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Stock Market & Financial Investment News

News Breaks
August 13, 2014
17:38 EDTINTC, AVGOAvago to sell Axxia Networking Business to Intel for $650M
Avago (AVGO) and Intel (INTC) signed a definitive agreement for Intel to acquire LSI's Axxia Networking Business and related assets for $650M in cash. The transaction is expected to close in Q4. LSI's Axxia Networking Business is being divested from Avago following the recent completion of Avago's acquisition of LSI. The Axxia Networking Business generated revenues of $113M in calendar 2013 and employs approximately 650 people.
News For AVGO;INTC From The Last 14 Days
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February 26, 2015
07:10 EDTAVGOAvago price target raised to $135 from $115 at Pacific Crest
Pacific Crest increased its price target on Avago (AVGO) after the company reported higher than expected EPS and in-line revenue. The firm is upbeat on the company's acquisition of Emulex (ELX), calling it "another accretive gem." Pacific Crest keeps an Outperform rating on Avago.
07:02 EDTAVGOAvago price target raised to $135 from $115 at Deutsche Bank
Deutsche Bank raised its price target for Avago to $135 citing the company's "impressive" revenue growth and operating leverage following its Q1 results. It reiterates a Buy rating on the stock.
06:30 EDTINTCARM Holdings looking to expand to Internet of Things, servers, WSJ reports
ARM Holdings (ARMH) is trying to break into the nascent Internet of Things market and the server segment, according to The Wall Street Journal. In the server market, ARM is looking to take share from Intel (INTC), the newspaper stated. Reference Link
06:26 EDTINTCCiti sees downside risk to consensus estimates for Intel
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06:22 EDTAVGOAvago price target raised to $131 from $110 at Citigroup
Citigroup raised its price target for Avago Technologies (AVGO) to $131 saying the acquisition of Emulex (ELX) will help margin expansion. Citi says it does not view Avago as a wholly derivative play on Apple (AAPL) and it expects the company's diversification into end markets like storage and later auto to drive multiple expansion. Avago remains Citi's top specialty semiconductor pick following its Q4 results.
February 25, 2015
18:24 EDTAVGOOn The Fly: After Hours Movers
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17:37 EDTAVGOQLogic rallies after Avago says purchasing Emulex for $8 per share
Shares of QLogic (QLGC) are higher in the extended session after peer Emulex (ELX) agreed to be bought for $8 per share in cash by Avago Technologies (AVGO). WHAT'S NOTABLE: Emulex and QLogic both make products for network infrastructure. After the close, Avago Technologies (AVGO) and Emulex Corporation (ELX) announced that they have entered into a definitive agreement under which Avago will acquire Emulex in an all-cash transaction valued at approximately $606M. Under the terms of the agreement, which has been approved by the boards of both companies, a subsidiary of Avago will commence a tender offer for all of the outstanding shares of Emulex common stock for $8 per share in cash. Avago expects to fund the transaction with cash available on its balance sheet. PRICE ACTION: Shares of Emulex are higher by almost 25%, while QLogic shares are up almost 5% in extended trading. Avago is up almost 6% to $118.56.
16:20 EDTAVGOAvago sees Q2 revenue down 3% to up 1% sequentially
Consensus $1.54B. Sees Q2 non-GAAP gross margin 58.5% plus/minus 1%. Capital expenditures for Q2 are expected to be approximately $180M.
16:18 EDTAVGOAvago reports Q1 gross margin from continuing operations 59%
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16:18 EDTAVGOAvago reports Q1 EPS $2.09, consensus $1.94
Reports Q1 revenue $1.64B, consensus $1.64B. Q1 gross margin was $826M, or 51% of net revenue.
