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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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May 29, 2015
07:15 EDTADIBroadcom-Avago deal may not be tech's largest for long, Bloomberg says
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May 28, 2015
11:58 EDTADISemtech hits 52-week low after Q1 results, Q2 outlook miss expectations
Shares of Semtech Corporation (SMTC), a supplier of analog and mixed-signal semiconductor products, are falling after the company’s first quarter results and second quarter outlook trailed analysts' consensus estimates. WHAT'S NEW: Semtech yesterday reported Q1 earnings per share of 27c excluding items and revenue of $130.1M, trailing analysts' consensus estimates of 28c and $132.51M, respectively. Semtech reported Q1 adjusted gross margin of 60.8%. The company also said it increased its stock buyback authorization to $100M. It had $30M remaining under a previous buyback plan. Looking ahead to Q2, Semtech forecast adjusted EPS of 21c-26c and revenue of $120M-$130M, well below analysts' consensus estimates of 37c and $1.41.65M, respectively. The company also forecast Q2 adjusted gross profit margin of 60%-60.4%. WHAT'S NOTABLE: Mohan Maheswaran, the company's Chief Executive Officer, noted that Semtech saw strong demand in Q1 from its enterprise computing and communication end-markets driven by the datacenter and PON market segments. However, Maheswaran said that demand from its largest smartphone customer was "much lower than anticipated," which led to results that were at the lower end of its guidance range. Semtech previously projected Q1 EPS of 27c-30c and revenue of $130M-$136M. Maheswaran said demand for the company's LoRa wireless platforms is seeing an acceleration. ANALYST REACTION: This morning, research firm B. Riley downgraded Semtech to Sell from Neutral after the company's Q1 results missed expectations. The firm cut its price target for shares to $21 from $26. OTHERS TO WATCH: Other companies in the in the analog and mixed-signal semiconductor space include Texas Instruments (TXN), Maxim Integrated Products (MXIM) and Analog Devices (ADI). PRICE ACTION: In late morning trading, Semtech fell $3.41, or nearly 14%, to $21.21 on nearly five times its average daily trading volume. The stock continues to hit fresh 52-week lows during the session. Including today's pull back, the shares have lost approximately 18% over the past 12 months.
May 26, 2015
20:50 EDTADIBernstein to hold a conference
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May 20, 2015
08:24 EDTADIAnalog Devices price target raised to $72 from $62 at Oppenheimer
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07:36 EDTADIJPMorgan to hold a conference
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May 19, 2015
16:02 EDTADIAnalog Devices sees Q3 adjusted EPS 71c-77c, consensus 77c
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16:01 EDTADIAnalog Devices reports Q2 adjusted EPS 73c, consensus 72c
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15:00 EDTADINotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Analog Devices (ADI), consensus 72c... Autodesk (ADSK), consensus 28c... Computer Sciences Corporation (CSC), consensus $1.20... Qihoo 360 Technology (QIHU), consensus 49c... Keysight Technologies (KEYS), consensus 65c... Nordson (NDSN), consensus 86c... ViaSat (VSAT), consensus 42c... Dycom Industries (DY), consensus 37c.

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