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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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September 29, 2015
07:17 EDTMUMicron price target lowered to $23 from $34 at Stifel
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06:48 EDTINTCAMD stake sale talks with Silver Lake stalled, Bloomberg says
Advanced Micro Devices (AMD), a competitor of Intel (INTC), was in discussions to sell an approximate 25% stake to private equity firm Silver Lake Management before the talks were stalled, Bloomberg reports, citing people with knowledge of the matter. The two sides have put talks on hold after they failed to reach an agreement over price and strategy, the report says. AMD is looking into other strategic options, the report says. Reference Link
06:02 EDTMUMicron upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst David Wong upgraded Micron Technology to Outperform saying current valuation levels provide upside potential. Wong cut his estimates for the company, however, citing the "ongoing slide" in DRAM pricing. Nonetheless, he thinks that memory industry financial dynamics have improved in recent years and keeps a $16-$19 price target range for Micron shares.
September 28, 2015
12:32 EDTCYCypress says withdrew interest to acquire Atmel
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11:05 EDTMUMicron October weekly volatility elevated into Q4 and outlook
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10:50 EDTINTCAnalyst more upbeat on Intel, downgrades Qorvo following trip to Asia
After traveling to Asia, Pacific Crest analyst Michael McConenell was more upbeat on the outlook for Intel (INTC), as well as smartphone chip makers Avago (AVGO) and Skyworks (SWKS). The analyst downgraded another smartphone chip maker, Qorvo (QRVO), to Sector Weight from Overweight, warning that the company's results may miss expectations down the road. BULLISH: Shipments of notebook computers appear set to exceed expectations by 5%-10% this month, after more of the devices seem to have been manufactured in August and September than in previous months, according to McConnell. Meanwhile, cloud customers are sparking a significant rebound in data centers' semiconductor demand, the analyst stated. Moreover, motherboard manufacturers say they are seeing increased demand for their products from desktop PC makers, the analyst stated. All of these trends bode well for Intel, indicated McConnell, who kept a $35 price target and Overweight rating on the shares. Demand for Avago's products appears to have remained healthy, given the company's low exposure to China and the strong demand for Apple's (AAPL) iPhone 6S devices, the analyst stated. Another research firm, Craig-Hallum, recently estimated that Avago generates $6.75 of revenue per iPhone 6S sold, up from the $6.50 it obtained from the previous generation of iPhones. Pacific Crest's McConnell kept a $180 price target and Overweight rating on the shares of Avago. Skyworks should benefit from strong near-term demand trends, driven by a shift to module architectures, McConnell contended. According to the analyst, the company's 2016 outlook is also strong. BEARISH: Analysts' "out-quarter estimates" for Qorvo are too high, as they expect the company to grow 8.4% each quarter, versus only 5.9% for Skyworks, McConnell stated. Qorvo is facing several headwinds, including struggles with a key customer, Chinese smartphone maker Xiaomi, and its inability to obtain more revenue per each iPhone sold, the analyst stated. These headwinds will probably prevent Qorvo from meeting analysts' expectations, warned McConnell. Additionally, the company will be hurt by the slowdown in the growth of the Chinese smartphone market, predicted the analyst, who cut his rating on the stock to Sector Weight from Overweight. PRICE ACTION: In morning trading, Intel rose 1.2% to $29.16, Avago dropped 1.7% to $124.56, Skyworks fell 3.6% to $84.58 and Qorvo declined 8.5% to $43.61.
08:52 EDTCYOn The Fly: Pre-market Movers
IN FOCUS: Apple (AAPL) after announcing it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. HIGHER: Media General (MEG), up 22% after Nexstar (NXST) announced a proposal to acquire the company for cash Nexstar shares currently valued at $14.50 per Media General share... Alcoa (AA), up 5.4% after announcing that its board has unanimously approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new Value-Add company whose name will be announced at a later date... Atmel (ATML), up 7% after Reuters reported that Cypress Semiconductor (CY) is working on a competing bid to Dialog Semiconductor's (DLGNF) takeover offer... J.C. Penney (JCP), up 3% after Sterne Agee CRT upgraded the stock to Buy from Neutral after meeting with the company's new CEO. DOWN AFTER EARNINGS: Cal-Maine Foods (CALM), down 8%. ALSO LOWER: Verastem (VSTM), down 50% after stopping enrollment in the Phase 2 study of VS-6063 for patients with mesothelioma for futility after a Data Safety Monitoring Board review of a pre-planned interim analysis... Fiat Chrysler (FCAU), down 3.7% after the Detroit Free Press said some local UAW workers rejected a four-year tentative pact between the United Auto Workers and the company... Williams (WMB), down 3% after Energy Transfer Equity (ETE) announced a business combination transaction valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the deal, an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share.
