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News Breaks
December 30, 2012
12:54 EDTGSIT, CYITC reviewing 'Initial Determination' in Cypress GSI Tech patent case
Late Friday, Cypress Semiconductor (CY) announced that the International Trade Commission, ITC, has agreed to review the entire Initial Determination issued by Chief Administrative Law Judge Charles E. Bullock in the pending patent case between Cypress and GSI Technology (GSIT). Cypress has asserted that GSI SRAMs infringe multiple Cypress patents. The Commission also remanded the case back to Judge Bullock for a ruling on the validity and the enforceability of Cypress’s patents. After Judge Bullock completes his ruling, the Commission will review his initial findings on non-infringement as well as his rulings on validity and enforceability.
News For CY;GSIT From The Last 14 Days
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May 28, 2015
08:09 EDTCYIntegrated Silicon provides update on acquisition discussions
Integrated Silicon (ISSI) provided an update on its discussions regarding the unsolicited offer from Cypress Semiconductor (CY) proposing to acquire all of the outstanding common stock of ISSI for $19.75 per share in cash and on the status of the pending acquisition of ISSI by Uphill Investment Co. for $19.25 per share in cash pursuant to the Agreement and Plan of Merger dated as of March 12, 2015. As previously announced, upon receiving the Cypress offer, the ISSI board determined in good faith, after consultation with ISSI's financial advisor and outside legal counsel, that the Cypress offer either constitutes or is reasonably expected to lead to a Superior Proposal, and that the failure to participate or engage in discussions or negotiations with Cypress and/or furnish information to Cypress would reasonably be expected to be inconsistent with its fiduciary duties to the company stockholders under Delaware Law. Following the ISSI Board determination, ISSI and Cypress executed a confidentiality agreement on May 19, 2015 and Cypress has been conducting due diligence since such date. In connection with this due diligence, ISSI management has met several times with Cypress management and ISSI has provided Cypress with access to an electronic data-room containing requested documents. ISSI intends to continue to cooperate with Cypress with respect to due diligence subject to the terms of the Uphill Agreement and applicable law. There can be no assurance as to the outcome of any discussions with Cypress, including whether such discussions will result in any transaction or what the terms of such transaction will be. The objective of the ISSI Board is to maximize stockholder value consistent with its fiduciary duties under applicable law.As a result of the ongoing discussions and due diligence with Cypress and the lack of a quorum, ISSI is announcing a delay in its Special Meeting of Stockholders which was scheduled to be held on June 3, 2015. ISSI plans to announce a new meeting date as soon as practicable. ISSI is continuing to comply with the terms of the Uphill Agreement. In particular, Uphill made a pre-filing with CFIUS on May 19, 2015 and plans to make a formal submission as soon as practical. In addition, the restructuring of ISSI's operations in Taiwan is progressing. Pending the outcome of the discussions with Cypress and the satisfaction of the conditions to closing in the Uphill Agreement, the transaction is still expected to close in the third calendar quarter of 2015.
May 26, 2015
13:30 EDTCYCypress Semiconductor management to meet with Needham
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May 22, 2015
10:38 EDTCYMizuho says buy NXP, Micron, ON Semi
Mizuho Securities initiated coverage of a number of chip makers in a note to investors last night. Among its recommendation in the space, NXP Semiconductors (NXPI), Micron (MU), and ON Semiconductor (ON) were called out with Buy ratings. NXP: NXP Semiconductors dominates the mobile payment market with its NFC products, Mizuho analyst Vijay Rakesh wrote. The company's NFC chips are used in Apple's (AAPL) Apple Pay and NXP has a strong mobile payment ecosystem in China, the analyst explained. NXP Semiconductors is also a leader in providing chips used to enhance credit card security, as its Chip+Pin system has a 75% share of the global market and is in the process of being deployed in the U.S, according to Rakesh. Going forward, NXP's growth should be driven by the automotive products of Freescale, which the company acquired earlier this year, the analyst stated, adding that NXP should derive strong synergies and cash flow from the deal. He set a $140 price target on the stock. MICRON: Sales of flash memory device maker Micron's DRAM products should be boosted by a PC rebound in the second half of this year, according to Rakesh. Additionally, the company's new CFO could make its actions more predictable, pleasing investors, the analyst stated. ON: ON Semiconductor should benefit from its acquisition of Aptina, which gave ON a significant presence in the Advanced Driver Assistance Systems, or ADAS, market, Rakesh believes. ADAS is likely to grow rapidly around the world, driven by mandates, the analyst predicted. A second positive catalyst for ON will be the proliferation of wireless charging, added the analyst, who set a $16 price target on the shares. PRICE ACTION: In early trading, NXP rose nearly 1% to trade nearly $108, Micron gained 2.6% to $27.61, and ON was fractionally higher. Other semiconductor makers initiated with Buy ratings by the firm include Skyworks (SWKS), Synaptics (SYNA), Avago (AVGO) and Cypress Semiconductor (CY).
