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May 4, 2015
19:14 EDTINVNOn The Fly: After Hours Movers
UP AFTER EARNINGS: Nautilus (NLS), up 15.5%... EarthLink (ELNK), up 9.3%... Chuy's Holdings (CHUY), up 8.4%... ChannelAdvisor (ECOM), up 6.8% after reporting quarterly results and appointing David Spitz as CEO... Texas Roadhouse (TXRH), up 5.3%... NuVasive (NUVA), up 3.8%... Denny's (DENN), up 1.8%. ALSO HIGHER: PlasmaTech (PTBI), up 37.1% after Soros Fund Management reports 5.17% passive stake... Integrated Silicon Solution (ISSI), up 1.6% after Starboard raises stake to 11.5% from 9.9%. DOWN AFTER EARNINGS: Qualys (QLYS), down 27.1%... FreightCar America (RAIL), down 9%... InvenSense (INVN), down 2.9%... Sturm, Ruger (RGR), down 6.1%. ALSO LOWER: AcelRx (ACRX), down 27.4% after FDA denies request for meeting about Zalviso... Cyberark (CYBR), down 3.6% following Qualys quarterly results.
17:40 EDTINVNInvenSense sees Q1 adjusted EPS 11c-13c, consensus 12c
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16:21 EDTINVNInvenSense reports Q4 EPS 12c, consensus 12c
Reports Q4 revenue $99.3M, consensus $97.21M.
15:01 EDTINVNNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include EOG Resources (EOG), consensus 0c... Anadarko Petroleum (APC), consensus (65c)... Vornado Realty (VNO), consensus $1.19... DaVita HealthCare (DVA), consensus 86c... Concho Resources (CXO), consensus 23c... Fidelity National Financial (FNF), consensus 32c... Cimarex Energy (XEC), consensus (37c)... UGI (UGI), consensus $1.18... Avis Budget (CAR), consensus 14c... Tenet Healthcare (THC), consensus 32c... AmeriGas (APU), consensus $2.51... Ingram Micro (IM), consensus 44c... XPO Logistics (XPO), consensus (22c)... Sunstone Hotel (SHO), consensus 19c... Post Properties (PPS), consensus 70c... Integrated Device Technology (IDTI), consensus 26c... Rosetta Resources (ROSE), consensus (8c)... InvenSense (INVN), consensus 12c... Stone Energy (SGY), consensus (19c).
April 30, 2015
17:06 EDTMXLMaxLinear completes acquisition of Entropic
MaxLinear (MXL) announced that it has completed its previously announced acquisition of Entropic Communications (ENTR). As part of the merger agreement, Entropic stockholders will receive $1.20 per share in cash and 0.2200 of a share of MaxLinear Class A Common Stock for each Entropic common share outstanding immediately prior to the effective time of the merger. MaxLinear paid approximately $111M in cash and issued approximately 20.4M shares of common stock in connection with the acquisition. Immediately following completion of the merger, existing holders of MaxLinear capital stock will hold approximately 65% and former Entropic stockholders will hold approximately 35% of MaxLinear's outstanding capital stock. MaxLinear sees immediate cross-selling opportunities and longer-term platform integration opportunities with Entropic's leading MoCA technology.
16:44 EDTMXLMaxLinear sees Q2 revenue $37M-$38M, consensus $37.2M
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16:43 EDTMXLMaxLinear reports Q1 adjusted EPS 9c, consensus 7c
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13:15 EDTINVNApple Watch breakdown shows Broadcom, STM, ADI chips, MacRumors says
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09:12 EDTCAVMCavium weakness creates buying opportunity, says Pacific Crest
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08:39 EDTCAVMCavium shares should be bought on any weakness, says Oppenheimer
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08:25 EDTCAVMCavium weakness a buying opportunity, says Canaccord
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April 29, 2015
17:32 EDTCAVMCavium sees three major infrastructure clients to be down sequentialy in Q2
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17:31 EDTCAVMCavium sees Q2 gross margin 66.5%
Comment from Q1 earnings call.
