Technology (Beta) Micron Technology, Inc

Total Page:16

File Type:pdf, Size:1020Kb

Technology (Beta) Micron Technology, Inc Krause Fund Research Fall 2018 Technology (Beta) Micron Technology, Inc. (Nasdaq: MU) November 12, 2018 Recommendation: BUY Analysts Current Price $37.44 Ivan Morales Target Price $54-63 [email protected] Kameron Kopaska [email protected] MU Investment Highlights Yu Shen Lim [email protected] Micron benefited from some of the top earnings in the semiconductor industry with an increase in revenues of 69.87%. Company Overview While decreasing their gross margin from 41.51% to 58.87%. Micron Technology, Inc (MU) is a leader in the Micron is the leader in the US of the production Dynamic semiconductor industry. They participate in the selling for Random Access Memory chips just behind Samsung and SK Dynamic Random Access Memory (DRAM) memory chips Hynix. DRAM chips saw an increase in sales volume and prices and NAND chips. These products are offered in many saw an increase of 37% in 2018. different products and applications such as cloud computing, smartphones, tablets, and automobiles. Micron Due to Micron’s strong earnings and capital structure, is divided into four different business segments Compute Micron will be buying back stock starting in 2019. Micron will and Networking Business Unit (CNBU), Storage Business back 10 Billion dollars’ worth of stock using half of their free Unit (SBU), Mobile Business (MBU), and Embedded cash flows. Business Unit (EBU). Micron’s Fiscal year 2018 finished August 31 where they reported revenue of 30.604 Billion up Micron is investing in its intellectual property by buying out from 20.322 Billion. Net Income increased from 5.089 Intel in their joint venture IMFT for 1.5 Billion dollars to work Billion to 14.135 Billion. Micron raised their EPS share on the development of 3D XPoint technology. from $4.67 a share to $12.27 a share. With the growing demand in cloud computing and artificial Stock Performance Highlights intelligence, the reliance on semiconductors will continue to 52 week High $64.66 increase. 52 week Low $33.82 Beta Value 1.85 With China being the largest market for Semiconductors Average Daily Volume 36.807 m and not having any companies headquartered there allows for more growth in the industry. Share Highlights Market Capitalization $43.703 b One Year Stock Performance Shares Outstanding 1.21 b Book Value per share $5.08 EPS (2018) $0.87 P/E Ratio 3.35 Dividend Yield 0% Dividend Payout Ratio 0% Company Performance Highlights ROA 42.63% ROE 42.63% Sales $30.604 b Financial Ratios Current Ratio 2.787 Source: Yahoo Finance17 Debt to Equity 13.98% 1 Economic Analysis Real GDP Real GDP is an economic measure which tracks the value of all goods and services produced in a given year. Q3 revealed real GDP of 3.5%, down 70 basis points from Q2’s four year high. The decrease seen from Q2 to Q3 was expected, however, Q3 GDP still beat market expectations of 3.3%. This surprise shows that the economy is still strong and should remain that way for Source: Statista9 2019 due to low unemployment and high consumer confidence. Although the U.S. has seen strong quarters as of late, we expect Silicon Production real GDP to normalize to an annualized rate of 2-3% in 2019 due to trade tensions with China. Silicon is a major input used in the production of semiconductors. China dominates the production of silicon followed by Russia and the U.S. Source: Bureau of Economic Analysis8 Source: Statista9 Interest Rates We do not expect trade tensions to spill over to the Silicon When the FED increases the federal funds rate, it has an effect market. In March of 2018, the US International Trade on interest rates charged by banks. This helps reduce spending Commission blocked the President’s request to impose tariffs on to decelerate an overheating economy and keep inflation low. imports of silicon metal because the commission did not believe We expect to see another rate hike in December of 2018, and at silicon imports hurt U.S industries. least one more rate hike in 2019. This will hurt companies by Silicon Prices increasing their cost of debt, but will give the FED options should the economy spiral into a recession. Due to the correlation between interest rates and the strength of an Steady prices in Silicon translate to steady costs for economy, we believe rate hikes will not hurt Micron’s sales. semiconductor companies. We found the price of Silicon material has fluctuated over the years, but overall, has shown a decreasing trend. Inflation Inflation measures the increase in prices and the decrease of purchasing power. In the U.S., there are two primary price indices: the consumer price index (CPI) and the producer price index (PPI). CPI measures inflation from the viewpoint of the buyer, while PPI measures inflation from the viewpoint of the seller. Jerome Powell believes contractionary monetary policy will keep the job market strong and keep inflation near 2% for the next several years. We believe inflation will remain near 2% in 2019. 