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News Breaks
July 23, 2014
14:47 EDTQCOM, AAPL, BRCMEarnings Preview: Qualcomm reports after Goldman takes off 'Conviction Buy' list
Qualcomm (QCOM) is expected to report third quarter earnings after the close on Wednesday, July 23, with a conference call scheduled for 5:45 pm ET. Qualcomm is a semiconductor manufacturer whose products are used in mobile phones, tablets, PCs and other electronics. EXPECTATIONS: Analysts are looking for earnings per share of $1.22 on revenue of $6.52B. The consensus range is $1.18-$1.25 for EPS on revenue of $6.28B-$6.74B, according to First Call. In its last earnings report, Qualcomm said it expects Q3 adjusted EPS of $1.15-$1.25 on revenue of $6.2B-$6.8B. At that time, the company also raised its FY14 adjusted EPS view to $5.05-$5.25 from $5.00-$5.20. The consensus forecast for FY14 EPS prior to the guidance hike was $5.13, though it has since moved up to $5.17. Qualcomm guided to FY14 revenue of $26B-$27.5B, which compared to consensus at the time of $26.8B and current consensus of $26.66B. LAST QUARTER: On April 23, Qualcomm reported Q2 adjusted EPS of $1.31, which was above the consensus analyst forecast of $1.22. Its revenue of $6.4B, however, missed the consensus expectation of $6.48B. Qualcomm also disclosed in a regulatory filing at that time that the company received a "Wells Notice" from the SECís Los Angeles Regional Office indicating that the staff has made a preliminary determination to recommend that the SEC file an enforcement action against the company for violations of the anti-bribery, books and records and internal control provisions of the Foreign Corrupt Practices Act. NEWS: On June 2, Qualcomm competitor Broadcom (BRCM) said it will explore strategic options for its cellular baseband business, including a possible sale or wind-down, and has hired hired JPMorgan (JPM) to advise in the effort. After Broadcom's announcement, Sterne Agee said it thought the wind down of the unit improves Qualcomm's positioning and that it also expects Avago (AVGO) and Skyworks (SWKS) to benefit from Broadcom's move. Earlier this month, Qualcomm announced that it has completed its acquisition of Wilocity, a company that works in development of 60 GHz wireless chipsets based on the IEEE 802.11ad standard, also known as WiGig technology. Financial terms of the transaction were not disclosed. The company also announced it is delivering a family of tri-band platforms that combine Qualcomm Atherosís Wi-Fi and WiGig solutions. STREET RESEARCH: On July 11, Goldman removed Qualcomm from its "Conviction Buy" list as it does not expect material near-term upside to Street estimates and sees some risk of downside. The firm trimmed estimates for both the June and September quarters due to weaker handset demand, but maintained its Buy rating and $95 price target based on the stock's relative valuation and the company's growth profile. That same day, Qualcomm was also downgraded to Buy from Strong Buy at Tigress Financial and three days later Qualcomm was downgraded to Neutral from Strong Buy at ISI Group. However, in a note to investors yesterday, Cowen analyst Timothy Arcuri wrote that Qualcomm's stock is well-positioned to advance above the trading range it has stayed in over the past three months. The company's Q3 results should be in-line with or better than expectations, the analyst predicted. The company's QCT business unit - which provides solutions for smart connected devices - likely exceeded expectations last quarter, driven by gains in LTE technologies, according to Arcuri. Meanwhile, he believes that Qualcomm's technology licensing business should generate results at the high end of the unit's total available market, as its revenue from licensing technology for devices using the CDMA standard appears to have exceeded the high end of its guidance. Qualcomm's Q4 guidance could exceed expectations and the company's revenue growth may accelerate to double digit percentage levels, the analyst forecast. He kept an $86 price target and Outperform rating on the shares. This morning, Qualcomm was upgraded to Outperform from Market Perform at Northland. WHAT'S NOTABLE: Yesterday night, one of Qualcomm's most significant customers, Apple (AAPL), provided sales guidance for its new quarter that was below expectations. Some Wall Street analysts speculated that the lower than expected, and wider than normal, revenue guidance range may be due to Apple planning to launch its new iPhone 6 late in the quarter, possibly at the very end of September. PRICE ACTION: Shares of Qualcomm declined about 3.5% on the first day of trade following its Q2 report. Since April 24, shares of Qualcomm are up about 1.5%. In early afternoon trading ahead of its Q3 report tonight, Qualcomm was up 0.5% to just under $82 per share.
