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Stock Market & Financial Investment News

News Breaks
May 12, 2014
08:55 EDTSIMG, SIMG, SIMGSilicon Image management to meet with Northland Securities
Meetings to be held in Richmond, VA on May 12 and in Boston on May 13 hosted by Northland Securities.
News For SIMG From The Last 14 Days
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December 18, 2014
16:26 EDTSIMGOn The Fly: Closing Wrap
Stocks began the session sharply higher and remained that way for the entire session. The strength was attributed to investor enthusiasm over statements from the Fed about being patient in their approach to raising interest rates. Over the past couple of weeks the price of oil has often dictated the direction of equities, but that was not the case today as a drop in WTI and Brent crude was not followed by a dip in the equity averages. With year-end approaching, money managers may be chasing performance, but they also may be adjusting portfolio’s ahead of tomorrow’s quadruple witching, when market index futures, market index options, stock options, and stock futures all expire. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 6K to 289K in the week ended December 13, versus expectations for 295K first-time claims. Markit's flash December Services PMI reading came in at 53.6, which was below the consensus 56.3 forecast. The Philadelphia Fed survey of business conditions index drop to 24.5 in December from November's unexpectedly high 40.8 reading, though the steep pullback was in-line with the consensus forecast. The November index of leading economic indicators rose 0.6%, as expected. In Europe, U.K. retail sales including auto fuel increased 1.6% in November, widely topping economists' forecast for a 0.4% gain. Germany's Ifo business climate index advanced to 105.5 in December from 104.7 in the prior month, narrowly topping expectations. COMPANY NEWS: Oracle (ORCL) rallied $4.19, or 10.18%, to $45.35 after the company’s second quarter results surpassed consensus estimates. Analyst commentary was mixed, with research firms Canaccord and FBR Capital raising their price targets on the stock to $50 and $48, respectively, while JPMorgan said it expects consensus estimates for Oracle to be reduced and Oppenheimer said that it thinks the transition to the cloud is increasing pressure on the company's financial model and restraining EPS growth. MAJOR MOVERS: Among the notable gainers was OvaScience (OVAS), which rose $8.26, or 23.63%, to $43.22 after the company said it has achieved its 2014 corporate goals to advance its three fertility treatment options and its stock was upgraded to Outperform at Wedbush. Also higher was Tetraphase Pharmaceuticals (TTPH), which gained $4.81, or 14.49%, to $38.00 after a study of the company's eravacycline antibiotic met its primary endpoint and more than one research firm said the trial results make the company a more likely takeover target. Among the noteworthy losers was Silicon Image (SIMG), which dropped $1.84, or 27.3%, to $4.90 after the company warned it expects a year-over-year revenue decline in 2015 of about 10% due to a reduction in mobile design wins at one of its largest customers. Also lower were shares of RCS Capital (RCAP), which fell $1.81, or 15.39%, to $9.95 after its Executive Chairman of the Board, Nicholas Schorsch, was reportedly accused of directing two executives at American Realty Capital Properties (ARCP), where he was formerly the Chairman, to manipulate quarterly financial results. INDEXES: The Dow gained 421.28, or 2.43%, to 17,778.15, the Nasdaq advanced 104.08, or 2.24%, to 4,748.40, and the S&P 500 rose 48.34, or 2.4%, to 2,061.23.
12:26 EDTSIMGOn The Fly: Midday Wrap
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10:01 EDTSIMGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bruker (BRKR) downgraded to Sell from Neutral at Goldman...Linear Technology (LLTC) downgraded to Sell from Neutral at Citigroup... Macerich (MAC) downgraded to Neutral from Buy at MLV & Co... BreitBurn Energy (BBEP) downgraded to Sector Perform from Outperform at RBC Capital... Oceaneering (OII) downgraded to Sector Perform from Outperform at RBC Capital... Oil States (OIS) downgraded to Sector Perform from Outperform at RBC Capital... Teradyne (TER) downgraded to Neutral from Buy at Citigroup... Volcano (VOLC) downgraded to Neutral from Buy at Roth Capital... XL Group (XL) downgraded to Market Perform from Outperform at Keefe Bruyette... Intuit (INTU) downgraded to Neutral from Outperform at Wedbush... Penn Virginia (PVA) downgraded to Market Perform from Outperform at Wells Fargo... Whiting Petroleum (WLL) downgraded to Market Perform from Outperform at Wells Fargo... Time Warner Cable (TWC) downgraded to Neutral from Buy at BTIG... Royal Caribbean (RCL) downgraded to Sell from Hold at DNB Markets... Silicon Image (SIMG) downgraded to Market Perform from Outperform at Northland.
09:27 EDTSIMGSilicon Image downgraded to Neutral from Buy at Sidoti
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09:24 EDTSIMGSilicon Image downgraded to Market Perform from Outperform at Northland
09:21 EDTSIMGOn The Fly: Pre-market Movers
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07:56 EDTSIMGSilicon Image sees FY15 revenue down 10% from FY14, consensus $271.32
Silicon Image announced earlier that it expects a year-over-year revenue decline in 2015 of approximately 10% due to a reduction in mobile design wins at one of its largest customers. The decline in the mobile business segment is expected to be partially offset by continued strength in the company’s CE business segment due to continued penetration of MHL in mainstream TVs, and the popularity of 4K Ultra HD where the company has multiple HDMI 2.0 / MHL 3.0 designs. “Although we believe that both our CE and licensing businesses will remain strong, we now anticipate top line 2015 revenues to be down compared to 2014. While we continue to execute on our long term strategic growth initiatives, we remain committed to reduce our operating expenses in 2015 and anticipate that even with a top line revenue decline, we will remain profitable with operating margin as a percent of revenue expected to be flat to slightly up for the year,” said CEO Camillo Martino. For reference, FY14 revenue consensus $255.04M. Shares of Silicon Image are down about 32% to $4.60 in pre-market trading after the company cautioned on its mobile outlook.
December 4, 2014
17:00 EDTSIMGSilicon Image announces new unit Qterics, Qualcomm participates with investment
Silicon Image (SIMG) announced that Qualcomm (QCOM), has made a $7M strategic investment in Silicon Image’s new subsidiary, Qterics, for a 7% ownership interest. Qterics will be focused on enabling a wide variety of solutions and services for Internet-enabled consumer products including TVs, mobile handsets, tablets, routers, home automation devices, white goods and more. Qterics is comprised of the UpdateLogic services business combined with other related Silicon Image assets, including software and other intellectual property. Current UpdateLogic General Manager, Kurt Thielen, will assume the role of President of Qterics. “Qualcomm is committed to enabling technologies that support our ‘Internet of Everything’ initiatives. Our strategic investment in Qterics further promotes IoE advancements, including the development of solutions utilizing the AllJoyn open source software framework of the AllSeen Alliance for a truly interoperable Internet of Everything,” said Michael Wallace, SVP and General Manager, Qualcomm Internet Services. In addition to the investment, Qualcomm and Silicon Image will explore opportunities to collaborate on promoting the AllJoyn open source software framework and developing new Internet of Everything services
14:49 EDTSIMGSilicon Image management to meet with Craig-Hallum
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13:21 EDTSIMGSilicon Image management to meet with Sidoti
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