2 Forecasted Prices of Aluminum for semi-conductors tend to increase. However, when demand weakens, it causes the market to be flooded with an increased supply thus hurting sales for the industry. It is because of this trend that semi-conductor companies are known to be very cyclical. Although the industry is cyclical, it has outperformed the S&P 500 by a margin of 4.75% over the past three years, a margin of 8.51% over the past five years, and a margin of 4.47% over the past ten years10. YTD performance of the industry is trailing the benchmark by a margin of 6.56 percent, primarily due to 2018Q1 revenue declining 3.4% YoY and trade tension between China and the United States11. Source: Bloomberg The graph above shows the median consensus forecasts for aluminum. The price for aluminum is expected to remain stagnant until 2020, when the price is expected to increase by nearly five percent. Aluminum is widely used as a thin film to adhere to silicon to increase conductivity in semiconductors; an increase in the price of aluminum represents an operational risk. We incorporated this assumption into our model by increasing cost of goods sold by five percent in 2020. Forecasted Prices of Copper Source: SPIndices12 Copper is the second best conductor of electricity and is a Recent Developments common input for semiconductor companies. The price of copper is expected to increase by a CAGR of 2.7 percent. We The table below shows lead times for capacitors, resistors, and incorporated this assumption into our model by increasing cost discretes. Capacitors are used for the storage of electrical of goods sold by 2.7 percent until our CV year. charges, resistors are used in semiconductors to control the flow of current, and semiconductors that are not considered to be an integrated circuit is considered a discrete device. Supply has shifted from short lead times of 14 weeks or less to “highly constrained” lead times, resulting in squeezed supply and higher prices. Delayed delivery of products could result in loss of revenue and competitive positioning. Source: Bloomberg Industry Analysis Semiconductor Industry Semi-conductors produce current and are crucial to the technology sector. Semi-conductors are used as inputs in products such as, computers, cell-phones, televisions, and many others. Popular products sold in this industry include memory chips, microprocessors, commodity integrated circuits, and complex System on a Chip (SOC). 13 The semi-conductor industry is one that closely follows the Source: EPSNews macro-economy. During times of economic prosperity, demand 3 Micron’s Industry Position Micron accounts for approximately 5% of all revenue generated by the industry, trailing only Intel (10.2%) and Taiwan Semiconductor Manufacturing Company (5.22%). The figure below displays major players in the industry in terms of revenue. Source: Statista Trends Companies in this industry tend to outperform the benchmark if their R&D is high relative to sales. We tracked this metric among the top six revenue producers in the industry as classified by Bloomberg Intelligence. The average among these six companies was 14.63 percent. Source: Bloomberg Terminal Micron generates a majority (57%) of their revenue in China, causing its main competition to be overseas with Samsung and Taiwan Semiconductor Manufacturing Company. Segment Breakdown Micron’s products consists of DRAM and NAND chips. In 2012, Micron held only 1.3% of DRAM sales. As of 2018Q2, they are responsible for over 17% of DRAM sales. This highlights Micron’s ability to remain competitive in the industry by transitioning research & development into sales. Source: Bloomberg Terminal Higher profit margins allow companies to absorb fluctuations in input prices and stymie losses inherited from the delayed delivery of products. It also measures manufacturing efficiency, a crucial metric considering manufacturing yields across the industry have increased from 10% in 1980 to 80% in 2018. Source: Statista Samsung is also the dominant player in the NAND market, accounting for roughly 36% of all revenues generated for this product. Micron’s market share for this product has remained stagnant since 2013Q4. The graph below displays major players in the NAND space. Source: Bloomberg 4 Micron’s gross margin increased from 8.436 Billion to 17.891 Global internet usage has risen by just over 20% from 2014 to Billion. Micron saw Net Income grow from 5,089 to 14,138 2018 and is expected to rise just under 10% from 2018 to 2021. million from 2017 to 2018. Earnings per share increased from This bodes well for the industry as the Internet of Things (IoT) $4.67 to $12.27 per share.
