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Stock Market & Financial Investment News

News Breaks
August 18, 2014
10:29 EDTIRF, MSCC, AMD, INTC, MXIM, FSL, INVN, AVGO, NXPIGoldman cuts sector view on semiconductors to Cautious
Goldman Sachs downgraded its rating on the semiconductor sector to Cautious from Neutral amid concerns that chips sales could weaken. WHAT'S NEW: In a number of key end markets, the growth of revenue from semiconductors is surpassing the growth of the markets themselves, Goldman analyst James Covello reported. In the automobile sector for example, semiconductor revenue growth has been 12% higher than the increase in the number of automobiles sold, the analyst reported. Moreover, the number of overall chips shipped was 5% over normalized demand levels this quarter, warned Covello. Consequently, the risk of semiconductor companies missing fourth quarter consensus estimates has increased, according to the analyst. WHAT'S NOTABLE: Covello downgraded his rating on two companies in the sector, lowering NXP Semiconductors (NXPI) to Sell from Neutral and cutting InvenSense (INVN) to Neutral from Buy. He removed Maxim Integrated (MXIM) from the firm's Conviction List but kept a Buy rating on the shares. In addition to Maxim, Covello also has relatively upbeat outlooks on Avago (AVGO), Freescale (FSL), and Microsemi (MSCC). He kept Sell ratings on Intel (INTC), AMD (AMD) and International Rectifier (IRF). PRICE ACTION: In early trading, NXP Semiconductors fell 4% to $61 and InvenSense dropped 2.5% to $24.40. Avago and Freescale fell slightly, while Microsemi, Intel, AMD, and International Rectifier rose slightly.
News For NXPI;INVN;MXIM;AVGO;FSL;MSCC;INTC;AMD;IRF From The Last 14 Days
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February 25, 2015
16:10 EDTAVGOAvago to acquire Emulex for $8 per share in cash
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15:26 EDTAVGOAvago technical comments before earnings
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15:05 EDTAVGONotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include salesforce.com (CRM), consensus 14c... Avago Technologies (AVGO), consensus $1.94... L Brands (LB), consensus $1.80... Workday (WDAY), consensus (6c)... BioMarin (BMRN), consensus (59c)... Concho Resources (CXO), consensus 84c... Antero Resources (AR), consensus 28c... Medivation (MDVN), consensus $1.34... Transocean (RIG), consensus 77c... Sprouts Farmers Market (SFM), consensus 9c... SINA Corporation (SINA), consensus 18c.
10:34 EDTINTCHP slide after currency driven guidance cut called buying opportunity
The shares of Hewlett-Packard (HPQ) are falling after the company reported lower than expected first quarter revenue and sharply lowered its free cash flow guidance and cut its fiscal year profit view. However, analysts at Citigroup, Bernstein, and Brean Capital all recommended buying the stock on weakness in separate notes to investors today. BACKGROUND: HP reported slightly higher than expected Q1 profits, but its revenue came in below expectations. The company sharply lowered its fiscal 2015 free cash flow guidance to $3.5B-$4B from its previous outlook of $6.5B-$7B. The tech giant also lowered its fiscal 2015 EPS guidance to $3.53-$3.73 from its previous outlook of $3.83-$4.30. "While we were able to manage the impact of currency in the quarter and deliver earnings as expected, we believe the impact on FY15 will be significantly greater than we anticipated in November. We'll work hard to offset these impacts through re-pricing and productivity, but fully mitigating currency movements of this size would require reducing investments and mortgaging our future. We won't do that," said HP CEO Meg Whitman. ANALYST REACTION: The decline in HP's EPS guidance was entirely due to foreign currency fluctuations, while most of the cut in its free cash flow guidance was caused by one-time costs related to the upcoming split of HP into two separate companies, Citi analyst Jim Suva stated. Most of the company's businesses "continue to perform well or at least make progress," wrote Suva. The decline in the stock has created an attractive entry point for investors who are looking to own the shares in order to benefit from the break-up, according to the analyst. He kept a Buy rating on the shares. Bernstein analyst A.M. Sacconaghi was less upbeat on HP's outlook, but also recommended buying the shares on today's weakness. Although revenue estimates for HP may be too high, the stock's valuation remains attractive, as it is the second least expensive tech stock in the S&P 500, according to