my strong suite. l held both ARM and WLF for what seemed an eternity and only got out with a wiped face . To be honest i dont understand half of it anyway .l know the tech involved here as i have it myself................... But as you know every trader,or in my case ex trader, has his discipline and mine is energy -and both hard and soft commodities.l rarely buy anything outside those sectors. But as i said earliar Mr. C> l see very limited upside on current trends with 500p+ only being achieved with a lot of huff and puff with a brick wall at 510/520p - mais qui sait !!! ? ln addition this tec what with the speed of advancement could be obsolete in six months .l strongly agree with PTH on resistance at 510p levels. l Not one for me personally; but i am happy to watch.. WOW- Who on earth bought at 900p? That cliff style drop reminds me of the hi tec sell off in 2000........Happy days for me; but not for the vast majority unfortunately. ....good to see g/finger still posts-like your good self,one of the nice guys

can one have a bright beacon shining among the glistening intestines lying on the floor?
if so, then this surely is one, with sp rising a comfortable 5% this morning following some very good figures

Sorry to be P-Pooper, but these are 0.1p shares currently changing hands at 4000x their face-value (when issued). If they do issue a dividend it's my opinion that it will be quite small (per share) and at that point the stock will correct to give a yield in single-figures - (let's say, this is equity-normality).
IMHO - the PE ratio tells it all - other views, please...

which bit of what looked like stunning results did i miss?

The outlook wasn't great I think and also they said they'd made an acquisition but I can't find the details about it.

you're right .... outlook cautious, but my reuters link down for the moment .... will post again later

sp reaction still looks well overdone to me ....

==========

British chip designer CSR nearly doubled revenue and returned to operating profit in the second quarter, helped by demand from carmakers, but its cautious stance on the global recovery sent its shares lower.

The company, whose chip range includes its traditional stronghold Bluetooth, wi-fi and GPS, posted revenue of $220.7 million, up from $112.9 million, and operating profit of $24 million against a $4.6 million loss a year ago.

CSR, however, said it was seeing growing caution in the global economic outlook for the second half, and chip-making capacity was becoming constrained, reflected in its guidance for third-quarter revenue between $220 and $235 million.

The outlook is below analyst expectations of $239.1 million, according to a company-supplied consensus, and shares in the group had fallen 14.4 percent to a 12-month low of 356 pence

Not one I own, but exactly the same cautionary advice is being given by the followers of ARM stock. The initial bounce out of recession is already priced in & demand for chips is now predicted to fall from it's recent high level.

FWIW I distrust cheap shares selling at massive multiples - yes, I know "everyone" thinks it doesn't matter and the price is what the Market will stand - but I get uncomfortable with 0.1p shares selling at 3.55 (that's 3550x face-value).
Makes BP shares $0.25 about 40p look a Real Bargain at 400p (10x face) - and there is a dividend soon-ish I hear say. DYOR.

Does anyone else worry about these "face-value multiples"

EDIT(30Jy10)-PE's pretty steep at 105 (DYOR)

i have never read such a load of total twaddle in my life!!

Up 6-7% at one point and now back to break-even.

Bizarre days indeed and proof once again that a profit should be taken and not left on the table.

Shame on CSR....



CSR responds in US patent action
StockMarketWire.com

UK semiconductor firm CSR has asserted a number of proprietary patents against Broadcom Corporation in the US District Court of California.

CSR's action came after Broadcom filed a motion with the court seeking to add additional patents against CSR, all such Broadcom patents having been asserted previously by Broadcom in its International Trade Commission case against SiRF, prior to the acquisition of SiRF.

CSR said: "Furthermore, based on CSR's inter-partes re-examination requests filed with the US Patent and Trademark Office, the USPTO recently issued initial rejections of all patent claims previously asserted by Broadcom against SiRF before the ITC.

"Also, as previously disclosed, CSR was aware of the Broadcom litigation at the time of acquiring SiRF in 2009, and therefore factored ongoing litigation with Broadcom into business planning for the combined business.

"We will continue our efforts to focus on competing in the marketplace on the basis of our products and serving the needs of our customers.

"Intellectual property litigation is commonplace in our industry and poses risks and uncertainties that may materially and adversely affect or disrupt our business, customer relationships, expenses or results of operations.

