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Stock Market & Financial Investment News

News Breaks
July 16, 2014
06:16 EDTSSNLF, SNDKSanDisk partners with Rockchip for iNAND solutions, DigiTimes reports
SanDisk (SNDK) has partnered with Rockchip Electronics to promote eMMC solutions in China as it competes against Samsung (SSNLF) and SK Hynix, reports DigiTimes. According to industry sources, the iNAND solutions will be incorporated intoa number of mobile devices, helping system OEMs and other device makers to shorten time to market for their new products. Reference Link
News For SNDK;SSNLF From The Last 14 Days
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June 26, 2015
10:09 EDTSNDKStreet Check: Bearish analysts made right call on Micron ahead of Q3 miss
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09:36 EDTSNDKActive equity options trading on open
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09:10 EDTSNDKOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Finish Line (FINL), up 6.5%... Nike (NKE), up 3.2%. ALSO HIGHER: GigaMedia (GIGM), up 14.6% after agreeing to acquire 70% equity interest in Strawberry Cosmetics. DOWN AFTER EARNINGS: Micron Technology (MU), down 14.8%. ALSO LOWER: Celladon (CLDN), down 42.7% after planning to suspend further R&D of MYDICAR program... Real Goods Solar (RGSE), down 18.4% after raising $5M in a common stock and warrant offering... SanDisk (SNDK), down 3.3% after Micron Technology reports quarterly results... Alder Biopharmaceuticals (ALDR), down 2.6% after 4.49M share Secondary priced at $44.50... Sotherly Hotels (SOHO), down 2% after 3M share Secondary priced at $7.11.
06:24 EDTSSNLFElliott lobbies Korean shareholders to block Samsung C&T, Cheil deal, WSJ says
A team from U.S. hedge fund Elliott told Samsung unit Samsung C&T’s CFO at an April 9 meeting that a merger with Cheil Industries would not be in the best interests of shareholders, including Elliott, the Wall Street Journal reports, citing a person familiar with the matter. Elliott is trying to block the deal, seeking a court injunction and telling investors to block the deal at a shareholder vote next month, the report says. South Korean shareholders in Samsung C&T have begun to voice their concerns over the deal, with “dozens” of them filing court petitions arguing the deal unfairly undervalues Samsung C&T, the report says. Reference Link
June 25, 2015
19:04 EDTSNDKOn The Fly: After Hours Movers
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17:56 EDTSNDKMicron plunges after Q3 results, guidance impacted by PC headwinds
Shares of PC related memory chip maker Micron Technology (MU) are plunging after reporting third quarter financial results and fourth quarter guidance that missed analyst expectations. WHAT'S NEW: After the close, Micron reported Q3 earnings per share of 54c on revenue of $3.85B, both shy of analyst estimates of 56c and $3.9B, respectively. Citing "near-term headwinds driven primarily by weakness in PC sector," Micron gave a fourth quarter revenue view of $3.45B-$3.7B which was significantly lower than analyst expectations of $4.16B. WHAT'S NOTABLE: On the company's earnings conference call, Micron said, consistent with prior expectations, "We are forecasting DRAM industry supply bit growth in the mid-20s in calendar 2015 and in the low-to-mid 20s in 2016." The company said it sees DRAM gross margins for Q4 down mid-single digits sequentially. Additionally, the chip maker said it sees Q4 DRAM bit growth flat to up low single digits. ANALYST TAKE: On June 22, Micron was downgraded to Sell from Neutral at Goldman Sachs. Goldman analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. On the same day, JP Morgan lowered its price target on Micron shares to $33 from $37. The firm also lowered its estimates for Micron citing lower than anticipated DRAM pricing in the past three months. The firm, however, kept an Overweight rating on Micron, saying improving demand in other segments like mobile and the company's decision to not hold inventory during Q3 should help offset the DRAM weakness. PRICE ACTION: Shares of Micron are lower by 11.5% in after- hours trading to $21.25. OTHER PC RELATED STOCKS: In after-hours trading, PC related chip makers are also lower, with Intel Corporation (INTC) down 0.9%, NVIDIA (NVDA) lower by 1.1%, and AMD (AMD) down fractionally. Others trading lower include Microsoft (MSFT), SanDisk (SNDK), Hewlett-Packard (HPQ), and Seagate (STX).