17:30 EDTCAVMCavium sees Q2 EPS 40c-42c, consensus 41c
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17:27 EDTCAVMCavium sees Access/Service Provider market to be down sequentially
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16:15 EDTCAVMCavium reports Q1 non-GAAP EPS 40c, consensus 39c
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12:14 EDTAMBAGoPro surges after Q1 results, outlook top estimates
Shares of wearable camera and accessories maker GoPro (GPRO) are surging after the company's first quarter results and second quarter outlook easily topped analysts’ consensus estimates. WHAT'S NEW: GoPro yesterday reported Q1 EPS of 24c and revenue of $363.1M, comfortably topping consensus of 18c and $340.99M, respectively. The company said that international sales accounted for over half of Q1 revenue. Inventory for the quarter was up $11M sequentially. GoPro reported Q1 EMEA and APAC revenue up 66%. According to NPD, GoPro's five capture device models accounted for all five of the top five products in the combined digital camera and camcorder category, on a unit basis, in the U.S. in Q1. In the same category, on a dollar share basis, GoPro capture devices accounted for three of the top five products, including the top spot. In Q1, videos published on the GoPro Channel on YouTube were up 93%, while views were up 46% year-over-year. Content submissions to GoPro's Photo and Video of the Day program increased 50% quarter-over-quarter. The company also announced that it will acquire Kolor, a company that works with virtual reality and spherical media solutions. All Kolor employees will join GoPro and will maintain operations at their headquarters in Savoie, France, but other terms of the deal were not disclosed. WHAT'S NOTABLE: On its earnings conference call, GoPro forecast Q2 EPS of 24c-26c and revenue of $380M-$400M, well ahead of analysts' consensus estimates for 16c and $333.72M, respectively. The company also said it sees the product and channel mix remaining favorable during Q2, and expects Q2 gross margins of 45%, plus or minus 50 basis points. GoPro founder and Chief Executive Officer Nicholas Woodman said that Q1 marked the second highest revenue quarter in the company's history. ANALYST REACTION: This morning, four separate firms –- Piper Jaffray, Citigroup, Baird and Northland -- raised their respective price targets on GoPro following the company's strong quarter and guidance. Another firm, JMP Securities, said that GoPro's Q1 results and Q2 guidance were "impressive" and believes the company's investments in a wide variety of areas place it way above its competition, giving it "almost open-ended potential to monetize the Hero brand." The firm reiterated a $105 price target and Outperform rating on the stock. ANOTHER TO WATCH: GoPro is a major customer of Ambarella (AMBA), which makes chips for video cameras. PRICE ACTION: In afternoon trading, GoPro rose $5.13, or about 10.9%, to $52.13 on nearly three times its average daily trading volume. Despite today's advance, the shares have lost approximately 47% since reaching a 52-week high in October.
