Personnel Ticker Company Earnings Date

ADBE Adobe Systems Incorporated Thursday, June 14, 2018

SWKS Skyworks Solutions Inc Thursday, July 19, 2018

MU Micron Wednesday, June 20, 2018

ATI Allegheny Technologies Tuesday, July 24, 2018

UTX United Technologies Corporation Tuesday, July 24, 2018
VZ Verizon Communications Tuesday, July 24, 2018
T AT&T Tuesday, July 24, 2018
MMM 3M Tuesday, July 24, 2018
KMB Kimberly-Clark Tuesday, July 24, 2018
NAVI Navient Corporation Tuesday, July 24, 2018
STLD Steel Dynamics Tuesday, July 24, 2018
KO The Coca-Cola Company Tuesday, July 24, 2018
MKSI MKS Instruments, Inc. Tuesday, July 24, 2018
QCOM Qualcomm Wednesday, July 25, 2018

IR Ingersoll Rand Inc. Wednesday, July 25, 2018

R Ryder
UPS United Parcel Service
NSC Norfolk Southern
LSTR Landstar System
V Visa
Wednesday, July 25, 2018
Wednesday, July 25, 2018
Wednesday, July 25, 2018
Wednesday, July 25, 2018
Wednesday, July 25, 2018
AMD AMD Wednesday, July 25, 2018

XRX Xerox Thursday, July 26, 2018

AGN Allergan Thursday, July 26, 2018
CMCSA Comcast Thursday, July 26, 2018

CY Cypress Thursday, July 26, 2018

LRCX Lam Research Thursday, July 26, 2018

NXPI NXP Semiconductor Thursday, July 26, 2018

 INTC Intel Corp. Thursday, July 26, 2018

MA Mastercard Thursday, July 26, 2018

MOG.A Moog Inc Friday, July 27, 2018
GT Goodyear Tire and Rubber Company Friday, July 27, 2018
TEN Tenneco Friday, July 27, 2018
XOM ExxonMobil Friday, July 27, 2018
CL Colgate-Palmolive Friday, July 27, 2018
KLAC KLA-Tencor Corp Monday, July 30, 2018
STX Seagate Technology PLC Monday, July 30, 2018
AAPL Apple Inc. Tuesday, July 31, 2018
MRCY Mercury Systems Inc Tuesday, July 31, 2018
TTWO TAKE-TWO INTERACTIVE SOFTWARE, INC Thursday, August 02, 2018
KHC Kraft Heinz Company Friday, August 03, 2018
MXL MaxLinear, Inc. Tuesday, August 07, 2018
TIVO TiVo Corp Wednesday, August 08, 2018
AMAT Applied Materials Thursday, August 16, 2018
NVDA NVIDIA Corporation Thursday, August 16, 2018
CPB Campbell Soup Company Friday, August 17, 2018
ADI Analog Devices, Inc. Wednesday, August 22, 2018
MRVL Marvell Thursday, August 30, 2018
ABT Abbott Laboratories Wednesday, October 17, 2018
OI Owens-Illinois Monday, October 22, 2018
 Status Financial Performance Summary Outlook

Skyworks Solution (NASDAQ: SWKS) reported

Q3 sales above consensus. EPS of $1.64, $0.05
better than estimates. After dividend paid of
$58M and repurchase stock with a total of
$240M, SWKS left with $1.6B and NO DEBT.
Bullish In Near Term
Reported -$992M
Q4 guidance with revenue increase from
to $1.01B (consensus: $996.52M), a Long term growth depends on
11% ~ 13% increase. EPS expected to increase innovation
to $1.91 (consensus $1.88), up 16%.

- Share jump 3% after earnings, but fall 5%

after news of trade war escalation broke out.
 Micron (NASDAQ: MU) reported Q3 EPS of
$3.15,
beat estimate by $0.03, and revenue estimates
with a 40% YoY growth.
**DRAM performance: accounted for 71% of
total revenue. Revenue was up 6% QoQ and
56% YoY. Shipment was relatively flat, but ASPs
were UP mid-to-upper single-digit percent
range.
**NAND performance: accounted for 25% of
total revenue. Revenue was up 8% QoQ and
Reported 14% YoY. Shipment was also flat, but ASPs Bullish
were UP.