News For QCOM;BRCM;AAPL From The Last 14 Days
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March 17, 2015
16:26 EDTAAPLOn The Fly: Closing Wrap
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16:00 EDTAAPLOptions Update; March 17, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 27.30. Option volume leaders: AAPL RIG MGM HTZ TWTR TSLA CY KO NFLX C according to Track Data.
14:13 EDTAAPLMorgan Stanley questions GM capital allocation plan
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13:06 EDTAAPLBattleground: Analysts take opposite sides on Netflix
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12:46 EDTAAPLNBC planning for cable-dependent Apple TV app for 2H15, 9to5Mac reports
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12:38 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, with the Dow falling about 1%. The market opened in negative territory and proceeded to gain additional downside momentum in early trading. Data on housing starts was not good, even accounting for bad weather in many areas of the country, and the prospect of interest rate increases on the horizon may have some fearing that the housing market recovery is in danger of stalling. Adding to the weakness in stocks may have been the further slide in crude oil prices, which pushed benchmark U.S. crude oil below $43 per barrel earlier in the session. ECONOMIC EVENTS: In the U.S., housing starts plunged 17% to an 897K rate in February, widely undershooting expectations for starts to be down 2.4% to a 1.04M rate, but much of the slide was attributed to weather. Building permits rose 3% to a rate of 1.092M, which was better than the expected 0.5% growth to a 1.065M rate. In Europe, Germany's ZEW Center investor confidence index climbed to 54.8 from 53 last month, though that fell short of the 59.4 consensus forecast. In Asia, the Shanghai Composite index rose 1.6% to close at its highest level in over 6 years. COMPANY NEWS: Apple (AAPL) is preparing to launch an online TV service later this year, according to reports from The Wall Street Journal and the Financial Times. After the reports, Piper Jaffray analyst Gene Munster said he believes Apple's online TV service launch would lay the groundwork for an actual television launch sometime in 2016. Munster estimates that at an average selling price of $1,750, a television could add about 7% to Apple's 2017 revenue. MAJOR MOVERS: Among the notable gainers was Black Diamond (BDE), which jumped 30% after the company reported was then expected quarterly results and guidance but also announced it has hired two banks to help it explore its strategic alternatives. Also higher was Esperion (ESPR), which rose 15% after the company's phase 2b study of ETC-1002, a product in development for patients with hypercholesterolemia on stable statin therapy, met its primary endpoints. Among the noteworthy losers was Himax (HIMX), which dropped 9% after BofA Merrill Lynch downgraded the stock two notches to Underperform from Buy. Also lower following its earnings report was magicJack (CALL), which fell 19%. INDEXES: Near midday, the Dow was down 152.00, or 0.85%, to 17,825.42, the Nasdaq was down 8.39, or 0.17%, to 4,921.12, and the S&P 500 was down 11.39, or 0.55%, to 2,069.80.
11:36 EDTAAPLApple may launch standalone TV in 2016, says Piper Jaffray
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11:23 EDTAAPLApple willing to share TV data to attract programming partners, NY Post reports
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09:39 EDTAAPLApple will ship 59M iPhones in CQ1, above consensus, says ITG Research
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09:34 EDTAAPLActive equity options trading on open
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09:27 EDTAAPLApple plans to allow trade-ins of Android, BlackBerry devices, Bloomberg says
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09:15 EDTAAPLApple streaming service may pave way for bigger ambitions, says Cantor
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09:07 EDTAAPLDISH's Sling TV launches on Xbox One
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09:05 EDTAAPLMicrosoft Band now available at Best Buy, Target, Amazon, Re/code reports
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07:42 EDTAAPLBoeing may produce satellite for tech giants, Reuters says
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07:28 EDTAAPLApple TV may provide boost for advertising unit, Business Insider says
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06:50 EDTAAPLBanks unhappy with high Apple Pay fraud rates, NY Times says
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06:37 EDTAAPLAfter losing marketshare, Google now asks Firefox users to switch, BI says
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05:57 EDTAAPLChina vendors to ship 50M Androids with fingerprint sensors, DigiTimes reports
China vendors is expected to ship 50M Android (GOOG) smartphones with fingerprint sensors in 2015, reports DigiTimes. According to sources at Taiwan-based IC backend service companies, Android smartphone vendors have adopted sliding-type fingerprint sensors, which are more competitive in pricing compared to press-type sensors used by Apple (AAPL). Reference Link
05:46 EDTAAPLApple set to launch online TV service this year, Financial Times reports
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