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August 30, 2013
10:05 EDTSN, INTC, CPA, SCSS, APAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Apache (APA) upgraded to Outperform from Sector Perform at RBC Capital... Copa Holdings (CPA) upgraded to Strong Buy from Outperform at Raymond James... Sanchez Energy (SN) upgraded to Outperform from Sector Perform at RBC Capital... Select Comfort (SCSS) upgraded to Buy from Hold at KeyBanc... Intel (INTC) upgraded to Buy from Hold at Argus.
News For APA;CPA;SN;SCSS;INTC From The Last 14 Days
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October 2, 2015
07:02 EDTSNSanchez Energy names Eduardo Sanchez president
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October 1, 2015
15:02 EDTINTCEarnings Watch: Micron quarter highlighted by Tsinghua report, 3D XPoint launch
Micron Technology (MU) is expected to report fourth quarter earnings after the close on Thursday, October 1, with a conference call scheduled for 4:30 pm EDT. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 33c on revenue of $3.56B. The consensus range is 22c-47c for EPS on revenue of $3.4B-$3.68B, according to First Call. On its last earnings conference call, Micron guided for Q4 revenue of $3.45B-$3.7B. In terms of bit growth in Q4, the company said it expected DRAM bit growth to be flat to up by a low single digit percentage in the quarter. LAST QUARTER: On June 25, Micron reported Q3 adjusted EPS of 54c, against a consensus of 56c, and revenue of $3.85B, against a consensus of $3.9B. The company said then that its decline in revenues compared to prior quarter was primarily due to a 10% decline in DRAM average selling prices and relatively flat DRAM sales volume. NEWS: Wednesday, shares of Western Digital (WDC) surged after Unisplendour, a unit of China's Tsinghua Holdings, agreed to buy a 15% stake in the U.S. data storage company for $3.78B. In July, The Wall Street Journal reported that Tsinghua Unigroup, which is a majority-owned unit of Tsinghua Holdings, offered to buy Micron for $23B. As of yet no deal has come to fruition, but Tsinghua Holdings chairman Jinghong Xu has reportedly said that his company was open to a partnership with Micron if an acquisition deal could not be reached. Also during this quarter, Intel (INTC) and Micron unveiled 3D XPoint technology, a non-volatile memory that the companies say has the potential to "revolutionize any device, application or service that benefits from fast access to large sets of data." Now in production, 3D XPoint technology brings non-volatile memory speeds up to 1,000 times faster than NAND, according to the partners. STREET RESEARCH: After the Journal's initial report that Tsinghua had offered to acquire Micron, research firms had mixed reactions. Tsinghua may have indicated that it was making the "low ball" offer in order to gauge the reaction of Micron's management and shareholders to it, Summit Research analyst Srini Sundarararjan contended in a note to investors immediately following the story. Tsinghua will probably increase its bid, the analyst predicted. Piper Jaffray analyst Ruben Roy told investors that the deal makes sense for Tsinghua and China, but not for Micron. If a takeover of Micron was based on the average valuation that companies in Micron's sector had received in takeover deals over the last 18 months, it would fetch a takeover price of $43 per share, Roy estimated. Micron and Tsinghua are more likely to reach an intellectual property sharing deal than complete a takeover transaction, according to Piper's analyst. On August 7, Drexel Hamilton analyst Richard Whittington downgraded Micron to Hold from Buy, stating that a PC unit refresh hasn't materialized and DRAM unit demand and pricing were trending below anticipated levels. Whittington cut his price target on Micron shares to $19. After Micron held its analyst meeting on August 14, analysts were divided in their responses. Right after the event, Wells Fargo upgraded Micron to Market Perform from Underperform, while pointing out that it still believes that the company is facing several risks, including falling prices for DRAM 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 at the meeting, according to Piper's Roy. 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, Roy said at that time. 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, who cut his rating on the shares to Neutral from Buy following the analyst day. Also during August, Baird downgraded Micron to Neutral, citing falling DRAM prices. On September 21, Barclays analyst Blayne Curtis started shares of Micron with an Overweight rating and $20 price target, saying he believed near-term risk from weak DRAM demand was priced into the stock at then-current levels. Earlier this week, Wells Fargo analyst David Wong upgraded Micron Technology to Outperform, saying current valuation levels provide upside potential. Wong cut his estimates for the company, however, citing the "ongoing slide" in DRAM pricing. Nonetheless, he thinks that memory industry financial dynamics have improved in recent years and keeps a $16-$19 price target range for Micron shares. PRICE ACTION: Over the last three months, shares of Micron have fallen about 22%. Ahead of its earnings report, Micron declined 2.3% to $14.64 in late day trading.