- Q4 guidance: Revenue expected to be

between $8B to $8.4B (consensus: $8.08B)
and EPS from $3.23 to $3.37 (consensus:
$3.23)

- Share was up 5% premarket after earnings.

**Share has been falling due to news of China
injunctions, trade wars, analysts falling
sentiment, and profit taking trades.
 Qualcomm (NASDAQ:QCOM) reported Q3
results that beat EPS and revenue estimates
with a 6% Y/Y revenue growth.
- Q4 guidance has revenue of $5.1B to $5.9B
(consensus: $5.47B) and EPS of $0.75 to $0.85
(consensus: $0.79).

- Terminated deal with NXP Semi (NASDAQ:

NXPI) and initated stock repurchase program
of up to $30B, expected to finished by 2019.
Reported - **Qualcomm
Segment breakdown: Mixed
CDMA Technologies (QCT/
radio and modem equipment): Revenue,
$4.1B (+1%); EBT, $607M.
**Qualcomm Technology Licensing (QTL/
license copyrights and patents): Revenue,
$1.5B (+25%); EBT, $1.05B (+23%).
**MSM Chips Shipments: 199M (+6%).

- Share jumped 3.6% aftermarket on report

date, continuted gains for another 4.1% the
date after.
 AMD (NASDAQ: AMD) reported Q2 results
that beat EPS and revenue estimates with a
record 53% YoY revenue growth and $0.14 EPS
(versus $0.13 consensus).
** Breakdown of Q2 Revenue: Computing and
Graphic revenue was $1.09B (+64% YoY, -3%
QoQ) driven by strong Radeon and Ryzen
sales.
** Enterprise, Embedded, and Semi-Custom
segnment revenue was $670M (+37% YoY,
Reported +26% QoQ) due to higher semi-custom and Mixed to Bullish
server revenue.

- Q3 guidance is WEAK. Revenue projected to

be between $1.65B to $1.75B (consensus:
$1.76B) and non-GAAP gross margin of about
38%, driven by Ryzen and Epyc product sales,
but a slow in GPU sales in blockchain market.

- Share price gained 6% after market,

continued for another 3% the day after.

Cypress Semiconductors (NASDAQ: CY)

reported Q2
EPS of $0.33, beat by $0.04. Revenue was
$624.1M
(+ 5.1% YoY), beat by $5.57M.
**Q3 guidance has revenue of $655M to
$685M
(consensus: $655.80M) and EPS of $0.36 to
Reported $0.40 Bullish
(consensus: $0.34).
**Revenue breakdown: MCU and
Connectivity Division, $368.5M (+ 2.2% YoY);
Memory Product Division $255.6M (+ 10%
YoY).
**Non-GAAP gross margins 46.3%, up 540
basis point YoY; operating margin, 22.3%; cash
and cash equivalents, $112.7M.
 Lam Research (NASDAQ: LRCX) reported Q4
EPS at
$5.31, beat by $0.37. Revenue: $3.13B (+
33.8% YoY), beat by $0.37.
**Q1 guidance was weak. Revenue estimate Weak near term
at $2.15B to $2.45B (consensus: $2.77B). EPS
Reported between $3 to $3.4 (consensus: $3.89). Bullish in long term
**Shipments: $3.03B; non-GAAP gross
margin: 48%; operating margin: 31.8%; cash
and cash equivalents: $5.2B (decrease due to
buy back and debt payment); deferred
revenue: $994M (+ 15% QoQ).

