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Stock Market & Financial Investment News

News Breaks
April 16, 2014
10:51 EDTDLLR, FAST, INTCOptions with decreasing implied volatility: DLLR FAST INTC
News For DLLR;FAST;INTC From The Last 14 Days
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October 10, 2014
13:08 EDTINTCOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. 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. Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
10:43 EDTFASTFastenal says will not give Q4 guidance
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10:29 EDTINTCMicrochip 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.
10:19 EDTFASTFastenal expects "good" sequential growth going into FY15
Says believes expense growth going forward looks "much better." Believes the company has a lot of opportunity in the next 4-12 quarters to reduce working capital needed for inventory and says it is getting better at using inventory. Says margins appear more stable now than they were earlier in the year. Says if the economy stays steady, the company is in a good profit position. Aims to grow average store size and obtaining top-line growth. Says expense growth "looks good." Says there are "lots of gives and takes in margin" right now. Says Fastener growth has rebound. Says trends year-to-date in the company's overall business are "quite strong" as 2015 approaches. Says heavy equipment operations have stabilized. Says has potential to initiate share buybacks. Comments made during the company's Q3 earnings conference call.
10:16 EDTINTCIntel falls with semiconductor peers, levels to watch
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09:38 EDTINTCActive equity options trading on open
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07:56 EDTINTCIntel Q3 results may be near-term catalyst, says Stifel
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07:47 EDTFASTFastenal cuts view of 'normal' gross profit range to 51%-52%
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06:54 EDTFASTFastenal reports July sales growth up 14.7%, August sales growth up 15%
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06:52 EDTFASTFastenal: Sales growth greatest driver of long-term operating profit gains
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06:50 EDTFASTFastenal reports Q3 EPS 45c, consensus 45c
Reports Q3 revenue $980.81M, consensus $980.1M
October 9, 2014
15:32 EDTFASTFastenal technical comments ahead of earnings
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15:24 EDTFASTNotable companies reporting before tomorrow's open
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07:03 EDTINTCIntel quarter to be in-line or modestly better, says Piper Jaffray
Piper Jaffray expects Intel's quarterly results on October 14 to be in-line to modestly above consensus. The firm's channel checks indicate PC demand trends will remain stable into year-end amid solid corporate demand. Piper reiterates an Overweight rating on Intel with a $37 price target.
October 8, 2014
16:56 EDTINTCGartner says worldwide PC shipments in Q3 declined 0.5%
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10:00 EDTINTCOn The Fly: Analyst Initiation Summary
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October 7, 2014
16:33 EDTINTCIntel initiated with a Market Perform at Northland
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13:34 EDTINTCIntel October volatility elevated into Q3 and revenue outlook
Intel October call option implied volatility is at 35, November is at 28, December is at 24; compared to its 26-week average of 22 according to Track Data, suggesting large near term price movement into the expected release of Q3 results after the market close on October 14.
October 6, 2014
08:36 EDTINTCSeagate, Intel invest in hybrid storage company Reduxio
Hybrid storage start-up Reduxio Systems announced that it has closed a $15M Series B funding, led by Seagate Technology (STX) and joined by existing investors Jerusalem Venture Partners, Carmel Ventures and Intel Capital (INTC). In conjunction with this investment, Seagate will obtain a seat on the Reduxio Board of Directors, the company stated.
06:23 EDTINTCIntel to push Broadwell into three notebook segments, DigiTimes reports
Intel is looking to push its 14nm Broadwell processors into three major notebook segments, reports DigiTimes. According to sources from the upstream supply chain, Intel is looking to push Brodawell into the entry-level non-touchscreen traditional notebooks, 2-in-1 devices, and 14- to -17-inch performance-level notebooks. Reference Link
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