Recommended publications
  • Micron Technology Inc
    MICRON TECHNOLOGY INC FORM 10-K (Annual Report) Filed 10/25/11 for the Period Ending 09/01/11 Address 8000 S FEDERAL WAY PO BOX 6 BOISE, ID 83716-9632 Telephone 2083684000 CIK 0000723125 Symbol MU SIC Code 3674 - Semiconductors and Related Devices Industry Semiconductors Sector Technology Fiscal Year 08/30 http://www.edgar-online.com © Copyright 2011, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 1, 2011 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10658 Micron Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 75-1618004 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 8000 S. Federal Way, Boise, Idaho 83716-9632 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (208) 368-4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share NASDAQ Global Select Market Securities registered pursuant to Section 12(g) of the Act: None (Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Micron Technology Inc
    MICRON TECHNOLOGY INC FORM 10-K (Annual Report) Filed 10/26/10 for the Period Ending 09/02/10 Address 8000 S FEDERAL WAY PO BOX 6 BOISE, ID 83716-9632 Telephone 2083684000 CIK 0000723125 Symbol MU SIC Code 3674 - Semiconductors and Related Devices Industry Semiconductors Sector Technology Fiscal Year 03/10 http://www.edgar-online.com © Copyright 2010, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 2, 2010 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10658 Micron Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 75 -1618004 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 8000 S. Federal Way, Boise, Idaho 83716 -9632 (Address of principal executive offices) (Zip Code) Registrant ’s telephone number, including area code (208) 368 -4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share NASDAQ Global Select Market Securities registered pursuant to Section 12(g) of the Act: None (Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Printmgr File
    August 31, 2020 Dear Fellow Shareholder: You are cordially invited to attend the 2020 Annual General Meeting of Shareholders of Seagate Technology plc, which will be held at 5:00 p.m. Irish Standard Time on Thursday, October 22, 2020, at 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. Due to public health concerns and continuing uncertainty in connection with COVID-19, this year we also are offering you the opportunity to virtually join the Annual General Meeting via live webcast over the Internet at 5:00 p.m. Irish Standard Time (12:00 p.m. Eastern Daylight Time). You may virtually join the Annual General Meeting and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/STX2020. In accordance with Irish law, we are required to have a principal meeting place, which is a physical location, where shareholders may attend the Annual General Meeting in person and vote. However, in light of public health concerns and travel recommendations and restrictions, we strongly advise shareholders not to attend in person at the principal meeting place, and ask that shareholders join the Annual General Meeting virtually instead. Shareholders joining virtually will not be able to vote at the meeting. Your vote is important. We encourage shareholders to cast their votes in advance of the Annual General Meeting, whether they plan to attend in person or join virtually. We continue to monitor COVID-19 developments and other circumstances. Should we determine that alternate Annual General Meeting arrangements may be advisable or required, such as changing the date, time or location of the Annual General Meeting, we will announce our decision by press release, post additional information at investors.seagate.com, and make a public filing with the U.S.
    [Show full text]
  • Anti-Slavery Performance in 2016 | First Edition
    Corporate Compliance with the California Transparency in Supply Chains Act: 1 Anti-Slavery Performance in 2016 Copyright © Development International 2017 When citing this publication please use the following information: Authors: Chris N. Bayer and Jesse H. Hudson Title: Corporate Compliance with the California Transparency in Supply Chains Act: Anti-Slavery Performance in 2016 Version: First Edition Date published: March 7, 2017 The views expressed in this report are solely those of the authors. Furthermore, the information contained in this document should not be construed as legal advice. In case of questions please contact: Chris N. Bayer, PhD at <[email protected]>. Funded by: iPoint-systems gmbh www.ipoint-systems.com Corporate Compliance with the California Transparency in Supply Chains Act: 2 Anti-Slavery Performance in 2016 Foreword “With every dollar that we spend, we vote for the world we want.” – Diane Osgood, Economist and expert on social impact economics As UN Goodwill Ambassador against trafficking and slavery in 2005, my first trip was to visit Lake Volta in Ghana – the second largest man-made lake in the world. When children’s dead bodies began washing up on the lake’s shores, locals raised alarm and took action. I met with them, and with children who’d been bought, sold, beaten, famished, raped, abused and forced to dive in fear of their lives, to catch fish larger than their arm-span, and disentangle nets caught on the branches of trees that no one bothered to clear from the lake. And as I walked away, I uneasily asked if the fish was ever sold in Europe.
