FCS Fairchild Semiconductor International, Inc. (MM)

Shares throughout the Semiconductor - Integrated Circuits industry have been hit hard of late following a string of disappointing earnings reports. Companies focused on cell phone chips had been on a tear the past year, and investors had come to expect "beat-and-raise" quarterly earnings reports -- as in beat analyst estimates, and raise guidance. When this doesn't materialize, carnage can break out on the trading floor. The Bedford Report examines the outlook for companies in the Semiconductor - Integrated Circuits Industry and provides research reports on RF Micro Devices, Inc. (NASDAQ: RFMD) and Fairchild Semiconductor International, Inc. (NYSE: FCS). Access to the full company reports can be found at:

www.bedfordreport.com/2011-01-RFMD

www.bedfordreport.com/2011-01-FCS

Last week, Fairchild semiconductor saw its share price slide slightly after the chip maker said that it earned $51 million, or 40 cents per share, up from earnings of $13.1 million, or 10 cents per share, in the same period a year earlier. Adjusted earnings would have come in at 45 cents a share -- up an impressive 40 percent year on year.

Fairchild makes energy-saving chips for products such as computers, car ignitions and portable electronics. One of the biggest concerns for chipmakers at the moment is PC demand, and Fairchild itself said that demand was generally in-line with expectations for all segments except from computer makers, which was slightly weaker due to larger-than-normal inventory cuts.

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Cell phone chipmaker, RF Micro Devices says that it will release earnings tomorrow. In the previous quarter RFMD posted earnings of 13 cents per share, compared with $14.6 million, or 5 cents per share in the year-ago quarter. Excluding one-time items, RF Micro earned 19 cents per share.

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