PMC-Sierra, Inc. (PMCS)

[magness]

$PMCS Catches Investors Focus with Skyworks Deal: $VSCP $TRMB http://streetwisereport.com/pmc-sierra-inc-nasdaqpmcs-ctaches-investors-focus-with-skyworks-deal-virtualscopics-inc-nasdaqvscp-trimble-navigation-limited-nasdaqtrmb/135210/

[Pro-Life]

Lots of controversy about the sale of PMCS...

[stocktrademan]

$PMCS recent news/filings

bullish

## source: finance.yahoo.com

Tue, 26 May 2015 20:42:44 GMT ~ PMC SIERRA INC Files SEC form 8-K, Other Events


read full: http://biz.yahoo.com/e/150526/pmcs8-k.html
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Fri, 15 May 2015 17:04:22 GMT ~ PMC SIERRA INC Financials


read full: http://finance.yahoo.com/q/is?s=pmcs
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Thu, 14 May 2015 11:17:01 GMT ~ PMC SIERRA INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibits


read full: http://biz.yahoo.com/e/150514/pmcs8-k.html
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Mon, 11 May 2015 12:21:12 GMT ~ PMC SIERRA INC Files SEC form 8-K, Submission of Matters to a Vote of Security Holders, Change in Directors or Princi


read full: http://biz.yahoo.com/e/150511/pmcs8-k.html
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Sun, 10 May 2015 00:09:44 GMT ~ 10-Q for PMC-Sierra, Inc.


read full: http://www.companyspotlight.com/routers/headline/23691/10004/6511814?cp_code=YAH1&1431216584
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$PMCS charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$PMCS company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/PMCS/company-info
Ticker: $PMCS
OTC Market Place: Not Available
CIK code: 0000767920
Company name: PMC-Sierra, Inc.
Company website: http://www.pmc-sierra.com
Incorporated In: DE, USA


$PMCS share structure

## source: otcmarkets.com

Market Value: $1,781,026,488 a/o May 28, 2015
Shares Outstanding: 197,891,832 a/o Apr 29, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value

$PMCS extra dd links

Company name: PMC-Sierra, Inc.
Company website: http://www.pmc-sierra.com

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=PMCS+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=PMCS+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=PMCS+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/PMCS/news - http://finance.yahoo.com/q/h?s=PMCS+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/PMCS/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/PMCS/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=PMCS+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/PMCS
DTCC (dtcc.com): http://search2.dtcc.com/?q=PMC-Sierra%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=PMC-Sierra%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=PMC-Sierra%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.pmc-sierra.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.pmc-sierra.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.pmc-sierra.com

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/PMCS
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000767920&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/PMCS/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/PMCS/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=PMCS&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=PMCS
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/PMCS/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=PMCS+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=PMCS+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=PMCS
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=PMCS
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=PMCS+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/PMCS/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=PMCS+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/PMCS.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=PMCS
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/PMCS/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/PMCS/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/PMCS
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/PMCS
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/PMCS:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=PMCS
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=PMCS



$PMCS DD Notes ~ http://www.ddnotesmaker.com/PMCS

[SchlumpyStock-Picker]

Previous message wrong board... Sorry

[SchlumpyStock-Picker]

Congrats to those who bought low and sold high, but I just can,t justify buying in at these levels with slim volume an news that they diluted shares to pay down debt. The only good thing about this... Is they got the grim reaper to leave the room.

[Penny Roger$]

~ $PMCS ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $PMCS ~ Earnings expected on Monday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=PMCS&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=PMCS&p=W&b=3&g=0&id=p54550695994



~ Barchart: http://barchart.com/quotes/stocks/PMCS?
~ OTC Markets: http://www.otcmarkets.com/stock/PMCS/company-info
~ Google Finance: http://www.google.com/finance?q=PMCS
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=PMCS#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PMCS+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PMCS
Finviz: http://finviz.com/quote.ashx?t=PMCS
~ BusyStock: http://busystock.com/i.php?s=PMCS&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=PMCS&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=PMCS
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=PMCS
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=PMCS
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18582&srchyr=2011&SearchStr=PMCS
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=PMCS
~ MarketWatch: http://www.marketwatch.com/investing/stock/PMCS/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=PMCS
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PMCS
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PMCS&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PMCS&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PMCS&size=l&frequency=60&color=g


http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

[EXL]

Going up on Monday - a quick 5-10%

[FillTheGap]

PMCS - Short play on 11/18/08.

