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Stock Market & Financial Investment News

News Breaks
August 20, 2014
07:25 EDTSMTC, IFNNY, FSL, FCSFairchild jumps 5% after Bloomberg says Infineon near deal
Shares of Fairchild Semiconductor (FCS) are rallying 5% in pre-market trading to $16.75 after Bloomberg reported that Infineon (IFNNY) is near a deal to buy a U.S. chipmaker for around $2B. Bloomberg listed Fairchild, Semtech (SMTC) and Freescale (FSL) as potential takeover targets in the semiconductor space. The news agency said Infineon could announce an acquisition as early as today.
News For FCS;IFNNY;SMTC;FSL From The Last 14 Days
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May 28, 2015
11:58 EDTSMTCSemtech hits 52-week low after Q1 results, Q2 outlook miss expectations
Shares of Semtech Corporation (SMTC), a supplier of analog and mixed-signal semiconductor products, are falling after the company’s first quarter results and second quarter outlook trailed analysts' consensus estimates. WHAT'S NEW: Semtech yesterday reported Q1 earnings per share of 27c excluding items and revenue of $130.1M, trailing analysts' consensus estimates of 28c and $132.51M, respectively. Semtech reported Q1 adjusted gross margin of 60.8%. The company also said it increased its stock buyback authorization to $100M. It had $30M remaining under a previous buyback plan. Looking ahead to Q2, Semtech forecast adjusted EPS of 21c-26c and revenue of $120M-$130M, well below analysts' consensus estimates of 37c and $1.41.65M, respectively. The company also forecast Q2 adjusted gross profit margin of 60%-60.4%. WHAT'S NOTABLE: Mohan Maheswaran, the company's Chief Executive Officer, noted that Semtech saw strong demand in Q1 from its enterprise computing and communication end-markets driven by the datacenter and PON market segments. However, Maheswaran said that demand from its largest smartphone customer was "much lower than anticipated," which led to results that were at the lower end of its guidance range. Semtech previously projected Q1 EPS of 27c-30c and revenue of $130M-$136M. Maheswaran said demand for the company's LoRa wireless platforms is seeing an acceleration. ANALYST REACTION: This morning, research firm B. Riley downgraded Semtech to Sell from Neutral after the company's Q1 results missed expectations. The firm cut its price target for shares to $21 from $26. OTHERS TO WATCH: Other companies in the in the analog and mixed-signal semiconductor space include Texas Instruments (TXN), Maxim Integrated Products (MXIM) and Analog Devices (ADI). PRICE ACTION: In late morning trading, Semtech fell $3.41, or nearly 14%, to $21.21 on nearly five times its average daily trading volume. The stock continues to hit fresh 52-week lows during the session. Including today's pull back, the shares have lost approximately 18% over the past 12 months.
10:02 EDTSMTCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BT Group (BT) downgraded to Underperform from Strong Buy at Raymond James... Banc of California (BANC) downgraded to Neutral from Buy at DA Davidson... Bon-Ton Stores (BONT) downgraded to Underperform from In-Line at Imperial Capital... Broadcom (BRCM) downgraded to Outperform, would not rule out another bid, says CLSA... DSW (DSW) downgraded to Neutral from Buy at Goldman... First Potomac (FPO) downgraded on DC office market fundamentals at BMO Capital... Ignite Restaurant (IRG) downgraded to Neutral from Buy at UBS... Magnum Hunter (MHR) downgraded to Hold from Buy at Canaccord... Michael Kors (KORS) downgraded to Equal Weight from Overweight at Stephens... Santander Brasil (BSBR) downgraded to Underweight from Equal Weight at Barclays... Semtech (SMTC) downgraded to Sell from Neutral at B. Riley... The Fresh Market (TFM) downgraded to Neutral from Overweight at JPMorgan... Vail Resorts (MTN) downgraded to Neutral ahead of Q3 earnings at MKM Partners.
09:16 EDTFSL, FSLQualcomm's chipset headwinds could force it to consider M&A, says CLSA
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07:19 EDTFSLCowen to hold a conference
43rd Annual Technology, Media & Telecom Conference is being held in New York on May 27-28 with webcasted company presentations to begin on May 28 at 8 am; not all company presentations may be webcasted. Webcast Link
05:39 EDTSMTCSemtech downgraded to Sell from Neutral at B. Riley
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05:05 EDTFSLNXP Semiconductors agrees to sell RF Power business to JAC Capital for $1.8B
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May 27, 2015
19:14 EDTSMTCOn The Fly: After Hours Movers
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17:07 EDTSMTCSemtech down nearly 10% after Q1 results, Q2 outlook trail consensus estimates
16:42 EDTSMTCSemtech to resume trading at 5:00 pm ET
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16:32 EDTSMTCSemtech sees Q2 EPS 21c-26c, consensus 37c
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16:32 EDTSMTCSemtech reports Q1 EPS ex-items 27c, consensus 28c
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16:26 EDTSMTCSemtech trading halted, news pending
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15:30 EDTSMTCNotable companies reporting after market close
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May 21, 2015
16:20 EDTFCSFairchild announces new $150M share buyback authorization
Fairchild announced that its board has authorized the company to repurchase up to $150M of common stock during the next twelve months. Fairchild will repurchase shares at times and prices considered appropriate by the company.
May 20, 2015
07:30 EDTSMTCSemtech recent pullback too severe compared to peers, says Stephens
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