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What: Shares of image sensor maker OmniVision Technologies
So what: OmniVision was the sole supplier of the 5-megapixel backside-illuminated camera found in the iPhone 4, and fears that the next iPhone's camera will be dual-sourced with Sony
Now what: The stock sold off almost 10% yesterday amid a broadly lower day on no news. This stock is absurdly cheap right now; so cheap this Fool just bought some. The balance sheet sports roughly $8.49 per share in cash and short-term investments, and $7.73 per share when netting out long-term debt. Throw in the fact that last quarter's revenue jumped 42.9% year over year and maybe the market is realizing it let fear get the best of it. If I didn't own it already, I'd be buying OmniVision in a heartbeat at the current prices. Plus, I have a hunch it will be the sole supplier of the next iPhone's 8 MP camera since its delayed release just so happens to coincide with OmniVision's second-generation BSI sensors hitting the market.
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Fool contributor Evan Niu owns shares of Apple and OmniVision Technologies, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Apple. Motley Fool newsletter services have recommended buying shares of Apple. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.