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January 6, 2014
Bernstein Events at CES 2014 to be held in Las Vegas on January 6-9.
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November 17, 2015
06:27 EDTINTCIntel November volatility elevated into investor meeting
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05:33 EDTQCOMStocks with implied volatility below IV index mean; YUM QCOM
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November 16, 2015
16:53 EDTBRCMPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
16:43 EDTMUGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
15:53 EDTQCOMJANA Partners reduces stakes in Rackspace, Qualcomm
JANA Partners gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Mattel (MAT), Zoetis (ZTS), and Aramark (ARMK). INCREASED STAKES: ConAgra Foods (CAG). DECREASED STAKES: Rackspace (RAX), Qualcomm (QCOM), Time Warner (TWX), Starz (STRZA), and Lions Gate (LGF). LIQUIDATED STAKES: Johnson Controls (JCI), Precision Castparts (PCP), AerCap Holdings (AER), United Rentals (URI), and HD Supply Holdings (HDS).
12:35 EDTSSNLFApple reaps 94% of global smartphone profits, Business Insider says
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10:25 EDTBRCMUBS trims Apple target, says iPhone partner cut production forecast
Hon Hai, which manufactures Apple's (AAPL) iPhones, expects to assemble significantly fewer iPhones this quarter than in the same period in 2014, UBS wrote in a note to investors today. WHAT'S NEW: Hon Hai Precision Industry, also known as Foxconn, is expected to assemble 10% fewer iPhones this quarter than in the same period in 2014, said UBS analyst Steven Milunovich, citing work from fellow UBS analyst Arthur Hsieh. Previously, companies that supply force touch components for iPhones saw a 10%-15% reduction in their orders, the analyst reported. These developments "are not encouraging," but Apple had previously ordered a large number of iPhones for Q4, according to Milunovich. Overall iPhone demand "could still be decent," he believes. However, the analyst lowered his iPhone sales estimate for Apple's March quarter to 61M from 62.5M, asserting that iPhone sales on China's November 11 Singles Day holiday may have come in below expectations. Based on October search volumes, he continues to believe that demand for iPhone units in the fourth quarter of the calendar year will be 75M, in-line with the consensus outlook. Milunovich trimmed his price target on Apple to $140 from $150 but kept a Buy rating on the shares. WHAT'S NOTABLE In a note to investors on November 10, Credit Suisse reported that it was cutting its estimates for 2016 iPhone sales. The firm expects sales of the device to fall 10.4% in the first quarter versus the same period in 2015, and it predicts that iPhone sales will decline 5.5% year-over-year in 2016. Suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS), Credit Suisse reported. The firm said it continues to have a negative view of the smartphone sector. PRICE ACTION: In early trading, Apple added nearly 1% to $113.34.
10:00 EDTNVDAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
09:37 EDTINTC, MUActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
07:50 EDTARMHUBS to hold a conference
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06:40 EDTNVDANVIDIA upgraded to Buy from Hold at Canaccord
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05:57 EDTMU, SSNLFDRAMeXchange: Q3 Mobile DRAM sales rise 18%, DigiTimes says
Mobile DRAM revenue in Q3 was up 18% sequentially to $4.55B, reports DigiTimes. According to DRAMeXchange, SK Hynix made the largest contribution to the growth with revenues surging 30.5% to $1.2B while Samsung remained the largest DRAM supplier with revenue increasing 16.5% to $2.58B. Samsung continued to hold a more than 50% share of the global mobile DRAM market in the quarter. Reference Link
05:57 EDTSSNLFReport: Samsung to shift L8 facilities to produce LTPS panels, DigiTimes reports
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November 13, 2015
12:05 EDTATMLElliott increases stake in Dialog Semiconductor to 5%
Elliott International issued a letter to shareholders of Dialog Semiconductor (DLGNF) informing them that they increased its interest in the company to 5% and urges shareholders to vote AGAINST the company's agreement to acquire Atmel (ATML).
09:35 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL CSCO FB BAC BABA MSFT NFLX INTC JCP AMZN C
06:48 EDTATMLDialog says Atmel deal cleared in U.S., Germany, Bloomberg says
Dialog Semiconductor (DLGNF) said it has earned clearance from German and U.S. authorities for its $4.6B takeover of Atmel (ATML), Bloomberg reports.The U.S. DoJ and FTC have given early termination of the waiting period for the transaction, and Germany's Federal Cartel Office has provided notification that the deal has been approved to proceed, the report says. Reference Link
05:58 EDTSSNLFReport: Samsung stops LCD production at 1.5 fab, DigiTimes says
Samsung Display has stopped LCD production of its L5 facilities in South Korea as of October, reports DigiTimes. Citing a new report from Korea-based D-Daily, Samsung is considering whether to fully close the facilities or convert them to produce other applications. Reference Link
November 12, 2015
13:24 EDTINTCEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
08:15 EDTARMHARM Holdings royalty growth poised to accelerate, says KeyBanc
After attending ARM's conference, KeyBanc expects the company's royalty growth to accelerate in 2H15 and 2016. Over the longer term the firm thinks the company could benefit from networking/enterprise share gains and a call option on server market penetration. KeyBanc keeps a $63 price target and Overweight rating o nthe shares.
06:49 EDTQCOMQualcomm share loss at Samsung worse than expected, says JPMorgan
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