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Stock Market & Financial Investment News

News Breaks
July 18, 2014
11:42 EDTTXN, INTC, MU, AMD, BRCMAMD plummets after profit miss, analyst downgrades
Shares of semiconductor manufacturer Advanced Micro Devices (AMD) are sinking after the company’s second quarter profit trailed analysts’ consensus estimates. It also received several analyst downgrades. WHAT'S NEW: Last night, Advanced Micro Devices reported second quarter adjusted EPS of 2c and revenue of $1.44B, compared to analysts’ consensus estimates of 3c and $1.44B. Q2 gross margin was 35%. WHAT’S NOTABLE: For the third quarter, AMD expects revenue to increase 2%, plus or minus 3%, sequentially, compared to consensus of $1.57B. ANALYST REACTION: This morning, analyst commentary was mixed. FBR Capital downgraded AMD to Market Perform from Outperform citing a lack of earnings visibility following the company's weaker than expected Q3 outlook. The firm lowered its price target for the shares to $4.50 from $6. Another firm, BofA/Merrill, also downgraded AMD to Underperform from Neutral. The firm downgraded shares and lowered estimates to reflect weak guidance and lack of visibility. It lowered its price target to $4 from $4.50. Conversely, Wedbush said AMD’s fundamentals remain intact. After AMD reported lower than expected Q2 pro forma EPS, Wedbush says that Q2 was the fourth consecutive quarter for which the company demonstrated profitability, tight OpEx controls, and continued product execution. It thinks these trends are significantly positive and kept an Outperform rating on the shares. PRICE ACTION: In late morning trading, AMD fell 81c, or about 17.6%, to $3.77 on nearly three times its average daily trading volume. Including today’s pull back, the stock has lost approximately 19% over the past twelve months. OTHERS TO WATCH: Other companies in the semiconductor space include Intel (INTC), Broadcom (BRCM), Micron Technology (MU), and Texas Instruments (TXN).
News For AMD;INTC;BRCM;MU;TXN From The Last 14 Days
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August 20, 2015
09:20 EDTMUOn The Fly: Pre-market Movers
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08:39 EDTBRCMBroadcom downgraded to Hold from Buy at Argus
Argus downgraded Broadcom (BRCM) to Hold following the announcement that the waiting perorid under the Hart-Scott-Rodino Antitrust Act had expired. The firm now expects the acquisition by Avago (AVGO) to go through.
07:28 EDTMUBaird downgraded Micron to Neutral on falling DRAM prices
Baird analyst Tristan Gerra downgraded Micron to Neutral from Outperform and lowered his price target to $15 from $36 on DRAM price concerns. Gerra believes blended DRAM pricing could fall 20%+ between now and next year, down to fully loaded costs before capacity cuts take place. The analyst said continued PC unit weakness, soft enterprise server, mobile DRAM weakness, and excess channel inventories are causing the current downturn. Gerra expects Micron's gross margin and earnings to bottom in the February quarter and sees little upside potential until then.
