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Stock Market & Financial Investment News

News Breaks
January 10, 2014
11:33 EDTAPOL, SVU, INFY, MU, PCYCOptions with decreasing implied volatility: APOL SVU INFY MU PCYC
News For APOL;SVU;INFY;MU;PCYC From The Last 14 Days
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October 10, 2014
13:08 EDTMUOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
11:18 EDTINFYOptions with decreasing implied volatility
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11:13 EDTMUMicrochip not relevant to DRAM, NAND, says Summit Research
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10:58 EDTMUMicron falls with peers, levels to watch
The shares are down more than 7.5% to $28.30 at time of writing, just off the lows of the session at $27.59 which is now support. Resistance is at $28.78.
10:29 EDTMUMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTMUSemiconductors defended at Sterne Agee
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08:32 EDTINFYInfosys reports Q2 EPS 89c, consensus 81c
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05:40 EDTINFYInfosys board approves bonus issue of one share for every share held
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05:36 EDTINFYInfosys maintains FY15 reveneue growth outlook 7%-9%
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05:35 EDTINFYInfosys reports Q2 EPS 89c, consensus 81c
Reports Q2 revenue $2.2B, consensus $2.2B. Infosys and its subsidiaries added 49 clients and 14,255 employees during the quarter.
October 9, 2014
14:56 EDTINFYInfosys technical comments ahead of earnings
The shares have outperformed in the past three months, with a decidedly bullish trend. At the current price of $59.45 the stock is not terribly far from its 52-week high at $63.20. This would likely be a level to be tested on better than expected results. If the news is sufficiently positive, it could lead to an additional breakout above the high with resistance at $65.04. If the news disappoints significantly, there is only a moderate percentage of the float short so there would be less buy-to-cover benefit. Over the past three years the $60 area has been tough resistance and disappointing results have lead to significant drops from that level. On an increasing band of negative surprises, support below would be at $57, $55.17, and $51.43 on an extreme move. The 52-week low is at $50.06.
14:09 EDTINFYInfosys October 60 straddle priced for 6.1% move into Q2
12:46 EDTAPOLDoE policy changes a negative for select Education stocks, says Deutsche Bank
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October 8, 2014
11:42 EDTMUStocks with call strike movement; AA MU
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10:00 EDTMUOn The Fly: Analyst Initiation Summary
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07:43 EDTMUMicron initiated with a Neutral at Ladenburg
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October 7, 2014
10:56 EDTPCYCOptions with increasing implied volatility
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10:37 EDTINFYInfosys downgraded to Neutral from Buy at Citigroup
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07:39 EDTPCYCFDA PDUFA Date for Pharmacyclics Imbruvica is October 7, 2014
October 6, 2014
08:27 EDTMUMicron lower in pre-market after Samsung plant plans confirmed
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