    [Show full text]
  • Rank1/200) (Rank: 6/200) Rank Company Number Avg
    493 Total International Students On Campus Spring 2103 272 Total International COB Students Spring 2013 55% of Total International Student Population 18% of COB Population Computer Systems Analyst Management Analysts (Rank1/200) (Rank: 6/200) Rank Company Number Avg. Salary Rank 1 Infosys Limited 10,154 $73,412 1 2 Cognizant Technology Solutions 1,761 $67,051 2 3 IBM 1,217 $85,232 3 4 Deloitte Consulting 1,111 $79,778 4 5 Satyam Computer Services 1,076 $72,356 5 6 UST Global 1,013 $63,886 6 7 HCL Technologies America 977 $73,009 7 8 Patni Americas 820 $70,699 8 9 Wipro 785 $82,443 9 10 Hexaware Technologies 610 $63,204 10 11 Deloitte Touche 549 $81,179 11 12 Accenture 491 $79,527 12 13 Tata Consultancy Services 381 $65,010 13 14 Mphasis 367 $66,044 14 15 Synechron 358 $77,189 15 16 Capgemini Financial Services 318 $78,030 16 17 Virgo 291 $60,227 17 18 Hewlett Packard 272 $96,771 18 19 Diaspark 270 $64,728 19 20 Yash Technologies 269 $55,205 20 21 Advent Global Solutions 247 $62,220 21 22 RS Software India 243 $67,253 22 23 Infosys Limited 241 $78,296 23 24 Persistent Systems 240 $71,556 24 25 Reliable Software Resources 232 $60,521 25 26 Larsen Toubro Infotech 231 $65,177 26 27 kforce 225 $90,304 27 28 Ernst Young 217 $89,948 28 29 Pricewaterhousecoopers 208 $66,478 29 30 Compunnel Software Group 206 $76,062 30 31 Polaris Software Lab 204 $69,457 31 32 Tech Mahindra americas 204 $64,965 32 33 Horizon Technologies 199 $61,330 33 34 SAP America 198 $102,811 34 35 Orian Engineersorporated 197 $62,835 35 36 Oracle 195 $93,968 36 37 Syntel
    [Show full text]
  • Company Vendor ID (Decimal Format) (AVL) Ditest Fahrzeugdiagnose Gmbh 4621 @Pos.Com 3765 0XF8 Limited 10737 1MORE INC
    Vendor ID Company (Decimal Format) (AVL) DiTEST Fahrzeugdiagnose GmbH 4621 @pos.com 3765 0XF8 Limited 10737 1MORE INC. 12048 360fly, Inc. 11161 3C TEK CORP. 9397 3D Imaging & Simulations Corp. (3DISC) 11190 3D Systems Corporation 10632 3DRUDDER 11770 3eYamaichi Electronics Co., Ltd. 8709 3M Cogent, Inc. 7717 3M Scott 8463 3T B.V. 11721 4iiii Innovations Inc. 10009 4Links Limited 10728 4MOD Technology 10244 64seconds, Inc. 12215 77 Elektronika Kft. 11175 89 North, Inc. 12070 Shenzhen 8Bitdo Tech Co., Ltd. 11720 90meter Solutions, Inc. 12086 A‐FOUR TECH CO., LTD. 2522 A‐One Co., Ltd. 10116 A‐Tec Subsystem, Inc. 2164 A‐VEKT K.K. 11459 A. Eberle GmbH & Co. KG 6910 a.tron3d GmbH 9965 A&T Corporation 11849 Aaronia AG 12146 abatec group AG 10371 ABB India Limited 11250 ABILITY ENTERPRISE CO., LTD. 5145 Abionic SA 12412 AbleNet Inc. 8262 Ableton AG 10626 ABOV Semiconductor Co., Ltd. 6697 Absolute USA 10972 AcBel Polytech Inc. 12335 Access Network Technology Limited 10568 ACCUCOMM, INC. 10219 Accumetrics Associates, Inc. 10392 Accusys, Inc. 5055 Ace Karaoke Corp. 8799 ACELLA 8758 Acer, Inc. 1282 Aces Electronics Co., Ltd. 7347 Aclima Inc. 10273 ACON, Advanced‐Connectek, Inc. 1314 Acoustic Arc Technology Holding Limited 12353 ACR Braendli & Voegeli AG 11152 Acromag Inc. 9855 Acroname Inc. 9471 Action Industries (M) SDN BHD 11715 Action Star Technology Co., Ltd. 2101 Actions Microelectronics Co., Ltd. 7649 Actions Semiconductor Co., Ltd. 4310 Active Mind Technology 10505 Qorvo, Inc 11744 Activision 5168 Acute Technology Inc. 10876 Adam Tech 5437 Adapt‐IP Company 10990 Adaptertek Technology Co., Ltd. 11329 ADATA Technology Co., Ltd.
