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Sell - Price 4.47 on Nov. 21
by Zacks Research

Atmel reported third-quarter revenues of $418 million, down 3.2% from the year-ago quarter but up 3.4% on a sequential basis. On GAAP basis, EPS was 3 cents...including a restructuring charge of $1.5 million. Management expects revenues to be flat or up 2% sequentially in 4Q...with ongoing concern over pricing pressures in its memory and ASIC businesses (SmartCard products) and lack of specifics about its restructuring programs and potential benefits, we maintain Sell rating and 4.50 target.

Strong product as they increasingly focus on microcontrollers.

Atmel announced a $250 million dollar buyback.

CEO Steve Laub said the company is making progress in its plan to focus on products with high-growth rates and high-profit margins, such as microcontrollers. He said Atmel would implement "additional initiatives during the remainder of 2007 to unlock shareholder value."

The stock trades for 9x cash flow.

A lot of unusual options activity here

Reasonable technical picture - A symmetric triangle on the weekly chart. The ongoing restructructuring should enable the company to focus on core micro controller products and annual cost savings of $70-80M in 2007. The stock has begun a pre results rally. I am eagerly awaiting the results.

(I get my stock analysis from Palma - www.palmaresearch.com)

Reasonably forward-looking

ATML

7 out of 9. Average return of 6.51% per trade. The last unsuccessful trade was in 2002.

one day will be takeover target and in the meanwhile has significant room to move

Business is turning around for the better

We bought low and can make money