Diamonds and Dogs
11/11/13Cirrus Logic Inc. (CRUS)
Cirrus Logic is shorting a circuit today, down 13.48% at$19.25. The semiconductor company saw its shares fall $3.00 after news that Apple has trimmed the number of components it will use in its new iPad Air model. Barclays' analyst Blayne Curtis wrote that he had identified four Maxim MAX98304 Class D Amplifiers in the iPad Air, meaning that Cirrus's products are no longer being used for the tablet's amplifier socket (however, it still uses Cirrus's audio CODEC). Cirrus shares took a hit today as Apple makes up around 80% of Cirrus' sales. Share of the company are still well above their 52-week low of $16.46.
GoGo Inc. (GOGO)
GoGo Inc. is flying high today, up 28.27% at $24.05. The wireless in-flight internet company saw its shares climb over $5.00 after releasing better than expected earnings. GoGo announced that revenue's increased 48% and that their third quarter loss narrowed to $0.22 per share (last year's loss was $4.27). Management now sees 2013 revenue of roughly $325 million, well above its prior range of $305-$315 million, as well as Wall Street's view of $311.49 million. Shares of GoGo hit a new 52-week high of $24.85 intraday.