    [Show full text]
  • View Annual Report
    MICRON TECHNOLOGY INC FORM 10-K (Annual Report) Filed 10/28/09 for the Period Ending 09/03/09 Address 8000 S FEDERAL WAY PO BOX 6 BOISE, ID 83716-9632 Telephone 2083684000 CIK 0000723125 Symbol MU SIC Code 3674 - Semiconductors and Related Devices Industry Computer Storage Devices Sector Technology Fiscal Year 03/10 http://www.edgar-online.com © Copyright 2010, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 3, 2009 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10658 Micron Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 75 -1618004 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 8000 S. Federal Way, Boise, Idaho 83716 -9632 (Address of principal executive offices) (Zip Code) Registrant ’s telephone number, including area code (208) 368 -4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None (Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • United States Securities and Exchange Commission Form
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 September 29, 2009 Date of Report (date of earliest event reported) MICRON TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 1-10658 75-1618004 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 8000 South Federal Way Boise, Idaho 83716-9632 (Address of principal executive offices) (208) 368-4000 (Registrant’s telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)) Item 2.02. Results of Operations and Financial Condition. On September 29, 2009, the Company announced its financial results for the fourth quarter and fiscal year ended September 3, 2009. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. Item 2.05.
    [Show full text]
  • Company Vendor ID (Decimal Format) (AVL) Ditest Fahrzeugdiagnose Gmbh 4621 @Pos.Com 3765 01Db-Stell 3151 0XF8 Limited 10737 103M
    Vendor ID Company (Decimal Format) (AVL) DiTEST Fahrzeugdiagnose GmbH 4621 @pos.com 3765 01dB-Stell 3151 0XF8 Limited 10737 103mm Tech 8168 1064138 Ontario Ltd. O/A UNI-TEC ELECTRONICS 8219 11 WAVE TECHNOLOGY, INC. 4375 1417188 Ontario Ltd. 4835 1C Company 5288 1MORE INC. 12048 2D Debus & Diebold Messsysteme GmbH 8539 2L international B.V. 4048 2N TELEKOMUNIKACE a.s. 7303 2-Tel B.V. 2110 2WCOM GmbH 7343 2Wire, Inc 2248 360 Electrical, LLC 12686 360 Service Agency GmbH 12930 360fly, Inc. 11161 3Brain GmbH 9818 3C TEK CORP. 9397 3Cam Technology, Inc 1928 3Com Corporation 1286 3D CONNEXION SAM 9583 3D Imaging & Simulations Corp. (3DISC) 11190 3D INNOVATIONS, LLC 7907 3D Robotics Inc. 9900 3D Systems Corporation 10632 3D Technologies Ltd 12655 3DM Devices Inc 2982 3DRUDDER 11770 3DSP 7513 3DV Systems Ltd. 6963 3eYamaichi Electronics Co., Ltd. 8709 3i Corporation 9806 3i techs Development Corp 4263 3layer Engineering 7123 3M Canada 2200 3M CMD (Communication Markets Division) 7723 3M Cogent, Inc. 7717 3M Germany 2597 3M Home Health Systems 2166 3M Library Systems 3372 3M Scott 8463 3M Touch Systems 1430 3Pea Technologies, Inc. 3637 3Shape A/S 6303 3T B.V. 11721 4G Systems GmbH 6485 4iiii Innovations Inc. 10009 4Links Limited 10728 4MOD Technology 10244 64seconds, Inc. 12215 77 Elektronika Kft. 11175 8086 Consultancy 12657 89 North, Inc. 12070 8D TECHNOLOGIES INC. 8845 8devices 9599 90meter Solutions, Inc. 12086 A & G Souzioni Digitali 4757 A & R Cambridge Ltd. 9668 A C S Co., Ltd. 9454 A Global Partner Corporation 3689 A W Electronics, Inc.
