Monday, December 6, 2010

National Semiconductor (NYSE:NSM) Struggling with Declining Bookings

National Semiconductor (NYSE:NSM) guidance is expected to be lower in the next quarter, according to Gleacher & Co., citing challenges in bookings from wireless and distribution markets.

Gleacher said, "We believe NSM likely turned in a quarter closer to the low-end of its $390-415mil guidance range (GLCH at $396mil, the Street at $400mil) and could be in-store to disappoint on its February guidance (GLCH $376mil, Street $382mil) as management adjusts for overall weakness in bookings from both distribution and wireless "markets."

Still, Gleacher maintains a "Buy" rating on National, which closed Friday at $14.77, up by $0.66, or 4.68 percent. They have a price target on them of $19.

Volume was almost double the normal 3-month daily average.

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