Craig-Hallum notes there has been speculation that perhaps there will be component shortages preventing Apple (AAPL) from launching the iPhone 8 in late September. The speculation has surrounded finger print sensors, AMOLD panels and now 3D sensing components, the firm says, pointing out that most believe STMicroelectronics (STM) could have 2 sensors in iPhone 8. Furthermore, Craig-Hallum thinks the latter could have a new facial recognition technology in Apple's upcoming smartphone as well. The firm believes STMicroelectronics has already started to produce and stockpile parts for the Apple 8 and does not expect any issues on its side. Craig-Hallum notes that Samsung (SSNLF) officials have stated they will also put facial recognition in the upcoming Galaxy 8, which should be supplied by STMicroelectronics. The firm has a Buy rating on STMicroelectronics' shares.

Alphabet (GOOGL), the parent company of Google, is scheduled to report first quarter 2024 results after the market close on Thursday, April 25, with a conference call scheduled for 4:30 pm Eastern Time. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

The company said, "We will now drive the Company based on a revised plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40's. We plan to maintain our Net Capex1 plan for FY24 at about $2.5 billion focusing on our strategic manufacturing initiatives."

Reports Q1 revenue $3.47B, consensus $3.61B. Jean-Marc Chery, ST President & CEO, commented: "Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics."

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link

Berenberg upgraded STMicroelectronics to Buy from Hold with a price target of EUR 49, down from EUR 53. The semiconductors market us "not too far from recovery," the analyst tells investors in a research note. The firm says the negative industry end market trend is now priced into shares and concerns about Chinese auto semiconductor localization are overdone. Also, auto semi content growth should continue, driven by vehicle digitization, contends Berenberg.