    [Show full text]
  • Micron Technology Inc
    MICRON TECHNOLOGY INC FORM 10-K (Annual Report) Filed 10/27/08 for the Period Ending 10/08/08 Address 8000 S FEDERAL WAY PO BOX 6 BOISE, ID 83716-9632 Telephone 2083684000 CIK 0000723125 Symbol MU SIC Code 3674 - Semiconductors and Related Devices Industry Computer Storage Devices Sector Technology Fiscal Year 03/10 http://www.edgar-online.com © Copyright 2010, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 28, 2008 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10658 Micron Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 75 -1618004 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 8000 S. Federal Way, Boise, Idaho 83716 -9632 (Address of principal executive offices) (Zip Code) Registrant ’s telephone number, including area code (208) 368 -4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None (Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Final Program
    General Chair’s Welcome DAC: Where The Electronic Design Community Meets… Welcome to San Francisco and the 46th Design Automation Conference! For thousands of us across the electronic design and design automation fields, DAC is a week of intense networking and learning. DAC is the one event each year where the entire life cycle of IC design technology is on display: new challenges in panels and special sessions; new technologies in research papers; new solutions in the exhibit suites of EDA startups; new insights into tools and methodologies at the Exhibitor Forum and the new User Track; new integrated reference flows from leading foundries and IP providers; continuing education in the form of full-day tutorials; … The opportunities for professional growth and new connections are truly endless. This is why business leaders, market leaders, technical leaders and thought leaders all converge at DAC. The technical conference introduces DAC’s new User Track – a three-day track of over 80 papers and posters that are written by, selected by, and targeted at users of design tools. In the User Track, attendees learn from their colleagues in leading-edge design organizations about the latest solutions to critical design and methodology challenges. DAC’s exhibition showcases approximately 200 companies, including all of the largest EDA vendors. The Exhibitor Forum theater returns with a full three-day schedule of focused technical presentations from exhibitors. The Best of DAC Contest also returns with additional Attendees’ Choice categories: now you can vote on the web for your favorite vendors and new products. New this year in the exhibition is IC Design Central (ICDC) – a cluster of exhibitors and a presentation theater that brings together the entire ecosystem for SOC enablement.
    [Show full text]
  • View Annual Report
    Providing Energy Efficient Innovations ON Semiconductor (Nasdaq: ON) is driving energy efficient innovations, empowering customers to reduce global energy use. The company is a leading supplier of semiconductor-based solutions, offering a comprehensive portfolio of energy efficient power management, analog, sensors, logic, timing, connectivity, We Are discrete, SoC and custom devices. The company’s products help engineers solve ON Semiconductor their unique design challenges in automotive, communications, computing, consumer, industrial, medical, aerospace and defense applications. ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, a robust compliance and ethics program, and a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe and the Asia Pacific regions. For more information, visit http://www.onsemi.com • Follow @onsemi on Twitter: www.twitter.com/onsemi • Follow @安森美半导体 on Weibo: www.weibo.com/onsemiconductor We Are ON Semiconductor ON Semiconductor delivered a record-setting year in 2016. Despite unfavorable macroeconomic environment, increased market consolidation and challenging industry conditions, we delivered record revenue and free cash flow. Letter to Last year, ON Semiconductor acquired Fairchild Semiconductor for $2.5 billion. By combining the two companies, Stockholders ON Semiconductor created a global power management leader and expanded its reach into the high and medium voltage power management market. With a product portfolio covering the entire voltage spectrum, ON Semiconductor has become increasingly important for its customers and partners. Our results for the fourth quarter of 2016 provide clear, early evidence of a successful integration of Fairchild and validate our strategic and financial rationale for the acquisition.
    [Show full text]