"We will continue to take appropriate steps to address any further claims that may be made by Broadcom or any third parties."

Sell this one.

280p now.

This looks bad.

was a holder, but sure am glad i got out a couple of months back

Chart is horrible best wait a while before getting back cynic.

looking much better today...worth a bet.

Have recently taken posession of a Panmure Gordon Blue book, in which CSR is a 'buy' for the following reasons:
Non-handset business is growing strongly with good margins.
Weaker revenues in handsets are temporary market dynamic, not an indication of product proposition, in our view.
Strong cash position, valuation looks attractive.
Target price 620p. (no time scale given).

Has been tipped by many tipsters in the new year.

Poor tip obviously... 620p target.

CSR underlying operating profits fall


CSR's first half underlying operating profits dropped by 31.5% to $24.3m - despite an improvement in the second quarter.

Underlying revenues for the six months to 1 July fell 9.1% to $357.8m and gross profits fell by 4.6% to $177.0m.

Questor share tip: CSR sticks to what it knows best




7:16, Tuesday 13 December 2011

The decision by microchip manufacturer CSR (LSE: CSR.L - news) to save $60m (38.5m) a year by bringing to an end planned digital television investment was welcomed by investors, sending the shares up 9.77pc.

CSR 183.1p +16.3 Questor says HOLD

CSR is to halt investment in its digital television systems-on-a-chip and silicon tuners businesses, which it acquired as part of Zoran (NasdaqGS: ZRAN - news) , the US rival it bought last year. It will instead focus on areas where it is market leader. The move will cost it an extra $10m of restructuring costs by the end of the second quarter next year.

Investors were reassured that the company continued to expect fourth-quarter revenues to be in line with guidance in the range of $230m to $250m.

"We continue to take a disciplined approach to capital allocation and cost control," said Joep van Beurden, CSR's chief executive. "The actions we have announced today will allow us to increase our focus on the areas of the business that offer the best prospects for delivering sustained and profitable growth."

He said investment would be focused on voice and music, automotive "infotainment", cameras, document imaging, gaming and Bluetooth low energy technology. Clearly management have made the call that its share of the markets it is quitting did not merit continued investment, and focusing elsewhere was seen as a wise move by analysts.

"They are doing more than just pruning they are cutting out the dead wood," according to Ian Robertson, an analyst at Seymour Pierce. "They are achieving material cost savings for minimal loss in short, medium and, realistically, long-term revenues."

CSR exists in a highly-competitive, high-tech sector, which requires it to innovate continually or to die.

Last month it unveiled a new chip which for the first time will pinpoint the location of a device to within 10 metres.

By working indoors, the chips will allow people to use their mobiles to track friends within shopping centres, for example, and enable retailers to target customers with offers or adverts as they enter the store.

With investment comes opportunity but also risk.

Questor says hold

On a good run at the moment, taking a slight pause for breath today.

Nice news and markup today. Any views?

A BUY posted up on the weekly candles.

White Bullish candle.

http://www.britishbulls.com/weekly/StockPage.asp?CompanyTicker=CSR&MarketTicker=Technology&Typ=S

CSR tipped today.

Target SP 285p 34.4% upside.

CSR
FTSE 250
Technology
Equalwt/Neutral
285
212
34.4%
Barclays Capital

http://www.marketwatch.com/story/broadcom-qualcomm-csr-and-texas-instruments-are-benefiting-from-8-billion-wireless-connectivity-ic-market-bonanza-says-abi-research-2012-04-17

Looks like CSR launch of Combo is imminent
CSR plc (LSE: CSR.L and Nasdaq: CSRE) will host a site visit for analysts and institutional investors at its Cambridge office between 3pm and 5pm on Thursday 24(th) May 2012.

Senior management will deliver presentations on potential growth platforms for CSR and will provide a series of demonstrations of some of the company's leading technology

CSR

Broker note out this morning....

CSR
FTSE 250
Technology
Overweight
315
198.5
58.7%
JPMorgan

315p target 58.7% upside.

Added some more CSR. Lower indicators point to a good entry point......

Results on 1st May.

Dandu should make you smile.....