[salix51]

PMCS is a buy for me today. I like that T.Rowe Price, Vanguard, Fidelity, and more own this stock as part of their mutual funds. Oh yeah, PMCS's product in China and other potentially thriving countries cannot be a bad thing. Right?

GLTA

Cheers!

[Bawz2wawz]

Been playing the ups & downs on this one for awhile. Broke out big today, might sustain a run finally.

[roiresearch]

Stock should run on new rate cut announcement

PMCS falling harder than it's peers even tho PMCS fundies and outlook are better

[roiresearch]

longer term chart - double bottom

[roiresearch]

chart

[Burpzilla]

I'm hoping for a good earnings report April 15 to get us back up above $20.

This has been a great stock for me. I was lucky to get in as it came off the bottom last year, and I'm riding "free shares" at this point. I'm hanging on at least until mid-April, and if things look good at that point, longer.

[kechuwa3]

Burpzilla - What do you think are PMCS's prospects going forward. It appears to be overvalued based on current earnings? You have posted some exciting things about opportunities in storage, perhaps also in metro network. But have you seen any analyst reports that indicate PMCS getting to a reasonable P/E within the next 2-3 years? Thx.

[Burpzilla]

Upcoming PMC-Sierra Webinar: "Why Use MIPS?"

SANTA CLARA, Calif.--(BUSINESS WIRE)--Feb. 19, 2004--PMC-Sierra, Inc. will present a live webinar on "Why Use MIPS(R)?" on Wednesday, February 25, 2004 at 11:00AM PT/2:00PM ET.


About the Webinar

MIPS, as an open standard processor architecture, is the equivalent of Linux in the operating system world. There are a wealth of device vendors and support tools to make designing with MIPS a rewarding experience.

This webinar will provide an overview of the MIPS architecture and instruction set and explore the topics below:

MIPS is an Open Standard

-- Multiple chip suppliers

-- Multiple core suppliers (for SOC applications)

-- Multiple operating systems

-- Multiple compilers

RISC Architecture (better performance)

-- Scalability of architecture from multiple vendors

-- Performance vs CISC

-- Main competitive RISC instruction sets: ARM, Power PC

-- Benefits of MIPS-based processors

Demonstrated Success

-- Cisco Networking Equipment

-- HP LaserJet Printers

-- Sony PlayStation(R)

Join in a live Q&A after the presentation.

How to Register

Register now for this complimentary webinar at www.pmc-sierra.com/webinars/feb2004.html. If you have difficulties registering or would like more information, email [e-mail].

About the Presenter

Tom Riordan is the vice president and general manager of the Microprocessor Products Division at PMC-Sierra. Mr. Riordan is one of the pioneers of the original MIPS architecture and brings over 25 years of experience to the microprocessor industry.

Who Should Attend

System Architects and Designers, Engineering Managers, Board Designers, Firmware Engineers, Project Managers, Product Managers, Platform Engineers, Component Engineers

[Burpzilla]

PMC-Sierra Demonstrates 6.25 Gigabit SERDES Technology and Evaluation Platform for Next Generation Networking Backplanes

SANTA CLARA, Calif.--(BUSINESS WIRE)--Feb. 2, 2004--

Today at DesignCon, PMC-Sierra, Inc. announced that it is showing the PM8359 QuadPHY(R) 6G SERDES transceiver technology and evaluation platform at Molex, Inc.'s Booth #200. The QuadPHY 6G is the industry's first multi-gigabit serial backplane transceiver to be compliant with the Optical Internetworking Forum's (OIF) 6 Gbit/s long-reach specification. The device's low power CMOS technology provides superior signal integrity to enable greater system reliability for high-speed backplanes in next generation Ethernet switches, networked storage systems, performance computers and service provider equipment (see Figure 1). PMC-Sierra's QuadPHY 6G evaluation platform enables networking equipment manufacturers to develop and test next generation backplane designs and thereby reduce OEM system development time and cost (see Figure 2).

6 Gigabit SERDES Compliant with OIF Industry Specification

The QuadPHY 6G is the industry's first device to be compliant with the Optical Internetworking Forum (OIF) Common Electrical I/O (CEI) 6+ Long Reach specification (Draft 4.0). CEI 6+ defines the requirements for driving gigabit-serial signals across a backplane at extended distances and at higher data rates.

