Designs, develops and sells semiconductor networking solutions for communications applications in enterprise, access, metropolitan and wide-area networks.
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The stock may have been a bit overheated earlier in the year when it traded for as much as 193 times trailing earnings and nearly 18 times book value. Today, Mindspeed is available for 12.4 times trailing earnings and less than 4 times book. Strong results and eminently reasonable multiples combined with an obvious knee-jerk overreaction combine to tell me that this is a terrific buy-in point if you believe in optical networking at all.