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<font> --Total revenues of $419.8 million </font>

<font> --Adjusted EBITDA of $78.3 million </font>

<font> --GAAP net loss of $0.01 per fully diluted share </font>

<font> --Non-GAAP net income of $0.09 per fully diluted share </font>

<font> --Cash provided by operating activities of $58.3 million </font>

<font> --Internal inventories declined by $29.7 million </font>

<font> --Reduction in debt of $26.6 million </font>

"The momentum in the semiconductor industry appears to be in the earliest stages of an emerging up-cycle that should last into 2009," says growth stock expert Toby Smith.

In his ChangeWave Investing, he looks at two lesser-known plays -- Monolithic Power Systems (NASDAQ: MPWR) and ON Semiconductor Corp. (NASDAQ: ONNN) -- saying, "Both are fundamentally solid with significant room to grow in the coming two-to-four quarters."

Shares of power regulation chip maker On Semiconductor (ONNN) are getting hit today, down as much as 7%, at one point, is now down 34 cents, almost 4%, at $8.92, on no apparent news.

The news may be as simple as today’s downgrade of fellow chip maker Microchip Technology (MCHP), which JP Morgan cut to “Neutral” today over worries about China.

Filed under: Earnings reports, Analyst upgrades and downgrades, Nokia Corp. (NOK), Sony Corp ADR (SNE), Texas Instruments (TXN), Technical Analysis, Stocks to Buy

I see three distinct buy points on this three year chart.

1.  April '05, $3-  The 10 WMA crosses the 50 WMA to the downside (oversold indicator), the MACD starts its bottoming out trend, and it hits the trend line forming all the bottoms

2.  July '06, $5-  The 10 WMA crosses the 50 WMA to the downside again,  the MACD starts its bottoming out trend again, and it hits the trend line forming all the bottoms

3.  Nov '07, $8-  The 10 WMA crosses the 50 WMA, the MACD has bottomed, and it hit that trend line