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What To Expect From Semiconductor Earnings Next Week

Morgan Stanley’s Joseph Moore and his team have a preview of semiconductor earnings due out next week, along with thoughts on June’s semiconductor industry report.

ON Semiconductor (ON) is due first on Monday morning, and Moore expects upside to estimates, with strength in autos (the company’s biggest end market). On the earnings call he’ll be looking for detail on inventory in distribution and commentary on lead times—which have been growing for ON and peers—as well as progress on the integration of the Fairchild acquisition. He has an Equal Weight rating on the stock.

On Monday afternoon Inphi (IPHI) will report, and Moore expects an inline quarter, although he warns there could be some risk to the September guidance, following Macom’s (MTSI)...