12:57 EDTAPAOptions with increasing put volume
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September 30, 2015
16:00 EDTINTCOptions Update; September 30, 2015
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10:49 EDTINTCWestern Digital surges on $3.78B investment from China's Unisplendour
Shares of Western Digital (WDC) surged in morning trading after the company said it Unisplendour will take a 15% stake in the U.S. data storage company. WHAT'S NEW: Western Digital and Unisplendour, a unit of China's Tsinghua Holdings, said they entered into a pact under which a Unis subsidiary will invest $3.78B in Western Digital, the companies said. Under the terms of the agreement, Unis will buy the shares at $92.50 each. Unisplendour will own 15% of Western Digital's outstanding shares after the purchase, and have the right to nominate one representative to Western Digital's board of directors, a right that terminates if Unis' ownership falls below 10%. Unis also agreed not to sell any of its Western Digital shares for five years. WHAT'S NOTABLE: In July, the Wall Street Journal reported that Tsinghua Unigroup, which is majority-owned Tsinghua Holdings, offered to buy Micron Technology (MU) for $23B. After several talks and meetings over the matter, Reuters reported on August 28 that Zhao Weiguo, chairman of Tsinghua Unigroup, met with Micron in an attempt to revive takeover talks, but a deal did not come to fruition. Tsinghua Holdings chairman Jinghong Xu said that his company was open to a partnership with Micron if an acquisition deal could not be reached, dealReporter said. Separately, in May, Hewlett-Packard (HPQ) announced that it would sell a 51% stake in its H3C business to Unisplendour for roughly $2.3B. PRICE ACTION: In morning trading, Western Digital shares are up 16.06% to $79.91. OTHERS TO WATCH: Micron, which reports quarterly earnings on Thursday, is up 5.25% to $15.10, HP is up 2.56% to $25.28, SanDisk (SNDK) is up 9.2% to $53.63, Intel (INTC) is up 3.56% to $30.28, and Seagate (STX) is up 5.5% to $44.10.
09:59 EDTINTCActive equity options trading on open
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September 29, 2015
16:00 EDTAPAOptions Update; September 29, 2015
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10:09 EDTAPAHigh option volume stocks
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10:00 EDTAPAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Apache (APA) upgraded to Overweight from Neutral at Simmons... Autoliv (ALV) upgraded to Neutral from Sell at Goldman... Bristol-Myers (BMY) upgraded to Buy from Neutral at UBS... Bunge (BG) upgraded to Outperform from Market Perform at BMO Capital... Cerner (CERN) upgraded to Outperform from Sector Perform at RBC Capital... Continental AG (CTTAY) upgraded to Conviction Buy from Buy at Goldman... Digital Realty (DLR) upgraded to Overweight from Sector Weight at KeyBanc... FTD Companies (FTD) upgraded to Buy from Neutral at Sidoti... Intermolecular (IMI) upgraded to Outperform from Market Perform at Northland... Johnson & Johnson (JNJ) upgraded to Buy from Hold at Deutsche Bank... LDR Holding (LDRH) upgraded to Outperform from Market Perform at Northland... Lincoln National (LNC) upgraded to Overweight from Neutral at Piper Jaffray... McDonald's (MCD) upgraded to Outperform from Neutral at Credit Suisse... Micron (MU) upgraded to Outperform from Market Perform at Wells Fargo... Nautilus (NLS) upgraded to Buy from Neutral at B. Riley... Nevsun Resources (NSU) upgraded to Outperform from Sector Perform at Scotia... Nexstar (NXST) upgraded to Buy from Hold at Jefferies... Omega Protein (OME) upgraded to Buy from Neutral at DA Davidson... Raytheon (RTN) upgraded to Buy from Neutral at UBS... Republic Airways (RJET) upgraded to Buy from Hold at Deutsche Bank... Swiss Re (SSREY) upgraded to Neutral from Underweight at JPMorgan... Thor Industries (THO) upgraded on positive trends, checks at BMO Capital... Verint (VRNT) upgraded to Outperform from Market Perform at William Blair.
09:03 EDTINTCHP updates entry-level workstation
HP (HPQ) announced the HP Z240 Tower and Z240 SFF Workstations with next generation Intel (INTC) processors and HP Z Turbo Drive options, raising the bar for entry-level workstations, while providing the reliability of a workstation at the price point of a desktop PC. The Z240 is the latest update to the world's No. 1 ranked entry-level workstation, the HP Z230. As HP's most affordable workstation, the Z240 is ideal for customers in the video editing, MCAD/AEC, education, public sector and image viewing industries.
