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October 2, 2015
07:01 EDTGOOGGoogle reorg may result in bigger 'moonshot' bets over time, WSJ says
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06:51 EDTWMTWal-Mart Chile eyes shopping center chain sale, Reuters says
Wal-Mart Chile is eyeing a sale of its chain of shopping centers in an effort to focus on its larger supermarket operations in Chile, Reuters reports. The plan would involve the sale of 10 "Espacio Urbano" centers throughout the country, totaling roughly 250,000 square meets, the report says. Reference Link
06:12 EDTAAPLPiper's Munster says reality of an Apple car is increasing
Piper Jaffray analyst Gene Munster says the reality of an Apple car is increasing after a Wall Street Journal article suggested a target ship date in 2019. Every 40,000 units at a $75,000 average selling price would add 1% to 2021 revenue, Munster tells investors in a research note titled "Car Would Yield Small Initial Revenue, But Big Enough To Move Needle Long Term." By comparison, Tesla (TSLA) produced 35,000 cars in 2014, he points out. If Apple in 20 years could become as successful as BMW, which produced 1.8M cars in 2014, it could yield $135B in revenue, Munster writes. He continues to view the car as positive for Apple's valuation multiple and keeps an Overweight rating on the name with a $172 price target. The iPhone maker closed yesterday down 72c to $109.58.
05:47 EDTBBYStocks with implied volatility below IV index mean; BBY NKE
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October 1, 2015
19:46 EDTGOOGGoogle to use Nest as model for other startup operations, WSJ says
As Google reorganizes under new parent company Alphabet Inc., the tech giant plans to use its largely-autonomous subsidiary Nest as a model for its other startup projects, reports the Wall Street Journal, citing people familiar with the plan. Affected Google projects and subsidiaries will handle their own hiring, contracts, and marketing campaigns, the sources explained. Reference Link
19:06 EDTAAPLApple Car production 'increasingly likely,' says Piper Jaffray
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18:02 EDTMSFTMicrosoft, ASUSTeK Computer broaden patent licensing engagement
Microsoft Corp. and ASUSTeK Computer announced the expansion of an earlier patent licensing agreement between the companies. The deal includes a broad cross-license covering, for example, ASUS Android-based phones and tablets and Microsoft software, devices and services. It paves the way for closer integration between the two companies, including pre-installation by ASUS of Microsoft Office productivity services on ASUS Android smartphones and tablets. The agreement also facilitates technology sharing toward the development of new, innovative product solutions.
16:00 EDTAAPLOptions Update; October 1, 2015
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15:02 EDTINTCEarnings Watch: Micron quarter highlighted by Tsinghua report, 3D XPoint launch
Micron Technology (MU) is expected to report fourth quarter earnings after the close on Thursday, October 1, with a conference call scheduled for 4:30 pm EDT. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 33c on revenue of $3.56B. The consensus range is 22c-47c for EPS on revenue of $3.4B-$3.68B, according to First Call. On its last earnings conference call, Micron guided for Q4 revenue of $3.45B-$3.7B. In terms of bit growth in Q4, the company said it expected DRAM bit growth to be flat to up by a low single digit percentage in the quarter. LAST QUARTER: On June 25, Micron reported Q3 adjusted EPS of 54c, against a consensus of 56c, and revenue of $3.85B, against a consensus of $3.9B. The company said then that its decline in revenues compared to prior quarter was primarily due to a 10% decline in DRAM average selling prices and relatively flat DRAM sales volume. NEWS: Wednesday, shares of Western Digital (WDC) surged after Unisplendour, a unit of China's Tsinghua Holdings, agreed to buy a 15% stake in the U.S. data storage company for $3.78B. In July, The Wall Street Journal reported that Tsinghua Unigroup, which is a majority-owned unit of Tsinghua Holdings, offered to buy Micron for $23B. As of yet no deal has come to fruition, but Tsinghua Holdings chairman Jinghong Xu has reportedly said that his company was open to a partnership with Micron if an acquisition deal could not be reached. Also during this quarter, Intel (INTC) and Micron unveiled 3D XPoint technology, a non-volatile memory that the companies say has the potential to "revolutionize any device, application or service that benefits from fast access to large sets of data." Now in production, 3D XPoint technology brings non-volatile memory speeds up to 1,000 times faster than NAND, according to the partners. STREET RESEARCH: After the Journal's initial report that Tsinghua had offered to acquire Micron, research firms had mixed reactions. Tsinghua may have indicated that it was making the "low ball" offer in order to gauge the reaction of Micron's management and shareholders to it, Summit Research analyst Srini Sundarararjan contended in a note to investors immediately following the story. Tsinghua will probably increase its bid, the analyst predicted. Piper Jaffray analyst Ruben Roy told investors that the deal makes sense for Tsinghua and China, but not for Micron. If a takeover of Micron was based on the average valuation that companies in Micron's sector had received in takeover deals over the last 18 months, it would fetch a takeover price of $43 per share, Roy estimated. Micron and Tsinghua are more likely to reach an intellectual property sharing deal than complete a takeover transaction, according to Piper's analyst. On August 7, Drexel Hamilton analyst Richard Whittington downgraded Micron to Hold from Buy, stating that a PC unit refresh hasn't materialized and DRAM unit demand and pricing were trending below anticipated levels. Whittington cut his price target on Micron shares to $19. After Micron held its analyst meeting on August 14, analysts were divided in their responses. Right after the event, Wells Fargo upgraded Micron to Market Perform from Underperform, while pointing out that it still believes that the company is facing several risks, including falling prices for DRAM and its rising capital spending. Although Micron is facing "challenging near-term conditions," including a weak PC market, the company outlined many positive aspects of its business at the meeting, according to Piper's Roy. Micron may miss estimates in the short-term but its share price is unlikely to drop much further, and its performance should improve significantly next year, Roy said at that time. Micron's decision to raise its capital spending suggests that it is "overconfident" in its new chips, according to Bank of America/Merrill Lynch analyst Simon Dong-je Woo, who cut his rating on the shares to Neutral from Buy following the analyst day. Also during August, Baird downgraded Micron to Neutral, citing falling DRAM prices. On September 21, Barclays analyst Blayne Curtis started shares of Micron with an Overweight rating and $20 price target, saying he believed near-term risk from weak DRAM demand was priced into the stock at then-current levels. Earlier this week, Wells Fargo analyst David Wong upgraded Micron Technology to Outperform, saying current valuation levels provide upside potential. Wong cut his estimates for the company, however, citing the "ongoing slide" in DRAM pricing. Nonetheless, he thinks that memory industry financial dynamics have improved in recent years and keeps a $16-$19 price target range for Micron shares. PRICE ACTION: Over the last three months, shares of Micron have fallen about 22%. Ahead of its earnings report, Micron declined 2.3% to $14.64 in late day trading.