09:58 EDTCYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Allison Transmission (ALSN) initiated with a Buy at Stifel... Avago (AVGO) initiated with a Buy at Mizuho... Blackstone (BX) initiated with a Positive at Susquehanna... Cellectis (CLLS) initiated with an Outperform at Oppenheimer... Cypress Semiconductor (CY) initiated with a Buy at Mizuho... Esperion (ESPR) initiated with a Sell at Chardan... H&R Block (HRB) initiated with an Overweight at Piper Jaffray... Horizon Pharma (HZNP) initiated with an Outperform at Leerink... M/A-COM (MTSI) initiated with a Buy at Goldman... Meritor (MTOR) initiated with a Hold at Stifel... Micron (MU) initiated with a Buy at Mizuho... Monster Worldwide (MWW) initiated with a Neutral at Piper Jaffray... NXP Semiconductors (NXPI) initiated with a Buy at Mizuho... National Storage (NSA) initiated with a Sector Weight at KeyBanc... ON Semiconductor (ON) initiated with a Buy at Mizuho... Qorvo (QRVO) initiated with a Buy at Goldman... SanDisk (SNDK) initiated with a Neutral at Mizuho... Sharps Compliance (SMED) initiated with a Buy at Stifel... Skyworks (SWKS) initiated with a Buy at Mizuho... StemCells (STEM) initiated with a Buy at Cantor... Synaptics (SYNA) initiated with a Buy at Mizuho... Synergy Pharmaceuticals (SGYP) initiated with a Buy at Canaccord... Texas Instruments (TXN) initiated with a Neutral at Mizuho... TriNet (TNET) initiated with a Neutral at Piper Jaffray... Vascular Biogenics (VBLT) initiated with a Buy at Roth Capital... Verifone (PAY) initiated with an Outperform at Imperial Capital... uniQure (QURE) initiated with an Outperform at Oppenheimer.
May 21, 2015
18:49 EDTCYOn The Fly: After Hours Movers
UP AFTER EARNINGS: Hewlett-Packard (HPQ), up 1%. ALSO HIGHER: Autobytel (ABTL), up 14.1% after acquiring Dealix Corporation and Autotegrity from CDK Global (CDK) for $25M and raising fiscal 2015 guidance... StemCells (STEM), up 2.5% after being initiated with a Buy at Cantor... PTC Therapeutics (PTCT), up 2.3% after a Benefit Assessment by Germany's Federal Joint Committee indicated that Translarna provided a benefit for ambulatory patients... CBOE Holdings (CBOE), up 1.6% after raising share repurchase authorization by $100M... Cypress Semiconductor (CY), up 1.2% after being initiated with a Buy at Mizuho. DOWN AFTER EARNINGS: Aeropostale (ARO), down 18.5%... Brocade (BRCD), down 2.1%... Marvell Technology (MRVL), down 2.9% after reporting quarterly results and departure of CFO. ALSO LOWER: Otonomy (OTIC), down 17.7% following report of Phase 2b topline data for OTO-104... Viggle (VGGL), down 18.8% after filing to sell common stock... CEL-SCI (CVM),down 2.7% after announcing a proposed offering of common stock and warrants.
16:15 EDTCYCypress Semiconductor initiated with a Buy at Mizuho
Target $23.
May 19, 2015
19:31 EDTCYStarboard issues letter to Integrated Silicon, says may seek board replacement
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May 18, 2015
16:28 EDTCYCypress Semiconductor sends letter to CFO of Integrated Silicon Solution
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