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May 14, 2014
10:32 EDTBEAV, NXPI, EZCH, CPE, HUNHigh option volume stocks: NXPI HUN EZCH BEAV CPE
News For NXPI;HUN;EZCH;BEAV;CPE From The Last 14 Days
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September 30, 2015
11:11 EDTEZCHMellanox selloff reflects no guidance reiteration, says Summit Research
Summit Research analyst Srini Nandury says Mellanox's (MLNX) failure to reiterate its guidance on the last day of the quarter is overshadowing its purchase of EZchip (EZCH). The company failed to reiterate its guidance despite being asked repeatedly by analysts on today's acquisition conference call, Nandury tells investors in a research note. The analyst recommends using today's weakness as a buying opportunity. He continues to believe in the Mellanox Ethernet and Infiniband stories. Nandury has a Buy rating on the name with a $56 price target.
10:41 EDTEZCHEZchip downgraded to Hold from Buy at Benchmark Co.
Benchmark Co. downgraded EZchip to Hold with a $25.50 price target following the takeover by Mellanox (MLNX).
10:05 EDTEZCHHigh option volume stocks
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08:59 EDTEZCHMellanox and EZchip to co-host a press briefing
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08:35 EDTEZCHMellanox and EZchip to co-host a conference call
Conference call to discuss the definitive agreement where Mellanox acquires EZchip to be held on September 30 at 8:30 am. Webcast Link
07:32 EDTEZCHMellanox agrees to acquire EZchip
Mellanox Technologies (MLNX) and EZchip (EZCH) announced that they have entered into a definitive merger agreement under which Mellanox shall acquire 100% of EZchip's outstanding ordinary shares for a cash purchase price of $25.5 per share implying a transaction value of approximately $811M, or roughly $620M net of cash. The terms of the transaction have been unanimously approved by both the Mellanox and EZchip Boards of Directors. The combined businesses currently have approximately 2,400 employees, and have generated combined revenues of $668M for the twelve months ended June 30, 2015. The transaction is projected to close in the first quarter of 2016, subject to the completion of certain closing conditions. Mellanox expects the transaction to be non-GAAP accretive from day one. Under the terms of the definitive agreement, EZchip shareholders will receive $25.5 for each ordinary share of EZchip that they hold at the closing of the transaction. Mellanox intends to fund the transaction with cash on hand from the combined companies and $300M in fully-committed debt financing. The proposed acquisition is subject to customary closing conditions, including the receipt of applicable regulatory approvals and the approval of EZchip's shareholders.
06:18 EDTEZCHMellanox said to be in talks to buy EZchip for $700M-$800M, Reuters reports
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September 29, 2015
04:58 EDTHUNStocks with implied volatility movement; HUN NRF
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September 28, 2015
16:19 EDTHUNOn The Fly: Top stock stories for Monday
Stocks on Wall Street were sharply lower as investors continue to worry about the health of China's economy and continue to flee the biotech sector. The iShares NASDAQ Biotechnology Index (IBB) was down 6.33% today and is down about 18.5% since September 21, when Democratic presidential candidate Hillary Clinton pledged to take action against the high prices of specialty drugs. Adding to the tentative mood among investors was noted investor Carl Icahn's preview for a presentation that will be made available on his site tomorrow, entitled "Danger Ahead." The preview includes several cautious comments that the billionaire has publicly made recently regarding his concerns about the high-yield bond market and the stock market. ECONOMIC EVENTS: In the U.S., personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. The pending home sales index fell 1.4% in August, missing expectations for it to have risen 0.4%. The Dallas Fed manufacturing outlook survey for September had a reading of -9.5, versus expectations for a reading of -10.0. In China, industrial profits plunged 8.8% in August, adding to the recent string of weak data from the Asian giant. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid about 2% to $112.44 following the announcement... Alcoa (AA) shares advanced 52c, or 5.73%, to $9.59 after the company announced that its board has approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new "Value-Add company" that will provide high-performance, multi-material products whose name will be announced at a later date... Biotech stocks continued recent declines, with Valeant (VRX) dropping 16.6% after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model, while Epizyme (EPZM) and NewLink (NLNK) fell a respective 27% and 21% after presenting data at the 2015 European Cancer Congress... Shares of both Energy Transfer Equity (ETE) and Williams (WMB) fell after they announced a combination deal valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the terms of their deal, an affiliate of ETE will acquire Williams at an implied current price of $43.50 per Williams share, the companies said. In late June, Energy Transfer Equity made a proposal to merge with Williams in an all-equity transaction valued at that time at $53.1B, including the assumption of debt and other liabilities. Under that prior merger proposal, ETE would have acquired all of the outstanding common stock of Williams at an implied price of $64 per Williams share, which represented a 32.4% premium to Williams' common share closing price as of June 19. Energy Transfer Equity shares closed down $2.95, or 12.69%, to $20.29 after announcing today's revised deal, while Williams dropped $5.03, or 12.09%, to close at $36.57. MAJOR MOVERS: Among the notable gainers was Republic Airways (RJET), which surged $2.38, or 81.8%, to $5.29 after announcing that the company and Teamsters Local 357 have reached a consensual tentative agreement on the terms of a new three-year contract for the 2,100 Republic pilots represented by the International Brotherhood of Teamsters. Also higher was Media General (MEG), which gained $2.49, or 22.3%, to $13.64 after Nexstar (NXST) proposed a cash-and-stock deal to acquire the company for $14.50 per share, which Media General said it would "carefully review." Additionally, Sanchez Energy (SN) rose 4.5% to $5.57 after agreeing to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. Among the noteworthy losers was Huntsman (HUN), which plunged $3.99, or 28.7%, to $9.92 after warning that headwinds would impact its third quarter earnings. Also lower were shares of Depomed (DEPO) and Horizon Pharma (HZNP), falling a respective 22% and 21%, after Depomed continued its criticism of Horizon's hostile takeover bid for the company. INDEXES: The Dow fell 312.78, or 1.92%, to 16,001.89, the Nasdaq lost 142.53, or 3.04%, to 4,543.97, and the S&P 500 dropped 49.57, or 2.57%, to 1,881.77.