"The OIF, recognizing the market acceptance of the High Speed Backplane Initiative (HSBI) mission to support legacy backplanes, realized that specifications for 6+ Gigabit per second electrical signaling were necessary. Its industry importance and commercial implications are being recognized by our membership, as shown by PMC-Sierra's announcement," said Steve Joiner, OIF Technical Committee Chair.

"PMC-Sierra's QuadPHY 6G enables customers to upgrade their current backplanes to support higher data rates while maintaining backward compatibility with installed line cards," said Mark Stibitz, vice president and general manager of PMC-Sierra's Enterprise and Storage Division. "PMC-Sierra's CMOS SERDES products are designed to meet or exceed networking reliability standards by achieving market leading signal integrity over an industry standard interface."

Innovative Low Power Design Enables Improved System Reliability with Industry Compatibility

The QuadPHY 6G multiplexes and demultiplexes eight 3.125 Gbit/s serial links into four 6.25 Gbit/s serial links (see Figure 3). To achieve system reliability at these speeds, design focus on bit error rate performance is required. Utilizing an innovative adaptive decision feedback equalization (DFE) design ensures robust serial link operation designed for a market leading bit error rate as low as 10E-18. PMC-Sierra's adaptive DFE allows the QuadPHY 6G to deploy industry standard NRZ binary signaling at 6.25 Gbit/s data rates. With half rate and quarter rate operation modes, the QuadPHY 6G provides electrical signaling as well as rate compatibility to connect to customer's install base of legacy line cards.

PMC-Sierra's Evaluation Platform and Molex's Reference Backplane Demonstrator Support Multiple Industry Applications

PMC-Sierra's QuadPHY 6G evaluation platform and Molex's GbX(TM) reference backplane demonstrator (see Figure 4) enable a wide variety of network equipment applications, including:

-- Ethernet switches for 3.125 Gbit/s XAUI multiplexing

-- Storage switches and systems including Fibre Channel, iSCSI, SATA and SAS gigabit serial storage

-- Servers and performance computing including multiplexing of emerging serial bus standards such as PCI-Express, serial RapidIO, and Infiniband

-- SONET/SDH service provider equipment

"Molex is delivering evaluation backplanes with 6+ Gbit/s GbX connectors," said David Brunker, Technical Fellow Molex, Inc. "PMC-Sierra's evaluation platform and Molex's reference demonstrator backplane enable rapid 6 Gbit/s backplane technology and interoperability testing to prove the robustness of next generation backplane solutions."

Pricing, Availability and Customer Support

Engineering samples of the QuadPHY 6G SERDES are available now and priced at $250. The QuadPHY 6G is designed with 0.13 micron CMOS technology and packaged in a 19x19 mm 320-pin Flip Chip Ball Grid Array (FCBGA) assembly. PMC-Sierra's comprehensive design support package includes an evaluation kit, board layout and design documentation, VHDL source code, configuration scripts, application notes and user manual (see Figure 4). PMC-Sierra's QuadPHY 6G evaluation kit is priced at $4,900 per unit and is available today; the Molex reference backplane demonstrator is sold separately. For comprehensive product datasheets and evaluation kits, please contact PMC-Sierra at [e-mail] or visit www.pmc-sierra.com/serdes.

About PMC-Sierra

PMC-Sierra(TM) is a leading provider of high speed broadband communications and storage semiconductors and MIPS-based(TM) processors for Enterprise, Access, Metro Optical Transport, Storage Area Networking and Wireless network equipment. The company offers worldwide technical and sales support, including a network of offices throughout North America, Europe and Asia. The company is publicly traded on the NASDAQ Stock Market under the PMCS symbol and is included in the S&P 500 Index. For more information, visit www.pmc-sierra.com.

About Molex, Inc.

Molex Incorporated is a 65-year-old global manufacturer of electronic, electrical and fiber optic interconnection systems. Based in Lisle, Illinois, USA, the company operates 55 manufacturing facilities in 19 countries. The Molex Website address is www.molex.com.

Attachments

Figure 1: QuadPHY 6G Application Example


Figure 2: QuadPHY 6G Signal Integrity Evaluation Platform available at www.pmc-sierra.com/pressRoom/pr/images/20040202_pr_figure2.jpg

Figure 3: QuadPHY 6G Product Photo available at www.pmc-sierra.com/pressRoom/photos/hi-res/SERDES_QuadPHY_6G_300dpi_CHIP_ONLY.jpg

Figure 4: QuadPHY 6G Evaluation Platform with Molex Reference Backplane Demonstrator


(C) Copyright PMC-Sierra, Inc. 2004. All rights reserved. QuadPHY is a registered trademark of PMC-Sierra. PMC-Sierra, PMCS, PMC, "Thinking you can build on" are trademarks of PMC-Sierra, Inc. GbX is a trademark of Teradyne, Inc. All other trademarks are the property of the respective owners.

