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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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June 23, 2015
11:39 EDTMUStocks with call strike movement; TSLA MU
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09:36 EDTMUActive equity options trading on open
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June 22, 2015
16:00 EDTMUOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM
10:00 EDTMUOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Akebia (AKBA) initiated with an Outperform at JMP Securities... Barracuda Networks (CUDA) initiated with a Buy at Summit Research... BioLineRx (BLRX) initiated with an Outperform at JMP Securities... Cabela's (CAB) initiated with an Outperform at Barrington... Chemours (CC) initiated with a Buy at Jefferies... Communications Sales & Leasing (CSAL) initiated with an Overweight at JPMorgan... E.W. Scripps (SSP) initiated with a Hold at Evercore ISI... EQT Corporation (EQT) reinstated with an Overweight at Barclays... EQT GP (EQGP) initiated with an Outperform at Credit Suisse... EQT Midstream Partners (EQM) initiated with a Buy at Deutsche Bank... Eagle Pharmaceuticals (EGRX) initiated with an Outperform at RBC Capital... Energen (EGN) initiated with a Buy at KLR Group... Ignyta (RXDX) initiated with an Overweight at Piper Jaffray... International Game (IGT) initiated with a Buy at BofA/Merrill... Leju (LEJU) initiated with an Overweight at Barclays... Micron (MU) initiated with an Outperform at Cowen... People's Utah Bancorp (PUB) initiated with a Buy at DA Davidson... SouFun (SFUN) initiated with an Overweight at Barclays... Turquoise Hill (TRQ) initiated with an Outperform at BMO Capital.
10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
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10:00 EDTMUOn The Fly: Analyst Downgrade Summary
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09:14 EDTMUOn The Fly: Pre-market Movers
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07:02 EDTMUMicron price target lowered to $33 from $37 at JPMorgan
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06:15 EDTMUMicron initiated with an Outperform at Cowen
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05:34 EDTSNDKSanDisk upgraded to Buy from Hold at Summit Research
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05:31 EDTMUMicron downgraded to Sell from Neutral at Goldman
Goldman Sachs analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. The semiconductor provider closed Friday at $24.47.
June 19, 2015
16:00 EDTMUOptions Update; June 19, 2015
iPath S&P 500 VIX Short-Term Futures up 11c to 18.21, Option volume leaders: AAPL TWTR BAC T FB GILD NFLX BABA AAL MU AMZN
10:00 EDTMUOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aerie Pharmaceuticals (AERI) upgraded to Buy from Hold at Canaccord... Amedisys (AMED) upgraded to Buy from Hold at Jefferies... Consolidated Edison (ED) upgraded to Hold from Sell at Evercore ISI... Delta Air Lines (DAL) upgraded to Outperform from Peer Perform at Wolfe Research... Deutsche Bank (DB) upgraded to Neutral from Underperform at Exane BNP Paribas... EP Energy (EPE) upgraded on better than expected well economics at SunTrust... Encana (ECA) upgraded to Outperform from Market Perform at BMO Capital... Energy Transfer Partners (ETP) upgraded to Buy at BofA/Merrill... Erickson (EAC) upgraded to Outperform from In-Line at Imperial Capital... Fiserv (FISV) upgraded on growth opportunities, margin outlook at Oppenheimer... IPC Healthcare (IPCM) upgraded to Buy from Hold at Jefferies... Mack-Cali Realty (CLI) upgraded on valuation at Stifel... Micron (MU) upgraded to Buy on sustainable margins and capex at Topeka... NuStar Energy (NS) upgraded to Buy from Neutral at BofA/Merrill... NuStar GP Holdings (NSH) upgraded to Buy from Neutral at BofA/Merrill... Ramco-Gershenson (RPT) upgraded to Outperform from Neutral at Baird... Retail Opportunity (ROIC) upgraded to Outperform from Market Perform at Raymond James... Royal Dutch Shell (RDS.A) upgraded to Outperform from Sector Perform at RBC Capital... Smith & Wesson (SWHC) upgraded to Outperform from Sector Perform at RBC Capital... Sovran Self Storage (SSS) upgraded to Buy from Hold at Cantor... Springleaf (LEAF) upgraded to Outperform from Neutral at Macquarie.
09:03 EDTMUMicron volatility elevated into Q3 and outlook
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08:51 EDTMUMicron upgraded to Buy on sustainable margins and capex at Topeka
As previously reported, Topeka upgraded Micron to Buy from Hold and increased its price target to $34 from $30. The firm came away from an investor site visit incrementally more confident regarding PC demand and related DRAM pricing. Topeka's analyst believes Micron is at or ahead of plan on its 20nm DRAM ramp and will be able to keep DRAM capex flattish. In NAND, Micron is making steady TLC 3D NAND progress and expects gross margin improvement over the next several quarters. Topeka expects investor confidence in Micron's ability to sustain margins though cycles to increase over the next couple quarters as Micron executes.
07:16 EDTMUMicron upgraded to Buy from Hold at Topeka
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June 18, 2015
12:04 EDTMUActive options: AAPL ORCL FB RAD BAC HTZ MU GE TSLA AMZN BABA KO
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10:55 EDTMUStocks with call strike movement; MU BABA
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09:35 EDTMUActive equity options trading on open
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08:17 EDTMUSusquehanna lowers Micron estimates, but says risk/reward attractive
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