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October 2, 2015
09:34 EDTQCOMParkerVision denied bid for rehearing in patent loss to Qualcomm, Bloomberg says
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09:30 EDTCSCOCisco to participate in a conference call with Raymond James
John Brigden, Senior Vice President of Software Strategy & Operations at Cisco Systems, provides an outline of the company's software strategy, portfolio and benefits to customers on a conference call to be held on October 2 at 12 pm hosted by Raymond James. Webcast Link
07:47 EDTGOOGDeutsche Bank remains 'firmly' in the Twitter bull camp
Deutsche Bank analyst Ross Sandler says he remains "firmly in the bull camp" on Twitter (TWTR). A host of positive news is forthcoming, including the October 6 launch of Moments, better than expected revenue in the Q3 earnings report, and the filing of the CEO role along with a board re-shuffle. These events should be positive for investor sentiment, Ross tells investors in a research note. His channel checks continue to suggest "solid revenue trajectory" for Twitter in most markets, including U.S. direct sales, self-serve and international. Ross believes the "sentiment pendulum" for Twitter has "swung too far to the negative." He likens the current view on Twitter to when Facebook (FB) in 2012 and Google (GOOG) in the first half of 2015 went out of favor. Ross keeps a Buy rating on the stock with a $50 price target. Twitter closed yesterday down $2.27 to $24.67.
07:23 EDTGOOGGoogle upgraded to Outperform from Perform at Oppenheimer
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07:18 EDTGOOGGoogle upgraded to Outperform from Perform at Oppenheimer
Oppenheimer analyst Jason Helfstein upgraded Google (GOOG) to Outperform citing valuation with his sum-of-the-parts analysis yielding a $700 price target. The search giant closed yesterday up $2.87 to $611.29. Google's YouTube usage is accelerating, growing at the fastest pace in over two years, Helfstein tells investors in a research note. He points out that the company's new ad products will compete directly with Facebook's (FB) app-install ads and "Custom Audiences." Concerns over ad-blocking are less an issue for Google as it controls Chrome and Android, the analyst contends. His price target of $700 represents a $30 increase.
07:11 EDTGOOGGoogle granted patent for Holograms for Google Glass
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07:01 EDTGOOGGoogle reorg may result in bigger 'moonshot' bets over time, WSJ says
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October 1, 2015
19:46 EDTGOOGGoogle to use Nest as model for other startup operations, WSJ says
As Google reorganizes under new parent company Alphabet Inc., the tech giant plans to use its largely-autonomous subsidiary Nest as a model for its other startup projects, reports the Wall Street Journal, citing people familiar with the plan. Affected Google projects and subsidiaries will handle their own hiring, contracts, and marketing campaigns, the sources explained. Reference Link
15:02 EDTINTCEarnings Watch: Micron quarter highlighted by Tsinghua report, 3D XPoint launch
Micron Technology (MU) is expected to report fourth quarter earnings after the close on Thursday, October 1, with a conference call scheduled for 4:30 pm EDT. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 33c on revenue of $3.56B. The consensus range is 22c-47c for EPS on revenue of $3.4B-$3.68B, according to First Call. On its last earnings conference call, Micron guided for Q4 revenue of $3.45B-$3.7B. In terms of bit growth in Q4, the company said it expected DRAM bit growth to be flat to up by a low single digit percentage in the quarter. LAST QUARTER: On June 25, Micron reported Q3 adjusted EPS of 54c, against a consensus of 56c, and revenue of $3.85B, against a consensus of $3.9B. The company said then that its decline in revenues compared to prior quarter was primarily due to a 10% decline in DRAM average selling prices and relatively flat DRAM sales volume. NEWS: Wednesday, shares of Western Digital (WDC) surged after Unisplendour, a unit of China's Tsinghua Holdings, agreed to buy a 15% stake in the U.S. data storage company for $3.78B. In July, The Wall Street Journal reported that Tsinghua Unigroup, which is a majority-owned unit of Tsinghua Holdings, offered to buy Micron for $23B. As of yet no deal has come to fruition, but Tsinghua Holdings chairman Jinghong Xu has reportedly said that his company was open to a partnership with Micron if an acquisition deal could not be reached. Also during this quarter, Intel (INTC) and Micron unveiled 3D XPoint technology, a non-volatile memory that the companies say has the potential to "revolutionize any device, application or service that benefits from fast access to large sets of data." Now in production, 3D XPoint technology brings non-volatile memory speeds up to 1,000 times faster than NAND, according to the partners. STREET RESEARCH: After the Journal's initial report that Tsinghua had offered to acquire Micron, research firms had mixed reactions. Tsinghua may have indicated that it was making the "low ball" offer in order to gauge the reaction of Micron's management and shareholders to it, Summit Research analyst Srini Sundarararjan contended in a note to investors immediately following the story. Tsinghua will probably increase its bid, the analyst predicted. Piper Jaffray analyst Ruben Roy told investors that the deal makes sense for Tsinghua and China, but not for Micron. If a takeover of Micron was based on the average valuation that companies in Micron's sector had received in takeover deals over the last 18 months, it would fetch a takeover price of $43 per share, Roy estimated. Micron and Tsinghua are more likely to reach an intellectual property sharing deal than complete a takeover transaction, according to Piper's analyst. On August 7, Drexel Hamilton analyst Richard Whittington downgraded Micron to Hold from