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Stock Market & Financial Investment News

News Breaks
May 19, 2014
14:41 EDTIMI, TOSYY, SNDKIntermolecular surges after SanDisk, Toshiba license memory IP
Shares of semiconductor and clean-energy technology company Intermolecular (IMI) are on the rise after the company announced that SanDisk (SNDK) and Toshiba (TOSYY) have jointly elected to take an exclusive license to Intermolecular's developed intellectual property, or IP. WHAT'S NEW: Intermolecular announced that SanDisk and Toshiba have jointly elected to take an exclusive license, in a limited field, to Intermolecular's rights in the IP developed under a collaborative development program, as well as Intermolecular's background intellectual property. The related technologies have been developed for next-generation memory. The companies' CDP with Intermolecular, specifically targeted at developing certain memory products, materials, processes and device technologies, was concluded on March 15. Under the terms of the exclusive license, SanDisk and Toshiba will prepay non-refundable royalties in quarterly installments over a predetermined period. WHAT'S NOTABLE: On February 27, Intermolecular first reported that development activity related to the collaborative development program agreement with both SanDisk and Toshiba reached a conclusion. The company's CEO Dave Lazovsky said, "The objective of the CDP was to prepare certain memory technology for future production, and we are proud to have worked with SanDisk and Toshiba over the last four years to achieve the goal of our collaboration. We believe that we have helped them develop such memory technology with the potential to be the industry leader in non-volatile memory capability." ANALYST REACTION: Research firm Pacific Crest commented that the strength in Intermolecular shares on the news has been overdone. The firm added that it does not expect the license payments to ramp for 5 years. PRICE ACTION: In afternoon trading, shares of Intermolecular rose 79c, or about 35%, to $3.06.
News For IMI;SNDK;TOSYY From The Last 14 Days
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January 15, 2015
09:29 EDTSNDKNetlist claim against Diablo controller chips upheld
Netlist (NLST) announced that the U.S. District Court for the Northern District of California denied a motion filed by Diablo Technologies on January 13 requesting the Court to stay the Preliminary Injunction against controller chips used by SanDisk (SNDK) in its high-speed ULLtraDIMM SSD product line. The Preliminary Injunction will therefore remain in place. The Court in a separate ruling rejected SanDisk's request that it be allowed to sell existing inventory of the enjoined products. This order made clear that Diablo and SanDisk are working in concert and are now prohibited from manufacturing and selling the Diablo controller chipset used in the ULLtraDIMM and as a result, from further sale or distribution by SanDisk of the ULLtraDIMM itself.
January 14, 2015
08:00 EDTSNDKSanDisk weakness likely temporary, says Bernstein
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January 13, 2015
10:00 EDTSNDKOn The Fly: Analyst Downgrade Summary
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08:53 EDTSNDKSanDisk downgraded to Hold from Buy at Drexel Hamilton
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08:17 EDTSNDKSanDisk price target lowered to $100 from $110 at UBS
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07:07 EDTSNDKSanDisk shares should be bought on weakness, says Pacific Crest
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07:04 EDTSNDKFederal court confirms halt to sales of chips used by SanDisk, IBM, others
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06:30 EDTSNDKCourt order bars sales of chips used by SanDisk and IBM, WSJ reports
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06:29 EDTSNDKSanDisk pullback yesterday looks overdone, says Citigroup
Citigroup believes the 14% pullback yesterday in shares of SanDisk following the company's Q4 guide-down looks overdone. Citi views the cause of the shortfall as temporary cyclical factor that it thinks should alleviate with the release of the Samsung S6 in March. It dropped its price target for the stock to $110 from $125 but keeps a Buy rating on the name.