27/04/2012

MARKET REPORT:

CSR shares advance amid whispers of a share cash offer
By Geoff Foster

Those were the days. Long-term share-holders of CSR, or Cambridge Silicon Radio as it was once known, will remember that blue sky period in 2006 when shares of the silicon chips supplier were changing hands above £15.
Six years and several profit warnings later, they must now be praying it loses its independence to a cash-rich overseas predator.

Up from a 52-week low of 153.2p on prevailing bid hopes, the shares advanced a further 9.4p or 4.7 per cent to 210.6p amid whispers that a £600m or £3 a share cash offer could soon be on the cards.

Moving up: The Footsie rose 29.83 points to 5,748.72
Japanese electronics giant Samsung, with which CSR already has joint venture agreements, and Texas Instruments of the US, were two names being touted in the market last night.

CSR does not itself make chips. Instead it licenses its patented designs to hardware makers and receives a royalty each time a gadget containing one of its designs is sold.
More...FTSE Close: Blue-chip good news from Shell, Whitbread and Unilever sends shares higher
What next for shares? Predictions from the world's best stock market experts

When Qualcomm swallowed Atheros Comms, which specialised in wireless technology, for £2bn, it left CSR as the only other real pure play connectivity chip provider.

Any bidder would have to get the nod from Schroders, CSR’s largest shareholder with 19.5 per cent.

A sudden bout of nervous selling ahead of Tuesday’s trading update dragged defence company Chemring 22.1p down to a 52-week low of 316.9p.

Bears roared that there has been a delay in a long-awaited sizeable, multiyear contract award for NIITEK, its developer of robot and vehicle-mounted mine-detection systems.

The company has said it would be confirmed by the end of April.

The Footsie moved up 29.83 points to 5,748.72 and the FTSE 250 26.93 to 11,361.38 after Federal Reserve chairman Ben Bernanke said overnight that the Central Bank ‘would not hesitate’ to launch another round of bond purchases to drive borrowing costs lower if it looked as though the US economy was in need of it.
Sentiment was also helped by some impressive corporate trading statements from leading blue chips including Whitbread, 112p up at 1921p, Royal Dutch Shell A, 67.5p better at 2195.5p, and Unilever, 56p dearer at 2135p.

Wall Street traded 34 points higher at the outset on further consideration of Bernanke’s comments and following news that pending US home sales rose 4.1 per cent in March, hitting its highest level in almost two years.

In-line first-quarter trading and revived speculative buying amid vague bid talk lifted speciality chemicals group Elementis 10.3p to 207.8p.

EnQuest improved 1.7p to 123.7p after announcing the acquisition of a third tranche in the Kraken oil discovery, taking its equity interest up to 60 per cent from 45 per cent.

Numis is a fan and has a target price of 184p. ‘There’s a surprise,’ said one sarcastic trader as Borders & Southern, 1.5p dearer at 85.5p, raised £46.5m via a share placing at 84p a pop.
It follows the shenanigans of last week when the shares almost doubled to 130p on hot gossip of an oil find in the Falklands which turned out to be a gas condensate discovery. Roxi Petroleum gushed 13 per cent to 3.25p after the Kazakhstan-focused oil and gas company gave a positive operational update.

Sports marketing and events manager Parallel Media soared 5.5p or 58 per cent higher to 15p after entering into a joint venture to bring Korean Pop (K-pop) concerts to Singapore.
The joint venture is with CJ E&M, a leading Korean media and entertainment company.

Parallel Media has also placed 1.4m shares at 35p a go with Mr Henry Wee, raising £500,000.
Wee, formerly a banker in an international bank in Singapore, has been granted an option to subscribe for a further 1.4m at the same price.
News of an oversubscribed 6.6m share placing at 120p with institutional investors left Highland Gold Mining 3.5p easier at 128p.

Gold Oil spurted 1.52p to 5.8p on a Faraday Research recommendation.

The company recently said that oil majors are showing an interest in its operations in Peru. Mobile gambling company Probability added 1.5p at 75.75p following a fourthquarter trading update.

Analysts are now of the opinion it will make a maiden profit of £1m in the year to end-March 2013 rising to £3.8m the following year.

The switch by punters to gambling with mobiles rather than per cents is helping to grow revenues. Numis has a target price of 150p.

A positive full-year trading update helped Zoo Digital, the film software company, climb 2p to 11.75p.

Toys and games group Character lost 10p to 150p after reporting lower interim profits.