NXP Semiconductors (NASDAQ: NXPI)

reported Q2
results after termination of the Qualcomm
(NASDAQ:QCOM) deal. EPS was ONLY $0.16,
missed by $-1.49 and revenue was $2.29B (+
4.1% YoY), but missed by $-70M.
**Q3 guidance has revenue of $2.35B to
$2.5B (consensus: $2.48B)

- Revenue breakdown: Weak to mixed near term

Reported High Performance Monitor System revenue
was $2.19B (+ 5% YoY). Bullish in long term
**Automotive group: $1.01B (+ 7% YoY).
**Secure Connected Devices: $644M (+ 10%).
**Secure Interface and Infrastructure group:
$398M (- 9% due partly to ZTE ban).
**Secure Identification Solution group:
$143M (+ 7% YoY).

- Buy back program approved at $5B.

-Share was - 6% after the earning calls.

 Intel (NASDAQ: INTC) reported Q2 results that
beat
EPS and revenue estimates with a 15% YoY
revenue
growth. EPS was $1.04 (concensus: $0.97) and
revenue was $16.96B (concensus: $16.78B).
**Business unit results:
Cloud computing: $8.7B (+ 6%Y/Y; consensus:
$8.48B).
Data Center: $5.5B (+27% Y/Y; consensus:
$5.63B).
Non-Volatile Memory Solutions: $1.1B (+23%;
Reported consensus: $1.11B). Bullish with near term headwinds
Programmable Solutions: $517M (+18%;
consensus: $509.9M).

- Q3 guidance has revenue from $17.6B to

$18.6B (consensus: $17.62B) and EPS from
$1.10 to $1.20 (consensus: $1.08).
**Raised FY18 guidance has upside revenue
from $68.5B to $70.5B (consensus: $68.38B)
and EPS from $3.94 to $4.36 (consensus:
$4.01).

- Share was - 3% after market.

 Comment Volume

SKWS enjoys a near term growth in the phone

market segment with strategic partnerships with
Huawei, Samsung, Oppo, Vivo, LG, Nokia, and
notable Apple.
-> SWKS also diversified their product portfolio with
30% of their revenue now generated from IoT
business.
**Production agreement with Cisco (NASDAQ:
CSCO) and Sierra Wireless (NASDAQ: SWIR) for
home automation platform. Using Sky5 system to
leverage on 5G technology in smart car and artificial
intelligence.

-> SWKS offers a system in package (SiP) solution for

the current 4G. However, 5G technology will move
into system on chip (SoC), which large competitors
like Intel (NASDAQ: INTC) and Qualcomm (NASDAQ:
QCOM) to enter the fray.
**However, due to current technology limitations,
first deployment of 5G will still based on the current
SiP solution supported by SWKS. This give SWKS
some time for innovation.
MU has been beating analyst expectations
in the earning calls with a strong DRAM
and NAND selling price, despite reports
indicating falling forward contract prices.
The strong result is due to the quality of its
products,strong demand from data center, and IoT.
**Building on their manufacturing strength, MU is
on track to develop their 3D NAND and eMCPs. The
former will address high graphic design demand for
AI and data center, while the later will further
cement MU position for wearable tech and IoT as
eMCP combines the benefits of DRAM and NAND.

- Management addressed the trade war dynamic

with confidence that the demand remains strong.
** MU received an injunction from China for a
disputes with UMC. Under the injunction, MU will
not be able to sell certain DRAM and NAND
products, which can hurt MU's bottom line.
**MU also has its design stolen by Chinese, thus
presents another risk of outmanufactured.
Apple impact on showed in report:
QCOM did not record in revenue for first 9 months
of FY 2018 or Q3 or Q4 of FY 2017 for royalties
sales to Apple due to legal disputes.
-> This suggest a lot of revenue has been tied up in
legal disputes that can drag out for the foreseeable
future.
-> Apple will not be using QCOM modem in its new
phone.
-> QCOM reached a $500M licensing deal with an
unnamed supplier. The deal revenue was included
in Q3 QTL.

- Management was upbeat about China adoption of

5G technology. However, given the current
geopolitical climate, this approach brings
uncertainty.

