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Stock Market & Financial Investment News

News Breaks
April 1, 2014
11:11 EDTQCOM, MRVLMarvell rises after announcing plans to appeal patent decision
Shares of fabless semiconductor provider Marvell Technology (MRVL) are higher this morning after the company said it will appeal a district judge's order for the company to pay nearly $1.54B for breaching two hard disk drive patents held by Carnegie Mellon University. WHAT'S NEW: The U.S. District Court for the Western District of Pennsylvania yesterday rejected Marvell's motion to reduce a patent infringement jury award against it and added more than $366M to Carnegie Mellon University’s award, bringing it to $1.54B. That amount is higher than the $1.17B that a jury previously awarded CMU, but the judge rejected CMU's motion for an injunction which would block Marvell from selling chips that the jury found to be infringing. The judge also rejected CMU's demand for about $326M in pre-judgment interest and denied CMU’s bid for enhanced damages at a higher rate. WHAT'S NOTABLE: Marvell intends to appeal to the Federal Circuit Court of Appeals. Marvell and Marvell Semiconductor, its U.S. subsidiary, intend to argue to the Federal Circuit "that the patents at issue are invalid, that even if valid, Marvell did not infringe, and that the Court erred both in its calculation of the royalty rate and in its novel application of that rate to chips manufactured, sold, and used abroad." Marvell said it does not expect to record a liability on its financial statements and believes a material loss is not probable. ANALYST REACTION: MKM Partners thinks the ruling removes a major overhang on Marvell's stock. Additionally, the firm says concerns about competition Marvell is facing from Qualcomm (QCOM) and Mediatek are "overdone." MKM, which said it believes Marvell's revenue for the full year will beat the current consensus outlook, has a Buy rating and $19 price target on Marvell shares. PRICE ACTION: Marvell Technology shares are up 55c, or 3.5%, to $16.30 in late-morning trading.
News For MRVL;QCOM From The Last 14 Days
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November 21, 2014
07:43 EDTMRVLMarvell outlook still positive, says RBC Capital
After Marvell reported lower than expected Q3 revenue, RBC Capital says that the revenue shortfall was caused by weakness in the company's least profitable business. The firm expects the company's wireless business to rebound in 1Q15, and it expects Marvell's payment to Carnegie Mellon to be reduced. It keeps a Top Pick rating on the shares.
November 20, 2014
16:10 EDTMRVLMarvell sees Q4 EPS 24c plus or minus 2c, consensus 26c
Sees Q4 revenue $880M-$900M, consensus $930.89M.
16:09 EDTMRVLMarvell reports Q3 EPS 29c, consensus 29c
Reports Q3 revenue $930.14M, consensus $976.14M.
15:28 EDTMRVLNotable companies reporting after market close
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07:23 EDTQCOMQualcomm shares range bound until China resolution, says William Blair
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November 19, 2014
16:58 EDTQCOMQualcomm lowers 5 year revenue CAGR view to 8%-10% from prior double digit view
In its slides presentation that was prepared for its 2014 Analyst Day from earlier today, Qualcomm said it would grow its revenue CAGR by 8%-10% which is lower than its previous view of double-digit revenue CAGR. At its Analyst Day, the company noted revenue pressures in China that in part stem from Chinese handset vendors unwillingness to pay the company royalties. Shares of Qualcomm closed down over 2% to end the seesion at $70.47.
16:30 EDTQCOMQualcomm CEO says 'It's really all about China for us'
Qualcomm CEO speaking on CNBC interview.
