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TheStreet Open House

Apple, NXP Semiconductor, Cirrus Logic: Tech Premarket

NEW YORK ( TheStreet) -- Apple (AAPL) shares were higher by 0.81% to $688.50 in premarket trading Friday as the iPhone 5 was available for pre-order and the phones sold out in an hour.

Apple put up the iPhone available for pre-order at 12:01 a.m. PST last night, and every model of the phone has sold out already, according to Apple's Web site. Apple is working with AT&T (T), Verizon (VZ), and Sprint (S) in the United States, and these carriers listed on Apple's Web site indicate a ship time of at least two weeks.

Among the new features of the iPhone 5, the device has a 4-inch screen, bigger than previous versions.


Shares of NXP Semiconductor (NXPI) were up 1.94% in premarket trading to $26.94 after the company held its first Investor Day in New York.

Credit Suisse analyst John Pitzer noted that NXP "delivered an upbeat message and highlighted the potential to deliver LT EPS power in excess of $4.00." He also noted that NXP's management continued to suggest that it will use its free cash flow to pay down its debt, ultimately achieving an investment grade rating on its debt.

Pitzer rated shares overweight with a $33 price target.


Cirrus Logic (CRUS) shares gained 1.44% to $42.40 in premarket trading as Canaccord Genuity raised its price target, ahead of a likely earnings increase, thanks to its relationship with Apple.

"We reiterate a BUY rating on shares of Cirrus based on likely upside to estimates on a strong product cycle with Apple," analyst Bobby Burleson said in a research note. He said he believes that higher inventory levels will lead to revenue growth well above Wall Street estimates, and could lead to earnings coming it much higher than the $3.27 per share for fiscal 2013 he is expecting.

He rated shares buy and raised his price target to $48 from $43.

Interested in more on Cirrus Logic? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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