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Fly News Breaks for March 20, 2017
JBL, AAPL
Mar 20, 2017 | 08:46 EDT
Argus analyst Jim Kelleher believes that Jabil (JBL) reported "solid" results which bode well for Apple (AAPL). However, the analyst says that Jabil has been disappointing after triggering elevated expectations in the past, and he keeps a Hold rating on that stock.
News For AAPL;JBL From the Last 2 Days
AAPL
Apr 28, 2017 | 16:31 EDT
Stocks ended the week higher following the busiest week in earnings so far this year and as the Trump administration introduced new tax guidelines. MACRO NEWS: In the U.S., GDP growth rose only 0.7% in the first quarter. First quarter employment costs posted a 0.8% growth pace. The Chicago Fed National Activity index edged up to 0.08 in March. The Dallas Fed manufacturing index dipped 0.1 point to 16.8 in April. The Richmond Fed manufacturing index dipped to 20 in April. The Case-Shiller 20-City home price index rose 0.42% to 193.5 for February. The FHFA home price index rose 0.8% in February to 244.8. Consumer sentiment slid 4.6 points to 120.3 in the preliminary April. New home sales jumped 5.8% to a seasonally adjusted annual rate of 621,000 units last month. Initial jobless claims rose 14,000 to 257,000 in the week ended April 22. The trade deficit in goods widened slightly to $64.8B. Durable goods orders rose 0.7% in March. An index of pending home sales fell 0.8% to 111.4 in March. The Chicago PMI increased 0.6 points to 58.3 in April... In Asia, the Bank of Japan raised its economic forecasts, but kept policy steady. Japan's core consumer price index rose 0.2% in March, the unemployment rate for March was 2.8%, industrial production fell 2.1% in March from the previous month, and retail sales climbed 2.1% from a year ago... In Europe, France's presidential election took place last Sunday, with pro-European centrist Emmanuel Macron taking first place and anti-immigrant and anti-EU Marine Le Pen the second. Both candidates will now go through to a runoff on May 7. The European Central Bank decided to keep interest rates unchanged. COMPANY NEWS: Alphabet (GOOG; GOOGL) reported better than expected quarterly earnings and revenue. The company saw higher ad sales, helped by mobile search and ongoing strength in YouTube... Amazon.com (AMZN) also reported stronger than expected first quarter results as its retail and cloud-computing sales rose for the quarter. Responding to the results, a large number of Wall Street research firms raised their price targets on the stock... Meanwhile, Microsoft (MSFT) announced lower than expected revenue, partially due to lighter volumes for its Surface products... Among other companies that announced quarterly results this week, Hasbro (HAS), McDonald's (MCD), Caterpillar (CAT), Du Pont (DD), 3M (MMM), Rite Aid (RAD), Twitter (TWTR), AT&T (T), United Technologies (UTX), Chipotle Mexican Grill (CMG), Fiat Chrysler (FCAU), UPS (UPS), PayPal (PYPL), Under Armour (UAA; UA), Comcast (CMCSA; CMCSK), Exxon Mobil (XOM), Chevron (CVX), and Western Digital (WDC) advanced following their reports, while Halliburton (HAL), Coca-Cola (KO), Eli Lilly (LLY), Express Scripts (ESRX), Lockheed Martin (LMT), PepsiCo (PEP), Boeing (BA), Procter & Gamble (PG), U.S. Steel (X), Cree (CREE), Southwest Airlines (LUV), American Airlines (AAL), Ford (F), Dow Chemical (DOW), F5 Networks (FFIV), Intel (INTC), and GoPro (GPRO) declined... QUALCOMM (QCOM) lowered its third quarter earnings per share view after being informed by Apple (AAPL) that the latter is withholding payments to its contract manufacturers for the royalties those contract manufacturers owe under their licenses with Qualcomm for sales... United Continental (UAL) reached a settlement deal with David Dao, the passenger who was recorded being dragged off a United flight earlier this month, according to media reports... Activist investor Dan Loeb's Third Point is pushing for Honeywell (HON) to spin off its aerospace unit... Time Inc. (TIME) announced that it is pursuing "a number of strategic initiatives" and not pursuing a sale of the company. This comes after Meredith (MDP) was unable to line up its lending agreements to acquire Time, CNBC's David Faber said... In M&A news, Becton Dickinson (BDX) agreed to acquire C.R. Bard (BCR) for $317 per common share in cash and stock, for a total consideration of $24B. PPG Industries (PPG) announced that it has submitted a revised proposal for a combination with AkzoNobel (AKZOY). Including the assumption of net debt and minority interests, the proposed transaction is now valued at just about $29B. Straight Path Communications (STRP) disclosed that an unsolicited offer made by an unnamed "multi-national telecommunications company" is considered superior to AT&T's $95.63 per share bid. Media reported later that Verizon (VZ) submitted the $1.8B counter-bid for Straight Path. Tyson Foods (TSN) is acquiring AdvancePierre Foods (APFH) in a deal with a value of approximately $4.2B, including $3.2B in equity value and $1.1B in assumption of AdvancePierre debt. INDEXES: For the week, the Dow rose 1.88% to 20,940.51, the Nasdaq advanced 2.31% to 6,047.61, and the S&P 500 gained 1.5% to 2,384.20.
