I am looking for recovery towards Nov 9-12th as options expire around there and many $19.00 calls were placed before earnings, CRUS will be at Electronica show at that time. Positive news flow from show and new announcements possible then...as CEO Jason said something about a large OEM contract with a Japan co in the works??...HTC?
Market way over bought here. Was looking for correction. Could get worse. I am waiting 'till after lunch, when hedgies decide whether to take it lower. We could drop another couple hundred points. Not trying to catch a falling knife here.
Cirrus Logic website (in the slide presentation that a supplement and more in-depth to quarter earnings) says, "More custom ICs for Japanese and automotive customers coming soon" and "100% share at Itron for power meters." Also, Cirrus has NO competition for its new PFC design, which came on the market September 24. And CEO hinted at new Apple product when he was dispelling false rumors about a reduction in business from Apple. In fact, the earnings presentation on the website says that portable media devices will grow more than Cirrus' energy section for the near term.
We're up on a big down day...good sign indicating a recovery. I think we've bottomed here and we'll begin moving up. May even continue moving up even if the market goes down further. Just way over sold...and market is over bought. OVTI is another AAPL component that is doing very well...