[Burpzilla]

Interesting article on the January effect I spotted in the Richmond Times-Dispatch. Also mentions how PMCS was one of the best-performing stocks in the S&P 500 for 2003, up 262%.

This year the January effect forgot to show up

STOCK PICKS
JOHN DORFMAN

The stock market's famed January effect is partly missing in action this year.

The January effect is really the confluence of three separate patterns. Stocks in general tend to do well in January. Small stocks tend to spurt ahead of large ones. And the previous year's losers often revive with a satisfying "January rebound."

The first two tendencies are present this year. The third is absent, a galling event for investors like me who like to play the rebound.

For this column I looked at how 2003's best and worst performers within the Standard & Poor's 500 index have done so far this year (through Jan. 16).

Most years I see a crisscross pattern. The previous year's winners usually cool off in January. The previous year's losers often roar back.

Not this year. The top 10 performers in the S&P 500 in 2003 are up an additional 14 percent in the first half of January. The worst 10 performers are up only 1.2 percent. The S&P 500 as a whole is up 2.5 percent, so last year's winners have outperformed the index and last year's losers have under-performed.

What gives? I'm not sure, but here are a few possible explanations:

Momentum investing is popular these days, so people are continuing to ride last year's winners.

Many of 2003's winners were technology stocks, and the tech sector is still showing earnings momentum.

Aware of the January rebound phenomenon, investors have learned to play it in advance. That robs January of its traditional role as host to a rebound in depressed stocks.

The bear market of 2000-2002 might have changed the tax equation that usually powers the January effect.

Let me explain the last point a little. One explanation for the January rebound in depressed stocks is that investors tend to sell these stocks in the fourth quarter to record tax losses.

Kicked by tax-motivated selling while they are already down, such stocks are often depressed below their true worth. When January comes, investors scent a bargain and begin buying the stocks they disdained a couple of months earlier.

That's the theory, anyway. And it has always made sense to me, even though I don't believe it is the whole answer. (The stock market shows a January effect in many countries, some of which have tax codes different from that of the United States.)

It's possible that many investors already had so many tax losses from the long bear market of 2000-2002 that they didn't want or need any more. If so, there might have been less tax-related selling in fourth-quarter 2003 than usual, and hence less fuel for a January bounce-back.

My little study definitely supports the idea that investors jumped the gun and staged a January-style rebound in December. The 10 worst losers for 2003 within the S&P 500 gained 7.6 percent in December, compared with 5.3 percent for the index as a whole.

The best gainers for 2003 in the S&P 500 were Avaya Inc. (AV), up 428 percent; Williams Cos. (WMB), up 264 percent; Dynegy Inc. (DYN), up 263 percent; PMC-Sierra Inc. (PMCS), up 262 percent; and Corning Inc. (GLW) up 215 percent.

Next best were Novell Inc. (NOVL), up 215 percent); AES Corp. (AES), up 213 percent; Sanmina-SCI Corp. (SANM), up 181 percent; Yahoo Inc. (YHOO), up 176 percent; and U.S. Steel Corp. (X), up 176 percent. These figures don't include dividends.

The S&P 500 as a whole, again without dividends, was up 26 percent.

Five of the 10 winners were technology stocks. I don't own any of them, and find most of them unsuitable for my investment approach. Avaya, for example, sells for 51 times estimated fiscal 2004 earnings and 34 times book value (corporate net worth). Its debt is 476 percent of stockholders' equity.

Unlike most of the investing public, I'm not sold on the technology sector as an investment for the next year or two. Take Novell, for example. It earned a total of five cents a share in the fiscal year that ended in October. Analysts are guessing 21 cents a share for the current fiscal year.

Compare that with the 90 cents a share Novell earned in 1995, or the 51 cents a share it made in 1999. The stock is still at some remove from its glory days.

The worst losers in the S&P 500 in 2003 were Winn-Dixie Stores Inc. (WIN), down 35 percent; Eastman Kodak Co. (EK), down 26 percent; Newell Rubbermaid Inc. (NWL), down 25 percent; AT&T Corp. (T), down 22 percent; and Schering-Plough Corp. (SGP), down 22 percent.

