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January 16, 2014
06:04 EDTKKR, MRVLMarvell Technology: Not in buyout talks with KKR, Reuters reports
Marvell Technology Group says it's in talks with KKR & Co. (KKR) for a major transaction such as a buyout, about two weeks after KKR reported a 6.8% stake, reports Reuters. Reference Link
News For MRVL;KKR From The Last 14 Days
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September 25, 2015
16:43 EDTKKRKKR no longer holds stake in Smucker, lost right to designate board observer
On September 21, The J. M. Smucker Company (SJM) entered into an underwriting agreement, dated as of September 21, with Blue Holdings and Morgan Stanley with respect to a registered underwritten public offering of 8.28M shares of the company's common shares, to be sold by the selling shareholder. The common shares sold by the selling shareholder represent 100% of the ownership interests attributable to affiliates of Kohlberg Kravis Roberts (KKR). The secondary offering was completed on September 25. Upon completion of the secondary offering, KKR ceased to be the beneficial owner of any of the common shares and lost its right to designate a board observer.
10:59 EDTMRVLMarvell plans to lay off 17% of workforce, restructures mobile operations
Shares of Marvell Technology (MRVL) rose in morning trading after the company announced a major restructuring of its mobile platform business that will include a "significant" headcount reduction. WHAT'S NEW: Marvell Technology announced after the bell yesterday that it will cut about 17% of its global workforce as it restructures its mobile platform business. Marvel is seeking to focus its focus its mobile product line on "anticipated more profitable opportunities" and "right-size its expenses in line with corporate targets." The company plans to take a charge of $100M-$130M related to the structuring, which is currently expected to result in annualized operating expense savings of $170M-$220M. Marvell said it plans to "significantly" downsize the mobile platform organization to refocus its technology to emerging opportunities in IoT, automotive and networking. The moves have already started and the company anticipates the major activities to take place through the end of fiscal 2016. WHAT'S NOTABLE: Marvell announced on September 11 that it was conducting an internal investigation of certain accounting and internal control matters. "The investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment," the company stated. Specifically, the company said it was focused on 7%-8% of revenue recognized that would have been received in the third quarter. The company forecast a preliminary second quarter net loss of (74c) on revenue of $711M, which may not compare to analysts' consensus estimates at that time for 11c and $721.9M, respectively. Marvell said the preliminary results reflected weaker-than-expected demand for certain products, particularly in the storage market. STREET RESEARCH: Commenting on Marvel's restructuring move, Craig-Hallum analyst Christian Schwab said that Marvell's exit from its mobile handset business is a positive since the unit struggled to create scale and profits, generating just $122M in revenue and $13M in gross profit in the first half of fiscal 2016. Schwab said the move will drive company-wide gross margins toward the mid-50% range and expects a strengthened product profile following the restructuring efforts. The analyst added that the risk/reward is attractive and upgraded the stock's rating to Buy while maintaining a $14 price target. PRICE ACTION: Marvell shares are up 3.05% to $9.30 in morning trading.
10:00 EDTMRVLOn 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.
09:09 EDTMRVLMarvell upgraded to Buy from Hold at Craig-Hallum
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08:58 EDTMRVLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.
September 24, 2015
19:14 EDTMRVLOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Jabil Circuit (JBL), up 9.6%... Nike (NKE), up 8%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 92% after announcing "positive" data from its interim Phase 2 study of INOpulse... Reynolds American (RAI), up 1% after Bloomberg reported the company may sell $5B in assets to Japan Tobacco... Marvell (MRVL), up 5.15% after announcing a 17% global headcount reduction. LOWER AFTER EARNINGS: Pier 1 Imports (PIR), down 7.5%... Bed Bath & Beyond (BBBY), down 1%. ALSO LOWER: Internap (INAP), down 15.1% after cutting its FY15 revenue forecast... Emerge Energy Services (EMES), down 3.25% after withdrawing its distribution guidance due to "difficult market conditions."
17:10 EDTMRVLMarvell up 8% after announcing 17% global headcount reduction
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16:24 EDTMRVLMarvell to downsize mobile platform business, sees $100M-$130M charge
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September 22, 2015
17:56 EDTKKRKKR backs E&P team to launch Trans European Oil & Gas
KKR announced earlier that it will back Roland Wessel, Colin Judd and Melvyn Horgan, founders and former management team of Star Energy, to launch Trans European Oil & Gas Limited. "Trans European Oil & Gas intends to build a portfolio of conventional onshore oil and gas properties in proven hydrocarbon plays in Europe, and apply its extensive experience in enhanced oil recovery techniques to optimize production," said KKR. The investment in Trans European Oil & Gas will be made primarily by the KKR European Fund IV.
06:40 EDTMRVLChip sector deal size up substantially in 2015, WSJ reports
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September 21, 2015
06:55 EDTKKRKKR, Hellman & Friedman eyeing Petco deal, NY Post reports
KKR (KKR) and Hellman & Friedman are "sniffing out" Petco for a potential acquisition, the New York Post reports. The firms made preliminary offers for the company last week and are viewed as the strongest bidders, the report says. Rival PetSmart (PETM) is also pursuing a deal, the report adds. Reference Link

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