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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 18, 2014
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 EDTQCOM, BRCMIntel 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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July 14, 2014
10:00 EDTQCOMOn The Fly: Analyst Downgrade Summary
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10:00 EDTAVGOOn The Fly: Analyst Upgrade Summary
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09:14 EDTSWKSSemiconductor top picks at Topeka
Topeka's anticipates strong unit growth in the smartphone, tablet and wearable end markets and recommends exposure to large/mid cap growth names Intel (INTC), Skyworks (SWKS), Atmel and (ATML), small cap growth name, Rambus (RMBS), and value names Freescale (FSL), Spansion (CODE) and Silicon Motion (SIMO).
08:16 EDTQCOMQualcomm downgraded to Neutral from Strong Buy at ISI Group
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06:14 EDTAVGOAvago resumed with a Buy from Neutral at Citigroup
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July 11, 2014
12:46 EDTQCOMQualcomm downgraded to Buy from Strong Buy at Tigress Financial
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10:00 EDTQCOMOn The Fly: Analyst Downgrade Summary
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09:09 EDTQCOMOn The Fly: Pre-market Movers
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07:36 EDTQCOMQualcomm downgraded to Buy from Conviction Buy at Goldman
Goldman removed Qualcomm from the Conviction Buy List as it does not expect material near-term upside to Street estimates sees some risk of downside. The firm trimmed estimates for both the June and September quarters due to weaker handset demand but maintains its Buy rating and $95 price target based on relative valuation and growth profile.
07:35 EDTQCOMQualcomm questioned again in Chinese anti-trust probe, Xinhua says
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