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Stock Market & Financial Investment News

News Breaks
June 24, 2014
11:52 EDTSNDK, MUMicron climbs, upgraded after results beat expectations
Shares of computer memory maker Micron Technology (MU) are climbing after the company's third quarter earnings per share and revenue surpassed analysts' expectations. WHAT'S NEW: Micron's Q3 EPS of 79c was 9c higher than expectations, while its Q3 revenue of $3.98B beat analysts' consensus forecast of $3.89B. Revenues for both DRAM and NAND Flash products were down slightly for the quarter compared to last year's results. The company’s overall consolidated gross margin of 34% for Q3 was consistent with last quarter's results, as mix-related decreases in average selling prices were essentially offset by corresponding decreases in manufacturing costs. WHAT'S NOTABLE: During the company's earnings conference call, Micron guided Q4 total revenue to be in the range of $4B-$4.2B on a consolidated basis. Micron said Q4 trade NAND gross margins are expected to be down a couple of points compared to Q3 based on bit production expected to be up low-to mid-teens, average selling price down low to mid-single digits, and cost per bit flat compared to Q3. Q4 DRAM gross margin is anticipated to be flat to up slightly compared to Q3. Q4 gross margins are expected to be adversely affected in the $30M range by a last-time sale of end-of-life legacy architecture products not included in the company's DRAM and NAND guidance. In terms of expenditures for property, plant and equipment, Micron said that it is on track to be within its guided range for FY14 of between $2.8B-$3.2B, with over $1B of expenditures planned for Q4. Micron added that it has no plans to expand wafer production in FY15 and that it expects long-term NAND demand/supply to be in balance. ANALYST OPINION: Following its report and guidance, Needham upgraded Micron to Strong Buy from Buy and raised its price target for shares to $50 from $40. Analysts at Roth Capital, Jefferies, and JPMorgan also raised their price targets on the shares this morning. Goldman Sachs Analyst Mark Delaney said the firm is maintaining its Neutral rating on Micron as the firm is worried that DRAM fundamentals could be close to peak and attract incremental supply. However, he feels that investors will perceive Micron's plan to not add new wafer capacity next year positively. Goldman Sachs' price target on Micron remains at $29. PRICE ACTION: During late-morning trading, shares of Micron rose $1.59 or 5.07%, to $32.85. Shares of SanDisk (SNDK), which also offers data storage solutions in a range of form factors, are up 1% to $103.26.
News For MU;SNDK From The Last 14 Days
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July 23, 2015
06:42 EDTMUMobile DRAM prices to fall on excess smartphone inventory, DigiTimes reports
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06:42 EDTMUTsinghua still in talks with Micron over possible takeover, Reuters reports
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06:29 EDTMUMicron and Tsinghua fail to reach consensus in tie-up talks, DigiTimes reports
Micron and Tsinghua Unigroup failed to reach a consensus although it is negotiating a possible tie-up in DRAM business, reports DigiTimes. According to industry sources, Micron wanted to have absolute control over the production capacity the company would share with Tsinghua while the China chipmaker had no interest in just being a manufacturing partner of the US vendor. The sources add that Tsinghua could be the one spreading the rumors that it is looking to make an offer for Micron. Reference Link
05:39 EDTSNDKSanDisk Q2 shows recovery on track, says Piper Jaffray
Piper Jaffray analyst Ruben Roy says SanDisk's Q2 results and guidance indicate the company's second half of 2015 recovery is on track. Inventory levels are back to normal and client SSD revenues are expected to grow following a Q2 trough, Roy tells investors in a post-earnings research note. He lowers his price target for SanDisk to $69 from $74 and reiterates an Overweight rating on the stock.
July 22, 2015
19:02 EDTSNDK, MUOn The Fly: After Hours Movers
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17:33 EDTSNDK, MUMicron advances by 2.33% after SanDisk Q2 results
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17:28 EDTSNDKSanDisk advances 12% after Q2 results, guidance
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17:25 EDTSNDKSanDisk sees Q3 revenue $1.35B-$1.45B, consensus $1.41B
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17:25 EDTSNDKSanDisk backs FY15 revenue view $5.4B-$5.7B, consensus $5.53B.
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17:21 EDTSNDKSanDisk does not expect Toshiba announcement to impact financial results
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17:06 EDTSNDKSanDisk says progressing with qualification of embedded component product
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16:06 EDTSNDKSanDisk reports Q2 non-GAAP EPS 66c, consensus 33c
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15:26 EDTSNDKNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Qualcomm (QCOM), consensus 95... American Express (AXP), consensus $1.32... Texas Instruments (TXN), consensus 65c... Las Vegas Sands (LVS), consensus 61c... Crown Castle (CCI), consensus $1.06... Discover Financial (DFS), consensus $1.32... Tractor Supply (TSCO), consensus $1.11... SanDisk (SNDK), consensus 33c... SL Green Realty (SLG), consensus $1.56... Xilinx (XLNX), consensus 54c... Weatherford (WFT), consensus (12c)... F5 Networks (FFIV), consensus $1.60... United Rentals (URI), consensus $1.74... Fortinet (FTNT), consensus 9c... LaSalle Hotel (LHO), consensus 89c... Oceaneering International (OII), consensus 68c... Cheesecake Factory (CAKE), consensus 62c.
15:09 EDTSNDKEarnings Watch: Summit breaks trend with upgrade of Sandisk to Buy
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15:02 EDTMUOptions Update; July 22, 2015
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12:16 EDTSNDKSanDisk technical notes before earnings
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10:21 EDTMUTsinghua 'sounding out' Micron interest in deal, to make $23B bid, Nikkei says
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07:10 EDTSNDKSanDisk July weekly volatility elevated into Q2 and outlook
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05:55 EDTMUDRAMeXchange: DRAM prices to fall further, DigiTimes says
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July 21, 2015
10:04 EDTMUMicron spurning of Tsinghua a 'bargaining tactic,' blog author contends
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