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Stock Market & Financial Investment News

News Breaks
June 9, 2014
10:38 EDTHITT, ADIHittite 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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December 18, 2014
06:11 EDTADIAnalog Devices assumed with a Neutral at Citigroup
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December 12, 2014
07:17 EDTADISemiconductor indications have improved, says Bernstein
Bernstein believes that indicators for the semiconductor sector have improved since September, as expectations and valuations have dropped, while revision trends have been favorable,according to the firm. The firm thinks the outlook for the space is "reasonably positive." In conjunction with this note, Bernstein upgraded its rating on Freescale (FSL) to Outperform from Market Perform and hiked its target on the stock to $31 from $20. The firm increased its price target on Texas Instruments (TXN) to $63 from $54 and on Analog Devices to $55 from $50. It keeps an Outperform rating on Texas Instruments and a Market Perform rating on Analog Devices.
December 8, 2014
14:51 EDTADIArrow Electronics to offer Hittite Microwave product line
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December 4, 2014
09:32 EDTADIAnalog Devices attractive at current levels, says Argus
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