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But for both sectors, there are values to find if you know where to look. As a starting point, we used FactSet Universal Screening to look at the constituents of the S&P 500. Texas Instruments

We hope to have this fixed soon. From

Intel Last, we ranked companies by multiplying their exposure to the Chinese market by their “excess returns” – that is, their overperformance compared with the S&P 500, which had a total return of 2.4 per cent during this period.

Please enable Cookies and reload the page. (TSM). Micron. This is a space where subscribers can engage with each other and Globe staff. This article was published more than 6 months ago. Some information in it may no longer be current. Additionally, 13 of the 15 companies are involved in the semi-conductor space, which has been well publicized for having supply chains and manufacturing intermingled with China.

“Virtually all of [the company’s] revenue growth over the past 4 years has come from this vertical so this remains a concern as we look forward but the sell side has also been aggressively cutting global production estimates over the past few weeks and highly visible production shut-downs in Europe make it hard to argue that investors have not contemplated this as a risk,” he writes. China is estimated to be the largest semiconductor equipment market in 2019. (LRCX) to Buy from Sell and on We then applied filters to narrow our universe to companies with at least 10 per cent revenue generated from China utilizing FactSet GeoRev, a proprietary database that breaks down company revenues geographically. Applied Materials and Lam Research, with high exposure to memory chip manufacturing, will be most impacted in 2019 and 2020. (He likes

KLA This copy is for your personal, non-commercial use only. FactSet’s superior suite of content, analytics and workflow solutions covers the entire portfolio life cycle and offers actionable insights for asset managers and investment professionals around the world. Nvidia https://www.barrons.com/articles/semiconductor-sales-are-likely-to-fall-buy-lam-research-analyst-says-51585329898. But he sees risks for smartphone-related stocks, and weakness in the automotive chip sector. On Texas Instruments, Arcuri says that he still has concerns about their big exposure to the automotive and industrial vertical markets, but that the issue is already reflected in the stock price. We examined U.S. companies connected to the Chinese market based on revenue exposure and stock price performance. a range of both supply-chain and demand issues.

For the equipment sector, he says, revenue will follow semis lower, but he’s more bullish on the group than he is on chips. Previously, she led Investor Relations and Corporate Communications since September 2018 and was vice president, chief of staff–office of the CEO of Lam Research from April 2017 to September 2018. Revenue and profit estimates for the semiconductor industry continue to ratchet lower, amid a range of both supply-chain and demand issues. ... Lam Research, Micron, Applied Materials and Broadcom all … The five S&P companies with the biggest exposure to China all get 40% to 60% of their revenues in China.

We've detected you are on Internet Explorer. At an Aug. 9, 2017, conference, Lam Research management said: "I would say 2017 has been a year of unforecast opportunity. Calendar 2020 revenues, he says, will be off 15%-20% from pre-virus estimates. In a few cases, he’s feeling more bullish. He says that “supply constraints should keep order books full making the snap-back faster than for semis,” and he adds that there are “few if any weak balance sheets among top chip spenders.” Arcuri also notes that Chinese customers “remain full speed ahead and may even accelerate timeliness.”.

Taiwan Semiconductor

Sales of semiconductor equipment are forecasted to increase by 10.8% to $62.7 billion in 2018. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.

This morning, UBS chip analyst Timothy Arcuri reset estimates for his entire coverage universe, which includes all of the major chip and equipment companies. The information in this article is not investment advice. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved.

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For the best Barrons.com experience, please update to a modern browser. © Copyright 2020 The Globe and Mail Inc. All rights reserved. Non-subscribers can read and sort comments but will not be able to engage with them in any way. For most of the companies he covers, he reduced revenue forecasts for both 2020 and 2021, and he brought price targets down for most of the stocks he covers as well. He writes that Applied has growing exposure to memory, though he is concerned about the company’s display business, and he sees risk in its large exposure to the contract chip manufacturer Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. (ticker: INTC) and This is a space where subscribers can engage with each other and Globe staff. If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Click here to subscribe. An error has occurred, please try again later. Its strong performance may in part be a rebound after the oil field services giant suffered a decline in its share price after its Aug. 1 earnings call, when the stock went from US$25.27 to US$20.27 in a matter of two weeks. ) Write to Eric J. Savitz at eric.savitz@barrons.com. In Friday trading, amid a sharp market slide, chip and equipment stocks are trading lower across the board, with Lam, Arcuri’s favorite, down 6.4%, to $243.42. Welcome to The Globe and Mail’s comment community. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])-[])+(+!![])+(!+[]+(!![])-[])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(+!![])+(+!![])+(!+[]+(!! His bullish stance on Lam reflects the company’s out-sized exposure to the memory sector. Fourteen of the top 15 companies by our ranking were classified as technology companies.



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