January 12, 2015
16:32 EDTSNDKOn The Fly: Closing Wrap
Stocks spent almost the entire session in negative territory as the continued slump in crude oil prices weighed on equities. As the price of crude searches for a bottom, analysts and investors are concerned about how the low prices may affect U.S. economic growth. It had been estimated that more than half of the expected growth in the S&P 500's earnings would come from the oil industry and the continued drop in oil prices may be wiping out the chances of earnings increasing from the prior quarter. The earnings season unofficially kicks off tonight when Alcoa (AA) reports its fourth quarter earnings. ECONOMIC EVENTS: In the U.S., no major economic data was released. WTI and Brent crude both suffered slides of 5% during the session, sending WTI oil below $46 and Brent near $47 per barrel. Of note, Goldman Sachs said it sees oil prices bottoming in Q2 of this year at $42 a barrel. Goldman lowered its Brent crude oil price estimate for 2015 to $50 a barrel from $84 and for 2016 onwards to $70 a barrel from $90. COMPANY NEWS: Shire (SHPG) shares trading in New York slipped $8.39, or 3.86%, to $209.10 after the company announced over this weekend that it struck a deal to acquire NPS Pharmaceuticals (NPSP) for $46 per share in cash, for a total consideration of approximately $5.2B. NPS shares gained $3.44, or 8.21%, to $45.35... Shares of flash storage provider SanDisk (SNDK) dropped $13.47, or 13.88%, to $83.57 after the company cut its revenue outlook for Q4 and added that non-GAAP gross margin for the quarter is expected to be approximately 45%, compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. Micron (MU) fell $1.87, or 5.56%, to $31.66 following the warning from its peer. MAJOR MOVERS: Among the notable gainers was Foundation Medicine (FMI), whose shares surged $22.81, or 95.32%, to $46.74 after the company and Roche (RHHBY) announced that they will enter into a strategic collaboration. Roche will invest in Foundation as part of the deal, resulting in Roche owning a minimum of 52.4% and a maximum of 56.3% of Foundation Medicine on a fully diluted basis. Also higher was Build-A-Bear Workshop (BBW), which jumped $3.12, or 16.75%, to $21.75 after the toy company gave a fourth quarter revenue view that beat expectations. Among the noteworthy losers was Arrowhead Research (ARWR), which fell $2.16, or 23.84%, to $6.90 after announcing that the FDA verbally informed the company of a partial clinical hold on its study of ARC-520 in patients with chronic hepatitis B infection. Also lower were shares of Sarepta Therapeutics (SRPT), which dropped $2.04, or 14.62%, to $11.91 after the company provided data through Week 168 from its Phase IIb open-label extension study of eteplirsen in patients with Duchenne muscular dystrophy. INDEXES: The Dow fell 96.53, or 0.54%, to 17,640.84, the Nasdaq lost 39.36, or 0.84%, to 4,664.71, and the S&P 500 declined 16.55, or 0.81%, to 2,028.26.
14:54 EDTSNDKSanDisk downgraded to Hold from Buy at Summit Research
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14:04 EDTSNDKSanDisk downgraded to Hold from Buy at Needham
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12:46 EDTSNDKOn The Fly: Midday Wrap
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11:39 EDTSNDKMorgan Stanley remains bullish on SanDisk long-term
Morgan Stanley said the damage is done in SanDisk and remains Overweight based on expectations a strong NAND cycle will play-out longer-term. Price target lowered to $105 from $109
10:50 EDTSNDKSanDisk guidance does not change longer term thesis, says Piper Jaffray
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10:25 EDTSNDKSanDisk tumbles after Q4 revenue outlook cut, levels to watch
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10:23 EDTSNDKSanDisk weakness an overreaction, says Jefferies
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09:30 EDTSNDKOn The Fly: Pre-market Movers
HIGHER: Foundation Medicine (FMI) up 138.9% following transaction with Roche (RHHBY)... Celator Pharmaceuticals (CPXX), up 19.1% after announcing promising Phase 2 data for CPX-351... Second Sight (EYES), up 16.7% after Health Canada approves Argus II retinal prosthesis system... Aegerion (AEGR), up 7.8% after reporting preliminary fourth quarter results and guidance... Express (EXPR), up 4.5% after reporting preliminary fourth quarter results. NOTABLE: NPS Pharmaceuticals (NPSP), up 8.5% following acquisition by Shire (SHPG)... Shire is down 1.1% in pre-market trading. LOWER: Arrowhead (ARWR), down 20.9% after FDA clears company to begin modified study of ARC-520 in a preliminary call of a partial clinical hold... Tiffany (TIF), down 10.4% after lowering fiscal 2014 net EPS guidance... SanDisk (SNDK), down 10.1% after lowering fourth quarter outlook... Ascena Retail (ASNA), down 5.8% after lowering fiscal 2015 adjusted EPS view... Sarepta Therapeutics (SRPT), down 5.9% after reporting long-term outcomes from Phase IIb Eteplirsen study... Loral Space & Communications (LORL), down 3.6% following a NY Post article that reported that talks to sell itself to the Ontario Teachers’ Pension Plan have ended... Southwestern Energy (SWN), down 4.2% after filing to sell 20.3M shares of stock and 26M depository shares.
09:03 EDTSNDKSanDisk drops 9% after cutting Q4 revenue outlook
Shares of flash storage provider SanDisk (SNDK) are sinking after the company cut its revenue outlook for Q4 to $1.73B from $1.80B-$1.85B. It added that non-GAAP gross margin for the quarter is expected to be approximately 45% compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. The stock is dropping 9%, or $8.40, to $88.64 in pre-market trading while peer Micron (MU) is down 3% to $32.54.
08:20 EDTSNDKSanDisk cuts Q4 revenue view to $1.73B from $1.8B-$1.85B
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