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Stock Market & Financial Investment News

News Breaks
July 23, 2014
12:44 EDTALTR, XLNXXilinx 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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December 19, 2014
10:17 EDTALTR, XLNXOn The Fly: Analyst Downgrade Summary
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07:43 EDTALTRAltera downgraded to Neutral from Buy at BofA/Merrill
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07:43 EDTXLNXXilinx downgraded to Underperform from Neutral at BofA/Merrill
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December 18, 2014
06:25 EDTXLNXXilinx initiated with a Neutral at Citigroup
Target $43.
06:12 EDTALTRAltera initiated with a Neutral at Citigroup
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December 16, 2014
09:06 EDTALTRAltera shares undervalued, says Argus
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December 11, 2014
09:19 EDTALTRAltera volatility increases on sharp three-month price movement
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December 10, 2014
16:23 EDTALTRAltera sees 2015 capital expenditures of $28M
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