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September 28, 2015
07:49 EDTMUMicron price target lowered to $20 from $25 at UBS
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September 25, 2015
12:39 EDTFLEXElectronic contract manufacturers advance after Jabil reports earnings
Shares of contract electronic manufacturers Flextronics International (FLEX), Sanmina (SANM), and Celestica (CLS) are advancing after peer Jabil Circuit (JBL) posted quarterly earning last night that easily surpassed analysts' estimates. WHAT'S NEW: Jabil Circuit reported better-than-anticipated profit and revenue in the fourth quarter as revenue in its Diversified Manufacturing Services segment increased 47% on a year-over-year basis, and represented 41% of total company revenue. Jabil reported Q4 earnings per share of 53c on revenue of $4.68B against analysts' estimates of 45c and $4.55B. On the company's Q4 earnings conference call, Chief Executive Officer Mark Mondello said he anticipates continued growth across its DMS business, as the company "captures additional opportunities" in the markets that DMS serves. Mondello noted that those markets include audio, healthcare, consumer packaging, mobility, wearable technologies, and accessories. WHAT'S NOTABLE: Looking ahead, the company sees DMS in the first quarter up 33% year-over-year and guided to Q1 results that were far ahead of analysts' estimates. Jabil said it sees Q1 EPS of 72c-88c on revenue of $5.1B-$5.3B. Analysts were expecting EPS of 61c on revenue of $4.91B. Jabil also guided to fiscal year 2016 EPS of $2.60 ahead of expectations of $2.37. ANALYST TAKE: After Jabil reported higher than expected Q4 EPS, Stifel notes that the company's guidance for its November quarter was significantly above expectations. The firm thinks the company is benefiting from increased purchases of its diversified manufacturing products by Apple (AAPL). Stifel says that Apple is using Jabil's products for many of its products, not just iPhones, and it expects other customers to ramp up their purchases of the company's DMS products. Stifel kept a $25 price target and Buy rating on the shares. PRICE ACTION: Shares of Jabil Circuit are advancing almost 15% to $22.43 in midday trading. OTHERS TO WATCH: Shares of other contract manufacturers are also advancing, with Flextronics up 1.5%, Sanmina jumping 2.8%, and Celestica higher by 1.35%
11:43 EDTCTXSCitrix may not be for sale according to internal memo, Fortune reports
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07:38 EDTMUMicron price target lowered to $20 from $23 at Sterne Agee CRT
Sterne Agee CRT says that demand for Micron's products "remains sub-seasonal," creating risks for the firm's near-term estimates. However, the firm keeps a positive longer term view of the company, citing what it sees as potential growth catalysts from its renewed Inotera deal and the ramp of its new products. It keeps a Buy rating on the shares.
07:08 EDTSNXSYNNEX price target raised to $97 from $90 at Brean Capital
Brean Capital raised its price target on SYNNEX to $97 from $90 to reflect its best in breed status. The firm cited expectations for both a revenue and OM benefit in Q2, its demand opportunity for products and its ability to continue with beat and raise quarters. Brean Capital reiterated its Buy rating on SYNNEX shares.
September 24, 2015
16:00 EDTAMDOptions Update; September 24, 2015
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12:39 EDTMUMicron to benefit from Samsung DRAM capex reduction, says Stifel
Stifel said published reports indicate Samsung plans to cut investment in semiconductors by up to 20% next year, with most of the cuts in DRAM. The firm expects other DRAM manufacturers to act rationally, which should help stabilize DRAM prices and keep supply/demand in balance. Stifel views the news as a positive for Micron and reiterates its Buy rating.
08:23 EDTMUMicron target cut to $17, remain cautious on memory, says Morgan Stanley
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September 23, 2015
17:21 EDTEMCEMC names Laura Sen to board
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16:00 EDTMUOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
10:26 EDTEMCEMC standstill agreement with activist expired on Sept. 1, Re/code reports
The standstill agreement between EMC (EMC) and activist investor Elliott Management expired on September 1, Arik Hesseldahl of Re/code reports, citing people familiar with the terms. EMC may have asked Elliott for an informal extension of the agreement as its board weighs its options since Elliott has yet to resume its public campaign of pushing for a breakup, Hesseldahl adds. Reference Link
09:09 EDTCTXSOn The Fly: Pre-market Movers
HIGHER: Heron Therapeutics (HRTX), up 20% after announcing results from its Phase 2 clinical study of its drug for the management of post-operative pain in patients undergoing bunionectomy... BioMed Realty Trust (BMR), up 10% after Bloomberg reported that the company is in talks to sell itself and has attracted interest from companies including Blackstone (BX) and Canaccord upgraded BioMed Realty to Buy... Citrix Systems (CTXS), up 2.5% after Reuters said the company is making a last-ditch attempt to sell itself as a whole company before beginning asset sales. LOWER: OncoGenex (OGXI), down 19% after the company reported that the addition of apatorsen to Abraxane and gemcitabine did not demonstrate a survival benefit compared to Abraxane and gemcitabine alone in a Phase 2 clinical study... Pacira Pharmaceuticals (PCRX), down 3.7% in the wake of Heron's new data, with several analysts stating that Heron's data compares favorably versus Pacira's Exparel drug.
05:59 EDTCTXSCitrix again tries to sell itself, Reuters reports
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September 22, 2015
16:00 EDTMUOptions Update; September 22, 2015
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11:03 EDTFLEXQuirky files for Chapter 11 bankruptcy protection, Flex to buy some assets
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09:33 EDTMUActive equity options trading on open
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08:04 EDTCTXSCitrix says Royal Caribbean deploys mobile workspace solution
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07:41 EDTMURaymond James to hold a conference
North American Equities Conference to be held in London, England on September 22.
07:29 EDTEMCEMC coverage assumed with a Buy at Goldman
Target $30.
06:40 EDTAMD, MUChip sector deal size up substantially in 2015, WSJ reports
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