08:58 EDTAPAApache upgraded to Overweight from Neutral at Simmons
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06:48 EDTINTCAMD stake sale talks with Silver Lake stalled, Bloomberg says
Advanced Micro Devices (AMD), a competitor of Intel (INTC), was in discussions to sell an approximate 25% stake to private equity firm Silver Lake Management before the talks were stalled, Bloomberg reports, citing people with knowledge of the matter. The two sides have put talks on hold after they failed to reach an agreement over price and strategy, the report says. AMD is looking into other strategic options, the report says. Reference Link
September 28, 2015
16:19 EDTSNOn The Fly: Top stock stories for Monday
Stocks on Wall Street were sharply lower as investors continue to worry about the health of China's economy and continue to flee the biotech sector. The iShares NASDAQ Biotechnology Index (IBB) was down 6.33% today and is down about 18.5% since September 21, when Democratic presidential candidate Hillary Clinton pledged to take action against the high prices of specialty drugs. Adding to the tentative mood among investors was noted investor Carl Icahn's preview for a presentation that will be made available on his site tomorrow, entitled "Danger Ahead." The preview includes several cautious comments that the billionaire has publicly made recently regarding his concerns about the high-yield bond market and the stock market. ECONOMIC EVENTS: In the U.S., personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. The pending home sales index fell 1.4% in August, missing expectations for it to have risen 0.4%. The Dallas Fed manufacturing outlook survey for September had a reading of -9.5, versus expectations for a reading of -10.0. In China, industrial profits plunged 8.8% in August, adding to the recent string of weak data from the Asian giant. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid about 2% to $112.44 following the announcement... Alcoa (AA) shares advanced 52c, or 5.73%, to $9.59 after the company announced that its board has approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new "Value-Add company" that will provide high-performance, multi-material products whose name will be announced at a later date... Biotech stocks continued recent declines, with Valeant (VRX) dropping 16.6% after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model, while Epizyme (EPZM) and NewLink (NLNK) fell a respective 27% and 21% after presenting data at the 2015 European Cancer Congress... Shares of both Energy Transfer Equity (ETE) and Williams (WMB) fell after they announced a combination deal valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the terms of their deal, an affiliate of ETE will acquire Williams at an implied current price of $43.50 per Williams share, the companies said. In late June, Energy Transfer Equity made a proposal to merge with Williams in an all-equity transaction valued at that time at $53.1B, including the assumption of debt and other liabilities. Under that prior merger proposal, ETE would have acquired all of the outstanding common stock of Williams at an implied price of $64 per Williams share, which represented a 32.4% premium to Williams' common share closing price as of June 19. Energy Transfer Equity shares closed down $2.95, or 12.69%, to $20.29 after announcing today's revised deal, while Williams dropped $5.03, or 12.09%, to close at $36.57. MAJOR MOVERS: Among the notable gainers was Republic Airways (RJET), which surged $2.38, or 81.8%, to $5.29 after announcing that the company and Teamsters Local 357 have reached a consensual tentative agreement on the terms of a new three-year contract for the 2,100 Republic pilots represented by the International Brotherhood of Teamsters. Also higher was Media General (MEG), which gained $2.49, or 22.3%, to $13.64 after Nexstar (NXST) proposed a cash-and-stock deal to acquire the company for $14.50 per share, which Media General said it would "carefully review." Additionally, Sanchez Energy (SN) rose 4.5% to $5.57 after agreeing to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. Among the noteworthy losers was Huntsman (HUN), which plunged $3.99, or 28.7%, to $9.92 after warning that headwinds would impact its third quarter earnings. Also lower were shares of Depomed (DEPO) and Horizon Pharma (HZNP), falling a respective 22% and 21%, after Depomed continued its criticism of Horizon's hostile takeover bid for the company. INDEXES: The Dow fell 312.78, or 1.92%, to 16,001.89, the Nasdaq lost 142.53, or 3.04%, to 4,543.97, and the S&P 500 dropped 49.57, or 2.57%, to 1,881.77.
