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Stock Market & Financial Investment News

News Breaks
July 23, 2014
12:44 EDTXLNX, ALTRXilinx retreats after revenue, guidance miss prompt downgrades
Shares of Xilinx (XLNX) are tumbling after the company reported lower than expected first quarter revenue and forecast that its sales could drop as much as 4% in Q2 versus Q1. Xilinx develops integrated circuits in the form of programmable logic devices, including programmable System on Chips. WHAT'S NEW: Xilinx reported higher than expected first quarter profits last night, but the company's revenue came in at $612M, versus analysts' consensus estimate of $631.5M. Moreover, the company stated that it expects sales to be flat or fall as much as 4% in the second quarter compared with the just completed one. Analysts had expected Xilinx 's revenue to rise about 5% sequentially. "June quarter revenues were impacted by weaker than anticipated sales from our defense and wireless businesses," the company's CEO, Moshe Gavrielov, explained. "Looking ahead to the second half of our fiscal year, I believe Xilinx is positioned to benefit from a recovery in wireless and defense programs as well as improved business conditions in wired communications and industrial applications," Gavrielov stated. ANALYST REACTION: In a note to investors earlier today, William Blair analyst Anil Doradla downgraded the stock to Market Perform from Outperform. After listening to Xilinx's conference call, Doradla wrote that the company's comments suggest that the ramp up of 4G infrastructure in China will occur at a more gradual pace than previously thought. Additionally, Xilinx's stock was trading at a "healthy" valuation before the market opened today, even if analysts raise their 2015 estimates for the company, Doradia wrote. He cut his rating on the stock to Market Perform from Outperform. Also downgrading the stock today were Bank of America Merrill Lynch and BMO Capital. However, FBR Capital wrote that the decline has created a "great" entry point in the stock. PRICE ACTION: In early afternoon trading, Xilinx sank $7, or 14.5%, to $41.19. Meanwhile, Xilinx's peer Altera (ALTR) dropped 4.75% to $33.35.
News For XLNX;ALTR From The Last 14 Days
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January 22, 2015
18:28 EDTALTROn The Fly: After Hours Movers
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16:27 EDTXLNXOn The Fly: Closing Wrap
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16:20 EDTALTRAltera sees Q1 sequential ssales flat to down 4%
Sees Q1 gross margins about 65% plus or minus 0.5%.
16:19 EDTALTRAltera reports Q4 EPS 36c, consensus 35c
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15:36 EDTALTRAltera technical comments before earnings
The shares have been in an unusually prolonged consolidation range that began in the summer of 2011. The range has been primarily contained between $31 at the low at $38 at the high. The shares are currently trading almost in the middle of that range. News that is not sufficiently strong will leaves shares rangebound. But a breakdown below $31 or a breakout above $38 would signal a turn in trend from neutral to bearish or bullish, respectively. Below $31 first key support would be at $29.34. Above $38, next resistance would be at $39.65. It should be noted that with ranges of this duration, moves can become extreme and persist in the direction of the range break for an extended period of time.
15:32 EDTALTRNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Starbucks (SBUX), consensus 80c; Capital One (COF), consensus $1.74; Intuitive Surgical (ISRG), consensus $4.38; KLA-Tencor (KLAC), consensus 52c; Altera (ALTR), consensus 35c; E-Trade (ETFC), consensus 23c... ResMed (RMD), consensus 62c; Maxim Integrated Products (MXIM), consensus 30c; Maxim Integrated Products (MSCC), consensus 65c; Hexcel (HXL), consensus 54c; Polycom (PLCM), consensus 23c; Skyworks (SWKS), consensus $1.19; Curtiss-Wright (CW), consensus $1.00.
10:03 EDTXLNXOn the Fly: Analyst Downgrade Summary
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09:16 EDTXLNXOn The Fly: Pre-market Movers
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08:38 EDTXLNXXilinx price target lowered to $44 from $52 at RW Baird
Baird lowered its price target on Xilinx to $44 from $52, citing the company's lower than expected revenue guidance. Baird reiterated its Outperform rating on Xilinx shares.
