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News Breaks
January 16, 2014
08:37 EDTAVGO, MLNXITC rules Mellanox did not infringe Avago's VCSEL Driver patent
Mellanox (MLNX) announced that on December 13, 2013, the Administrative Law Judge of the U.S. International Trade commission found that Mellanox’s production and sale of its Active Optical Cable products do not infringe Avago’s (AVGO) U.S. Patent Number 5,596,456, directed to a VCSEL driver, which was asserted against Mellanox by Avago in an ITC complaint filed in September 2012. In the investigation, Avago sought a ruling that the IPtronics’ drivers utilized in active optical cable products infringed the ‘456 patent The ALJ did make a finding, however, that certain Mellanox products that contain a particular type of vertical cavity surface emitting laser do infringe another of Avago’s patents, US Patent No. 5,596,595, directed to a VCSEL. Mellanox has asked the ITC to review this initial finding. The final determination on this issue is not expected until mid-April. The VCSELs in the products at issue are supplied to Mellanox by third parties. The proceedings and final resolution of the issues raised by Avago in the ITC are not currently expected to impact Mellanox’s current or planned product offerings or have a material adverse effect on the company’s business, financial position, results of operations or cash flow.
News For MLNX;AVGO From The Last 14 Days
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February 26, 2015
12:39 EDTAVGOOn The Fly: Midday Wrap
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10:58 EDTAVGOAvago hits fresh life high, levels to watch
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10:19 EDTAVGOHigh option volume stocks
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09:25 EDTAVGOOn The Fly: Pre-market Movers
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07:58 EDTAVGOAvago price target raised to $145 from $120 at Brean Capital
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07:50 EDTAVGOAvago price target raised to $140 from $120 at Oppenheimer
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07:43 EDTAVGOAvago price target raised to $145 from $125 at Canaccord
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07:10 EDTAVGOAvago price target raised to $135 from $115 at Pacific Crest
Pacific Crest increased its price target on Avago (AVGO) after the company reported higher than expected EPS and in-line revenue. The firm is upbeat on the company's acquisition of Emulex (ELX), calling it "another accretive gem." Pacific Crest keeps an Outperform rating on Avago.
07:02 EDTAVGOAvago price target raised to $135 from $115 at Deutsche Bank
Deutsche Bank raised its price target for Avago to $135 citing the company's "impressive" revenue growth and operating leverage following its Q1 results. It reiterates a Buy rating on the stock.
06:22 EDTAVGOAvago price target raised to $131 from $110 at Citigroup
Citigroup raised its price target for Avago Technologies (AVGO) to $131 saying the acquisition of Emulex (ELX) will help margin expansion. Citi says it does not view Avago as a wholly derivative play on Apple (AAPL) and it expects the company's diversification into end markets like storage and later auto to drive multiple expansion. Avago remains Citi's top specialty semiconductor pick following its Q4 results.
February 25, 2015
18:24 EDTAVGOOn The Fly: After Hours Movers
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17:37 EDTAVGOQLogic rallies after Avago says purchasing Emulex for $8 per share
Shares of QLogic (QLGC) are higher in the extended session after peer Emulex (ELX) agreed to be bought for $8 per share in cash by Avago Technologies (AVGO). WHAT'S NOTABLE: Emulex and QLogic both make products for network infrastructure. After the close, Avago Technologies (AVGO) and Emulex Corporation (ELX) announced that they have entered into a definitive agreement under which Avago will acquire Emulex in an all-cash transaction valued at approximately $606M. Under the terms of the agreement, which has been approved by the boards of both companies, a subsidiary of Avago will commence a tender offer for all of the outstanding shares of Emulex common stock for $8 per share in cash. Avago expects to fund the transaction with cash available on its balance sheet. PRICE ACTION: Shares of Emulex are higher by almost 25%, while QLogic shares are up almost 5% in extended trading. Avago is up almost 6% to $118.56.
16:20 EDTAVGOAvago sees Q2 revenue down 3% to up 1% sequentially
Consensus $1.54B. Sees Q2 non-GAAP gross margin 58.5% plus/minus 1%. Capital expenditures for Q2 are expected to be approximately $180M.
16:18 EDTAVGOAvago reports Q1 gross margin from continuing operations 59%
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16:18 EDTAVGOAvago reports Q1 EPS $2.09, consensus $1.94
Reports Q1 revenue $1.64B, consensus $1.64B. Q1 gross margin was $826M, or 51% of net revenue.
16:12 EDTAVGOAvago to acquire Emulex for $8 per share in cash
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16:10 EDTAVGOAvago to acquire Emulex for $8 per share in cash
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15:26 EDTAVGOAvago technical comments before earnings
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15:05 EDTAVGONotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include (CRM), consensus 14c... Avago Technologies (AVGO), consensus $1.94... L Brands (LB), consensus $1.80... Workday (WDAY), consensus (6c)... BioMarin (BMRN), consensus (59c)... Concho Resources (CXO), consensus 84c... Antero Resources (AR), consensus 28c... Medivation (MDVN), consensus $1.34... Transocean (RIG), consensus 77c... Sprouts Farmers Market (SFM), consensus 9c... SINA Corporation (SINA), consensus 18c.
February 23, 2015
08:29 EDTAVGOAvago shares should be bought ahead of earnings, says Pacific Crest
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