Buy, stating that a PC unit refresh hasn't materialized and DRAM unit demand and pricing were trending below anticipated levels. Whittington cut his price target on Micron shares to $19. After Micron held its analyst meeting on August 14, analysts were divided in their responses. Right after the event, Wells Fargo upgraded Micron to Market Perform from Underperform, while pointing out that it still believes that the company is facing several risks, including falling prices for DRAM and its rising capital spending. Although Micron is facing "challenging near-term conditions," including a weak PC market, the company outlined many positive aspects of its business at the meeting, according to Piper's Roy. Micron may miss estimates in the short-term but its share price is unlikely to drop much further, and its performance should improve significantly next year, Roy said at that time. Micron's decision to raise its capital spending suggests that it is "overconfident" in its new chips, according to Bank of America/Merrill Lynch analyst Simon Dong-je Woo, who cut his rating on the shares to Neutral from Buy following the analyst day. Also during August, Baird downgraded Micron to Neutral, citing falling DRAM prices. On September 21, Barclays analyst Blayne Curtis started shares of Micron with an Overweight rating and $20 price target, saying he believed near-term risk from weak DRAM demand was priced into the stock at then-current levels. Earlier this week, Wells Fargo analyst David Wong upgraded Micron Technology to Outperform, saying current valuation levels provide upside potential. Wong cut his estimates for the company, however, citing the "ongoing slide" in DRAM pricing. Nonetheless, he thinks that memory industry financial dynamics have improved in recent years and keeps a $16-$19 price target range for Micron shares. PRICE ACTION: Over the last three months, shares of Micron have fallen about 22%. Ahead of its earnings report, Micron declined 2.3% to $14.64 in late day trading.
13:26 EDTGOOGAmazon to end sale of Apple, Google streaming devices, Bloomberg says
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12:44 EDTQCOMApple chip suppliers fall after report iPhone maker may lower chip orders
Shares of chip makers for Apple's (AAPL) iPhone are sliding after a DigiTimes article said the iPhone maker may curtail its chip orders for the fourth quarter. WHAT'S NEW: According to the DigiTimes report, Apple may be adjusting its chip orders lower for Q4. Sources said that a substantial integrated circuit supplier is saying that Apple has "slightly lowered lowered its demand for supplies for the new iPhones for December," the report said. The sources said that overall shipments of the iPhone 6s series are expected to reach 75M-80M units in the third quarter and 65M-70M units in Q4. WHAT'S NOTABLE: On September 28, Apple announced it has sold more than 13M new iPhone 6s and iPhone 6s Plus models just three days after launch, a new record for the company. According to an iFixit report from September 25, a teardown of the new iPhone 6S Plus revealed components supplied by Qualcomm (QCOM), Skyworks (SWKS), Qorvo (QRVO), Avago (AVGO), NXP Semiconductors (NXPI), Cirrus Logic (CRUS) and Texas Instruments (TXN), among others. Other chip makers that have been mentioned as possible Apple suppliers in the past include Analog Devices (ADI), Maxim Integrated Products. (MXIM) and ON Semiconductor (ON). PRICE ACTION: In midday trading shares of the aforementioned chip makers are all lower with Qorvo, Avago, NXP and Analog Devices down approximately 4% to 5%. Apple is down about 1.4%.
09:12 EDTGOOGUBS internet and leisure analysts hold an analyst/industry conference call
Internet Analyst Sheridan and Leisure Analyst Farley, along with Max Starkov, the CEO of HeBS Digital, discuss the mechanics of instant booking on Google and TripAdvisor, the pros and cons of these programs from a hotelier's perspective and what impact Google and TripAdvisor's instant booking programs will have on Expedia and on an Analyst/Industry conference call to be held on October 1 at 10:30 am.
06:36 EDTGOOGGoogle to unveil 'instant articles' service at event next week, Re/code says
Google (GOOG) plans to show its version of "instant articles" at a company event next Wednesday, Re/code reports. The company's first big platform partner was Twitter (TWTR), though the New York Times (NYT) and the Guardian have also signed on as partners, the report says. Reference Link
September 30, 2015
19:23 EDTGOOGGoogle says won't charge advertisers for non-viewable ads
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17:53 EDTGOOGNBCUniversal reaches advertising deal with YouTube, WSJ says
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16:50 EDTGOOGMicrosoft, Google agree to end patent feud over phones, Xbox, Bloomberg says
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16:00 EDTINTCOptions Update; September 30, 2015
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13:32 EDTGOOGGoogle acquires Rich Communications Services company Jibe Mobile
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11:31 EDTVZOn Track Innovations files patent infringement lawsuits against AT&T, Verizon
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10:50 EDTVZAT&T, Verizon could find it hard to sell enterprise businesses, CTFN says
The wireline units of AT&T (T) and Verizon (VZ) that serve corporate customers may be viewed as good units to sell if the companies need to raise cash to help defray spectrum acquisition costs, but a small number of potential buyers and low EBITDA multiples for the units could make any such divestitures challenging, contended CTFN. Level 3 (LVLT) could be seen as a potentially interested buyer, but a source within the company told CTFN that purchasing units that are part of other companies, known as a "carve out," doesn't match the company's usual M&A strategy. Reference Link
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