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Stock Market & Financial Investment News

News Breaks
June 11, 2014
11:24 EDTSYNA, AAPLSynaptics jumps after acquiring provider of chips to Apple
Shares of Synaptics (SYNA) are jumping after the company confirmed last night that it had agreed to buy Renesas SP Drivers. Synaptics develops gesture and touch sensing technologies for smartphones. Renesas SP Drivers supplies display driver chips for Apple's (AAPL) iPhone. WHAT'S NEW: Synaptics announced that it would buy the outstanding shares of Renesas SP Drivers for $475M. Synaptics said the deal would increase its potential market by 1.5x and advance its touch and display driver integration initiative. Renesas SP Drivers generated about $650M in revenue in the year ending in March, Synaptics reported. Synaptics last night also raised its fourth quarter revenue guidance to $300M-$310M from $275M-$295M. ANALYST REACTION: In a note to investors earlier today, Craig-Hallum analyst Anthony Stoss wrote that the deal is positive for Synaptics, as the transaction will help the company rapidly scale and accelerate the deployment of its fully integrated touch display driver solutions. The deal will also help Synaptics expand its potential market, according to Stoss, who raised his price target on the shares to $90 from $80 and reiterated a Buy rating on the stock. Meanwhile, John Vinh, an analyst at research firm Pacific Crest, called the acquisition "a game changer" for Synaptics in a note to investors earlier today. By integrating display drivers into its touch controller, Synaptics can position itself for additional sales to Apple and other companies, Vinh believes. The analyst raised his price target on Synaptics to $110 from $80 and kept an Outperform rating on the stock. WHAT'S NOTABLE: Reuters reported on May 27, citing sources, that Japan's Renesas planned to sell its 55% stake in the unit, which the news service said is the sole supplier of display driver chips for the iPhone, to Synaptics. Apple had also been in talks about a possible purchase of the unit, but the sources said those talks failed to progress, according to Reuters. PRICE ACTION: In late morning trading, Synaptics jumped $14.64, or 22%, to $81.14.
News For SYNA;AAPL From The Last 14 Days
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October 9, 2014
10:22 EDTAAPLApple rises after Icahn urges more buybacks, Oppenheimer upgrades
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10:00 EDTAAPLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Acuity Brands (AYI) upgraded at Oppenheimer... Agnico-Eagle (AEM) upgraded to Buy from Hold at Desjardins... Apple (AAPL) upgraded to Outperform from Perform at Oppenheimer... Bank of Montreal (BMO) upgraded to Buy from Hold at Canaccord... Basic Energy (BAS) upgraded to Hold from Underperform at Jefferies... BreitBurn Energy (BBEP) upgraded to Outperform from Perform at Oppenheimer... Golden Minerals (AUMN) upgraded at Roth Capital... Helmerich & Payne (HP) upgraded to Buy from Hold at Jefferies... II-VI (IIVI) upgraded to Buy from Neutral at DA Davidson... LivePerson (LPSN) upgraded at Credit Suisse... Luminex (LMNX) upgraded to Market Perform at Cowen... MGM Resorts (MGM) upgraded at Craig-Hallum... New Gold (NGD) upgraded to Buy from Hold at Desjardins... New Source Energy (NSLP) upgraded to Outperform from Perform at Oppenheimer... Pacific Coast Oil (ROYT) upgraded to Buy from Hold at Stifel... Pioneer Energy (PES) upgraded to Buy from Hold at Jefferies... Precision Drilling (PDS) upgraded to Strong Buy from Outperform at Raymond James... Randgold (GOLD) upgraded to Overweight from Neutral at HSBC... Resource Capital (RSO) upgraded to Buy from Hold at MLV & Co.... Toyota (TM) upgraded to Buy from Neutral at BofA/Merrill... Transocean (RIG) upgraded to Outperform from Sector Perform at Iberia... Universal Technical (UTI) upgraded to Outperform from Market Perform at Wells Fargo... Vulcan Materials (VMC) upgraded to Buy from Neutral at Longbow.