Sacconaghi, who believes the shares are worth $45-$50. Cautioning that HP's stock is likely "to be in the penalty box" in the near-term, Sacconaghi nonetheless believes that the shares could get a significant boost when the company provides more information about its spin-off. He recommended that investors buy the stock on today's weakness and kept an Outperform rating on the shares. HP's fundamentals haven't changed, as the company continues to expect its revenue to remain flat in fiscal 2015, and it has not changed its capital return guidance, Brean Capital analyst Ananda Baruah stated. The company also continues to expect free cash flow of at least $5B-$6B in 2016 and beyond, Baruah added. Moreover, HP's share repurchases are unlikely to be significantly reduced as a result of the decline in its free cash flow guidance, the analyst predicted. Baruah recommended buying the stock on today's weakness and kept a $45 price target and Buy rating on the shares. PRICE ACTION: In early trading, HP fell 9.5% to $34.84. OTHERS TO WATCH: Other large cap PC levered names are also weak in morning trading after HP's report last night, with Microsoft (MSFT) down 0.25% and Intel (INTC) down 1.2%.
09:25 EDTINTCCisco, Apple among U.S. names cut from China state buying list, Reuters says
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07:27 EDTINTC, FSLThe Linley Group to hold a conference
Linley Data Center Conference 2015 is being held in Santa Clara, California on February 25-26.
February 24, 2015
07:31 EDTMXIMMaxim Integrated management to meet with Deutsche Bank
Meeting to be held in New York on February 24 hosted by Deutsche Bank.
07:28 EDTAMDAMD management to meet with Deutsche Bank
Meeting to be held in New York on February 24 hosted by Deutsche Bank.
February 23, 2015
18:05 EDTNXPINXP Semiconductors completes Quintic acquisition
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09:59 EDTINVN, AMD, INTCOn The Fly: Analyst Initiation Summary
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08:46 EDTINTCIntel initiated with an Outperform at Exane BNP Paribas
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08:46 EDTAMDAMD initiated with an Underperform at Exane BNP Paribas
Target $2.30.
08:29 EDTAVGOAvago shares should be bought ahead of earnings, says Pacific Crest
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08:10 EDTNXPINXP Semiconductors announces partnership with Sonova
NXP Semiconductors announced that as a result of a partnership with Sonova – the leading manufacturer of innovative hearing care solutions – they have collaboratively developed Venture, a landmark next-generation hearing instrument platform, which offers users exceptional performance. Using the advanced platform, Sonova has already introduced a first family of hearing aids, Phonak Audéo V, which launched in October 2014. Venture features an ultra-low power audio processing IC, incorporating a microcontroller and dual core DSP subsystem, maximizing computational power at minimal current consumption. The device's microphone inputs have a wide dynamic range, key for the device's sound quality. Wireless audio and data streaming are managed by a separate IC, built around a Near Field Magnetic Induction radio. This technology provides a tightly-contained Body Area Network, optimized for low power consumption and low latency. Besides its application in hearing instruments, the NFMI technology provides unique features for robust wireless earbuds applications and sensor networks in and around the body. Both ICs run from a battery voltage down to 1V, and will consume around 1mW for a typical hearing aid application.
07:56 EDTINVNInvenSense initiated with an Outperform at Barrington
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07:52 EDTMXIMMaxim Integrated management to meet with Deutsche Bank
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07:46 EDTFSLJPMorgan to hold a conference
Global High Yield & Leveraged Finance Conference is being held in Miami Beach, FL on February 23-25 with webcasted company presentations to begin on February 23 at 8:20 am; not all company presentations may be webcasted. Webcast Link
February 19, 2015
08:16 EDTNXPINXP Semiconductors, JianGuang Asset Management establish semiconductor JV
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February 18, 2015
10:02 EDTMSCCe.Digital Corporation files patent infringement lawsuits against HP, others
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08:16 EDTFSLFreescale Semi, Bell Labs expand partnership to develop network access device
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