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Stock Market & Financial Investment News

News Breaks
June 2, 2014
11:08 EDTBRCM, QCOM, AVGO, SWKSBroadcom 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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July 21, 2014
07:55 EDTBRCM Broadcom July weekly volatility elevated into Q2 and outlook
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July 18, 2014
12:42 EDTSWKSOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory and have remained there throughout the morning. The averages moved in a narrow range for most of the opening hour of the session but spurted to higher levels during the second hour. Investors appear to be using yesterday’s sell-off as a buying opportunity, despite the ongoing events in Russia and Israel that largely contributed to yesterday’s action. ECONOMIC EVENTS: The first release of the University of Michigan consumer sentiment index for July fell to 81.3 after ending June with an 82.5 reading. The leading economic indicator index rose 0.3% to 102.2, which was a bit below the forecast for an increase of 0.5%. COMPANY NEWS: Class A shares of Google (GOOGL) advanced over 3% after the search giant reported quarterly revenue that beat expectations last night. Following its report, at least three Wall Street research firms raised their price targets on the stock, while noted tech analyst Collin Gillis of BGC Financial upgraded the stock to Buy from Hold... Dow component General Electric (GE) reported second quarter EPS of 39c, matching the consensus forecast, and revenue that just missed the consensus view of analysts. The company also reported that it is targeting the initial public offering of IPO of Synchrony Financial (SYF), its North American Retail Finance business, for July. In the IPO, Synchrony is offering 125M shares of its common stock, which will be listed on the New York Stock Exchange under the symbol “SYF,” and anticipates that the IPO price of the shares will be between $23.00 and $26.00 per share... Another Dow member, IBM (IBM), fell 0.4% after reporting adjusted Q2 earnings per share and revenue that beat expectations. Afterward, Cantor said it thinks the worst is over for the company and reiterated its Buy rating on the shares, though Societe Generale downgraded IBM to Sell from Hold and Credit Suisse said IBM continues to be driven by less revenue growth and kept its Underperform rating and $160 price target on Big Blue's stock. MAJOR MOVERS: Among the notable gainers was Skyworks (SWKS), which gained 14% after reporting third quarter results and fourth quarter guidance above analyst estimates and seeing no less than five analyst firms raise their price targets on its stock. Also higher was Gentiva Health (GTIV), which rose 14% after it announced that its board unanimously determined to reject the partial tender offer from Kindred Healthcare (KND) to acquire 14.9% of the outstanding shares of Gentiva for a price of $16.00 per share in cash and disclosed that it has received a $17.25 per share, all-cash takeover proposal from a "recognized owner, operator and investor in the sector." After the announcement, shares of Kindred fell 2%. Also lower following their earnings reports were RealPage (RP), which fell over 21%, and Advanced Micro Devices (AMD), which dropped nearly 18%. INDEXES: Near midday, the Dow was up 107.05, or 0.63%, to 17,083.86, the Nasdaq was up 57.98, or 1.33%, to 4,421.43, and the S&P 500 was up 17.04, or 0.87%, to 1,975.16.
11:42 EDTBRCMAMD plummets after profit miss, analyst downgrades
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10:48 EDTSWKSHigh option volume stocks
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10:33 EDTSWKSSkyworks price target raised to $62 from $56 at Craig-Hallum
Craig-Hallum increased its price target on Skyworks (SWKS) after the company's Q3 results surpassed its guidance, and the company issued guidance for its September quarter that the firm views as strong. The firm thinks the company's annual EPS is moving towards $5. It expects the company to benefit from the launch of Apple's (AAPL) iPhone 6 and the recent popularity of Internet of Things devices. Craig-Hallum thinks the shares look cheap and reiterates a Buy rating on the shares.
10:11 EDTQCOMQualcomm July weekly volatility elevated into Q3 and revenue outlook
Qualcomm July weekly call option implied volatility is at 32, August is at 20, September, October and January is at 17; compared to its 26-week average of 20 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on July 23.
09:24 EDTSWKSOn The Fly: Pre-market Movers
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08:48 EDTSWKSSkyworks price target raised to $65 from $55 at Oppenheimer
Oppenheimer increased its price target on Skyworks after the company reported stronger than expected results and guidance. The firm called the company's results and guidance "exemplary." It reiterates an Outperform rating on the shares.
08:23 EDTSWKSSkyworks price target raised to $60 from $50 at JMP Securities
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08:01 EDTSWKSSkyworks price target raised to $55 form $51 at Canaccord
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07:29 EDTSWKSSkyworks price target raised to $58 from $54 at Brean Capital
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July 17, 2014
18:31 EDTSWKSOn The Fly: After Hours Movers
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16:58 EDTSWKSSkyworks sees Q4 EPS $1.00, consensus 87c
Sees Q4 revenue $680M, consensus $608.11M.
16:56 EDTSWKSSkyworks reports Q3 EPS 83c, consensus 80c
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15:26 EDTSWKSNotable companies reporting after market close
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July 16, 2014
11:29 EDTBRCM, QCOMIntel hits 52-week high after results beat estimates
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July 15, 2014
10:15 EDTSWKSSkyworks expect Q3 guidance of $622M vs. consensus of $606M, says Rosenblatt
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08:06 EDTSWKSSkyworks Q4 guidance poised to beat expectations, says Oppenheimer
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07:50 EDTQCOMQualcomm estimates adjusted to reflect inventory transition, says Canaccord
Canaccord adjusted its estimates for Qualcomm to reflect an ongoing inventory transition in China from 3G to 4G devices. The firm continues to expect strong growth of smartphones, the upgrade to new air interface technologies, and strong market share gains to drive sales and earnings growth. Qualcomm shares are Buy rated with a $95 price target.
06:11 EDTQCOMSamsung, HiSilicon to sell more handset solutions to vendors, DigiTimes says
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