13:01 EDTSNAnalyst says Sanchez Energy's asset sale to strengthen liquidity position
Shares of Sanchez Energy (SN) surged after the company said it plans to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. WHAT'S NEW: Sanchez Energy said it reached an agreement with Sanchez Production Partners under which SPP will acquire and operate certain midstream assets located on the Western part of its Catarina asset in the Eagle Ford Shale in South Texas for cash consideration of roughly $345M. As part of the divestiture, Sanchez Energy said it will sell roughly 150 miles of midstream gathering lines and associated midstream infrastructure concentrated in four gathering and processing facilities. The deal is expected to close in October. In a statement, Sanchez Energy chief Executive Officer Tony Sanchez III said the midstream sale "highlights our ability to capture the full spectrum of value in our asset base, raise capital outside of traditional markets and improve our financial flexibility." Sanchez Energy also confirmed this morning that its third quarter 2015 average production will "likely meet or exceed" the high end of the previous guidance range of 46,000-50,000 barrels of oil equivalent per day. The company said it is still confident that it can build a 20-30 well bank toward its 50-well per year drilling commencement at Catarina at its current rig count. WHAT'S NOTABLE: Affiliates of Pioneer Natural Resources (PXD) and Reliance Holding USA sold off pipelines and other midstream assets in the Eagle Ford to Enterprise Product Partners (EPD) in July for $2.15B to be paid in two installments, and Matador Resources (MTDR) recently sold off similar assets to EnLink Midstream Partners (ENLK) for $143M. Meanwhile, Sanchez Production Partners said it will recommend that the board of directors of its general partner approve a plan to start distributions at an initial annualized rate of $1.60 per share. STREET RESEARCH: Northland Capital Markets analyst Jeff Grampp said that the proceeds from the announced asset sale will strengthen Sanchez Energy's "already meaningful" liquidity position and set up the company well for opportunistic acquisitions. The analyst said that even though the company previously discussed the possible sale of midstream assets, the move's value capture is "meaningfully positive" and underappreciated by the market. Grampp reiterated an Outperform rating and $12 price target on the stock. PRICE ACTION: In midday trading, Sanchez Energy is up 5.82% to $5.64 and Sanchez Production Partners is up 88.89% to $8.84.
12:07 EDTSNSanchez Energy value capture from asset sale underappreciated, says Northland
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10:50 EDTINTCAnalyst more upbeat on Intel, downgrades Qorvo following trip to Asia
After traveling to Asia, Pacific Crest analyst Michael McConenell was more upbeat on the outlook for Intel (INTC), as well as smartphone chip makers Avago (AVGO) and Skyworks (SWKS). The analyst downgraded another smartphone chip maker, Qorvo (QRVO), to Sector Weight from Overweight, warning that the company's results may miss expectations down the road. BULLISH: Shipments of notebook computers appear set to exceed expectations by 5%-10% this month, after more of the devices seem to have been manufactured in August and September than in previous months, according to McConnell. Meanwhile, cloud customers are sparking a significant rebound in data centers' semiconductor demand, the analyst stated. Moreover, motherboard manufacturers say they are seeing increased demand for their products from desktop PC makers, the analyst stated. All of these trends bode well for Intel, indicated McConnell, who kept a $35 price target and Overweight rating on the shares. Demand for Avago's products appears to have remained healthy, given the company's low exposure to China and the strong demand for Apple's (AAPL) iPhone 6S devices, the analyst stated. Another research firm, Craig-Hallum, recently estimated that Avago generates $6.75 of revenue per iPhone 6S sold, up from the $6.50 it obtained from the previous generation of iPhones. Pacific Crest's McConnell kept a $180 price target and Overweight rating on the shares of Avago. Skyworks should benefit from strong near-term demand trends, driven by a shift to module architectures, McConnell contended. According to the analyst, the company's 2016 outlook is also strong. BEARISH: Analysts' "out-quarter estimates" for Qorvo are too high, as they expect the company to grow 8.4% each quarter, versus only 5.9% for Skyworks, McConnell stated. Qorvo is facing several headwinds, including struggles with a key customer, Chinese smartphone maker Xiaomi, and its inability to obtain more revenue per each iPhone sold, the analyst stated. These headwinds will probably prevent Qorvo from meeting analysts' expectations, warned McConnell. Additionally, the company will be hurt by the slowdown in the growth of the Chinese smartphone market, predicted the analyst, who cut his rating on the stock to Sector Weight from Overweight. PRICE ACTION: In morning trading, Intel rose 1.2% to $29.16, Avago dropped 1.7% to $124.56, Skyworks fell 3.6% to $84.58 and Qorvo declined 8.5% to $43.61.
07:39 EDTINTCIntel fundamentals improving, says Pacific Crest
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07:05 EDTSNSanchez Production Partners to recommend distributions of $1.60 per unit
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07:04 EDTSNSanchez Energy confirms Q3 average production to meet or exceed previous range
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07:03 EDTSNSanchez Energy to sell $345M in midstream assets
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