10:00 EDTMRVLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Capital Agency (AGNC) downgraded at UBS... American Public Education (APEI) downgraded to Hold from Buy at Deutsche Bank... Annaly Capital (NLY) downgraded at UBS... C.H. Robinson (CHRW) downgraded to Neutral from Buy at BofA/Merrill... Church & Dwight (CHD) downgraded to Perform from Outperform at Oppenheimer... Cobalt (CIE) downgraded to Hold from Accumulate at Tudor Pickering... Compass Minerals (CMP) downgraded to Neutral from Overweight at JPMorgan... Corning (GLW) downgraded to Sell from Underperform at CLSA... Corporate Office Properties (OFC) downgraded at Stifel... Entergy (ETR) downgraded to Market Perform from Outperform at BMO Capital... First Interstate (FIBK) downgraded to Market Perform from Outperform at Wells Fargo... German American Bancorp (GABC) downgraded to Market Perform at Keefe Bruyette... IGI Laboratories (IG) downgraded to Market Perform from Outperform at Avondale... Lumber Liquidators (LL) downgraded at Longbow... Marvell (MRVL) downgraded at JMP Securities... National Oilwell (NOV) downgraded to Underweight from Equal Weight at Morgan Stanley... Oceaneering (OII) downgraded to Neutral from Buy at Sterne Agee CRT... OpenText (OTEX) downgraded to Sector Performer from Outperformer at CIBC... Parker-Hannifin (PH) downgraded on macro headwinds at Stifel... Pfizer (PFE) downgraded to Neutral from Buy at Citigroup... Procter & Gamble (PG) downgraded to Hold from Buy at Societe Generale... RTI International (RTI) downgraded to Market Perform from Outperform at FBR Capital... Ryder (R) downgraded to Neutral from Buy at Goldman... Stratasys (SSYS) downgraded to Neutral from Buy at Goldman... Targa Resources (TRGP) downgraded to Accumulate from Buy at Global Hunter... Total System (TSS) downgraded to Market Perform from Outperform at Wells Fargo... Twitter (TWTR) downgraded to Equal Weight from Overweight at Barclays... Wynn Resorts (WYNN) downgraded to Neutral at Susquehanna.
08:36 EDTMRVLMarvell downgraded at JMP Securities
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06:31 EDTMRVLMarvell downgraded to Underperform from Market Perform at JMP Securities
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April 28, 2015
08:22 EDTMRVLMarvell enters partnership with Celeno
Celeno Communications announced a partnership that will see Marvell’s ARMADA 1500 family of multi-media processors and connectivity solution combined with Celeno’s 802.11ac Access Point chips to power a wireless video experience in the home that can reliably handle 4K or HD video streaming alongside regular data applications. This combined solution is designed to meet the growing demand for linear TV, Video-on-Demand and OTT services to multiple screens and mobile devices throughout the home, all while ensuring the highest levels of reliability and performance.
April 27, 2015
18:03 EDTSIMOSilicon Motion sees FY15 revenue up 17%-25%
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18:03 EDTSIMOSilicon Motion sees Q2 revenue up 5%-10%
18:02 EDTSIMOSilicon Motion reports Q1 EPS 48c, consensus 49c
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10:02 EDTSIMOSilicon Motion upgraded to Buy from Hold at Standpoint Research
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10:00 EDTMRVLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 3D Systems (DDD) downgraded to Hold from Buy at Canaccord... Akorn (AKRX) downgraded to Neutral from Overweight at Piper Jaffray... Allegiant Travel (ALGT) downgraded to Fair Value from Buy at CRT Capital... Altera (ALTR) downgraded to Neutral from Outperform at Baird... (AMZN) downgraded on valuation at Argus... American Science & Engineering (ASEI) downgraded to Sell from Fair Value at CRT Capital... Basic Energy (BAS) downgraded to Underperform from Neutral at Macquarie... C.H. Robinson (CHRW) downgraded to Sell from Neutral at UBS... Celladon (CLDN) downgraded to Neutral from Buy at Roth Capital... DST Systems (DST) downgraded to Neutral from Outperform at Credit Suisse... DeVry (DV) downgraded on weaker than expected outlook at Stifel... Eaton Vance (EV) downgraded to Sell from Neutral at Citigroup... Emerge Energy (EMES) downgraded to Hold from Buy at Wunderlich... FMC Technologies (FTI) downgraded to Accumulate from Speculative Buy