12:54 EDTSNDKEarnings Watch: Micron reports after multiple analysts recommend selling shares
Micron Technology (MU) is expected to report third quarter earnings after the close on Thursday, June 25, with a conference call scheduled for 4:30 pm EDT. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $3.9B. The consensus range is 49c-65c for EPS on revenue of $3.73B-$4.03B, according to First Call. On its last earnings conference call, Micron guided for Q3 revenue of $3.85B-$4.05B. In terms of bit growth in Q3, the company said previously that it sees total DRAM up high single digits and Trade NAND down low single digits. In Q3 for ASP, the company forecast total DRAM down high single digits and Trade NAND up mid single digits. LAST QUARTER: On April 1, Micron reported Q2 adjusted EPS of 81c, against a consensus of 73c, on revenue of $4.17B, against a consensus of $4.15B. The company said then that it was allocating less production to its PC segment and shifting to faster growing areas, but also said it foresaw PC DRAM demand to improve in the second half of 2015. PEER: On April 15, SanDisk (SNDK) lowered it FY15 revenue view to $5.4B-$5.7B from $6.5B-$6.8B. At that time, SanDisk CEO Sanjay Mehrotra said the company was "disappointed" with its financial and operational performance and was taking "aggressive measures" to regain the type of execution it has delivered in the past, adding that its top priorities for 2015 are to strengthen its product roadmap and rebuild its momentum. NEWS: On May 5, Micron appointed Ernie Maddock as CFO and vice president, Finance, effective June 1. Maddock joined Micron after having served as EVP and CFO at Riverbed Technology (RVBD). STREET RESEARCH: On June 9, Piper Jaffray analyst Ruben Roy wrote that after conducting checks in Taiwan he expects the prices of PC DRAM to continue to decline. However, mobile and server DRAM pricing remains stable, as demand for those products is rising, the analyst stated. Roy lowered his estimates for Micron and trimmed his price target on the shares to $34 from $35 but kept an Overweight rating on the name. The same day, research firm Drexel Hamilton cut its rating on Micron to Sell from Hold, citing its belief that DRAM price declines are likely to continue. Samsung appears to be willing to accept lower memory prices and mobile DRAM prices are weakening, while PC DRAM prices have remained weak, the firm stated. As a result, Drexel lowered its margins and earnings estimates for Micron and slashed its price target on the stock to $20 from $30. Less than a week later, Morgan Stanley analyst Joseph Moore downgraded Micron to Underweight, the firm's equivalent of a "Sell" rating. Moore said that his checks in Taiwan indicate that the outlook for DRAM is "cautious versus expectations" for the third quarter. Previously, the analyst had expected DRAM to experience a seasonal boost in Q3, but he now expects this lift to be delayed until at least Q4. Moreover, DRAM prices will probably stay weak through Q3 as customers' inventories of DRAM are excessive, while sales of PC DRAM will probably remain weak in Q3 and could stay low in Q4, the analyst stated. Micron could have difficulty improving its earnings in 2016 from current levels, warned the analyst, who set a $21 price target on the shares. The same day, Moore downgraded peer SanDisk to Equal Weight from Overweight and lowered his price target on those shares to $75 from $80. On June 19, Topeka upgraded Micron to Buy from Hold and increased its price target to $34 from $30. The firm came away from an investor site visit incrementally more confident regarding PC demand and related DRAM pricing. Topeka added that it expects investor confidence in Micron's ability to sustain margins though cycles to increase over the next few quarters as Micron executes. Earlier this week, Goldman Sachs analyst Mark Delaney downgraded Micron to Sell from Neutral, saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for Micron shares to $19 from $27. PRICE ACTION: Over the last three months, shares of Micron have fallen over 9%. Ahead of its earnings report, Micron fell fractionally to trade near $24 per share at midday.
10:29 EDTSSNLFBarnes & Noble says relationship with Samsung 'excellent'
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07:29 EDTSSNLFCheil, Samsung C&T deal could increase shareholder returns, Reuters reports
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05:53 EDTSSNLFSamsung expects SUHD TV sales to reach 15K in 1H15, DigiTimes reports
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June 23, 2015
16:02 EDTSSNLFRed Hat, Samsung form strategic alliance
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06:05 EDTSSNLFIntel pushing into SSD market and hope to surpass Samsung in 2016, DigiTimes says
Intel (INTC) is looking to push into the SSD market with its newest 750 series SSDs with technology able to enhance the transmission speed, reports DigiTimes. According to sources from the upstream supply chain, the company is also offering price cuts on its existing products in order to narrow its gap with the largest vendor Samsung (SSNLF). Sources also expect Intel to draw near to Samsung in 2H15 and may even have a chance to surpass Samsung in 2016. Reference Link
06:05 EDTSSNLFSamsung pushing to release Galaxy S7 in 2H15, DigiTimes reports
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06:05 EDTSSNLFNo clear prospects for PC component suppliers until July, DigiTimes reports
There are no clear business prospects for PC component suppliers until July, reports DigiTimes. According to sources in the supply chain, Intel's decision to delay the launch of its Skylake platform has weakened market demand for notebooks and other PC systems. The planned release of Microsoft (MSFT) Windows 10 may also affect the production of PC makers. Reference Link
June 22, 2015
17:55 EDTSSNLFITC staff supports clearing Samsung, Qualcomm, in NVIDIA case, Bloomberg says
The U.S. International Trade Commission staff recommends that Samsung Electronics (SSNLF) and Qualcomm (QCOM) be absolved of patent-infringement accusations brought by Nvidia (NVDA), Bloomberg reports. Reference Link
14:42 EDTSSNLFOculus potential not reflected in Facebook's stock price, Piper Jaffray says
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10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
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05:34 EDTSNDKSanDisk upgraded to Buy from Hold at Summit Research
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June 21, 2015
14:44 EDTSSNLFFitbit shares likely to see 'typical IPO' subpair gains, Barron's says
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June 19, 2015
07:15 EDTSSNLFCourt to rule July 1 on Elliott’s bid to block Samsung deal, Reuters reports
A South Korean court said it will rule by July 1 on U.S. hedge fund Elliott’s request to block a Samsung C&T Corp, a unit of Samsung, shareholder vote on an $8B buyout offer from Cheil Industries, Reuters reports. Elliott told the court that Cheil’s offer was built to pave the way for a leadership succession in the Samsung conglomerate and did not serve the best interests of their shareholders, the report says. Reference Link
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