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Technology Stocks : LSI Corporation
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To: who started this subject3/27/2001 11:19:16 AM
From: Paul Lee   of 25814
 
Buy

Eric Rothdeutsch, Semiconductors/Computer Hardware

"LSI announced yesterday that it plans to acquire C-Cube Microsystems Inc. in a stock-for-stock exchange of 0.79 shares of LSI common stock for each outstanding share of C-Cube in a transaction valued at $734 million as of yesterday's close," said Rothdeutsch. "We expect the transaction to close in the June quarter and to be accretive to earnings in C2001. We believe the acquisition compliments LSI's broadband entertainment division and should accelerate the LSI's push to become a major silicon provider for the convergence of broadband networking and entertainment systems for the home. The addition of C-Cube's cable set-top box products to LSI's satellite and terrestrial set-top box business should allow LSI to offer its customers a more complete portfolio of set-top box products. LSI also gains technology for digital video processing products, including encoders and codecs, which should enable it to become a larger supplier into current and next-generation DVD applications. The acquisition diversifies LSI's revenues geographically as 60% of C-Cube's sales came from Asia and Japan while 65% of LSI's revenues came from North America in C2000. We believe the acquisition augments LSI's existing product offerings targeting the networked digital home. We are maintaining our Buy rating on LSI."
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