Broker Merchant Securities shaved its target price to 170p from 202p and reduced its current year pre-tax profit forecast to £8.3m from £9m.

Shares of JD Sports were out of fashion at 775p, down 34.5p. Investec remains a buyer with a price target of £9.

Management needs to return Blacks Leisure to a profitable core as quickly as possible, and invest in firm foundations preparing for the internationalisation of its Sports business.

This will require an increase in investment through both capital expenditure and operating costs which will hold back short-term earnings growth and cash generation


Read more: http://www.dailymail.co.uk/money/markets/article-2135806/MARKET-REPORT-CSR-shares-advance-amid-whispers-share-cash-offer.html#ixzz1tCEF

SEE ABOVE POST.

Could turn into a bidding war given
CSR monopoly position and all cash on
books.

Down on the FTSE 250, a late rally saw CSR charge up 9.4p to 210.6p.

The move was accompanied by reheated takeover rumours, with the vague speculation suggesting the chip designer could be a target for US firm Texas Instruments, although City voices were playing down the whispers.

At the same time, Liberum Capital retained its "buy" advice ahead of CSR's first-quarter results next week, whilealso claiming that the group "is in a position to announce further more aggressive buybacks".

http://www.independent.co.uk/news/business/sharewatch/market-report-hopes-the-tough-times-are-over-see-weir-on-the-rise-7682513.html

Thanks for the updates GF, smiling from ear to ear!

CSR

Good to see the stock relatively
speaking from a technical point
of view outperforming its sector
and the 250 Index again.

Dandu yep good news just before results. Fingers crossed we should have a decent rally here on a rotten market in general.

No RNS seems to be a story thats
been overlooked......

From Business Weekly:-

Wednesday, 25 April 2012
Kate Sweeney
.
CSR opens automotive facility in Germany.
.
CSR has opened the CSR Automotive Systems Development and Applications Centre in Ingolstadt, Southern Germany.

Cambridge, UK based CSR acquired the facility, which was built by TEMIC Telefunken Hochfrequenztechnik GmbH, a provider of RF system solutions for auto-infotainment and consumer products, as part of its merger with Zoran Corporation last year.

Close to the major German automotive OEM’s and Tier One suppliers, the Ingolstadt facility is also only a short distance from CSR customers in the automotive centres throughout Europe.

“The Ingolstadt Automotive Centre has been specifically designed, built and staffed with very experienced engineers targeting the automotive market,” said Charlie Lesko, senior VP for CSR’s Automotive Business Group.

“CSR has been committed to the automotive market over a decade by offering our industry-leading connectivity, location, telematics and infotainment solutions.

“The investment in this facility is a strong indication of CSR’s ongoing commitment to this business and is a key part of our growth strategy. The facility and staff will enable us to offer local support as well as unique services to our automotive customers in Europe.”

The experienced RF, hardware and software engineering team based at the new facility will allow CSR to continue to expand support and access for German and European customers to the entire CSR automotive product portfolio including location, connectivity and infotainment SoC solutions.

It will also strengthen partnerships with automotive OEMs and key Tier Ones by offering greatly enhanced, design-in support and test infrastructure. The facility will also support increased marketing and business development activities across the region.

Somebody mentioned shorts closing
above..........................

IG Sentiment gauge backs this up.

Last time I looked last week it was
80 odd % long and the rest short.

NOW

Client Sentiment

99% of IG clients with open positions in this market expect the price to rise

1% of IG clients with open positions in this market expect the price to fall


Changes every 15 minutes and is
used as a proxy for shorting.

CSR

300p take out SP sounds too skinny to
me given that it has all that cash on the
books and is more or less in a monopoly
position as a free standing company
in this specialist field on the Worlds markets.

Wondering what price brokers have as
targets.

CSR

Yep Brokers BUY targets are in the
main very positive.......