13:26 EDTAAPL, GOOGAmazon to end sale of Apple, Google streaming devices, Bloomberg says
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12:44 EDTAAPLApple chip suppliers fall after report iPhone maker may lower chip orders
Shares of chip makers for Apple's (AAPL) iPhone are sliding after a DigiTimes article said the iPhone maker may curtail its chip orders for the fourth quarter. WHAT'S NEW: According to the DigiTimes report, Apple may be adjusting its chip orders lower for Q4. Sources said that a substantial integrated circuit supplier is saying that Apple has "slightly lowered lowered its demand for supplies for the new iPhones for December," the report said. The sources said that overall shipments of the iPhone 6s series are expected to reach 75M-80M units in the third quarter and 65M-70M units in Q4. WHAT'S NOTABLE: On September 28, Apple announced it has sold more than 13M new iPhone 6s and iPhone 6s Plus models just three days after launch, a new record for the company. According to an iFixit report from September 25, a teardown of the new iPhone 6S Plus revealed components supplied by Qualcomm (QCOM), Skyworks (SWKS), Qorvo (QRVO), Avago (AVGO), NXP Semiconductors (NXPI), Cirrus Logic (CRUS) and Texas Instruments (TXN), among others. Other chip makers that have been mentioned as possible Apple suppliers in the past include Analog Devices (ADI), Maxim Integrated Products. (MXIM) and ON Semiconductor (ON). PRICE ACTION: In midday trading shares of the aforementioned chip makers are all lower with Qorvo, Avago, NXP and Analog Devices down approximately 4% to 5%. Apple is down about 1.4%.
10:37 EDTBBY, WMTBofA/Merrill's Top 10 US Ideas for Q4 2015
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10:11 EDTAAPLApple SVP says company working on fixing roaming charges, Evening Standard says
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10:01 EDTAAPLApple names James Bell to board of directors
Apple (AAPL) announced that James A. Bell, former CFO and corporate president of The Boeing Company (BA), has been elected to Apple's board of directors. During his 38-year career at Boeing, he also oversaw Boeing Capital Corporation and Boeing Shared Services, and was interim CEO of The Boeing Company in 2005.
10:00 EDTMSFTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMEC Foster Wheeler (AMFW) upgraded to Neutral from Underperform at Macquarie... Ares Capital (ARCC) upgraded to Outperform from Neutral at Macquarie... Celgene (CELG) upgraded to Overweight from Neutral at JPMorgan... Deutsche Boerse (DBOEY) upgraded to Overweight from Underweight at Barclays... Devon Energy (DVN) upgraded on valuation, catlysts at Bernstein... HeartWare (HTWR) upgraded to Market Perform from Underperform at Northland... IBERIABANK (IBKC) upgraded to Buy from Hold at Sandler O'Neill... (JD) upgraded to Buy from Hold at Deutsche Bank... Kirby (KEX) upgraded to Neutral from Underperform at Macquarie... Madison Square Garden (MSG) upgraded to Buy from Hold at Jefferies... Microsoft (MSFT) upgraded to Neutral from Underperform at BofA/Merrill... Newell Rubbermaid (NWL) upgraded to Buy from Neutral at B. Riley... Norfolk Southern (NSC) upgraded to Outperform from Peer Perform at Wolfe Research... Pernod Ricard (PDRDY) upgraded to Buy from Neutral at Goldman... RWE AG (RWEOY) upgraded to Sector Perform from Underperform at RBC Capital... SanDisk (SNDK) upgraded to Overweight from Equal Weight at Morgan Stanley... Steven Madden (SHOO) upgraded to Outperform ahead of earnings turn at Telsey Advisory... Trex Company (TREX) upgraded to Strong Buy from Buy at CL King... Universal Health (UHS) upgraded to Overweight from Sector Weight at KeyBanc... Western Digital (WDC) upgraded on transaction, valuation, momentum at Argus... Workday (WDAY) upgraded to Overweight from Equal Weight at Stephens.
09:43 EDTAAPLApple heads lower
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09:35 EDTNVDA, AAPLActive equity options trading on open
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09:12 EDTGOOGUBS internet and leisure analysts hold an analyst/industry conference call
Internet Analyst Sheridan and Leisure Analyst Farley, along with Max Starkov, the CEO of HeBS Digital, discuss the mechanics of instant booking on Google and TripAdvisor, the pros and cons of these programs from a hotelier's perspective and what impact Google and TripAdvisor's instant booking programs will have on Expedia and on an Analyst/Industry conference call to be held on October 1 at 10:30 am.
08:10 EDTWMTAmerican Express cards now accepted at Sam's Club
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06:52 EDTAAPLApple November weekly volatility elevated
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