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Stock Market & Financial Investment News

News Breaks
May 29, 2014
07:50 EDTAVGO, STXSeagate to acquire LSI's flash businesses from Avago for $450M in cash
Seagate Technology (STX) and Avago Technologies Limited (AVGO) announced that they have entered into a definitive asset purchase agreement under which Seagate will acquire the assets of LSIís Accelerated Solutions Division and Flash Components Division from Avago for $450M in cash. In fiscal 2015, Seagate would expect the combination of its enterprise SSD product line and these SSD Controller families to generate revenues of at least $150M and be slightly accretive to the company gross margin with operating margin headwind of $30M-$40M. As Seagate drives operational synergies and leverages its SSD technology into its product portfolio, the company would expect the operating margin contribution from its SSD business to be neutral to positive in fiscal 2016 and beyond. The transaction is expected to close in the third quarter of calendar year 2014, subject to the satisfaction of customary closing conditions and the receipt of certain regulatory approvals, including those required by the Hart-Scott-Rodino Antitrust Improvements Act.
News For STX;AVGO From The Last 14 Days
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November 25, 2015
07:57 EDTAVGOAvago downside from results limited, says Sterne Agee CRT
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November 20, 2015
14:58 EDTAVGODA Davidson technology analyst holds an analyst/industry conference call
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November 19, 2015
10:00 EDTSTXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Dick's Sporting (DKS) upgraded to Buy from Neutral at Monness Crespi... Fairchild (FCS) upgraded to Neutral from Underperform at Credit Suisse... Fiesta Restaurant (FRGI) upgraded to Strong Buy from Outperform at Raymond James... General Dynamics (GD) upgraded to Buy from Hold at Argus... Genomic Health (GHDX) upgraded to Outperform from Market Perform at Cowen... National Grid (NGG) upgraded to Outperform from Sector Perform at RBC Capital... ON Semiconductor (ON) upgraded to Buy from Neutral at Citi... Papa John's (PZZA) upgraded to Buy from Neutral at Sidoti... QEP Resources (QEP) upgraded to Buy from Neutral at Goldman... Seagate (STX) upgraded to Buy on selloff, dividend yield at Craig-Hallum... Sunoco (SUN) upgraded to Outperform at Credit Suisse... Tetraphase (TTPH) upgraded to Buy from Neutral at SunTrust... Wendy's (WEN) upgraded to Conviction Buy from Neutral at Goldman.
07:28 EDTSTXSeagate upgraded to Buy on selloff, dividend yield at Craig-Hallum
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November 18, 2015
08:19 EDTSTXRBC Capital to hold a tour
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November 16, 2015
10:25 EDTAVGOUBS 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.

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