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A popular Wendy's commercial in the 80s made famous the question: "Where's the beef?" Good one. And here's an even better one: "Where's the alpha?" You might want to whip this one out the next time you meet with your portfolio manager.
Alpha is the over-and-above-the-expected return. It is the "value added." Therefore, it makes sense that a positive alpha means an investment has outperformed its market-predicted return, while a negative alpha would mean just the opposite. The expected return is calculated by a formula that takes into account the investment's level of unavoidable risk (aka beta).
Ever stepped into an elevator and after the doors close you become aware of an almost-suffocating scent coming from the woman next to you who must have bathed in perfume? Well, as you know, once the doors close you can't escape the smell until the ride is over. This is similar to beta, which is risk that can't be reduced or diversified away. A measure of "systematic" or market related risk, beta is used as a measure relative to a certain index -- such as the S&P 500.
So, for example, let¿s say your portfolio is managed to compete against the S&P 500. If you generate a better return than the index while not taking on added risk (standard deviation of returns) then you get alpha. Low beta means the market-related risk is low and vice versa for high beta.
Another example, let's say a mutual fund or stock has a beta of 1.5 relative to the S&
P500 ¿ that means it is 1.5 times as risky. So, over time, if the S&P 500 goes up 1%, your portfolio should be up 1.5%
plus (one can hope) some percentage of alpha. If the S&P 500 is down 1%, your portfolio should be down 1.5%.
Alpha
and beta are based off of linear regression of a set of data. Warning: this may cause a high school fifth-period flashback,
but it will be over before you know it:
The equation for a line is Y = a + bX.
a = alpha (the Y intercept - the added
value)
b = Beta (the coefficient you multiply X by)
X = S&P 500 (in this case)
Y = your portfolio
Home / Markets / Industries / Technology
Thursday, May 15, 2008
ANADIGICS' New Linear Amplifiers Raise Standards for Power and Performance in CATV Set-Top Boxes and Distribution Systems
Comtex
WARREN, N.J., May 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ ----ANADIGICS, Inc. (Nasdaq: ANAD), today announced the launch of its ABA3101 and ABA3115 balanced low noise linear power amplifiers (PAs) designed to generate exceptional signal integrity in CATV set-top box, distribution and drop applications.
"As demands on cable TV systems continue to increase, ANADIGICS' strategy is to provide equipment designers with a variety of PA solutions based on a common platform, to allow greater design flexibility while reducing production costs," reports Ron Michels, Senior Vice-President and General Manager of ANADIGICS' Broadband Business. "Combining this philosophy with industry leading noise and linearity performance has produced a compelling product portfolio for our cable TV and broadband customers."
The ABA3101 is a +8V supply design that delivers +34dBmV per channel of highly linear output power, together with 12dB of RF gain. Housed in a thermally enhanced package, the ABA3101 maintains composite second order (CSO) and composite triple beat (CTB) distortion products below -69 dBc, and provides a typical noise figure less than 3.2dB across the 1GHz CATV band.
ANADIGICS' ABA3115 operates from a +5V supply to provide +25dBmV per channel of linear output power and 15dB of RF gain. Operating up to 870MHz, this Gallium Arsenide (GaAs) IC maintains CSO and CTB distortion products below -70 dBc, and provides a typical low noise figure of 2.7dB. The ABA3115 also incorporates a shutdown feature under logic control, whereby power consumption is reduced to 15mW.
The ABA3101 and ABA3115, as well as the previously released ABA3100, ADA10000 and ADA10001, are each housed in a 16-pin surface mount package, providing a common platform for CATV product designers.
ANADIGICS' new ABA3101 is available now at a price of $6.00 each in quantities of 3,500 units and the ABA3115 is available at $5.60 each for 3,500 units.
For product specifics, visit: www.anadigics.com
For product pricing or sampling, visit: www.anadigics.com/worldwide_sales or contact ANADIGICS at +1.908.668.5000 (Phone) or +1.908.668.5132 (FAX).
About ANADIGICS, Inc.
ANADIGICS, Inc. (Nasdaq: ANAD - News) is a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets. Founded in 1985 and headquartered in Warren, NJ, the company's award-winning products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules. For more information, visit www.anadigics.com
Media Relations Glen Turvey ANADIGICS, Inc. 141 Mt. Bethel Road Warren, NJ 07059 Tel: +1 973 954 2723 E-mail: glent@t2publicrelations.com Corporate Contact Jennifer Palella ANADIGICS, Inc. 141 Mt. Bethel Road Warren, NJ 07059 Tel: +1 908.668.5000 E-mail: jpalella@anadigics.com Investor Relations Thomas Shields ANADIGICS, Inc. 141 Mt. Bethel Road Warren, NJ 07059 Tel: +1 908.412.5995 E-mail: tshields@anadigics.com
Safe Harbor Statement
Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe", "anticipate", "expect", or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and those discussed elsewhere herein.
SOURCE ANADIGICS, Inc.
http://www.anadigics.com
Copyright (C) 2008 PR Newswire. All rights reserved
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