07:49 EDTMUMicron price target lowered to $20 from $25 at UBS
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07:39 EDTINTCIntel fundamentals improving, says Pacific Crest
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05:31 EDTCYCypress working on competing offer for Atmel, Reuters reports
Cypress Semiconductor (CY) is working on a bid to acquire Atmel (ATML), who agreed earlier this month to be taken over by Dialog Semiconductor (DLGNF), Reuters reported last night, citing people familiar with the matter. Cypress is working with bankers and has told Atmel it believes its offer will be superior to Dialog's cash-and-stock deal, which was worth $4.6B, Reuters adds. Reference Link
September 25, 2015
16:00 EDTINTCOptions Update; September 25, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 25.09. Option volume leaders: AAPL NFLX BAC FB AU NKE PFE INTC AMZN TSLA
10:00 EDTINTCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
09:21 EDTINTCIntel upgraded on positive checks, developments at JMP Securities
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07:38 EDTMUMicron price target lowered to $20 from $23 at Sterne Agee CRT
Sterne Agee CRT says that demand for Micron's products "remains sub-seasonal," creating risks for the firm's near-term estimates. However, the firm keeps a positive longer term view of the company, citing what it sees as potential growth catalysts from its renewed Inotera deal and the ramp of its new products. It keeps a Buy rating on the shares.
06:30 EDTINTCIntel upgraded to Market Perform from Underperform at JMP Securities
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September 24, 2015
12:39 EDTMUMicron to benefit from Samsung DRAM capex reduction, says Stifel
Stifel said published reports indicate Samsung plans to cut investment in semiconductors by up to 20% next year, with most of the cuts in DRAM. The firm expects other DRAM manufacturers to act rationally, which should help stabilize DRAM prices and keep supply/demand in balance. Stifel views the news as a positive for Micron and reiterates its Buy rating.
11:15 EDTNVDAAnalyst sees $55,000 car from Apple as soon as 2019
Apple (AAPL) could introduce a car by as soon as 2019, but assuming an average selling price of $55,000 and 200,000 shipments, the contribution to the tech giant's earnings in that year is probably not enough to "excite" investors, said the research team at Jefferies this morning. However, a car would give the tech giant some "much needed" diversification away from the iPhone and would be positive for the broader tech space, the firm added. RIPE FOR DISRUPTION: Jefferies analysts Sundeep Bajikar, Mark Lipacis and their team say their analysis indicates the automobile industry is "ripe for disruption" and that Apple is well positioned to introduce a car, potentially as early as 2019. A car could add 32c to Apple's earnings per share in FY19 under a best-case scenario, Bajikar tells investors. He assumes a $55,000 average selling price for an Apple Car and an operating margin of 20%, over 1,000 basis points higher than the Street's 2019 margin estimate for electric carmaker Tesla (TSLA). Investors are likely to find the assumptions "highly aggressive," the analyst cautions. Meanwhile, the potential earnings impact is probably not big enough for Apple investors to get excited and earnings contributions from a vehicle may not become meaningful before iPhone decelerates, the analysts argue. However, the firm said it could get more constructive on Apple shares if diversification in earnings were to drive less iPhone risk. Bajikar and Lipacis keep a Hold rating on the iPhone maker with a $126 price target. TOP CHIP PICKS: Efforts in the car market from tech heavyweights Apple and Google (GOOGL) will lead the industry to design and sell more intelligent vehicles, accelerating the growth of semiconductors for automobiles above current forecasts, contend Jefferies' analysts in a separate note to investors this morning. The analysts lay out their top picks among automotive semiconductor suppliers, saying the pending merger of NXP Semiconductors (NXPI) and Freescale (FSL) will create the world's biggest automotive semi company, adding that growth in microcontroller content and networking applications will benefit that combined giant. NVIDIA's (NVDA) automotive sales have grown the fastest since the end of the 2012 fiscal year among the companies the firm follows, while Maxim Integrated (MXIM) had the second fastest growth in that time frame, the analysts noted in naming those two as their other top picks in the space. Lipacis and Bajikar identified Analog Devices (ADI), Microchip (MCHP) and Linear Technology (LLTC) as other notable beneficiaries from the expected growth of semiconductor content in automobiles. PRICE ACTION: Amid broad weakness in the market, Apple shares are down 1.5% to $112.56. Meanwhile, the Philadelphia Stock Exchange Semiconductor Sector index (SOX) is down 2.4% this morning.
09:32 EDTINTCActive equity options trading on open
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08:23 EDTMUMicron target cut to $17, remain cautious on memory, says Morgan Stanley
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06:34 EDTINTCApple 'A10' processor may switch to six-cores, AppleInsider reports
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