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Stock Market & Financial Investment News

News Breaks
January 17, 2014
10:50 EDTBEAM, WEN, FWLT, SWKS, ENDPOptions with decreasing implied volatility: BEAM WEN FWLT SWKS ENDP
News For BEAM;WEN;FWLT;SWKS;ENDP From The Last 14 Days
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October 14, 2014
08:04 EDTSWKSSkyworks raises Q4 EPS view to $1.08 from $1.00, consensus $1.01
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08:03 EDTSWKSSkyworks raises EPS, revenue outlook for Q4
07:31 EDTFWLTFoster Wheeler awarded contract from PEMEX
Foster Wheeler announced that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by PEMEX REFINACIÓN for an ultra-low sulfur diesel project at the Salina Cruz refinery, Oaxaca, Mexico. Foster Wheeler’s scope of work, which also includes start-up and testing, is scheduled to be completed in 2018. The Foster Wheeler contract value was not disclosed. The initial release of work, relating to detailed design and the procurement of long-lead items, will be included in the company’s Q3 bookings. The balance of the agreed workscope is expected to be released in FY15. The investment in the Salina Cruz refinery, in excess of $500M, is part of a clean fuels program being implemented by PEMEX as a result of the country’s recent Energy Reform. The objective of the program is to significantly reduce the sulfur content of diesel produced from 500 to 15 parts per million.
October 13, 2014
14:11 EDTSWKSSkyworks should report a strong quarter, says Rosenblatt
Rosenblatt remains positive on Skyworks given iPhone exposure and expects a strong quarterly report. The firm's Taiwanese foundries checks suggest continued order strength from Skyworks for Q4 despite some sights that overall PA orders will slow for quarter.
10:08 EDTENDPOn The Fly: Analyst Upgrade Summary
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06:41 EDTENDPEndo upgraded to Hold from Sell at Cantor
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06:11 EDTSWKSSkyworks implied volatility of 59 at upper end of index mean range
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October 10, 2014
10:29 EDTSWKSMicrochip 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.
10:01 EDTENDPOn The Fly: Analyst Upgrade Summary
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05:50 EDTENDPEndo upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray upgraded Endo (ENDP) to Overweight with an $84 price target citing an improved asset base following the takeover of Auxilium (AUXL).
05:47 EDTENDPAuxilium downgraded to Neutral from Buy at Mizuho
Mizuho downgraded Auxilium (AUXL) to Neutral following the company's agreement to be acquired by Endo (ENDP). The firm expects shareholders to approve the deal and does not expect a competing bid.
October 9, 2014
09:20 EDTENDPOn The Fly: Pre-market Movers
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09:00 EDTENDPEndo says its not in position to give FY15
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08:49 EDTENDPEndo sees low-double digit revenue growth with Auxilium portfolio
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08:37 EDTENDPEndo expects Auxilium acquisition immediately accretive post close
Endo (ENDP) says the deal will provided expected annual run rate synergies of up to $175M by the first year after closing versus Auxilium's (AUXL trailing 12-month actuals as of June 30. Says synergies include Auxilium's $75M reduction in annual operating expenses previously announced. Says the deal is expected to "significantly'" enhance Endo's branded pharmaceutical business with the addition of Auxilium's men's health products and development portfolio. Says the agreement is designed to "accelerate growth" and maximize value of Auxilium's products by leveraging strengths of combined company. Says combined company will be "well positioned" to drive organic growth for branded pharmaceutical business. Says deal creates a "strong" margin profile and an enhanced near-and long-term revenue growth profile. Comments taken from the company's slide presentation regarding its combination with Auxilium.
07:49 EDTENDPEndo and Auxilium host a joint conference call
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06:32 EDTENDPEndo to acquire Auxilium in cash, stock transaction for approximately $2.6B
Endo (ENDP) and Auxilium Pharmaceuticals (AUXL) announced that they have entered into a definitive agreement under which Endo will acquire all of the outstanding shares of common stock of Auxilium for a per share consideration of $33.25 in a cash and stock transaction. The boards of both companies have unanimously approved the transaction, which is valued at $2.6B, including the repayment and assumption of debt. The transaction will include an election mechanism for Auxilium stockholders to elect cash and stock, all-stock or all-cash consideration, subject to proration in accordance with the terms of the definitive agreement. The per share consideration represents a premium of 55% to Auxilium's closing price on September 16, the day Endo made public its proposal for Auxilium. Subject to aggregate cash and equity consideration limits, Auxilium stockholders may elect one of three options with respect to transaction consideration: 100% equity which equates to 0.488 Endo shares per Auxilium share, 100% cash which equates to $33.25 per Auxilium share or a standard election of an equal mix of $16.625 in cash and 0.244 Endo shares per Auxilium share. The total cash consideration will not exceed 50% of the total equity value and the equity consideration will not exceed 75% of the total equity value. The transaction is expected to close in 1H15 and is subject to the approval of Auxilium's stockholders, regulatory approval in the U.S. and certain other jurisdictions, and other customary closing conditions.
06:31 EDTENDPEndo to acquire Auxilium in cash, stock transaction for approximately $2.6B
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October 7, 2014
10:17 EDTSWKSSamsung outlook miss weighs on suppliers
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October 6, 2014
07:42 EDTSWKSSkyworks well positioned to benefit from iPhone upgrade cycle, says Canaccord
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