August 19, 2015
06:14 EDTINTCIntel to launch contest show on Turner Broadcasting, WSJ reports
Intel (INTC) is making a foray into reality television by developing a contest show with Mark Burnett and Time Warner's (TWX) Turner Broadcasting unit, the Wall Street Journal reports. The program will be called "America's Greatest Makers" and will engage "do-it-yourselfers" who turn microchips and other components into devices and gadgets, competing for a $1M prize, the report says. The show is scheduled to appear on TV and other media channels in 2016, the report adds. Reference Link
August 18, 2015
18:30 EDTINTC, TXNChip makers advance after Analog Devices reports Q3 financial results
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13:35 EDTINTCMicrochip selects Intel technology to enhance Internet-of-Things security
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13:32 EDTINTCAtmel collaborates with Intel on Internet of Things applications
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09:39 EDTMUActive equity options trading on open
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05:55 EDTMUDRAMeXchange: Global mobile DRAM revenue up 7.7% in Q2, DigiTimes reports
Global sales of mobile DRAM increased 7.7% sequentially to $3.85B while global sales of overall DRAM decreased 4.8% to $11.4B in Q2, reports DigiTimes, citing DRAMeXchange. Mobile DRAM prices were less affected by falling prices for PC DRAM chips when compared to other types of DRAM. Prices for PC DRAM chips, which fell 15% in July, are forecast to drop an overall 30% in the third quarter of 2015. Reference Link
August 17, 2015
16:00 EDTMUOptions Update; August 17, 2015
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11:11 EDTMUAnalysts split on Micron after analyst day
Analysts were divided on the outlook for flash memory product maker Micron (MU) following its analyst day. Wells Fargo upgraded the stock to Market Perform from Underperform and Piper Jaffray said that the stock was unlikely to drop much further. However, Bank of America/Merrill and Wedbush cut their rating on the shares to Neutral from Buy. UPGRADE: Wells Fargo upgraded Micron to Market Perform from Underperform. Following the stock's decline over the last few months, the shares "reflect a more realistic view" of the flash memory sector's outlook, the firm stated. Additionally, the sector's financial condition has improved in recent years, which should boost the sector's profits and margins over the longer term, Wells Fargo stated. However, the firm still believes that the company is facing several risks, including falling prices for DRAM, a widespread form of flash memory, and its rising capital spending. Although Micron is facing "challenging near-term conditions," including a weak PC market, the company outlined many positive aspects of its business, according to Piper Jaffray analyst Ruben Roy. The longer term trends for the flash memory sector remain positive, as consolidation, low supply growth and diversifying demand should increase the profits of suppliers, Roy believes. And although Micron said its capital spending would be above expectations, Roy expects these investments to help the company enhance its manufacturing process and efficiency, boosting its performance over the longer term. Micron may miss estimates in the short-term but its share price is unlikely to drop much further, and its performance should improve significantly next year, according to Roy. He kept an Overweight rating on the stock. BEARISH TAKE: The DRAM supply/demand dynamic probably won't improve and Micron's cost reductions probably won't outpace price declines until mid-2016, according to Wedbush analyst Betsy Van Hees. Although Van Hees believes that the company's spending will help it over the longer term, she forecast that the stock would "continue to struggle" until the DRAM supply/demand dynamic stabilizes. The analyst cut her price target on the name to $19 from $26. Micron's decision to raise its capital spending suggests that it is "overconfident" in its new chips, according to Bank of America/Merrill Lynch analyst Simon Dong-je Woo. The margins on the new chip "could easily" be negative, the analyst believes. Woo thinks that Micron's capital expenditures next year should be $3B-$4B versus the company's guidance of $5.3B-$5.8B. The analyst's target on the name fell to $19 from $28.40. PRICE ACTION: In late morning trading, Micron lost 0.2% to $17. Earlier the stock reached a new 52-week low of $16.12. The shares of another flash memory product maker, SanDisk (SNDK), were flat at $58.
10:55 EDTBRCMOptions with increasing implied volatility
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10:09 EDTMUOn The Fly: Analyst Downgrade Summary
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09:51 EDTMUFollow-up: Micron downgraded to Neutral on capex hike at BofA/Merrill
As previously reported, BofA/Merrill downgraded Micron to Neutral from Buy. The firm said the unexpected FY16 capex hike may reflect overconfidence by management for new chips and could cause execution and earnings misses.. Additionally, BofA/Merrill said Hynix's capex increase is likely to be material and could lead to capex increases by rivals. The firm lowered its price target on shares to $19 form $28.40.
09:38 EDTMUActive equity options trading on open
Active equity options trading on open: AAPL FB BAC MU NFLX TWTR HUN TSLA BABA MSFT
09:16 EDTMUMicron downgraded to Neutral from Buy at BofA/Merrill
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07:30 EDTMUMicron weakness from concerns with investment returns, says Susquehanna
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07:01 EDTMUMicron downgraded to Neutral from Outperform at Wedbush
07:00 EDTMUMicron upgraded to Market Perform from Underperform at Wells Fargo
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06:31 EDTMUMicron share downside limited from here, says Piper Jaffray
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