New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 15, 2013
12:17 EDTINTC, MLNXMellanox advances after UBS ups rating to Buy
Israel's Mellanox (MLNX), which develops chips that enable data transmission among different devices, is climbing after UBS analyst Steven Milunovich upgraded the stock to Buy from Neutral. The stock's risk/reward ratio is compelling, as the shares are unlikely to drop by a large amount, the analyst said earlier today in a note to investors. Mellanox's InfiniBand switch is moving into new markets, and should gain market share in the storage space, he wrote. Intel (INTC) is likely to enter Mellanox's market in 2014 or 2015, but that risk is already reflected in Mellanox's stock price, according to Milunovich, who raised his price target on the shares to $65 from $56. In early afternoon trading, Mellanox climbed $1.80, or 3.56%, to $52.31.
News For MLNX;INTC From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 >>
September 30, 2015
12:10 EDTMLNXOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday as the unquestionably hard quarter looks like it will end on an up note. Relief, as well as end of the quarter window dressing, may be the main drivers of this morning's rebound as investors are certainly ready to turn the page on the third quarter with the monthly non-farm payrolls report and the start of earnings season on the horizon. ECONOMIC EVENTS: In the U.S., payroll processor ADP reported that 200,000 jobs were added this month, topping expectations for 190,000 job additions. The Chicago PMI business barometer index fell to 48.7 in September, missing expectations for a reading of 53.6. Additionally, the Senate passed a continuing resolution, officially funding the government through December 11. COMPANY NEWS: Shares of two clothing companies moved in opposite directions after an executive for one left to take over for an icon at the other. Last night, Gap (GPS) announced that Stefan Larsson will step down as global president of Old Navy effective October 2. Larsson is leaving Gap to become the new Chief Executive Officer of Ralph Lauren (RL), replacing the man who founded the company that bears his name. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell 7% in the wake of the executive shake-up, while Ralph Lauren shares were upgraded to Buy at UBS and the stock advanced 12% near noon. MAJOR MOVERS: Among the notable gainers were Rentrak (RENT) and comScore (SCOR), which gained 20% and 9%, respectively, after the companies agreed to a stock-for-stock merger. Also higher were shares of Western Digital (WDC), which rallied 14.5% after Unisplendour, a unit of China's Tsinghua Holdings, struck a deal to buy a 15% stake in the U.S. data storage company. Among the noteworthy losers was Barracuda Networks (CUDA), whose shares plunged 35% after the IT security and storage solutions company reported lower than expected revenue and provided weaker than expected guidance. Also lower were shares of Mellanox (MLNX), which were down 9% after the company agreed to acquire EZchip (EZCH) in a transaction implying a value of approximately $811M, or roughly $620M net of cash. Potentially overshadowing the deal was the fact that the company failed to reiterate its guidance despite being asked repeatedly by analysts on today's acquisition conference call, Summit Research analyst Srini Nandury told investors in a research note. EZchip, which will be bought for a cash purchase price of $25.50 per share, rose 14% following the deal announcement. INDEXES: Near midday, the Dow was up 128.64, or 0.8%, to 16,177.77, the Nasdaq was up 56.46, or 1.25%, to 4,573.78, and the S&P 500 was up 18.68, or 0.99%, to 1,902.77.
11:11 EDTMLNXMellanox selloff reflects no guidance reiteration, says Summit Research
Summit Research analyst Srini Nandury says Mellanox's (MLNX) failure to reiterate its guidance on the last day of the quarter is overshadowing its purchase of EZchip (EZCH). The company failed to reiterate its guidance despite being asked repeatedly by analysts on today's acquisition conference call, Nandury tells investors in a research note. The analyst recommends using today's weakness as a buying opportunity. He continues to believe in the Mellanox Ethernet and Infiniband stories. Nandury has a Buy rating on the name with a $56 price target.