at Global Hunter... Fibria Celulose (FBR) downgraded to Underweight from Equal Weight at Morgan Stanley... Forum Energy (FET) downgraded to Neutral at Baird... Gulf Island Fabrication (GIFI) downgraded to Hold from Accumulate at Johnson Rice... Hancock Holding (HBHC) downgraded to Hold from Buy at Drexel Hamilton... Hi-Crush Partners (HCLP) downgraded to Hold from Buy at Wunderlich... Houghton Mifflin (HMHC) downgraded to Neutral from Buy at Citigroup (Friday)... Infosys (INFY) downgraded to Hold from Buy at Deutsche Bank... Marvell (MRVL) downgraded to Hold from Buy at Craig-Hallum... Merge Healthcare (MRGE) downgraded to Hold from Buy at Topeka... Oceaneering (OII) downgraded to Neutral from Buy at Goldman... Omega Healthcare (OHI) downgraded at BofA/Merrill... Perrigo (PRGO) downgraded to Neutral from Buy at UBS... Petrobras (PBR) downgraded to Underweight from Equal Weight at Morgan Stanley... Procter & Gamble (PG) downgraded on lack of upside at CLSA... ResMed (RMD) downgraded to Neutral from Buy at Goldman... Seadrill (SDRL) downgraded to Sell from Neutral at Citigroup... Six Flags (SIX) downgraded to Neutral from Buy at Goldman... Stratasys (SSYS) downgraded to Hold at Canaccord... Telecom Italia (TI) downgraded to Neutral from Buy at BofA/Merrill... Twitter (TWTR) downgraded to Neutral from Buy at SunTrust... United Continental (UAL) downgraded to Fair Value from Buy at CRT Capital... Virgin America (VA) downgraded to Sell from Buy at CRT Capital.
07:38 EDTMRVLMarvell downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum downgraded Marvell to Hold following the negative Q1 preannouncement.
07:37 EDTMRVLMarvell downgraded to Neutral from Buy at Ladenburg
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07:28 EDTMRVLMarvell miss more severe than expected, says Brean Capital
Brean Capital said Marvell's quarterly miss was inevitable, but the depth of the miss was more severe than expected. The firm believes the miss is related to China's handset market and believes there is a greater than 50% chance the company will exit the mobile business. Brean Capital reiterated its Buy rating but lowered its price target to $16 from $17 on Marvell shares.
05:32 EDTMRVLMarvell technology selected by SendTek to support market migration
Marvell announced that SendTek has selected Marvell's 88LX3142 digital baseband processor and 88LX2718 analog front end for integration into SendTek Coax and Phoneline adapters.
April 26, 2015
20:06 EDTMXLEntropic to host special shareholder meeting
Special Shareholder Meeting to adopt the agreement, merger and reorganization by and among the company, MaxLinear and Excalibur Acquisition will be held in San Diego on April 30 at 1 pm.
April 24, 2015
16:49 EDTMRVLMarvell down 5% after cutting Q1 revenue outlook
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16:34 EDTMRVLMarvell lowers Q1 revenue guidance to $710M-$740M from $810M-$830M
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07:06 EDTSIMOSilicon Motion agrees to acquire Shannon Systems for $57.5M
Silicon Motion Technology announced that it has entered into a definitive agreement to acquire Shannon Systems, a leading supplier of enterprise-class PCIe SSD and storage array solutions to China's internet and other industries. Under the terms of the agreement, Silicon Motion will acquire Shannon for a total purchase price of $57.5M, which includes a combination of cash, equity and contingency payments. The transaction has been approved by the boards of directors of both companies, is subject to customary closing conditions, including regulatory review and approval, and it is expected to close by the end of July.
April 23, 2015
17:39 EDTMXLS&P announces changes to the S&P 400, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices: Dunkin' Brands Group (DNKN) will replace Riverbed Technology (RVBD) in the S&P MidCap 400 after the close of trading on Monday, April 27. A group led by Thoma Bravo is acquiring Riverbed Technology in a deal expected to be completed tomorrow. Walker & Dunlop (WD) will replace Entropic Communications (ENTR) in the S&P SmallCap 600 after the close of trading on Thursday, April 30. MaxLinear (MXL) is acquiring Entropic Communications in a transaction expected to be completed on or about that date pending final approvals.