12:39 EDTHUNHuntsman plunges after warning of continued headwinds
Shares of chemical maker Huntsman (HUN) are plunging after warning that headwinds would impact its third quarter earnings. WHAT'S NEW: After the close on Friday, Huntsman warned that certain trends are expected to impact Q3 earnings. Trends expected to impact its earnings include lower titanium dioxide selling prices amid continued foreign currency headwinds, the company said. The company also noted continued soft demand in the Asia Pacific region. Huntsman said it also sees lower MTBE, or methyl tertiary butyl ether, margins as a result of lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region. Peter Huntsman, the company's chief executive officer, said the company is "optimistic about the future" despite seeing headwinds in the short term. "Lower raw material prices impacted demand and margins in Q3, thus the accounting benefits will be delayed into the fourth quarter," added Huntsman. The company is anticipating fourth quarter adjusted EBITDA similar to Q3 at about $300M, similar to last year's level. The company is committed to a separation of the Pigments and Additives business by the end of 2016 or sooner. WHAT'S NOTABLE: On August 17, Goldman Sachs removed Huntsman from its Conviction Buy List and said investors remain skeptical on value proposition and free cash flow generation that could strengthen the balance sheet is likely several quarters away. The firm continued to rate shares a Buy with a $26 price target. PRICE ACTION: In midday trading, shares of Huntsman are down 23.08% to $10.70. OTHERS TO WATCH: Other chemical companies are trading lower, including Chemours (CC), which is down 7.8%, Kronos Worldwide (KRO), down 1.62%, Dow Chemical (DOW), falling 3.94% and DuPont (DD), down 2.06%%.
10:20 EDTHUNOptions with increasing implied volatility
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07:25 EDTCPEJohnson Rice to hold a conference
2015 Johnson Rice Energy Conference is being held in New Orleans, Louisiana on September 28-30.
September 25, 2015
16:36 EDTHUNHuntsman sees Q4 adjusted EBITDA similar to Q3
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14:50 EDTNXPINXP Semiconductors volatility elevated on wide price movement
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11:25 EDTNXPICirrus leads iPhone suppliers higher as analysts dissect 6S
Cirrus Logic (CRUS), Skyworks (SWKS) and Qorvo (QRVO) are among the chipmakers that appear poised to obtain more revenue from Apple's (AAPL) iPhone 6S devices than from the previous generation of the market-leading smartphone. Research firms issued notes today based on their analysis of "teardowns" of the new phones after they went on sale for the first time, beginning in Australia. TEARDOWNS: Apple's common practice when rolling out its newest iPhone models is for Australia to be its first launch market. The unboxing of iPhones when they become available for sale for the first time anywhere in the world is a much anticipated event among the tech giant's fans, as well as by Apple-focused blogs and Wall Street analysts who follow the company. Websites like iFixit have become well known for their "teardowns" of the devices, where they purchase, take apart and analyze the way in which the device is made and how it differs from previous models. These teardowns are closely watched by analysts and can sometimes be catalysts for the stocks of iPhone component suppliers. CIRRUS: Barclays analyst Blayne Curtis says teardowns of Apple's iPhone 6S indicate Cirrus Logic secured both a smart codec and boosted amp win in the new phone. The company's content in each phone is likely towards the upper end of his $3.50-$4.00 estimate, Curtis tells investors, noting that he views this as better than expected. Curtis thinks the 6S content, coupled with the "several new growth drivers" Cirrus outlined at yesterday's technology day, could reverse the negative sentiment on the stock. He keeps an Overweight rating on the name with a $39 price target. OTHER WINNERS AND LOSERS: Skyworks and Qorvo saw their content rise 22% and 25% respectively, Curtis estimated. NXP Semiconductors (NXPI) is continuing to supply the NFC and Secure Element chips for the 6S devices, but is no longer providing the sensor hub, the analyst reported. The company will lose about 50c per iPhone as a result of this development, but it did know that it would no longer be providing the hub before it provided its guidance in July, according to Curtis. STMicroelectronics (STM) is no longer providing the secure MCU for the iPhone 6S, Curtis added. WHAT'S NOTABLE: Other companies that are supplying iPhone 6S components include Qualcomm (QCOM), Texas Instruments (TXN), and Avago (AVGO), iFixit reported. After conducting checks, Craig-Hallum analyst Anthony Stoss estimated that Skyworks will obtain about $6.50 of revenue per iPhone, up from about $5.50 previously, while Qorvo's revenue per device will rise to $6.25 from $5.75 and Avago will see its revenue per device increase to about $6.75 from about $6.50, Stoss believes. The firm kept Buy ratings on Skyworks, Avago, and Qorvo. PRICE ACTION: In morning trading, Cirrus shares jumped $4.36, or 16%, to $31.49, Skyworks added about 3% and Qorvo rose 4%. Meanwhile, NXP gained about 2% and STMicroelectronics advanced 2.5%.
