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Stock Market & Financial Investment News

News Breaks
August 30, 2013
12:23 EDTOVTI, STM OmniVision Technologies plummets after quarterly revenue, guidance disappoints
Shares of image sensor devices company OmniVision Technologies (OVTI) are falling after the company reported first quarter revenue that fell shy of consensus estimates, and issued disappointing second quarter guidance. WHAT'S NEW: Last night, OmniVision reported first quarter adjusted earnings per share of 55c and revenue of $373.7M. Analysts' consensus expectations were for EPS of 43c and revenue of $376.58M. WHAT'S NOTABLE: The company predicted that it would report adjusted EPS of 36c-53c and revenue of $375M-$410M for the second quarter. Analystsí consensus estimates were 49c and $406.6M, respectively. ANALYST REACTION: This morning, a number of analysts reacted negatively to OmniVision's results and guidance. Research firms Oppenheimer, Craig-Hallum, and Northland Securities all downgraded the stock. They cited margin pressure and increasing competition as reasons for the downgrade. Meanwhile, Craig-Hallum lowered its price target on the shares to $18 from $24. PRICE ACTION: In early afternoon trading, OmniVision fell $2.88, or 15.6%, to $15.53 on more than six times the average daily trading volume. OTHERS TO WATCH: Shares of OmniVision's competitor, STMicroelectronics N.V. (STM), were down about 3% in early afternoon trading.
News For OVTI;STM From The Last 14 Days
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September 22, 2014
10:57 EDTSTMInvenSense sinks after downgrade on market share concerns
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05:59 EDTSTMInvenSense downgraded to Neutral from Outperform at RW Baird
RW Baird downgraded InvenSense (INVN) to Neutral saying a leading smartphone marker could be switching to a dual-sourcing strategy for certain components, including gyroscopes. Baird also believes competitor STMicroelectronics (STM) could be gaining market share at other smartphone makers. The firm lowered its price target for InvenSense shares to $23 from $30.
September 19, 2014
06:38 EDTSTMSTMicroelectronics to raise MEMS apps in wearable, IoT markets, DigiTimes says
STMicroelectronics expects to increase MEMS applications in wearable and IoT sectors to gain memotum, reports DigiTimes, according to Executive VP Benedetto Vigna. The company will aim to integrate related technologies to connect core elements. STMicroelectronics has shipped over 8.5B MEMS chips that include 5B MEMS sensing chips and 3.5B units of actuators. Reference Link
September 18, 2014
09:15 EDTSTMSTMicroelectronics CFO says on track to hit Q3 guidance, Reuters reports
STMicroelectronics CFO Carlo Ferro told investors during a conference presentation that "for us the rule is no news means we're on track to achieve the guidance range we gave for the quarter," according to Reuters, which noted that the company previously said it is targeting Q3 revenue growth of 3% and a gross margin of 34.4%. The Fly notes that consensus for STMicroelectronics is 5c for EPS and $1.92B for revenue. Reference Link
September 16, 2014
09:40 EDTSTMSTMicroelectronics, AT&S, Soundchip announce collaboration
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05:41 EDTSTMSTMicroelectronics to sell certain products to MegaChips
MegaChips Technology America announced that following the signature of an agreement with STMicroelectronics (STM, ST) and final closing on September 2, it has acquired 9 smart connectivity products based on DisplayPort technology that ST decided to discontinue last year, along with its related assets, business and products in development. During the transition, ST and MegaChips ensured continuity of products and services to customers. A number of employees engaged in product development and marketing in relation to the acquired business from ST, joined MegaChips America. This group included Mr. Alan Kobayashi, currently the chair of VESA, who joined MegaChips America as a Fellow and Product Development Manager.
September 11, 2014
07:29 EDTSTMDeutsche Bank to hold a conference
Technology Conference to be held in Las Vegas on September 9-11 with webcasted company presentations to begin on September 11 at 10:30 am; not all company presentations may be webcasted. Webcast Link
September 10, 2014
10:00 EDTSTMOn The Fly: Analyst Downgrade Summary
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07:53 EDTSTMDeutsche Bank to hold a conference
Technology Conference to be held in Las Vegas on September 9-11 with webcasted company presentations to begin on September 10 at 10:30; not all company presentations may be webcasted. Webcast Link
06:33 EDTSTMSTMicroelectronics downgraded to Neutral from Outperform at RW Baird
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