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IFNNY - Renesas Looking For A Clean Start With New Leadership
Infineon Technologies AG ADR
To say that the inventory correction process at Renesas Electronics (RNECY) has been painful would be tantamount to saying that Michael Jordan was pretty decent at basketball. Renesas has been hammered not only by a global slowdown in auto production but also significant weakness in China and among its Japanese clientele that serves Chinese customers (like Fanuc (FANUY), Mitsubishi Electric (MIELY), and so on). On top of that, it looks like my worries about market share loss have proven true, with even management acknowledging share loss in its core