16:27 EDTQCOMQualcomm CEO sees getting through issues with China
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10:59 EDTQCOMQualcomm says FY15 margins to be impacted by compliance spending
10:29 EDTQCOMQualcomm reaffirms FY15 EPS view $5.05-$5.35, consensus $5.22
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07:36 EDTMRVLMarvell volatility elevated into Q1 and outlook
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November 18, 2014
06:04 EDTQCOMQualcomm to host analyst meeting
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November 17, 2014
13:57 EDTQCOMQualcomm volatility flat into analyst meeting
Qualcomm November call option implied volatility is at 22, December and January is at 20, February is at 21; compared to its 26-week average of 21 according to Track Data, suggesting non-directional price movement into a company sponsored analyst meeting on November 19
November 14, 2014
16:52 EDTMRVLGreenlight Capital gives quarterly update on stakes
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12:53 EDTQCOMOmega Advisors gives quarterly update on stakes
NEW STAKES: AerCap Holdings (AER), Nordic American Offshore (NAO), Melco Crown Entertainment (MPEL), Groupon (GRPN), and Ashland (ASH). INCREASED STAKES: QEP Resources (QEP), United Continental (UAL), Cabot Oil & Gas (COG), Actavis (ACT), and KAR Auction Services (KAR). DECREASED STAKES: Sprint (S), SandRidge Energy (SD), Sirius XM Holdings (SIRI), Kinder Morgan (KMI), and Transocean (RIG). LIQUIDATED STAKES: QUALCOMM (QCOM), Ocwen Financial (OCN), Freeport-McMoRan (FCX), Boston Scientific (BSX), and Capital One (COF).
November 13, 2014
10:01 EDTMRVLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ATK (ATK) downgraded to Hold from Buy at Argus... Adeptus Health (ADPT) downgraded to Hold from Buy at Deutsche Bank... American Woodmark (AMWD) downgraded to Neutral from Buy at Longbow... Avnet (AVT) downgraded to Sell from Neutral at Goldman... Baxano Surgical (BAXS) downgraded to Sell from Buy at Summer Street... Beazer Homes (BZH) downgraded to Neutral from Overweight at JPMorgan... Bristol-Myers (BMY) downgraded to Equal Weight from Overweight at Morgan Stanley... Centene (CNC) downgraded to Market Perform from Outperform at FBR Capital... Cherry Hill Mortgage (CHMI) downgraded to Equal Weight from Overweight at Barclays... Discover (DFS) downgraded to Hold from Buy at Deutsche Bank... Fleetmatics (FLTX) downgraded to Neutral from Buy at BofA/Merrill... Gazprom (OGZPY) downgraded to Neutral from Overweight at JPMorgan... Jabil Circuit (JBL) downgraded to Neutral from Buy at Goldman... LabCorp (LH) downgraded to Hold from Buy at Deutsche Bank... Laredo Petroleum (LPI) downgraded at BMO Capital... Macy's (M) downgraded to Market Perform from Outperform at Wells Fargo... Madison Square Garden (MSG) downgraded to Equal Weight from Overweight at Morgan Stanley... Marvell (MRVL) downgraded to Sell from Neutral at Goldman... Meritor (MTOR) downgraded to Neutral from Overweight at Piper Jaffray... Swedbank (SWDBY) downgraded to Underperform from Sector Perform at RBC Capital... TransGlobe (TGA) downgraded to Sector Perform from Outperform at Scotia Capital... UIL Holdings (UIL) downgraded to Hold from Buy at Argus... Verint Systems (VRNT) downgraded to Fair Value from Buy at CRT Capital... ZAIS Financial (ZFC) downgraded to Equal Weight from Overweight at Barclays.
07:27 EDTMRVLMarvell volatility elevated into Q1 and outlook
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05:28 EDTMRVLMarvell downgraded to Sell from Neutral at Goldman
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November 12, 2014
12:55 EDTQCOMNVIDIA says Samsung files counter-suit, patent infringement claims
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November 10, 2014
06:28 EDTQCOMReport: TSMC may buy Qualcomm Taiwan factory, DigiTimes says
TSMC (TSM) is considering an acquisition of Qualcomm's (QCOM) Taiwan factory to expand its packaging and test business, reports DigiTimes. Citing a Chinese-language Economic Daily News report, the Qualcomm factory will be acquired for several billion NT dollars. Reference Link
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