AAPL
Apr 28, 2017 | 13:50 EDT
Oppenheimer analyst Rick Schafer lowered his FY17 and FY18 estimates for Qualcomm (QCOM) as he removed Apple (AAPL) royalty payments for the foreseeable periods after it was revealed this morning that Apple is withholding payments to its contract manufacturers for royalties owed to Qualcomm. The analyst, who does not expect a quick or easy resolution to the dispute, view this latest development as indicative of the structural headwinds in Qualcomm's QTL business, he tells investors. Schafer keeps a Perform rating on Qualcomm shares as he sees "no obvious end" to its legal headwinds and continued pricing pressure in its QCT business.
AAPL
Apr 28, 2017 | 12:37 EDT
The major averages began the day mixed as investors pored over the multitude of earnings reports that were released last night and this morning. The market may be a little tired after surging during the early part of the week. The most critical reports from last night were from tech bellwethers and the Nasdaq had moved to all-time highs in anticipation of solid reports from the likes of Alphabet (GOOGL), Amazon (AMZN), Microsoft (MSFT) and Intel (INTC). While the first two of those came through with better than expected results, the latter two issued reports that disappointed, leaving the market essentially flat at midday. ECONOMIC NEWS: In the U.S., GDP growth rose only 0.7% in the first quarter, weaker than expected and only about one-third of the 2.1% clip in the fourth quarter. First quarter employment costs posted a 0.8% growth pace, firmer than expected. The Chicago PMI increased 0.6 points to 58.3 in April after rising 0.3 points to 57.7 in March. In Asia, Japan's core consumer price index, which includes oil products but excludes fresh food prices, rose 0.2% in March, the unemployment rate for March was 2.8%, industrial production fell 2.1% in March from the previous month, and retail sales climbed 2.1% from a year ago. COMPANY NEWS: Alphabet Class A shares have gained over 4% after the parent of Google reported better than expected quarterly earnings and revenue. The company saw higher ad sales, helped by mobile search and ongoing strength in YouTube... Also higher was Amazon.com, which advanced about 2% after the e-commerce giant reported stronger than expected first quarter results as its retail and cloud-computing sales rose for the quarter. Responding to the results, a large number of Wall Street research firms raised their price targets on the stock... Conversely, Microsoft was fractionally down near noon after the company reported lower than expected revenue, partially due to lighter volumes for its Surface products... Also lower was QUALCOMM (QCOM), which slipped about 1% following the announcement that the company is lowering its third quarter earnings per share view after being informed by Apple (AAPL) that the latter is withholding payments to its contract manufacturers for the royalties those contract manufacturers owe under their licenses with Qualcomm for sales... Meanwhile, Exxon Mobil (XOM) and Chevron (CVX) have gained about 0.5% each following stronger than expected quarterly earnings. MAJOR MOVERS: Among the notable gainers was Align Technology (ALGN), which advanced almost 15% after the maker of Invisalign braces issued a forecast above consensus estimates. Also higher was Western Digital (WDC), which gained about 3.5% after the company reported better than expected third quarter results and guidance. Additionally, Honeywell (HON) rose almost 2% following news that activist investor Dan Loeb's Third Point is pushing for the conglomerate to spin off its aerospace unit. Among the noteworthy losers was Time Inc. (TIME), which slid about 19% after announcing that it is pursuing "a number" of strategic initiatives and not pursuing a sale of the company. Also lower was Intel (INTC), which slipped over 4% following quarterly results. Additionally, GoPro (GPRO) dropped almost 7% as the company's sales jump 19% but not enough to curb losses. INDEXES: Near midday, the Dow was down 19.67, or 0.09%, to 20,961.66, the Nasdaq was up 1.04, or 0.02%, to 6,049.98, and the S&P 500 was down 2.90, or 0.12%, to 2,385.87.
AAPL
Apr 28, 2017 | 10:29 EDT
An Apple (AAPL) spokesperson told Bloomberg that Apple has suspended payments to Qualcomm (QCOM) until the "correct amount" is named by the court.
AAPL
Apr 28, 2017 | 07:35 EDT
Qualcomm (QCOM) announced that it has been informed by Apple (AAPL) that Apple is withholding payments to its contract manufacturers for the royalties those contract manufacturers owe under their licenses with Qualcomm for sales during the quarter ended March 31, 2017. Apple has indicated it will continue this behavior until its dispute with Qualcomm is resolved. "Apple is improperly interfering with Qualcomm's long-standing agreements with Qualcomm's licensees. These license agreements remain valid and enforceable. While Apple has acknowledged that payment is owed for the use of Qualcomm's valuable intellectual property, it nevertheless continues to interfere with our contracts. Apple has now unilaterally declared the contract terms unacceptable; the same terms that have applied to iPhones and cellular-enabled iPads for a decade. Apple's continued interference with Qualcomm's agreements to which Apple is not a party is wrongful and the latest step in Apple's global attack on Qualcomm. We will continue vigorously to defend our business model, and pursue our right to protect and receive fair value for our technological contributions to the industry," said Don Rosenberg, EVP and general counsel of Qualcomm.
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