Date Broker name New Price Old price target New price target Broker change

23 Apr JP Morgan Cazenove Overweight 228.10 315.00 - Riteration.
13-Apr-12 Seymour Pierce Buy 216.10p 400.00p - Reiteration
21-Feb-12 UBS Neutral 260.90p 200.00p 290.00p Reiteration
21-Feb-12 Numis Securities Hold 260.90p 290.00p - DownGrade
17-Jan-12 JP Morgan Cazenove Overweight 215.90p 285.00p 300.00p Upgrade

CSR plc (CSR)22:17 ET Apr 26, 2012 Analyst Comment by Liberum Capital

Liberum Capital reiterates buy rating on CSR plc

CSR

A Buy confirmed on the candles

Bullish Marabuzo (in other words big white candle)

http://www.britishbulls.com/StockPage.asp?CompanyTicker=CSR&MarketTicker=Technolog

Thanks again for the updates GF

Samsung possible bidder...........

http://www.independent.co.uk/news/business/sharewatch/market-report-london-tech-stocks-bathe-in-samsungs-korean-sun-7685201.html

Results tomorrow.

1st Quarter Results.

· Financial performance:

o Q1 2012 revenue of $227.0m (Q1 2011: $163.9m) includes a contribution of $73.2m from Zoran,
o Revenue growth Q1 2012 year-on-year in Automotive business line (37%) and Home Business Group (35%) with declines in Personal Navigation Devices (PND) (53%) and Handsets (15%),
o Underlying operating profit improved to $2.7m (Q1 2011: $0.0m), IFRS operating loss increased to $15.8m (Q1 2011: loss $3.3m) due to $14.5m litigation income recorded in Q1 2011,
o Ended Q1 2012 with cash, cash equivalents, treasury deposits and investments of $251.3m.

· Focus on returns:

o Underlying operating expenses $112.1m continue to reduce (Q4 2011: $123.9m),
o $130m of annualised savings on track to be completed by end of Q2 2012.
· Momentum in platform strategy:
o Platform revenue 57% of total revenue in Q1 2012 (Q1 2011: 38%) driving improved year-on-year underlying gross margin of 50.6% and underlying profitability,
o Next generation SiRFstarV™ location platform chosen by major smartphone manufacturer for Q2 launch,
o Fifteen new licensees for aptX® in first quarter taking total to more than 75 customers,
o Launched next generation Quatro 5300™ programmable imaging processors for printers.

· Continued technical innovation:

o CSR and Software Imaging Limited jointly launched DirectOffice™ Mobile Print 3.0, which offers the ability to print directly from mobile devices to most existing printers,
o Indoor location technology nominated for UBM Electronics ACE Awards in Innovator of the Year category,
o CSR9800™ Wi-Fi®/Bluetooth® combination chip on track.

Numis Securities Upgrades TP 290p.

UBS Upgrades Tp 310p

17July2012: Big leap in sp (+33%) as a result of selling its Mobile business to Samsung and a promise to return a big chunk of cash to shareholders....Yet, by my reconing that will be the same as the rise, today. So in effect MM's are pricing in the Return at par . . . and the business is left somewhat leaner.
Also, I'm not sure what "bringing shares out of Treasury" really means - as I read it it means dilution - since Treasury shares are normally cancelled - someone explain???
However, l not convinced this is a good Buy even discounting this Sale and with that halting further "phone" developments, CSR is showing signs of "wither" - all IMHO - - - and DYOR.

StockMarketWire.com
Wireless technology group CSR's underlying operating profits rose to $32.2m in the three months to 28 September - up from $24.3m a year ago.

And it plans to return up to $285m to shareholders following a deal with Samsung.

On an IFRS basis, there was an operating loss of $1.9m reflecting one-off charges (Q3 2011: loss of $7.7m, reflecting fair value adjustments to inventory following the Zoran acquisition).

Third quarter revenues rose to $282.7m compared with $243.3m, which included one month of Zoran.

Chief executive Joep van Beurden said: "We have delivered another good quarter driven by the momentum in our business.

"We are delighted to have completed the transaction with Samsung on 4 October. The proceeds have been received, the transfer of people to Samsung has been completed and we are on track to deliver our targeted cost run-rate for 2012 and 2013.

"We now intend to return up to $285m to shareholders, including holders of American Depository Shares, the terms of which we expect to announce during this quarter.

"We expect to have a higher than projected cash position at year-end due to lower tax on the Samsung transaction and better than forecast overall business performance. "The Samsung transaction accelerates our strategy of focusing on platforms where we have leadership positions, strong gross margins and attractive growth opportunities.

"We are now focussed on our core business, where we expect good market growth to be reflected in our core business revenues in 2013."