Almost as beaten up were Kohls Corp. (KSS), down 20 percent; DTE Energy Co. (DTE), down 15 percent; Merck & Co. (MRK), down 14 percent; Qwest Communications International Inc. (Q), down 14 percent; and King Pharmaceuticals Inc. (KG), down 11 percent.

Being a value investor and a contrarian, I own none of the 10 winners and three of the 10 losers. I hold shares in Winn-Dixie at 9 times earnings, Eastman Kodak at 11 times earnings and Merck at 14 times earnings.

John Dorfman, president of Dorfman Investments in Boston, is a columnist for Bloomberg News. The opinions expressed are his own. His firm or its clients may own or trade investments discussed in this column.

[Burpzilla]

PMC Still Likes Storage

LightReading.com

Two years after deciding to move into storage, PMC-Sierra Inc. still doesn't have any high-profile acquisitions to point to. But the company is finding its way into some storage customers and appears to have laid the groundwork for a good run at this market.

Like fellow telecom-chip vendors Applied Micro Circuits Corp. (AMCC) and Vitesse Semiconductor Corp., PMC entered 2003 citing storage as a growth vector to compensate for lagging telecom revenues. Vitesse pegged its restructuring on storage, and storage products such as Fibre Channel serializer-deserializers (SerDes) now make up half the company's revenues. AMCC declared its interest with the October acquisition of JNI Corp. -- the kind of acquisition AMCC investors had been waiting for -- and is ready to flesh out its relatively new storage division. (See Chip Trio Faces Post-Bubble Blues , AMCC Looks to Buy JNI , and AMCC Completes JNI Acquisition .)

PMC's efforts have been less dramatic, although the company has been pumping out products (see PMC Goes Loopy and PMC Dips 4-Gig FC Chips ). The company also sells general-purpose products, such as microprocessors, into the storage area. So far, though, the company hasn't been swayed by any JNI-sized deals.

"Our efforts to date have been internal," CFO Alan Krock told Light Reading, noting that at "a couple million dollars" in quarterly revenues, storage remains a small slice of PMC's world. For its December quarter, PMC reported revenues of $70.6 million and net income of $9.5 million, or 5 cents per diluted share, compared with revenues of $52.6 million and losses of $30.5 million for the same quarter a year ago (see PMC-Sierra Boosts Q4 Revenues ). "We would like to participate [in storage] in a meaningful way. We haven't found the ideal partner to get us into that," Krock says.

Since the downturn, PMC has been stingy about acquisitions in general. Krock says the company is shopping but hasn't seen slam-dunk prospects in storage or any other area. Most of PMC's best bets seem to be with internally developed technology, he says.

A lot of that work involves customers' future storage applications, "so time will tell whether we've been successful in there," Krock says.

In particular, PMC is securing its spot in the nascent 4-Gbit/s Fibre Channel market, says Jeremy Bunting, analyst with Thomas Weisel Partners. That PMC didn't lead the 1- and 2-Gbit/s generations isn't a handicap.

"The competition in Fibre Channel chips changes with every speed grade, with Vitesse being the only consistent player," Bunting says. Plenty of chip makers are eyeing the 4-Gbit/s market, including Agilent Technologies Inc. (NYSE: A - message board) and Silicon Image Inc., but it's looking as if PMC will have a good standing at the 4-Gbit/s level, he says.

"So, based on how quickly 4-Gbit/s is adopted, and it may not be until '05, I think, PMC will have footing in that market," Bunting says. "Storage, although it's a relatively small market versus telecom, will continue to be a good market for [PMC]."

— Craig Matsumoto, Senior Editor, Light Reading

[Burpzilla]

Communication Chips Ride Juniper's Coattails
By K.C. Swanson
TheStreet.com Staff Reporter
01/16/2004 04:26 PM EST
URL: http://www.thestreet.com/tech/kcswanson/10137533.html


Updated from 3:48 p.m. EST

A trio of communication stocks jumped Friday after Juniper's (JNPR:Nasdaq) strong earnings report showed increasing demand among the networking equipment makers that buy their silicon.

Applied Micro Circuits (AMCC:Nasdaq) rose $1.07, or 13.5%, to $8.98, while PMC-Sierra (PMCS:Nasdaq) climbed $1.92 cents, or 8.8%, to $23.80 and Vitesse (VTSS:Nasdaq) rose 95 cents, or 12.7%, to $8.41. Each ended the session at a 52-week high.

