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January 7, 2014
Company Meetings at CES 2014 are being held in Las Vegas on January 7-10.
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November 19, 2015
11:24 EDTINTCIntel targets FY15 revenue $55.2B, consensus $55.25B
Comments from Intel Investor Meeting.
10:11 EDTINVNHigh option volume stocks
07:43 EDTINTCHouse Energy & Commerce Committee to hold a hearing
The Commerce, Manufacturing and Trade Subcommittee holds a hearing entitled, "The Disrupter Series: The Fast-Evolving Uses & Economic Impacts of Drones" with Joshua Walden, Senior Vice President and General Manager of the New Technology Group at Intel on November 19 at 10:15 am. Webcast Link
November 18, 2015
17:13 EDTDIODMontage urges Pericom holders to vote AGAINST Diodes acquisition of Pericom
Montage Technology issued the following statement in response to Pericom Semiconductor's (PSEM) rejection of Montage's increased offer to acquire all of the outstanding shares of Pericom for $19.00 per share in cash: "We are shocked that Pericom's board would act so quickly to deny its shareholders the opportunity to receive a full $1.25 more per share than they would receive in the inferior transaction with Diodes Incorporated (DIOD). The Pericom board continues to employ scare tactics and fear mongering, despite the fact that a Montage-Pericom transaction is indisputably superior to the Diodes-Pericom transaction. A Montage-Pericom transaction: Would not be subject to any financing or regulatory approval conditions; Has committed financing, and would provide Pericom shareholders with payment promptly following closing of the transaction; and can close quickly and likely in December, if Pericom would only stop denying the Pericom shareholders from receiving greater value per share. We urge Pericom shareholders to protect their right to receive the highest available cash price, now $19.00 per share, for their investment by voting against the inferior Diodes transaction."
15:33 EDTDIODPericom rejects revised $19 per share offer from Montage Technology
Pericom Semiconductor (PSEM) announced that its board of directors, after consultation with its independent financial advisors and outside legal counsel, has unanimously rejected the unsolicited revised acquisition offer that Pericom received from Montage Technology Group on November 18, which revised offer increased the per share purchase price for a Pericom-Montage transaction to $19.00 per share from $18.50 per share. The board consulted with its independent financial advisors and outside legal counsel and unanimously determined that Montage's revised offer still suffers from the fundamental flaws and significant risks that plagued its previous offers, including financing, regulatory and other risks that make Montage's ability to close a transaction substantially uncertain and significantly less likely than the closing of the transactions contemplated by Pericom's previously announced merger agreement with Diodes (DIOD). The Pericom board unanimously reaffirmed its recommendation that shareholders vote for the Diodes agreement, noting that Diodes' $17.75 per share all-cash offer is backed by a fully-funded credit agreement and term loan from Bank of America.
13:44 EDTMU, INTCBefore the Move: Watch Intel into tomorrow's analyst day
Chipmaker Intel's (INTC) analyst day tomorrow could yield information on numerous company operations, but Jefferies analyst Mark Lipacis cautions investors that the probability for positive surprises appears low given recent spending outlays. BACKGROUND: Intel, one of the largest semiconductor makers in the world, is scheduled to hold an analyst day on Thursday, November 19. Beyond providing forecasts for its various business segments and remarks on the larger computer market, Intel is expected to provide further clarity on several recent stories, including its memory joint venture with Micron (MU), plans to invest heavily in a Chinese production facility and progression towards chips on the 10 nanometer scale. STRONG OUTLOOK, MILD MEETING: Intel's pending acquisition of Altera (ALTR) and its plans to invest as much as $5.5B in a computer memory facility in Dalian, China leave little room for positive surprises at tomorrow's event in regards to 2016 margins, capital expenditures, or shareholder returns, Jefferies analyst Mark Lipacis said in a recent research note. That said, the analyst views Intel's Chinese facility expansion as part of a "brilliant investment strategy that positions Intel as a partner to China" and "keeps the market open" to its microprocessors, perhaps Intel's more famed business segment. Though the two initiatives are certain to push up near-term debt load, Lipacis takes the longer-term view, reminding investors that Intel has shown consistently strong free cash flow over the past decade, leading him to forecast another $13B in 2016. The year may also bring "a number" of other positives for the company, including more data center wins after the Altera tie-up, potentially renewed sales on a cyclical uptick in PC gaming, and even the possibility of an iPhone chip contract, though Lipacis said none of those points look set to be discussed tomorrow. The analyst kept a Buy rating and $38 price target on the shares while reiterating that Thursday's Intel event may have little in store for those expecting eye-grabbing surprises. PRICE ACTION: Shares of Intel have advanced roughly 0.9% to $32.92 Wednesday afternoon. "Before the Move" is The Fly's recurring series of exclusive stories that identify potentially market moving events, along with analyst predictions, ahead of the news.
