From a fundamental perspective, the stock is trading considerably below its book value at $6 per share. But the challenge for management is to find a way to inspire investors to believe that this can indeed become a good turnaround story.

First, it needs to put together a couple of solid quarters in a row. The company is working hard to get its house in order.

I think if investors look closely enough, they will find that Atmel is certainly a name that is worth consideration, particularly at such low valuations.

At the time of publication, the author was long AAPL and held no position in any of the other stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Richard Saintvilus is a private investor with an information technology and engineering background and has been investing and trading for over 15 years. He employs conservative strategies in assessing equities and appraising value while minimizing downside risk. His decisions are based in part on management, growth prospects, return on equity and price-to-earnings as well as macroeconomic factors. He is an investor who seeks opportunities whether on the long or short side and believes in changing positions as information changes.

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