10:49 EDTINTCWestern Digital surges on $3.78B investment from China's Unisplendour
Shares of Western Digital (WDC) surged in morning trading after the company said it Unisplendour will take a 15% stake in the U.S. data storage company. WHAT'S NEW: Western Digital and Unisplendour, a unit of China's Tsinghua Holdings, said they entered into a pact under which a Unis subsidiary will invest $3.78B in Western Digital, the companies said. Under the terms of the agreement, Unis will buy the shares at $92.50 each. Unisplendour will own 15% of Western Digital's outstanding shares after the purchase, and have the right to nominate one representative to Western Digital's board of directors, a right that terminates if Unis' ownership falls below 10%. Unis also agreed not to sell any of its Western Digital shares for five years. WHAT'S NOTABLE: In July, the Wall Street Journal reported that Tsinghua Unigroup, which is majority-owned Tsinghua Holdings, offered to buy Micron Technology (MU) for $23B. After several talks and meetings over the matter, Reuters reported on August 28 that Zhao Weiguo, chairman of Tsinghua Unigroup, met with Micron in an attempt to revive takeover talks, but a deal did not come to fruition. Tsinghua Holdings chairman Jinghong Xu said that his company was open to a partnership with Micron if an acquisition deal could not be reached, dealReporter said. Separately, in May, Hewlett-Packard (HPQ) announced that it would sell a 51% stake in its H3C business to Unisplendour for roughly $2.3B. PRICE ACTION: In morning trading, Western Digital shares are up 16.06% to $79.91. OTHERS TO WATCH: Micron, which reports quarterly earnings on Thursday, is up 5.25% to $15.10, HP is up 2.56% to $25.28, SanDisk (SNDK) is up 9.2% to $53.63, Intel (INTC) is up 3.56% to $30.28, and Seagate (STX) is up 5.5% to $44.10.
10:41 EDTMLNXEZchip downgraded to Hold from Buy at Benchmark Co.
Benchmark Co. downgraded EZchip to Hold with a $25.50 price target following the takeover by Mellanox (MLNX).
09:59 EDTINTCActive equity options trading on open
Subscribe for More Information
08:59 EDTMLNXMellanox and EZchip to co-host a press briefing
Subscribe for More Information
08:35 EDTMLNXMellanox and EZchip to co-host a conference call
Conference call to discuss the definitive agreement where Mellanox acquires EZchip to be held on September 30 at 8:30 am. Webcast Link
07:32 EDTMLNXMellanox agrees to acquire EZchip
Mellanox Technologies (MLNX) and EZchip (EZCH) announced that they have entered into a definitive merger agreement under which Mellanox shall acquire 100% of EZchip's outstanding ordinary shares for a cash purchase price of $25.5 per share implying a transaction value of approximately $811M, or roughly $620M net of cash. The terms of the transaction have been unanimously approved by both the Mellanox and EZchip Boards of Directors. The combined businesses currently have approximately 2,400 employees, and have generated combined revenues of $668M for the twelve months ended June 30, 2015. The transaction is projected to close in the first quarter of 2016, subject to the completion of certain closing conditions. Mellanox expects the transaction to be non-GAAP accretive from day one. Under the terms of the definitive agreement, EZchip shareholders will receive $25.5 for each ordinary share of EZchip that they hold at the closing of the transaction. Mellanox intends to fund the transaction with cash on hand from the combined companies and $300M in fully-committed debt financing. The proposed acquisition is subject to customary closing conditions, including the receipt of applicable regulatory approvals and the approval of EZchip's shareholders.
06:18 EDTMLNXMellanox said to be in talks to buy EZchip for $700M-$800M, Reuters reports
Subscribe for More Information
September 29, 2015
09:03 EDTINTCHP updates entry-level workstation
HP (HPQ) announced the HP Z240 Tower and Z240 SFF Workstations with next generation Intel (INTC) processors and HP Z Turbo Drive options, raising the bar for entry-level workstations, while providing the reliability of a workstation at the price point of a desktop PC. The Z240 is the latest update to the world's No. 1 ranked entry-level workstation, the HP Z230. As HP's most affordable workstation, the Z240 is ideal for customers in the video editing, MCAD/AEC, education, public sector and image viewing industries.
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
<< 1 | 2 | 3 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use