09:38 EDTAAPLActive equity options trading on open
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09:18 EDTAAPLApple says accounts for 'all input' in evaluating capital returns, CNBC reports
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09:10 EDTAAPLApple says will continue to evaluate capital return program, CNBC reports
After Carl Icahn urged Apple to make a tender offer that would meaningfully accelerate and increase the magnitude of its share repurchases, the company said in a statement to CNBC that is always appreciates the input of its shareholders and will continue to evaluate its capital return program.
08:53 EDTAAPLAbout 1,000 workers went on strike for several hours at Foxconn plant, WSJ says
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08:45 EDTAAPLIcahn says Apple should trade at $203 per share today
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08:42 EDTAAPLIcahn sees Apple launching UltraHD TV set in FY16
Carl Icahn stated in an open letter posted to his "Shareholder's Square Table" addressed to Apple CEO Tim Cook: "While Apple has not announced plans for a TV set and may never do so, we believe we have good enough reason to expect the introduction of an UltraHD TV set in FY 2016. We think television represents a large opportunity for Apple, one that reaches far beyond “the hobby” that Apple TV currently represents...As the home represents one compelling category for Apple, payments represents another...We estimate that, based upon Apple Pay’s rumored fee of 15 bps of all spend on credit and debit cards...and merchant deployment of NFC reaching 80%+ in 2017, Apple in the U.S. could generate revenues...of $2.5 billion in FY 2017 if it reaches 30% market share of all spend on U.S. credit and debit cards. The potential in the U.S. and internationally over a longer term is much larger."
08:41 EDTAAPLCooperman says Apple about 20% undervalued, still owns shares
Leon Cooperman of Omega Advisors is speaking on CNBC.
08:40 EDTAAPLIcahn calls Apple shares 'dramatically undervalued,' requests tender offer
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08:37 EDTAAPLIcahn calls Apple shares 'dramatically undervalued,' requests tender offer
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08:36 EDTAAPLIcahn requests Apple make tender offer for shares
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06:52 EDTAAPLTechnology producer settles China facility demonstrations, Reuters says
Hon Hai Precision Industry confirmed that it had settled a demonstration which involved close to 1K staff members at its Chongqing plant in China, and noted that manufacturing at the facility was not affected by the strike, according to Reuters, citing a statement from the company. Hon Hai constructs Apple (AAPL) products, as well as HP (HPQ) and Cisco (CSCO) computers and servers. The Chongqing facility isn't listed by Apple as one of its certified suppliers. Reference Link
06:48 EDTAAPLApple upgraded to Outperform from Perform at Oppenheimer
Oppenheimer upgraded its rating on Apple shares to Outperform saying the iPhone 6 will be the most successful phone launch to date "by far." Opco sees iPhone sales driving better than expected quarterly results into the first half of 2015 and believes Apple Pay and Apple Watch will keep investor interests high. The firm put a $115 price on shares. Apple closed yesterday up $2.05 to $100.80.
06:41 EDTAAPLApple upgraded to Outperform from Perform at Oppenheimer
06:33 EDTAAPLCourt considers whether to pay Amazon workers for security checks, WSJ says
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06:30 EDTAAPLApple suppliers push back plans to produce larger iPad, WSJ reports
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06:29 EDTAAPLIDC: Worldwide PC shipments down 1.7% in Q3, DigiTimes reports
Worldwide PC shipments are down 1.7% with 78.5M units shipped in Q3, reports DigiTimes, citing the IDC. Shipments in the US grew 4.3% to 17.3M, with growth centered from strong momentum in te portables category. Reference Link
06:26 EDTAAPLMIC: Taiwan smartphone shipments surpasses 5.4M in Q3, DigiTimes says
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06:26 EDTAAPLGoogle's tax arrangement facing new challenge by France, WSJ reports
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