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July 23, 2014
14:47 EDTQCOM, BRCM, AAPLEarnings 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
Check below for free stories on QCOM;BRCM;AAPL the last two weeks.
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September 9, 2014
06:20 EDTAAPLForrester: Apple could sell 10M iWatches this year, FT reports
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06:18 EDTAAPLNXP Semiconductors volatility low into Apple event
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06:15 EDTAAPLSynaptics volatility low into Apple event
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September 8, 2014
16:00 EDTAAPLOptions Update; September 8, 2014
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13:59 EDTAAPLApple tests support ahead of product announcement
The shares are down less than a percent to $98.20 ahead of Tuesday's expected product announcements. At that price the shares are below the 30-week moving average, but above the 50-week moving average at $96.92. So far there appears little in the way of significant technical damage in spite of recent concerns from the sell-side community. A breakdown tomorrow below the 50-day moving average following the announcements would be cause for greater concern. A move below $95 would break the intermediate-term uptrend on a technical basis. Conversely a move back above the $101 area, near the 10-day moving average, would signal an all-clear on a technical basis for higher prices. The life high for the shares is at $103.74.
13:51 EDTAAPLApple may launch both iPhone models on Sept 19, Apple Insider reports
Apple may launch both iPhone 6 models on September 19, reports Apple Insider. Citing rumors from, the larger 5.5-inch model may not lag behind the 4.7-inch model after all although quantities of the larger version could be limited. Reference Link
11:19 EDTAAPLApple begins sending email alerts when iCloud accounts assessed, MacRumors says
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11:15 EDTAAPLApple to unveil a new product
The product launch will be held on September 9 at 1 pm. Webcast Link
10:04 EDTQCOMAlcatel-Lucent sees commercial release of Enterprise Small Cells in early 2015
Alcatel-Lucent (ALU) has announced that it will introduce its new Enterprise Small Cell device at the beginning of 2015. In collaboration with Qualcomm Technologies, a subsidiary of Qualcomm (QCOM), Alcatel-Lucent is developing a small cell solution that will allow operators to extend superior 3G, 4G LTE and Wi-Fi connectivity and coverage into the office for in-building customers. The rapid development of the solution has led the company to extend its plans to include LTE and multi-standard residential cells, Alcatel said.
09:56 EDTAAPLGT Advanced risk profile 'neutral at best' into Apple event, says Canaccord
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09:40 EDTAAPLActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TWTR TSLA YHOO BAC FB MSFT NFLX GILD MCD
09:29 EDTAAPLCraig-Hallum says Integrated Device likely in Apple iWatch
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09:25 EDTAAPLAlleged leaked images of Apple's iWatch show mic, speaker, Siri, 9to5Mac says
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08:40 EDTAAPLApple volatility increases into September 9 press event
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07:35 EDTAAPLAmazon mulls Fire phone UK exclusively deal with O2, FT says
In an effort to rival Apple (AAPL) and Samsung (SSNLF) in the premium smartphone industry, Amazon (AMZN) is in final-stage discussions to sell its new Fire smartphone exclusively through Telefonicaís (TEF) O2 throughout the UK, reported the Financial Times. Reference Link
07:34 EDTQCOMU.S. claims China breaks commitments amid Qualcomm, Microsoft probes, WSJ says
As Microsoft (MSFT) and Qualcomm (QCOM) are being investigated for potential monopolistic activity by Chinese regulators and lawmakers there recently alleged price manipulation by foreign automakers including Toyota (TM), Honda (HMC) and Daimler (DDAIF), the U.S. Chamber of Commerce alleged that China's use of its antimonopoly law has been subjective and its implementation skewed to favor China's local companies, reported The Wall Street Journal. Reference Link
07:22 EDTAAPLFormer GT Advanced manager points to sapphire covers at Apple, MacRumors says
While neither Apple (AAPL) nor GT Advanced (GTAT) have confirmed that Apple plans to use sapphire covers for its upcoming iPhones, a former product manager at GT claims on his LinkedIn profile that he played a key role in selling Apple on sapphire display covers for its "mobile devices," according to MacRumors, citing a prior report from TechViking. Reference Link
06:44 EDTAAPLApple's iWatch could have own App Store, will run third-party apps, 9to5Mac says
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06:24 EDTAAPLGT Advanced September volatility elevated into Apple event
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06:21 EDTAAPLSmartwatch market to reach $10B by 2018, says Citigroup
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