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Stock Market & Financial Investment News

News Breaks
August 7, 2014
06:04 EDTINTC, SNDKStocks with implied volatility below IV index mean; INTC SNDK
Stocks with implied volatility below IV index mean; Intel (INTC) 19, SanDisk (SNDK) 27 according to iVolatility.
News For INTC;SNDK From The Last 14 Days
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October 14, 2014
07:47 EDTSNDKSanDisk October volatility elevated into Q3 and guidance
SanDisk October call option implied volatility is at 98, November is at 44, January is at 35; compared to its 26-week average of 32 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 16.
07:24 EDTINTCIntel gains government ally in China with new deals, Reuters says
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06:29 EDTINTCTSMC and rivals racing to pack computer power in each chip, WSJ says
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October 10, 2014
16:22 EDTINTCOn The Fly: Closing Wrap
Stocks on Wall Street had a bit of a see-saw trading day, but ended the session in the red once again. The Nasdaq took the brunt of the losses, falling over 2%, while the Dow's slide erased its gains for the year. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. Oil slumped to a four-year low during the session, as brent crude touched $88.11 intra-day, its lowest level since December 2010. COMPANY NEWS: The semiconductor sector was weak across the board 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. Microchip, which also pre-announced weaker than expected second quarter revenue, dropped $5.58, or 12.26%, to $39.96. Intel (INTC) fell $1.71, or 5.09%, to $31.91, Avago (AVGO) declined $9.24, or 11.46%, to $71.36, Texas Instruments (TXN) slipped $3.28, or 7.13%, to $42.74 and Micron (MU) dropped $2.71, or 8.86%, to $27.93. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied $6.48, or 35.76%, to $24.60 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. Also higher was Dave & Buster (PLAY), which gained $1.28 to $17.28 after commencing trading on the Nasdaq following its initial public offering. Among the noteworthy losers was Procera Networks (PKT), which was downgraded by at least four research firms and plunged $2.85, or 33.33%, to $5.70 after the company warned its Q3 revenue will miss expectations. Also lower were shares of Caesars (CZR), which dropped $1.92, or 17.36%, to $9.14 after disclosing in a regulatory filing that its Chief Accounting Officer resigned to accept a position with another company. INDEXES: The Dow fell 115.15, or 0.69%, to 16,544.10, the Nasdaq plunged 102.10, or 2.33%, to 4,276.24, and the S&P 500 dropped 22.08, or 1.15%, to 1,906.13.
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.
10:29 EDTSNDK, INTCMicrochip 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.
10:20 EDTSNDKSemiconductors defended at Sterne Agee
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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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October 9, 2014
09:19 EDTSNDKSanDisk results should beat expectations, says RBC Capital
RBC Capital expects SanDisk to report stronger than expected results for its September quarter. The firm's estimates for SanDisk remain above those of the Street for the next few years because the firm is upbeat on the company's ability to move to higher margin markets. The firm keeps an $118 price target and Outperform rating on the shares.
08:57 EDTSNDKSanDisk's NAND ASPs trending below consensus, says ITG Research
ITG Research said SanDisk's NAND ASP's are trending below Q3 consensus of +.5% but sees bit consensus growth of +39% year-over-year as achievable.
08:40 EDTSNDKDiablo Technologies comments on Netlist injunction
Diablo Technologies commented on the announcement that Netlist (NLST) has filed a motion for preliminary injunction against the company and its technology partner SanDisk (SNDK), in an attempt to impede the manufacture and sale of the ULLtraDIMM product. Diablo stated, "Notably absent from Netlist's press release is the fact that their recent motion has abandoned much of their previous positioning. Netlist's recent amendments now limit their claims of lost sales to the NVvault. These changes can be attributed to Netlist's failure to substantiate claims in the so-called anonymous 'whistleblower' letter, on which they have based their case from the start. The request for a Preliminary Injunction will take months to resolve and Diablo will continue to deal with these baseless accusations in court. We view their latest move as a public relations stunt, which we will address in our existing claim against them." Diablo filed its defense and a counter claim against Netlist's unfair business practices on September 25.
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 EDTSNDK, INTCOn The Fly: Analyst Initiation Summary
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07:43 EDTSNDKSanDisk initiated with a Buy at Ladenburg
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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.
07:34 EDTSNDKNetlist seeks preliminary injunction against SanDisk's ULLtradiMM
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