09:48 EDTNXPIApple iPhone 6S Plus teardown reveals chip suppliers, iFixit reports
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September 24, 2015
15:48 EDTBEAVBE Aerospace may become AA vendor amid rival's struggles, RGN says
American Airlines (AAL) is seeking a new vendor to supply business class seats for its Boeing (BA) 787-9 aircraft and 777-200 retrofit aircraft, after struggling with "chronic delays" from seat vendor Zodiac Aerospace, according to Runway Girl Network, citing an airline spokeswoman. Competitor B/E Aerospace (BEAV) had previously said it expected to pick up new business as a result of the Zodiac delays, but Runway Girl Network noted that it was not clear if B/E Aerospace would win American Airlines' new business. Reference Link
11:15 EDTNXPIAnalyst sees $55,000 car from Apple as soon as 2019
Apple (AAPL) could introduce a car by as soon as 2019, but assuming an average selling price of $55,000 and 200,000 shipments, the contribution to the tech giant's earnings in that year is probably not enough to "excite" investors, said the research team at Jefferies this morning. However, a car would give the tech giant some "much needed" diversification away from the iPhone and would be positive for the broader tech space, the firm added. RIPE FOR DISRUPTION: Jefferies analysts Sundeep Bajikar, Mark Lipacis and their team say their analysis indicates the automobile industry is "ripe for disruption" and that Apple is well positioned to introduce a car, potentially as early as 2019. A car could add 32c to Apple's earnings per share in FY19 under a best-case scenario, Bajikar tells investors. He assumes a $55,000 average selling price for an Apple Car and an operating margin of 20%, over 1,000 basis points higher than the Street's 2019 margin estimate for electric carmaker Tesla (TSLA). Investors are likely to find the assumptions "highly aggressive," the analyst cautions. Meanwhile, the potential earnings impact is probably not big enough for Apple investors to get excited and earnings contributions from a vehicle may not become meaningful before iPhone decelerates, the analysts argue. However, the firm said it could get more constructive on Apple shares if diversification in earnings were to drive less iPhone risk. Bajikar and Lipacis keep a Hold rating on the iPhone maker with a $126 price target. TOP CHIP PICKS: Efforts in the car market from tech heavyweights Apple and Google (GOOGL) will lead the industry to design and sell more intelligent vehicles, accelerating the growth of semiconductors for automobiles above current forecasts, contend Jefferies' analysts in a separate note to investors this morning. The analysts lay out their top picks among automotive semiconductor suppliers, saying the pending merger of NXP Semiconductors (NXPI) and Freescale (FSL) will create the world's biggest automotive semi company, adding that growth in microcontroller content and networking applications will benefit that combined giant. NVIDIA's (NVDA) automotive sales have grown the fastest since the end of the 2012 fiscal year among the companies the firm follows, while Maxim Integrated (MXIM) had the second fastest growth in that time frame, the analysts noted in naming those two as their other top picks in the space. Lipacis and Bajikar identified Analog Devices (ADI), Microchip (MCHP) and Linear Technology (LLTC) as other notable beneficiaries from the expected growth of semiconductor content in automobiles. PRICE ACTION: Amid broad weakness in the market, Apple shares are down 1.5% to $112.56. Meanwhile, the Philadelphia Stock Exchange Semiconductor Sector index (SOX) is down 2.4% this morning.
09:59 EDTNXPIOTR Global believes NXP Semiconductors lost sensor gub in new iPhone 6S
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08:08 EDTNXPIBofA/Merrill sees 45%+ upside for NXP Semiconductors
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