10:08 EDTAMBAGoPro sinks after analyst finds cameras on flash sales sites
The shares of action camera maker GoPro (GPRO) are sinking and hit a new 52-week low after research firm Piper Jaffray reported that the company has been offering significant discounts on its cameras. WHAT'S NEW: GoPro's cameras have been selling on flash sales websites such as Zulily (ZU) and Groupon (GRPN) at price discounts of 16%-34%, Piper analyst Erinn Murphy wrote in a note to investors today. As a result of these discounts and the 147% increase in GoPro's inventory at the end of the third quarter, the analyst is concerned that the company's gross margin could be pressured. In addition to the discounts GoPro is offering on the flash websites, the camera maker cut the price of its GoPro Session camera on Amazon to $299 from $399 in September and there has been "select downward price movement" on two more of its cameras on Amazon, Murphy reported. The analyst continues to expect GoPro's Q4 earnings per share to come in at 34c, versus analysts' consensus estimate of 41c. She slashed her fiscal 2016 EPS estimate for the company to $1.03 from $1.35, versus the consensus outlook of $1.37. Murphy reduced her price target on the stock to $15 from $20 and kept an Underweight rating on the name. WHAT'S NOTABLE: Ambarella (AMBA) makes chips used in GoPro's cameras. Best Buy (BBY), which is due to report its results tomorrow, sells GoPro's cameras. PRICE ACTION: In early trading, GoPro fell 8% to $19.19. Earlier today, it hit a new 52-week low of $19.04.
08:41 EDTDIODPericom urges holders to vote FOR merger agreement with Diodes
Pericom Semiconductor (PSEM) announced that its board issued an open letter to Pericom shareholders urging them to take advantage of the opportunity to lock in a substantial and near-certain premium by voting the WHITE proxy card "FOR" the Agreement and Plan of Merger between Diodes (DIOD) and Pericom, dated September 2, as amended November 5. The company's Special Meeting of Shareholders is scheduled for November 20.
08:19 EDTNVDARBC Capital to hold a tour
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08:18 EDTCEVA, INVNRoth Capital to hold a conference
Roth Capital Tech Corporate Access Day to be held in New York on November 18.
November 17, 2015
15:40 EDTINTCIntel to host investor meeting
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11:51 EDTDIODDiodes management to meet with Sterne Agee CRT
Meeting to be held in London on November 18 hosted by Sterne Agee CRT.
11:48 EDTSQNSSequans management to meet with Lake Street
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11:10 EDTMUMicron the most likely target for Tsinghua stake, says Macquarie
Macquarie analyst Deepon Nag highlighted yesterday that Tsinghua Unigroup Chairman Zhao Weiguo told Reuters in an interview that his company was in talks with a U.S. semiconductor company, and that a deal could be announced as early as the end of the month. Zhao stated that a majority stake was unlikely due to regulatory concerns. Given recent moves by China in the memory market, Micron (MU) is the most likely target for Tsinghua, Nag wrote in a note to investors. Tsinghua recently announced a 15% stake in Western Digital (WDC) at a 33% premium to the company's prior closing price. A similar premium for Micron would lead to a 15% stake in Micron for $20 per share, which would equal $3.4B, the analyst points out. Shares of Micron are up 46c, or 3%, to $15.35 in late morning trading. Nag has an Outperform rating on Micron with a $30 price target.
11:03 EDTMU, INTCTsinghua Chairman says in talks with U.S.-based chipmaker, Reuters reports
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11:02 EDTMUMicron calls active on speculation of a Chinese investment
Micron November 15.5 and 16 calls are active on total call volume of 27K contracts (12K puts) on speculation of a Chinese investment. November call option implied volatility is at 65, December is at 55; compared to its 52-week range of 28 to 74. Active call volume suggests traders taking positions for upside price movement.
09:08 EDTINVNInvenSense enters distribution deals with Honestar, GH Development
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07:56 EDTMU, CYUBS to hold a conference
Global Technology Conference is being held in San Francisco on November 16-18 with webcasted company presentations to begin on November 17 at 10:45 am.; not all company presentations may be webcasted. Webcast Link
07:48 EDTINTCHP Enterprise announces alliance with Intel
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06:27 EDTINTCIntel November volatility elevated into investor meeting
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