Mindspeed Seeks Buyer, Hires Investment Banker

Another day, another Southern California high tech company on the block: Newport Beach-based semiconductor developer Mindspeed said late Tuesday afternoon that it has retained Morgan Stanley & Co., the investment bank, to help the firm with "strategic alternatives". Mindspeed did not give other details on the move, however, "strategic alternatives" is widely used as the codeword for "looking for a buyer" in the industry. The move came as Mindspeed announced preliminary second quarter 2013 revenues of $35.4M, which fell within the range of its already slashed expectations for the quarter.