16:12 EDTAVGOAvago to acquire Emulex for $8 per share in cash
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16:10 EDTAVGOAvago to acquire Emulex for $8 per share in cash
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15:26 EDTAVGOAvago technical comments before earnings
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15:05 EDTAVGONotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include salesforce.com (CRM), consensus 14c... Avago Technologies (AVGO), consensus $1.94... L Brands (LB), consensus $1.80... Workday (WDAY), consensus (6c)... BioMarin (BMRN), consensus (59c)... Concho Resources (CXO), consensus 84c... Antero Resources (AR), consensus 28c... Medivation (MDVN), consensus $1.34... Transocean (RIG), consensus 77c... Sprouts Farmers Market (SFM), consensus 9c... SINA Corporation (SINA), consensus 18c.
10:34 EDTINTCHP slide after currency driven guidance cut called buying opportunity
The shares of Hewlett-Packard (HPQ) are falling after the company reported lower than expected first quarter revenue and sharply lowered its free cash flow guidance and cut its fiscal year profit view. However, analysts at Citigroup, Bernstein, and Brean Capital all recommended buying the stock on weakness in separate notes to investors today. BACKGROUND: HP reported slightly higher than expected Q1 profits, but its revenue came in below expectations. The company sharply lowered its fiscal 2015 free cash flow guidance to $3.5B-$4B from its previous outlook of $6.5B-$7B. The tech giant also lowered its fiscal 2015 EPS guidance to $3.53-$3.73 from its previous outlook of $3.83-$4.30. "While we were able to manage the impact of currency in the quarter and deliver earnings as expected, we believe the impact on FY15 will be significantly greater than we anticipated in November. We'll work hard to offset these impacts through re-pricing and productivity, but fully mitigating currency movements of this size would require reducing investments and mortgaging our future. We won't do that," said HP CEO Meg Whitman. ANALYST REACTION: The decline in HP's EPS guidance was entirely due to foreign currency fluctuations, while most of the cut in its free cash flow guidance was caused by one-time costs related to the upcoming split of HP into two separate companies, Citi analyst Jim Suva stated. Most of the company's businesses "continue to perform well or at least make progress," wrote Suva. The decline in the stock has created an attractive entry point for investors who are looking to own the shares in order to benefit from the break-up, according to the analyst. He kept a Buy rating on the shares. Bernstein analyst A.M. Sacconaghi was less upbeat on HP's outlook, but also recommended buying the shares on today's weakness. Although revenue estimates for HP may be too high, the stock's valuation remains attractive, as it is the second least expensive tech stock in the S&P 500, according to Sacconaghi, who believes the shares are worth $45-$50. Cautioning that HP's stock is likely "to be in the penalty box" in the near-term, Sacconaghi nonetheless believes that the shares could get a significant boost when the company provides more information about its spin-off. He recommended that investors buy the stock on today's weakness and kept an Outperform rating on the shares. HP's fundamentals haven't changed, as the company continues to expect its revenue to remain flat in fiscal 2015, and it has not changed its capital return guidance, Brean Capital analyst Ananda Baruah stated. The company also continues to expect free cash flow of at least $5B-$6B in 2016 and beyond, Baruah added. Moreover, HP's share repurchases are unlikely to be significantly reduced as a result of the decline in its free cash flow guidance, the analyst predicted. Baruah recommended buying the stock on today's weakness and kept a $45 price target and Buy rating on the shares. PRICE ACTION: In early trading, HP fell 9.5% to $34.84. OTHERS TO WATCH: Other large cap PC levered names are also weak in morning trading after HP's report last night, with Microsoft (MSFT) down 0.25% and Intel (INTC) down 1.2%.
09:25 EDTINTCCisco, Apple among U.S. names cut from China state buying list, Reuters says
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07:27 EDTINTCThe Linley Group to hold a conference
Linley Data Center Conference 2015 is being held in Santa Clara, California on February 25-26.
February 23, 2015
09:59 EDTINTCOn The Fly: Analyst Initiation Summary
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08:46 EDTINTCIntel initiated with an Outperform at Exane BNP Paribas
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08:29 EDTAVGOAvago shares should be bought ahead of earnings, says Pacific Crest
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