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Tessera Technologies Inc.

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Tessera is a provider of back-end technology for semiconductor manufacturing.  Tessera posted better-than-expected second quarter results with both the top line and the bottom line outperforming our estimates. The company is focused on building a high-margin licensing model and therefore the host of patents, new technologies and customer wins are encouraging. The product portfolio has also been revamped to target the mobile segment, which should help growth.  Its deal with ASE also has tremendous potential.  However, protection of IP, its pricing strategy and customer concentration remain risks.

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