POSTING OF TENDER OFFER CIRCULAR

The Company announces the proposed return of a maximum of £176.69 million to the Company's Shareholders by means of a tender offer

On 17 July 2012, the Company announced that it intended to return cash of a maximum of US$285 million to its Shareholders by means of a tender offer (the "Tender Offer"), following the transfer of the Company's development operations in handset connectivity and location to Samsung Electronics Co. Ltd. which completed on 4 October 2012. Shareholders approved the Tender Offer at a General Meeting held on 17 August 2012.

The £176.69 million is equal to US$285 million translated at an exchange rate of US$1.6130 per £1 which was the exchange rate obtained by the Company under its hedging arrangements on 4 October 2012.

Key elements of the Tender Offer are:

· £176.69 million available to be returned to Shareholders via the purchase of a maximum of 52.7 million Ordinary Shares (including Ordinary Shares represented by ADSs), representing a maximum of approximately 24.7 per cent. of the Issued Ordinary Share Capital of the Company at 26 October 2012;

· Ordinary Shares may be tendered within a price range of 335 pence to 375 pence per Ordinary Share (representing a discount of 1.0 per cent. to a premium of 10.8 per cent. to the closing price of 338.4 pence on 26 October 2012);

· the Tender Offer is structured using a Strike Price mechanism. All successfully tendered Ordinary Shares (including Ordinary Shares represented by ADSs) will be acquired at the Strike Price; and

· the closing time and date is 3.00 p.m. (UK time) on 29 November 2012 (5.00 p.m. (New York City time) on 28 November 2012 for ADS Holders), with proceeds expected to be despatched to Shareholders by 5 December 2012.

Result of Tender Offer

Tender offer fully subscribed, with $285 million successfully returned to shareholders
49.08 million Ordinary Shares to be repurchased at 360 pence per Ordinary Share

1st Quarter Results

· Q1 2013 financial performance:
o Revenue of $237.9m (Q1 2012: $227.0m) an increase of 5% year-on-year, with Core revenue of $171.8m (Q1 2012: $138.9m), growing 24% year-on-year,
o IFRS operating profit of $7.7m (Q1 2012: $15.8m loss), underlying operating profit of $19.1m (Q1 2012: $2.7m),
o Underlying diluted earnings per share of $0.07 (Q1 2012: $0.01),
o Ended Q1 2013 with cash, cash equivalents, treasury deposits and investments of $318.0m.
· Momentum in platform strategy:
o Platform revenue 60% of total revenue in Q1 2013 (Q1 2012: 57%),
o Introduced BlueCore® CSR8605™, single-chip ROM Bluetooth® music streaming device for entry-level wireless portable music speakers,
o A record quarter for aptX® with 32 new licensees in Q1 2013 taking total to around 150,
o Increasing demand with Tier One customers for our auto connectivity products.
· Commenced $50m share buyback following shareholder approval.

Jefferies International Buy 539.00 539.00 308.00 629.00 Upgrades

Gone long. Fantastic set up for a trader.

Bullish engulfing candle yesterday and bouncing right off a support/resistance line (500p). Lower indicators look like they are about to turn positive.

FUNDYS look excelent. On a P/E of just 17.2
for a tech company, derd cheap EPS growth 78%
Forward P/E of just 16, and pays a divi.

FAR too cheap imo.


CSR ForecastsYear Ending Revenue (£m) Pre-tax (£m) EPS P/E EPS Grth. Div Yield
31-Dec-13 633.22 56.68 30.27p 17.2 +78% 8.14p 1.5%
31-Dec-14 591.66 60.25 32.45p 16.0 +7% 9.02p 1.7%

A bit basic but :-

Now in the red......so frustrating this August market.

Thank god ive cut my positions open right down.

Ok what happened??

csr goes ex div 14/08/2013

Nive bounce today.

"We (Liberum) upgrade CSR from Hold to Buy given the recent pull back in the share price. We expect CSR to meet consensus expectations for H2’13, but believe there are upside risks to FY’14 revenue estimates. CSR is ramping multiple new products (Bluetooth smart, cameras, Auto SoC, WiFi audio) in 2014 which could lead to stronger than expected revenue growth. Post the pull back CSR once again trades at a discount to its peer group (15% on P/E, 29% on EV/EBITDA). Upgrade to Buy, 550p price target.

