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Stock Market & Financial Investment News

News Breaks
June 2, 2014
11:08 EDTAVGO, QCOM, SWKS, BRCMBroadcom rises after plan to explore options for baseband unit
Shares of Broadcom (BRCM), which provides semiconductor solutions for wired and wireless communications, are rising this morning after the company said it will explore strategic alternatives for its cellular baseband business. WHAT'S NEW: Broadcom said it will explore strategic options for its cellular baseband business, including a possible sale or wind-down, and has hired hired JPMorgan (JPM) to assist. A sale or wind-down of the business would reduce expenses by about $700M, and the company said non-GAAP research and development and selling, general and administrative expenses are expected to be reduced by around $600M. Broadcom expects to reinvest about $50M of the savings on an annualized basis into projects in the broadband, infrastructure and connectivity businesses, it noted. WHAT'S NOTABLE: In conjunction with the announcement, Broadcom updated its second quarter outlook. It still sees Q2 revenue of $2B-$2.1B, against analysts' consensus estimates of $2.05B, and it now expects both GAAP and non-GAAP product gross margin to be at or above the high end of its previously-guided range, driven principally by mix. The company's previous adjusted product gross margin view was for an increase of 75 basis points to 175 basis points. ANALYST REACTION: Sterne Agee thinks the wind down of the Broadcom unit improves the positioning of peer Qualcomm (QCOM) and the firm also expects that rivals Avago (AVGO) and Skyworks (SWKS) will benefit from Broadcom's move. PRICE ACTION: Broadcom is trading up $2.61, or 8.2%, to $34.49 in late-morning trading. Meanwhile, Qualcomm is up modestly to $80.32, Avago is up fractionally to $70.99 and Skyworks is down 0.5% to $43.09.
News For BRCM;QCOM;AVGO;SWKS From The Last 14 Days
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August 25, 2015
07:30 EDTAVGO, AVGOAvago upgraded to Buy from Outperform at CLSA
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August 24, 2015
18:02 EDTSWKSS&P 500 enters correction territory amid global growth concerns
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10:17 EDTQCOMQualcomm upgraded to Buy from Hold at Standpoint Research
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09:45 EDTQCOMOn The Fly: Analyst Initiation Summary
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09:45 EDTAVGOOn The Fly: Analyst Downgrade Summary
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09:27 EDTAVGOAvago downgraded to Sell from Hold at Drexel Hamilton
Drexel Hamilton downgraded Avago (AVGO) to Sell and reduced its price target to $95 from $125. The firm said Broadcom (BRCM) acquisition will require large amounts of debt and financing will be difficult given the situation in the capital markets.
08:54 EDTQCOMQualcomm coverage resumed with a Buy at Goldman
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06:22 EDTQCOM, AVGO, BRCMTSMC pursuing 16nm chip orders, DigiTimes reports
According to market sources, DigiTimes reports that TSMC (TSM) has been "actively" seeking 16nm FinFET chip orders. In addition to securing a portion of Apple's (AAPL) A9 chip orders, TSMC has also received orders from AMD (AMD), Broadcom (BRCM), LG, Nvidia (NVDA) and Avago (AVGO), the sources say, noting that TSMC failed to maintain orders for Qualcomm's (QCOM) flagship mobile chips, as it has placed orders for the Snapdragon 820 series with Samsung (SSNLF). Reference Link
August 21, 2015
16:21 EDTQCOMOn The Fly: Top stock stories for Friday
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13:41 EDTQCOMAmbarella sinks after supremacy in drone technology challenged by Qualcomm
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12:53 EDTQCOMAmbarella competition in drones not a surprise, says Canaccord
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11:12 EDTQCOMQualcomm reportedly to enter consumer drone market
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10:50 EDTQCOMCitron says next stop $70 for shares of Ambarella
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09:19 EDTQCOMQualcomm to enter consumer drone market, Re/code reports
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August 20, 2015
10:00 EDTBRCMOn The Fly: Analyst Downgrade Summary
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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.
August 19, 2015
06:18 EDTQCOMQualcomm exec among casualties in midair plane crash, AP reports
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05:50 EDTSWKSStocks with implied volatility movement; SWKS CNX
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August 18, 2015
05:55 EDTQCOMQualcomm to supply all modem chips for next iPhone, DigiTimes reports
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August 17, 2015
10:55 EDTBRCMOptions with increasing implied volatility
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