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Stock Market & Financial Investment News

News Breaks
June 9, 2014
10:38 EDTADI, HITTHittite Microwave, Analog Devices both rise following merger
Hittite Microwave (HITT) shares are sharply higher this morning after Analog Devices (ADI) agreed to acquire the company for $78 per share in cash. Analog Devices is engaged in the design, manufacture and marketing of a range of analog, mixed-signal and digital signal processing integrated circuits, while Hittite designs and develops integrated circuits, modules, subsystems and instrumentation for radio frequency microwave and millimeterwave applications. WHAT'S NEW: Analog Devices said it would buy Hittite Microwave for $78 per share in cash in a deal that reflects an enterprise value of approximately $2B. Analog Devices said it will fund the deal through cash on hand and short-term debt financing and that both companies' boards of directors have approved the transaction. The deal, which is anticipated to close near the end of ADI's Q3, is expected to be accretive to ADI's non-GAAP earnings per share. ADI President and CEO Vincent Roche commented that "Hittite’s strength in RF, microwave, and millimeter wave technology complements ADI’s RF and signal conversion expertise." On an investor presentation discussing the deal, ADI said that the deal will be accretive to gross margins and operating profits. ADI is expected to launch a tender offer for Hittite in approximately 10 business days. WHAT'S NOTABLE: Analog Devices also backed its third quarter adjusted EPS guidance of 60c-64c excluding items and revenue growth of 1%-5%. The consensus forecast of analysts prior to the report was 63c and $716.09M, respectively. PRICE ACTION: Hittite Microwave shares rose 28.7% to $77.96 and Analog Devices advanced 5.9% to $55.77 in mid-morning trading.
News For ADI;HITT From The Last 14 Days
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October 1, 2014
10:58 EDTADIChina 4G smartphone demand did not rise as expected, Digitimes says
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September 26, 2014
09:47 EDTADIAnalog Devices management to meet with Pacific Crest
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September 25, 2014
08:15 EDTADIAnalog Devices management to meet with Deutsche Bank
Meeting to be held in Frankfurt on September 25 hosted by Deutsche Bank.
September 24, 2014
08:21 EDTADIAnalog Devices management to meet with Deutsche Bank
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September 23, 2014
10:02 EDTADIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Analog Devices (ADI) downgraded to Neutral from Overweight at JPMorgan... Bed Bath & Beyond (BBBY) downgraded to Market Perform at William Blair... Cameco (CCJ) downgraded to Neutral from Buy at BofA/Merrill... Clorox (CLX) downgraded to Neutral from Buy at Citigroup... Concur (CNQR) downgraded to Neutral from Buy at Roth Capital... Del Frisco's (DFRG) downgraded at Sterne Agee... Dick's Sporting (DKS) downgraded to Market Perform from Outperform at William Blair... Dresser-Rand (DRC) downgraded to Hold from Buy at KeyBanc... Equinix (EQIX) downgraded to Market Perform from Outperform at Wells Fargo... Fluor (FLR) downgraded at Wells Fargo... Gordmans Stores (GMAN) downgraded at Canaccord... Jacobs Engineering (JEC) downgraded to Market Perform from Outperform at Wells Fargo... Nanometrics (NANO) downgraded to Hold from Buy at Canaccord... ON Semiconductor (ONNN) downgraded to Neutral from Overweight at JPMorgan... Siemens (SIEGY) downgraded to Equal Weight from Overweight at Barclays... Sigma-Aldrich (SIAL) downgraded to Hold from Buy at KeyBanc... Taminco (TAM) downgraded to Hold from Buy at Jefferies... Viasystems (VIAS) downgraded to Hold from Buy at Canaccord... Watsco (WSO) downgraded to Accumulate from Buy at Global Hunter.
07:52 EDTADIAnalog Devices management to meet with Deutsche Bank
Meeting to be held in London on September 23 hosted by Deutsche Bank.
06:32 EDTADIAnalog Devices downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Analog Devices to Neutral saying its expectation for increasing leverage has not materialized. The firm keeps a $60 price target for shares.
September 22, 2014
09:38 EDTADIAnalog Devices management to meet with Deutsche Bank
Meeting to be held in London on September 22 hosted by Deutsche Bank.
07:25 EDTADICitigroup to hold a conference
Industrials Conference to be held in Boston on September 22-24.

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