Why Atmel (ATML) Stock Is Falling Today

NEW YORK (TheStreet) -- Shares of Atmel Corp  (ATML) are slipping -8.31% to $7.89 today after the company reported second quarter earnings in line with analysts' expectations, but revenue slightly below the consensus estimate.

Second quarter non-GAAP net income totaled $38.3 million, or 9 cents per diluted share, compared to the $25.3 million, or 6 cents per diluted share in the same quarter of 2013, and matching the 9 cents analysts expected.

Revenue for the quarter was $355.5 million, a 2% increase compared to the $347.8 million from one year ago, but lower than the consensus estimate of $357 million.

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Also, Atmel was downgraded to "neutral" from "buy" at Bank of America/Merrill Lynch  (BAC) this morning.

Separately, TheStreet Ratings team rates ATMEL CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate ATMEL CORP (ATML) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth and good cash flow from operations. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year."

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