LSI Corporation (LSI): Shares cycle in bullish 'flag' formation

Filed under: Earnings reports, Hewlett-Packard (HPQ), International Business Machines (IBM), Sony Corp ADR (SNE), Technical Analysis, Stocks to Buy

LSI Corporation (NYSE: LSI) designs, develops and markets semiconductors used by original equipment manufacturers in the data networking and consumer electronics markets. It also provides a wide variety of storage systems, sub-assemblies, and storage management software applications. Top clients include Hewlett-Packard (NYSE: HPQ), IBM (NYSE: IBM) and Sony (NYSE: SNE).

The firm surprised the Street late last month, when it reported Q2 EPS of 13 cents and revenues of $692 million. Analysts had been looking for nine cents and $665.5 million. Management also guided Q3 EPS to 11-15 cents (11 cent consensus) and Q3 revenues to $695-$725 million ($693.41M consensus). The CEO noted that the company had recently secured silicon design wins with top-tier hard drive and server makers.

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