Thursday's upbeat commentary from Juniper jibes with increasing optimism on Wall Street that telecom providers are finally growing more willing to increase their capital spending. Last week SBC (SBC:NYSE) said that depending on how the year goes, it could end up spending an additional $500 million in 2004 on top of the $5 billion guidance it first outlined in November.

The increased spending that starts with telecom service providers trickles down to telecom gear providers like Juniper and Cisco (CSCO:Nasdaq) and, finally, to the communications chipmakers that supply their silicon.

Friday morning, Merrill Lynch analyst Srini Pajjuri upgraded PMC Sierra from sell to neutral, saying the company is likely to post upside to his current earnings estimate of 2 cents per share for the December quarter. Improving telecom spending and inventory replenishment should offer further upside to estimates throughout the rest of 2004, he added.

Pajjuri said he doesn't see any negative fundamental catalysts for the stock in the near term, but noted that its already-rich valuation suggests it has little room to appreciate. Merrill hasn't done recent investment banking for PMCS.

On Thursday, Lehman Brothers analyst Arnab Chanda upgraded AMCC, Vitesse and PMC-Sierra to overweight from market perform in light of the improving outlook. He suggested the three should continue to benefit from an industry shift as communications equipment outfits increasingly buy chips from outside companies, rather than undertaking the expensive process of designing the silicon themselves.

Chanda said the three upgraded names have already begun to see their operating margins expand. With inventories at historic lows and visibility improving in the telecom industry, he said the chipmakers are positioned to beat Wall Street expectations, fueling further stock price appreciation.

The analyst believes Vitesse, which reports earnings Jan. 22, could possibly report break-even results in the quarter, helped by upside from the telecom business. Still, his formal estimate is Vitesse will show a penny loss in the quarter, same as the consensus forecast. Chanda also says AMCC could manage to break even as early as the March quarter vs. the company's prediction of June.

Despite the apparent upside on the horizon, Chanda also acknowledged the communication chipmaker stocks are not cheap. "We believe that the stocks have rallied strongly to anticipate a recovery and are trading currently at high valuations," he wrote, while nevertheless arguing the potential for strong revenue and EPS outperformance still qualifies them as solid investments.

Still, since he upgraded the group to an equal rating from an underweight in June 2003, PMC-Sierra has gained 86%, AMCC rose 19% and Vitesse climbed 35%. Lehman hasn't done recent investment banking for any of the three.

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Up 9% today.

Also, Merrill upgraded.

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Up another 6.19% today. EOM

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PMC-Sierra Announces Results of Tender Offer for Its 3.75% Convertible Subordinated Notes

SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 7, 2004--PMC-Sierra, Inc. (Nasdaq:PMCS), a leading provider of high-speed broadband communications and storage semiconductors and MIPS-based microprocessors, today announced the results of its cash tender offer for up to $150 million in aggregate principal amount of its outstanding 3.75% convertible subordinated notes (the "Notes") due August 15, 2006.

PMC-Sierra has accepted and paid for $106.9 million of the Notes that were tendered under the offer, which expired on January 6, 2004. As a result, the Company now has $68.1 million of the Notes remaining on its balance sheet.

Merrill Lynch & Co. served as the dealer manager for the tender offer, U.S. Bank National Association as the depositary, and D.F. King & Co., Inc. as the information agent.

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PMC-Sierra Q4 2003 Earnings Conference Call On January 20, 2004

SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 6, 2004--PMC-Sierra, Inc. (Nasdaq:PMCS) today announced the Company will conduct a conference call with analysts and investors following the release of its fourth quarter 2003 earnings on Tuesday, January 20, 2004 at 1:30 PM Pacific Time/4:30 PM Eastern Time. The conference call will be conducted by Mr. Robert Bailey, PMC-Sierra's chief executive officer and president, and Mr. Alan Krock, vice president of finance and chief financial officer.

The earnings news release will be available on PMC-Sierra's website at www.pmc-sierra.com after the stock market closes on January 20, 2004. The conference call will be available on the Financial Webcasts section of the website at www.pmc-sierra.com/investorNews. To listen to the conference call live by telephone, dial 719-457-2653 approximately ten minutes before the start time. A telephone playback will be available after the completion of the call and can be accessed at 719-457-0820 using the access code 582762. A replay of the webcast will be available for five business days.


edit: Grub.