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July 23, 2014
14:47 EDTAAPL, BRCM, QCOMEarnings 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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December 10, 2014
06:22 EDTAAPLChina touch panel makers suffer as smartphone inventory rises, DigiTimes reports
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December 9, 2014
18:21 EDTBRCMOn The Fly: After Hours Movers
UP AFTER EARNINGS: Korn/Ferry (KFY), up 3.1%... Analogic (ALOG), up 2.7%. DOWN AFTER EARNINGS: Freshpet (FRPT), down 8.5% after reporting quarterly results... Krispy Kreme (KKD), down 4.9%... Broadcom (BRCM), reverses to down just below 1%. ALSO LOWER: Agios Pharmaceuticals (AGIO), down 1.9% after filing to sell $175M of common stock... Yum! Brands (YUM), down 4.6% after providing fiscal 2015 operating guidance.
18:20 EDTAAPLApple to establish R&D center in Japan, Nikkei reports
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16:10 EDTBRCMBroadcom enhances corporate governance measures
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16:07 EDTBRCMBroadcom increases dividend to 14c, authorizes $1B stock repurchase plan
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16:05 EDTBRCMBroadcom increases dividend to 14c, authorizes $1B stock repurchase plan
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16:04 EDTBRCMBroadcom raises Q4 revenue view to $2.075B-$2.15B, consensus $2.09B
Broadcom maintained the guided range for Q4 product dross margin on both a GAAP and non-GAAP basis. Now sees Q4 R&D and SG&A expenses closer to down about $50M and down about $40M on a GAAP and non-GAAP basis, respectively.
16:00 EDTAAPLOptions Update; December 9, 2014
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10:35 EDTAAPLApple falls, levels to watch
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09:38 EDTAAPLActive equity options trading
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09:21 EDTAAPLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AutoZone (AZO), up 3.8%... Burlington Stores (BURL), up 3.3%. ALSO HIGHER: bluebird bio (BLUE), up 56.5% after price target raised at Piper Jaffray and SunTrust... Camtek (CAMT), up 6.7% after being awarded a $2.8M order from a semiconductor manufacturer... PDC Energy (PDCE), up 5.8% after providing fiscal 2015 production guidance... Mast Therapeutics (MSTX), up 3.1% after reporting that it will begin recruiting patients for MST-188 study in first half of fiscal 2015... Idera Pharmaceuticals (IDRA), up 1.4% after announcing data for its lead product candidate, IMO-8400. DOWN AFTER EARNINGS: UTi Worldwide (UTIW), down 10.8%... CONN'S (CONN), down 35.9% after reporting third quarter results, withdrawing fiscal 2015 guidance, stating that there is no timetable set for completion of strategic alternatives, and announcing the departure of its CFO. ALSO LOWER: Apple (AAPL), down 1.6% after Pacific Crest says that weak iPad demand could cause Apple to miss estimates and following a Wall Street Journal report that a judge denied Apple's efforts to throw out iPod pricing lawsuit... Allied Nevada Gold (ANV), down 30.1% after announcing pricing of common stock and warrant offering... United Continental (UAL), down 2.7% after reporting November traffic.
08:03 EDTAAPLWeak iPad demand could cause Apple to miss estimates, says Pacific Crest
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06:20 EDTAAPLJudge denies Apple's efforts to throw out iPod pricing suit, WSJ reports
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December 8, 2014
16:00 EDTAAPLOptions Update; December 8, 2014
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15:18 EDTBRCMBroadcom December volatility elevated into analyst day
Broadcom December weekly call option implied volatility is at 53, December is at 34, January is at 27; compared to its 26-week average of 26 according to Track Data, suggesting large near term price movement into a company sponsored analyst day on December 10.
13:16 EDTAAPLApple trades off session lows, levels to watch
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07:31 EDTQCOMQualcomm announces collabration with vitaphone e-health solutions
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06:37 EDTAAPLApple rumored to be launching 4-inch iPhone in 2015, Times of India reports
Apple is rumored to be developing a new iPhone with a 4-inch display, The Times of India reports, citing a report from The Electronic Times of Taiwan. According to supply chain sources, the device will launch in 2H15. Reference Link
06:22 EDTAAPLApple price target raised to $135 from $120 at Citigroup
Citigroup raised its earnings estimates for Apple after its field work indicated consumers are increasingly buying the higher memory iPhone 6 and 6+. Citi expects purchasing trends towards higher memory devices to drive stronger sales and margins. It believes consensus estimates are yet to factor in this development. The firm raised its price target for Apple shares to $135 from $120 and keeps a Buy rating on the name. Shares of phone maker closed Friday down 49c to $115.
06:15 EDTAAPLLenovo shipments expected to lead Samsung by 9M in 2015, DigiTimes reports
Lenovo (LNVGY) is estimated to beat Samsung (SSNLF) in mobile device shipments in 2015 by about 9M units, reports DigiTimes Research. Lenovo is set to beat Samsung by about 1M units in 2014 and become the second largest mobile computing device brand vendor worldwide behind Apple (AAPL). DigiTimes Research says Lenovo and Samsung plan to focus on maintaining tablet shipments as demand weakens in 2015. Reference Link
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