Skyworks Solutions Inc (NASDAQ:SWKS)
Skyworks Solutions, Inc. (SWKS), a high performance analog semiconductor company yesterday reported their fiscal first quarter 2017 financial results. The company reported first quarter earnings of $1.61 per share which beat analyst expectations of $1.58 per share along with first quarter revenues of $914.3 million, which beat analyst expectations of $902.3 million.
Skyworks Solutions, Inc. CEO’s Comments
“Skyworks delivered exceptional financial results in the first fiscal quarter of 2017 fueled by global demand for ubiquitous mobile connectivity and the Internet of Things,” said Liam K. Griffin, president and chief executive officer of Skyworks. “We are enabling the next phase of the wireless revolution, powering new and previously unimagined applications. With the proliferation of 4G/LTE and advent of 5G, system-level performance requirements are intensifying, driving the need for substantially higher data rates, improved efficiency and reduced latency across an exponentially growing scope of networked devices. Leveraging our innovative portfolio, carrier aggregation leadership, operational scale and demonstrated ability to deliver highly integrated solutions, Skyworks is uniquely positioned to capitalize on this connectivity megatrend.” Business Wire
SWKS Technical Analysis
SWKS opened trading yesterday at $78.87 which was down from the previous day’s trading close of $79.27. Shares closed trading yesterday at $78.46 and spiked up after market to $84.40, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see that the last time SWKS traded above these levels we have to go back to December 10th, 2015 when it traded at $84.89. Taking a closer look at the daily chart we can see that before the spike up SWKS had already been in an overall upward trend dating back to July 5th, 2016 when it traded at $58.82.
SWKS has a float of 185.12 million shares and traded 1.4 times the normal daily trading volume on Thursday. For trading purposes, I would like to see SWKS open trading on Friday above $82.40 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Skyworks Solutions, Inc., together with its subsidiaries, designs, develops, manufactures, and markets proprietary semiconductor products, including intellectual property worldwide. Its product portfolio includes amplifiers, attenuators, circulators/isolators, DC/DC converters, demodulators, detectors, diodes, directional couplers, diversity receive modules, filters, front-end modules, hybrids, LED drivers, low noise amplifiers, mixers, modulators, optocouplers/optoisolators, phase shifters, phase locked loops, power dividers/combiners, receivers, switches, synthesizers, technical ceramics, voltage controlled oscillators/synthesizers, and voltage regulators.
The company provides its products for automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet, and wearable applications. Skyworks Solutions, Inc. sells its products through direct sales force, electronic component distributors, and independent sales representatives. The company was founded in 1962 and is headquartered in Woburn, Massachusetts.