Underperforming peers: CSR’s share price has declined by c. 20% since its peak in July underperforming its peers (SOX index –3%, FTSE250 +2%). The lack of consensus upgrades following Q2’13 results along with speculation that CSR may be looking at large scale M&A given the delay in starting the $25m buyback maybe the reason behind the underperformance. We believe large acquisitions are highly unlikely and expect the buyback to start imminently.

Stars aligned for 2014: CSR’s core business is expected to grow 14% YoY in FY’13, without any significant product launches. Looking into FY’14, we believe core growth could surprise on the upside (greater than 13%) given multiple new products are ramping at the same time such as: i) Bluetooth smart; ii) a reworked camera portfolio; iii) Auto SoC; iv) WiFi audio; v)Indoor location in some form.

24% of market cap in cash: Post the $25m buyback we expect CSR to end FY’13 with c. $297m of net cash or 24% of its market cap. We believe further cash returns are likely in 2014.

Discount to peers: Post the recent pull back and peer group re-rating, CSR once again trades at a discount to its peers (15% on CY’14 P/E, 29% on CY’14 EV/EBITDA, 53% on CY’14 EV/Sales). We upgrade to Buy and increase our price target marginally to 550p (from 540p), as CSR’s peer group has re-rated."

Half Year And Q2 2014 Results

· Q2 2014 financial performance:
o Revenue of $193.7m (Q2 2013: $262.5m) down 26% year-on-year as expected, mainly reflecting a 70% decline in Legacy revenue,
o Core revenue of $175.6m (Q2 2013: $203.1m), down 14% year-on-year, primarily due to weakness in Camera, Gaming and non-factory-fit Auto, as well as reflecting non-recurring Voice & Music revenue in China during Q2 2013,
o Record underlying gross margin 57.5% (Q2 2013: 52.6%) and record IFRS gross margin 57.0% (Q2 2013: 51.8%) due to change in revenue mix towards Core,
o Underlying operating profit of $29.5m (Q2 2013: $39.3m); IFRS operating profit sharply up to $64.5m (Q2 2013: $22.3m) mainly reflecting benefit from Imaging IP asset sale,
o Underlying diluted earnings per ordinary share of $0.13 (Q2 2013: $0.18),
o Ended Q2 2014 with cash, cash equivalents and treasury deposits of $236.8m (Q2 2013: $285.0m), due to $50m share buyback and payment of 2013 final dividend,
o Continue to return cash to shareholders with additional $20m buyback and $20m EBT purchase.
· Momentum in platform strategy:
o aptX® added 27 licences during Q2 2014, taking total to nearly 280, and increased adoption for aptX in Automobiles, with Clarion implementing aptX for in-vehicle head units,
o Series of Tier One design wins for Bluetooth Smart including Lenovo and Philips,
o Three Tier One design wins for Bluetooth and Bluetooth Smart in set-top boxes,
o CSRmesh gaining increasing market traction in consumer lighting and home automation,
o Entered into volume production for Auto factory-fit SoC during Q2.
· Interim dividend $0.052 per ordinary share, up 15% from the 2013 interim dividend of $0.045 per ordinary share.

Wow top riser today.

The Board of CSR plc (“CSR”) notes recent press speculation and confirms that it has received an approach regarding a possible offer for the company from Microchip.

The price proposed by Microchip has been rejected and the Board is considering its options for the company.

This statement is being made by CSR without prior agreement or approval of Microchip. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.

UBS comment:
"In our view, it is understandable that CSR could be a potential takeout target given that the company is a leader in Bluetooth components for headsets, speaker-bars and supplies solutions for in-dash automotive solutions. Bluetooth, as a low-power wireless technology, is likely to be a key component in the ‘Internet of Things’ and CSR has been delivering interesting innovation in the form of its CSR Mesh solution to enable smart networks between Bluetooth devices. Having a leading Bluetooth technology inhouse could enable companies to come with more innovative solutions to address the Internet of Things.
We would expect some confirmation from the company (given UK takeover rules) on the validity of the article’s claims. In this context, we would highlight the following as possible hurdles: 1) Many larger semiconductor companies that could be potential suitors already have some degree of Bluetooth technology in-house; 2) Bluetooth Smart for wearables is already a highly competitive space (competitors include TI, Broadcom, Dialog, Nordic Semi); and 3) Bluetooth technology can be licensed from companies, including Imagination Tech and Sunrise Micro, providing an alternative solution to access this technology block.
Despite the recent strength, we would expect confirmation or denial of this to drive the share price in the short term. CSR trades on 24.9x P/E ’15E and 17.2x ex stock comp."

