Spansion announced today that the stock will be delisted by Nasdaq at today’s close.
The NOR flash memory chip company, which is operating under Chapter 11 of the federal bankruptcy code, said that it is “making progress” on its restructuring plans.
Spansion on Wednesday said it plans to pursue a stand-alone strategy focused on the embedded solutions market and intellectual property licensing. The NOR-flash company, which is operating under Chapter 11 of the Federal bankruptcy code, said it will pursue “strategic alternatives” for its wireless business.
Tessera Technologies is disappointed tonight after the Administrative Law Judge overseeing its patent infringement case against Advanced Micro Devices, Fresscale Semiconductor, Motorola, Qualcomm, Spansion and STMicroelectronics judged for the semiconductor companies. The company was hoping for a judgment in its favor and an accompanying windfall–instead, its share price dropped 44 percent today.
It’s been a rough day for highly leveraged semiconductor stocks.
In a research note this morning, Citigroup’s Glen Yeung provided a review of the credit liabilities of the chip companies Citi has under coverage. He notes that Advance Micro Devices (AMD), Spansion (SPSN), Infineon (IFX) and Qimonda (QI) all have debt coming due in the next 15 months.
For the memory sector, it is a day to forget.
Last night, SanDisk (SNDK) reported extremely nasty June quarter earnings–the Street has responded with a host of downgrades. Meanwhile, this morning, Citigroup chip analyst Glen Yeung cut his ratings on Micron (MU), Qimonda (QI) and Spansion (SPSN) to Hold from Buy.
Spansion (SPSN), maker of NOR Flash memory chips, posted second quarter revenue of $613 million, ahead of the Street consensus of $580.73 million. The company lost 63 cents a share in the quarter, better than the loss of 75 cents that analysts had expected.
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