Despite Apple’s investments in developing its own custom ARM microchips in place of using Intel’s Atom mobile processors, the company has reached out to Intel as a partner to drive the adoption of the new Light Peak specification for optical cabling.
Intel reported stronger-than-expected earnings and said that it believed the slumping computer sales market had “bottomed out.” Wall Street’s response: Sell ‘em.
The chip giant’s shares are off four percent, dragging on the Nasdaq Composite and raising some questions about the tech sector generally. This bout of pessimism is probably a bit overdone and reflects more what’s happened in the past few months than what happened yesterday.
Microchip (MCHP) and ON Semiconductor (ONNN) made a joint unsolicited bid to acquire Atmel (ATML) today for $5 a share in cash. The deal values Atmel at $2.3 billion.
In a letter to Atmel yesterday–which was released today by Microchip and ON Semi–the two companies says they were “deeply disappointed” that Atmel’s board “appears unwilling to consider a transaction at this time, under any circumstances.”
Microchip (MCHP) shares are headed lower in early trading after J.P. Morgan semiconductor analyst Christopher Danely cut his rating on the stock to Neutral from Overweight.
In a research note, Danely says that the move reflects “a slowdown in the Chinese consumer end market and the stock’s high valuation.”
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