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Stock Market & Financial Investment News

News Breaks
June 23, 2014
12:48 EDTORCL, MCRS, PRKR, QCOM, AVGO, PLXT, TEG, WECOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite higher manufacturing index readings in the U.S. and China. Bucking the trend, a similar reading in Europe fell from its May level in the preliminary, or "flash," looks at the purchasing managers indexes. The market opened slightly lower and the major averages have moved in a narrow range throughout the morning, though they have spent most of their time slightly below the flat-line. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing managers index for June rose to 57.5 from 56.4 in May. Existing home sales beat estimates with a 4.9% May rise to a 4.89M rate. In China, HSBC's flash manufacturing PMI rose to 50.8 from 49.4 last month, hitting a seven-month high and moving into expansion territory for the first time this year. In Europe, Markit's euro zone flash composite purchasing managers' index fell to 52.8 in June from 53.5 in May. COMPANY NEWS: Oracle (ORCL) confirmed an agreement to acquire MICROS Systems (MCRS) for $68 per share in cash in a transaction valued at $4.6B net of MICROS' cash. Oracle's purchase was well telegraphed, after Bloomberg first reported on June 17 that a deal between the two was close and The Wall Street Journal confirmed the news over this weekend prior to the announcement from the companies. Shares of the register system and hospitality software maker rose a bit over 3% to trade just below the acquisition price near noon, while Oracle was up nearly 1% following the announcement. MAJOR MOVERS: Among the other notable gainers were two other companies that agreed to be acquired: Integrys (TEG) jumped 12.5% after Wisconsin Energy (WEC) struck a deal to buy the company in a transaction valued at $9.1B and PLX Technology (PLXT) rose 9% this morning after Avago Technologies (AVGO) said it will buy the circuit maker for $6.50 per share in an all-cash deal. Shares of both buyers slipped after the deals were announced, with Wisconsin Energy falling more than 2.5% and Avago dropping nearly 1%. Also lower was ParkerVision (PRKR), which crashed 53% after a Florida judge ruled in favor of its competitor, Qualcomm (QCOM), in a patent infringement trial between the companies. INDEXES: Near midday, the Dow was down 27.42, or 0.16%, to 16,919.66, the Nasdaq was down 0.96, or 0.02%, to 4,367.07, and the S&P 500 was down 1.27, or 0.06%, to 1,961.60.
News For ORCL;MCRS;PRKR;QCOM;AVGO;PLXT;TEG;WEC From The Last 14 Days
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August 22, 2014
11:26 EDTORCLSalesforce.com rallies following beat and raise quarter
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11:17 EDTAVGOPeregrine unlikely to receive competing bid, says Oppenheimer
Oppenheimer believes Peregrine (PSMI) is unlikely to receive a competing takeover bid to Murata's since Murata is Peregrine's largest customer and Avago (AVGO) and Skyworks (SWKS) are looking to diversify away from mobile. Opco thinks Murata may look to divest Peregrine's non-mobile business, and views Skyworks, RF Micro Devices (RFMD), Analog Devices (ADI), and M/A-Com Technology (MTSI) as logical buyers for the business.
06:35 EDTQCOMChina's NDRC say Qualcomm aims to end investigation, Reuters says
China's National Development and Reform Commission said that Qualcomm is aiming to end a probe into monopolistic tendencies and had showcased its desire to improve and fix pricing problems, according to Reuters, citing a statement from the NDRC. Reference Link
05:07 EDTPRKRParkerVision names Samsung as additional defendant in patent infringement suit
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August 21, 2014
17:00 EDTAVGOAvago files to sell $1B of 2% convertible senior notes due 2021
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16:13 EDTMCRSMICROS reports Q4 adjusted EPS 84c, consensus 71c
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09:00 EDTAVGOSeveral semi companies have positive read through from deal, says Sterne Agee
After Infineon (IFNNY) bought International Rectifier (IRF), Sterne Agee thinks the deal indicates that the shares ofother players in the sector - including Spansion (CODE), NXP Semiconductors (NXPI), and Avago (AVGO) - can rise further. The firm keeps Buy ratings on the latter three stocks.
05:50 EDTQCOMStocks with implied volatility movement; QCOM SNDK
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August 19, 2014
06:29 EDTAVGOMorgan Stanley remains a buyer of Avago
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August 18, 2014
10:29 EDTAVGOGoldman cuts sector view on semiconductors to Cautious
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08:04 EDTAVGOSemiconductors sector downgraded to Cautious from Neutral at Goldman
Goldman downgraded the Semiconductors sector to Cautious given signs the cycle is turning based on expectations for a slowdown in semiconductor revenue growth, above trend semi unit shipments that should normalize, and stretching lead times. As a result, the analyst sees risk to Q4 estimates and sees further downside of 10%-25% for the SOX (SOX) and downgraded NXP Semiconductors (NXPI) to Sell from Neutral, InvenSense (INVN) to Neutral from Buy, and removed Maxim Integrated (MXIM) from the Conviction Buy List.
August 15, 2014
08:11 EDTORCLOracle checks showing signs of improvement, says FBR Capital
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August 14, 2014
18:28 EDTORCLCourt finds Rimini Street infringed Oracle copyrights, stole IP
On August 14, the U.S. District Court in Las Vegas entered an order granting Oracle's motion for partial summary judgment in its case against Rimini Street, and its CEO, Seth Ravin. Oracle moved for summary judgment on Rimini's counterclaims for defamation and unfair competition. In those counterclaims, Rimini challenged Oracle's public statements that Rimini had engaged in massive theft of Oracle's intellectual property. The Court dismissed those counterclaims finding that Oracle's statements "that Rimini had engaged in 'massive theft' of Oracle's intellectual property are true." The Court explained that "It is undisputed that Rimini engaged in theft of Oracle's intellectual property." The Court also found that Rimini Street infringed Oracle's copyrights. In February, the Court found that Rimini Street infringed Oracle's PeopleSoft copyrights and that Oracle had proved prima facie copyright infringement as to its JD Edwards and Siebel copyrights. The Court ruled that Rimini Street also infringed Oracle Database copyrights. The Court found that Rimini Street had downloaded 25 copies of Oracle's Database software and possessed over 200 copies of this software even though Rimini's downloading, possession, and use of this software all was unlicensed. The Court ordered the parties to submit a pre-trial order within sixty days.
17:27 EDTQCOMAppaloosa gives quarterly update on stakes
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14:13 EDTQCOMOmega Advisors gives quarterly update on stakes
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09:55 EDTQCOMQualcomm discloses 4.1M share stake in Globalstar
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05:52 EDTAVGOOpco sees Cicso results as favorable for supply chain
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August 13, 2014
17:38 EDTAVGOAvago to sell Axxia Networking Business to Intel for $650M
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16:03 EDTMCRS, ORCLOracle extends tender offer for MICROS to September 2
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13:58 EDTPLXTGabelli liquidates stake in PLX Technology
As of July 3, Gabelli had an 8.45% stake.
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