17:18 EDTMXLWalker & Dunlop to replace Entropic in S&P 600 as of 4/30 close
April 22, 2015
18:27 EDTMRVLSemiconductor stocks under pressure after TI, Qualcomm report financial results
Semiconductor stocks are under pressure after earnings reports from Texas Instruments (TXN) and Qualcomm (QCOM). TEXAS INSTRUMENTS: TI reported first quarter results that were lower than analyst expectations, and gave second quarter guidance below consensus estimates. In its Q1 earnings press release, Texas Instruments said its outlook for Q2 is for earnings per share between 60c-70c and revenue in the range of $3.12B-$3.38B. "Our estimates assume continuing weakness in our communications equipment and personal electronics markets, particularly for wireless infrastructure equipment and PCs, respectively. We also do not expect a near-term rebound in foreign currency exchange rates. The annual effective tax rate for 2015 is expected to be about 30%." QUALCOMM: Qualcomm reported Q2 results that were better than analyst's average estimates, but lowered its fiscal year 2015 EPS and revenue views. Qualcomm CEO Steve Mollenkopf said, "While we remain confident in the significant growth opportunities ahead, we are reducing our QCT outlook for fiscal 2015, primarily due to the increased impact of customer share shifts within the premium tier and a decline in our share at a large customer." PRICE ACTION: In after-hours trading, shares of Texas Instruments are down over 6%, while Qualcomm shares are down almost 3%. Other publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), NVIDIA (NVDA), Altera (ALTR), Xilinx (XLNX), and Maxim Integrated (MXIM).
14:47 EDTMRVLEarnings Watch: Texas Instruments reports amid M&A focus in semiconductor space
Texas Instruments (TXN) is expected to report first quarter earnings after the close on Wednesday, April 22, with a conference call scheduled for 5:30 pm ET. Texas Instruments is a global semiconductor manufacturer operating in four segments: Analog, Embedded Processing, Wireless and Other. EXPECTATIONS: Analysts are looking for earnings per share of 62c on revenue of $3.2B. The consensus range is 61c-64c for EPS on revenue of $3.18B-$3.21B, according to First Call. On its last earning call, Texas Instruments said it expected Q1 EPS of 57c-67c and revenue of $3.07B-$3.33B. LAST QUARTER: On January 26, Texas Instruments reported adjusted fourth quarter EPS of 69c, which matched consensus expectations at that time. Its Q4 revenue of $3.27B came in just above the consensus forecast of $3.26B. Texas Instruments said its inventory ended the quarter at 117 days and noted on its associated conference call that it believe inventories were at "healthy levels." Texas Instruments also said then that it expected its embedded operating margins to increase. STREET RESEARCH: The day after TI's last quarterly report, Ascendiant raised its price target for Texas Instruments shares to $64 from $56 and reiterated a Buy rating on the stock. The firm attributed the post-earnings slide the stock experienced then to profit taking, rather than a fundamental disappointment. That same week, Argus increased its price target on Texas Instruments to $62 from $54 and said it expected the company's operating trends to continue to strengthen. Argus kept a Buy rating on the shares. Acquiring companies in the semiconductor space "can materially outperform the market," Jefferies analyst Mark Lipacis wrote in a note to investors on March 9. At that time, Lipacis identified Texas Instruments, NXP Semiconductors (NXPI), Avago (AVGO), Marvell (MRVL), Maxim Integrated (MXIM), Broadcom (BRCM), Altera (ALTR), and Xilinx (XLNX) as companies that were well-positioned to make acquisitions in the future. WHAT'S NOTABLE: On March 1, NXP Semiconductors and Freescale Semiconductor (FSL) announced that they have entered into a definitive agreement under which NXP will merge with Freescale in a transaction valuing the combined enterprise at just over $40B. Recent media reports suggested that Intel's (INTC) talks to acquire Altera stalled when the latter wanted more than Intel was willing to pay. PRICE ACTION: Since the day after last quarter's report, Texas Instruments' stock has rallied nearly 7%. In afternoon trading, Texas Instruments gained over 1% to $58.76.
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