07:14 EDTXLNXXilinx downgraded to Hold from Buy at Drexel Hamilton
Price target cut to $20 from $40.
January 21, 2015
18:27 EDTXLNXOn The Fly: After Hours Movers
UP AFTER EARNINGS: eBay (EBAY), up 2.9%... United Rentals (URI), up 1.5%. ALSO HIGHER: Minerva (NERV), up 16.1% after reporting positive Phase 1 data with MIN-202... Endo (ENDP), up 3.1% after it was announced that Endo will replace Covidien in S&P 500 as of 1/26 close... Covidien (COV) is up 1%. DOWN AFTER EARNINGS: F5 Networks (FFIV), down 15.8%... Xilinx (XLNX), down 6.1%... Discover Financial Services (DFS), down 3.3%... American Express (AXP), down 2.2%. ALSO LOWER: BioMarin (BMRN), down 2.5% after filing to sell 7.25M shares of common stock... Kinder Morgan (KMI), down 1.9% after announcing that it will acquire Hiland Partners for approximately $3B and reporting fourth quarter results... Cisco (CSCO), down 1.4% after Bloomberg reported that Oracle's (ORCL) Ellison said that Oracle's new Virtual Compute Appliance is cheaper than Cisco's product.
16:23 EDTXLNXXilinx drops 6% after Q4 revenue outlook misses expectations
16:23 EDTXLNXXilinx sees Q4 sales down 2%-6% sequentially
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16:21 EDTXLNXXilinx reports Q3 EPS 62c, consensus 61c
Reports Q3 revenue $593.5M, consensus $616.59M. The company's CEO said, "Solid profitability during the quarter was tempered by disappointing sales from broadcast and communications end markets. However, I am pleased with the renewed growth of our 28nm product family, which increased nearly 20% sequentially. I expect this product family to continue to post healthy growth in 2015 driven by a broad base of applications."
15:27 EDTXLNXNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.38; Kinder Morgan (KMI), consensus 34c; eBay (EBAY), consensus 89c; Discover Financial Services (DFS), consensus $1.30; Crown Castle (CCI), consensus $1.05; Crown Castle (SNDK), consensus $1.27; Xilinx (XLNX), consensus 61c; F5 Networks (FFIV), consensus $1.49; United Rentals (URI), consensus $2.07; Plexus (PLXS), consensus 72c; Boston Private Financial Holdings (BPFH), consensus 22c; Dolby Laboratories (DLB), consensus 38c; SLM (SLM), consensus 5c; East West Bancorp (EWBC), consensus 65c; Raymond James Financial (RJF), consensus 86c; BancorpSouth (BXS), consensus 32c.
15:01 EDTXLNXXilinx technical notes before earnings
The shares show a potential bearish head and shoulders pattern on a multi-year chart. The neckline for that pattern is at the $40 area. A breakdown below $40 following earnings would confirm that the pattern is active. Long-term downside potential for the pattern is to the $25 area. Support following a break below $40 would be at $36.24; the 52-week low and low of October of last year. If the news is a positive surprise, it is likely that the potential pattern would become void. A move above the right shoulder of the pattern at the $47 area would break the pattern. Over time the upside reaction on a positive surprise could be equal in magnitude to the expected downside potential of the pattern had it triggered, which is typical behavior for failed technical patterns.
10:01 EDTXLNX, ALTROn The Fly: Analyst Downgrade Summary
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08:36 EDTXLNX, XLNXXilinx downgraded to Outperform from Buy at CLSA
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08:36 EDTALTR, ALTRAltera downgraded to Outperform from Buy at CLSA
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06:21 EDTXLNXXilinx volatility elevated into Q3 and outlook
Xilinx February call option implied volatility is at 37, March is at 30, June is at 26; compared to its 26-week average of 24 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on January 21.
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