CSR plc Rule 2.7 Announcement

Summary

· The Board of Qualcomm Incorporated is pleased to announce that it has reached agreement with the Board of CSR plc ("CSR") regarding the terms of a recommended cash offer through which the entire issued and to be issued ordinary share capital of CSR will be acquired by Qualcomm Global Trading Pte. Ltd. ("QGT"), an indirect wholly owned subsidiary of Qualcomm Incorporated (together or individually as the context requires, "Qualcomm").

· Under the terms of the Acquisition:

each Scheme Shareholder will be entitled to receive 900 pence in cash for each CSR Share

· The offer price represents a premium of approximately:

· 56.5 per cent. to the Closing Price per CSR Share of 575 pence on 27 August 2014 (being the last Business Day prior to the commencement of the Offer Period);

· 66.3 per cent. to the average Closing Price per CSR Share of 541 pence in the one month to 27 August 2014 (being the last Business Day prior to the commencement of the Offer Period); and

· 56.5 per cent. to the average Closing Price per CSR Share of 575 pence in the three months to 27 August 2014 (being the last Business Day prior to the commencement of the Offer Period).

· The Acquisition values the entire issued and to be issued share capital of CSR at approximately £1,560 million.

· It is intended that the Acquisition be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the 2006 Act, further details of which are contained in the full text of this announcement. However, QGT reserves the right, subject to the consent of the Panel, to effect the Acquisition by way of a Takeover Offer.

· The CSR Directors, who have been so advised by J.P. Morgan Cazenove and Goldman Sachs International, consider the terms of the Acquisition to be fair and reasonable. In providing advice to the CSR Directors, J.P. Morgan Cazenove and Goldman Sachs International have taken into account the commercial assessments of the CSR Directors. J.P. Morgan Cazenove and Goldman Sachs International are providing independent financial advice to the CSR Directors for the purposes of Rule 3 of the Code.

· Accordingly, the CSR Directors intend unanimously to recommend that CSR Shareholders vote in favour of the Scheme at the Court Meeting and in favour of the General Meeting Resolutions, as each CSR Director has irrevocably undertaken to do (or in the case of CSR ADSs, instruct the depositary to do so) in respect of their own beneficial holdings, being in aggregate a total of 884,457 CSR Shares (including CSR Shares underlying CSR ADSs), representing approximately 0.54 per cent. of the existing issued capital of CSR as at 14 October 2014 (being the latest practicable date prior to this announcement).

· The Acquisition will be subject to the satisfaction or waiver of the Conditions set out in Appendix I to this announcement and which will be set out in the Scheme Document.

· It is expected that the Scheme Document, containing further information about the Acquisition and notices of the Court Meeting and General Meeting, together with the Forms of Proxy, will be posted to CSR Shareholders within 28 days of the date of this announcement.

· CSR (LSE: CSR; NASDAQ: CSRE) is an innovator in the development of multifunction semiconductor platforms and technologies for the Auto, Consumer and Voice & Music markets. CSR was established in Cambridge in April 1999 by an engineering and marketing team that previously worked at Cambridge Consultants Limited, a technology and consulting firm based in Cambridge. CSR currently focuses on the Auto, Consumer and Voice & Music business segments in its Core business group. In addition, CSR's Legacy Products business comprises discontinued business lines in which CSR has ceased investment and which include digital television and set-top boxes and handset connectivity and handset location. CSR is headquartered in Cambridge, UK and has 2,130 employees in eleven countries around the globe. CSR reported revenue of US$960.7 million for its 52 week financial period ended 27 December 2013.

· Qualcomm is a global leader in developing and commercialising mobile processing and wireless communications technologies. The Acquisition complements Qualcomm's current offerings by adding products, channels and customers in the important growth categories of Internet of Everything (IoE) and automotive infotainment, accelerating Qualcomm's presence and path to leadership. The opportunity is aligned with Qualcomm's strategic priorities in these rapidly growing business areas.

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