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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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March 31, 2015
08:35 EDTAVGOAvago to commence $8 per share cash tender offer for Emulex on April 7
Avago Technologies (AVGO) and Emulex (ELX) announced that Emerald Merger Sub, Inc., a wholly owned indirect subsidiary of Avago, plans to commence its $8.00 per share cash tender offer for all shares of Emulex on April 7. The tender offer is pursuant to a merger agreement among Avago Technologies Wireless Manufacturing, a wholly owned indirect subsidiary of Avago, Purchaser and Emulex which provides for Avago USA to acquire Emulex in an all-cash transaction valued at approximately $606M, or $609Mnet of cash and debt acquired. The tender offer will remain open until 11:59 pm EDT on May 4, unless earlier terminated or extended.
07:19 EDTSTXWestern Digital Seagate estimates lowered below consensus at Stifel
Stifel lowered its Q3 and Q4 estimates for Western Digital (WDC) and Seagate (STX) below consensus levels to reflect weaker than expected HDD demand for Q3 and the firm's belief that trends will be flattish into Q4. The firm keeps a Buy rating on Western Digital ,citing what it sees as the company's positive enterprise portfolio positioning, its ability to leverage a more variable costs model, and its positive free cash flow outlook. It keeps a Hold rating on Seagate.
March 26, 2015
06:28 EDTAVGOAvago pullback yesterday a buying opportunity, says Citigroup
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March 24, 2015
09:11 EDTAVGOAvago volatility at low end of historic range as shares at record high
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March 23, 2015
08:03 EDTSTXSeagate Q2 visibility remains limited, says BofA/Merrill
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06:19 EDTAVGOAvago price target raised to $160 from $131 at Citigroup
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March 19, 2015
09:16 EDTSTXPope Resources appoints John Lamb to VP and CFO effective April 20
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