Announcement (October 28, 2009):

Intelleflex has reached a definitive agreement with Maxim Integrated Products to acquire its engineering team, a body of design works and related IP.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Completed: 2009-11-04

Deal Participants

Target (Company)   Maxim Integrated Products, Inc. - RFID Intellectual Property
Acquirer (Company) Intelleflex Corporation
Vendor (Company)   Maxim Integrated Products, Inc.

Here are highlights from Wednesday's Analyst Blog:

Linear Tops, Guidance Conservative

Linear Technology's (Nasdaq: LLTC) first quarter earnings beat the Zacks consensus by 2 cents. Revenue beat the consensus by 9.4%. We currently expect the entire peer group, including Maxim Integrated Products (Nasdaq: MXIM), Intersil Corporation (Nasdaq: ISIL) and Semtech (Nasdaq: SMTC) to report above consensus expectations.

Revenue of $236.1 million was up 13.5% sequentially and down 23.9% year over year. The sequential strength was broad-based, with all end markets except cell phones contributing. Automotive and industrial were particularly strong. The weakness compared to the year-ago period was recession-related.

On a sequential basis, the U.S. generated 29% of revenue (up 9.7%), Europe 16% (up 13.5%), Asia excluding Japan 40% (up 10.7%) and Japan 15% (up 31%). Both distribution and OEMs sales grew in the U.S. and internationally. Distributor inventories decreased in the quarter. The ASP increased from $1.44 to 1.49. Volumes were up 9.7% sequentially, also contributing to the higher revenue.

Altera Meets Expectations

Altera Corporation (Nasdaq: ALTR) reported sales of $286.6 million, down 20% from a year ago but up 3% sequentially and in line with the management's revised guidance provided last month. New products grew 7% sequentially. Sales of 40 nm devices tripled sequentially as the company won record results.

Last month Altera upgraded its guidance, driven by broad-based improvement across all market segments except telecom and wireless. Management stated that business conditions improved steadily during the quarter and most markets performed better than expected due to a combination of new program ramps, improved end-market demand and an increase in customer orders due to inventory depletion.

Gross margin came in at 67.3% compared to 67.1% in the year-ago quarter, but improved from 66.4% in the previous quarter driven by a favorable product mix along with improved yields on some of the new products. Operating margin came in at 23.2% compared to 24.0% in the previous quarter and 30.8% in the year-ago quarter.

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Expected next dividend:
Dividend Announcement Date: 8/6/2009
Dividend Record Date: 8/21/2009
Dividend Pay Date: 9/4/2009
Dividend Amount: 0.20