- The failure to acquire NXPI can hamper QCOM

ambition to diversify.
**QCOM raised debt to acquire NXPI. Now the
deal is cancelled, buy back program can hurt the
company investment grade, since the revenue from
NXPI will not be there to offset the debt raised.
AMD's Computing and Graphics was key growth
driver. Revenue for this division went up 64%,
reaching $1.1B, or 63% of total sales. This stella
results stem from sales of Radeon GPU and Ryzen
processors, which diminishese any crypto concerns.
** Ryzen units grew strong with double-digit.
Mobile processor shipments were more than
double in the quarter.
**Major notebook brands like Dell, HP, Huawei,
and Samsung launched products with Ryzen
processors.

- EPYC server processors revenue increased more

than 50% with adoption from major enterprise
clients, such as Cisco (NASDAQ: CSCO), Hewlett
Packard (NYSE: HPE).

- Weak guidance coming from AMD can be

perceived as conservative approach or anticipated
headwinds coming from trade war.
** AMD forecast just 7% YoY revenue growth for
Q3, which is a stag different from a 53% growth in
Q2.

- The company account receivable jump 50% and

already counted in the revenue.
**Cash flow was negative, given the company
spent $220M in FCF for various expenses.

CY gave bullish outlook through strong positioning

in
automotive with strong product portfolio and
secular
growth with 8% to 12%.
**IoT growth expand with design win and cross
selling for smart home, white goods, wearables,
audio and remote control. Revenue from customers
purchase was up 11% QoQ.
**Minimal exposure to tariffs. Management
continues to monitor the situation to shift focus.
LRCX anticipated short term weak demand in DRAM
segment due to slow spending from customers, but
remain positive in long term. September quarter
will be a low point. But moving forward with IoT,
DRAM, NAND, and SAM, demand remains intact.

Management answered questions on the fallout of

QCOM deal, inventory problems, CapEx, and
product differentiation.
**According to management, the fallout was
unfortunate, but did not distract NXPI from their
core strength. Any problem regarding inventory lead
time and CapEx are temporary.
**Strong growth are expected in the Automotive (+
10%YoY) and Secure Connected Devices (+ 17%)
segment, which account for 67% to 75% of total
revenue. Drivers are increased regulation on vehicle
safety and emission, engine management, fuel
economy, and growing EVs.
**Secure Identification Solution (+ 25% YoY) and
Secure Interface and Infrastructure (- 12% YoY) are
poised for growth. NXP leads the market in contact,
contactless, and dual interface card market. NXP
provides banking solutions with a combination of
payment, transit, and access solution.
**NXP is a market leader in high performance
power amplifiers for markets, such as mobile base
stations, wireless connectivity, satellite and CATV
infrastructure and receivers, industrial applications,
and to a lesser extent the military and aerospace
markets.

- Management did not rule out possibility of

another merger or partnership to ramp up growth.
Management spent the earning calls fighting off
speculation on rivals taking over due to delay of
10nm chips.
**INTC reported very strong quarter with growth
from all business segments. However, data may
have dissapoint some analysts.
**Questions whether GPUs coming from NVidia
and AMD can be a threat, management assured
investors that INTC still have competitive edge with
strong balance sheet and market share.
**INTC will be left with a leadership void, which
proven to be vital when AMD just reported a stellar
quarter with bullish outlook.
PE PEG
 Strategy

Decent Buy on Latest Pullback.

Price target upgraded by investors ($120~$130)

 Recent pullback provide opportunity for a
LONG position.

MU fundatmental remains strong. Short-term

turbulance is expected, but long-term growth
may justify the risks.
 Bullish in short term.

A potential short in the long term

The stock can be Overvalued. A potential short
coming into Q3 with weak guidance.

However, outlook remains strong. Long position

can be established with a pull-back to $10~$15
range.

Strong outlook. Large trading volume. Buy on

pullback to 16 and below.
A Buy at this level. Long position is recommended.
The stock looks cheap at the moment.
Uncertainty is expected until new management
is appointed with strategic plan to address rival
products.
A call at mid 40s or early 50 is justified.