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INTC

Intel

$34.24

-0.01 (-0.03%)

, MBLY

Mobileye

$63.05

-0.01 (-0.02%)

08:32
07/14/17
07/14
08:32
07/14/17
08:32

Intel: ITA issues 'acceptable' tax ruling for Mobileye asset sale

Intel (INTC) announced that the Israel Tax Authority has issued an acceptable tax ruling with respect to the tax treatment of the potential asset sale, liquidation and second step distribution contemplated in connection with the all cash tender offer to purchase all of the outstanding ordinary shares of Mobileye (MBLY) by Intel. The tender offer is being made pursuant to the Purchase Agreement, dated as of March 12, 2017, by and among Intel, Cyclops Holdings, Inc., a wholly owned subsidiary of Intel that was later converted to Cyclops Holdings, LLC, and Mobileye. As a result of receipt of the tax ruling and the adoption of certain shareholder resolutions at the general meeting of Mobileye shareholders in June, the minimum number of Mobileye shares that must be validly tendered and not withdrawn prior to the expiration of the tender offer has been lowered from 95% to 67% of outstanding Mobileye shares. Withdrawal rights will terminate following the Expiration Time. Mobileye shareholders who have already tendered their Mobileye shares in the tender offer but whose willingness to tender is affected by the lower threshold for the Minimum Condition should withdraw their Mobileye shares from the tender offer immediately but in any event before the Expiration Time. In connection with the receipt of the tax ruling and the lowering of the Minimum Condition, Intel also announced that Intel and Mobileye have agreed that Cyclops will extend the offering period of the tender offer. The tender offer, which was previously set to expire at 5:00 p.m., New York City time, on July 20, 2017, is now scheduled to expire at 5:00 p.m., New York City time, on July 28, 2017, unless the tender offer is extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. The transaction is currently expected to close during the third quarter of 2017. In addition to satisfaction of the revised Minimum Condition, completion of the tender offer remains subject to additional conditions described in the Schedule TO, including the receipt of regulatory approval from the Korean Fair Trade Authority. The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated.

INTC

Intel

$34.24

-0.01 (-0.03%)

MBLY

Mobileye

$63.05

-0.01 (-0.02%)

  • 10

    Aug

  • 15

    Aug

INTC Intel
$34.24

-0.01 (-0.03%)

07/12/17
HDLY
07/12/17
INITIATION
Target $41
HDLY
Long-Term Buy
Intel initiated with a Long-Term Buy at Hilliard Lyons
Hilliard Lyons analyst Stephen Turner initiated Intel with a Long-Term Buy and a $41 price target telling investors he expects new growth markets to expand the company's total addressable market over the next 5-10 years. The analyst is also positive on Intel's strategy shift toward the data center, and connecting end market devices, and its history of consistent dividend growth, buybacks, and synergistic M&A.
07/12/17
KEYB
07/12/17
NO CHANGE
KEYB
Monolithic Power should be bought ahead of results, says KeyBanc
KeyBanc analyst John Vinh recommends buying Monolithic Power (MPWR) ahead of its Q2 results. He thinks that investors' focus will be on the company's Q3 guidance, and he believes that the guidance will be boosted by content gains in Microsoft's (MSFT) new Xbox and Intel's (INTC) Purley chip.
07/12/17
NEED
07/12/17
NO CHANGE
Target $43
NEED
Buy
Needham remains positive on Intel
After attending Intel's (INTC) official launch event for its Xeon Scalable Platform, Needham analyst N. Quinn Bolton says he came away positive on Intel's shares and expects the ramp to positively impact Cavium (CAVM), Integrated Device (IDTI), Monolithic Power (MPWR) and Microsemi (MSCC). The analyst reiterates a Buy rating and $43 price target on Intel's shares.
07/12/17
WELS
07/12/17
NO CHANGE
WELS
Intel datacenter growth could reach double digits, says Wells Fargo
Wells Fargo analyst David Wong says that the growth of Intel's datacenter unit "could well rise solidly into the double digit percent year-over-year range" in 2H17, driven by the company's new Purley chip. Wong continues to identify the stock as a top pick.
MBLY Mobileye
$63.05

-0.01 (-0.02%)

03/20/17
03/20/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pivotal Research analyst Brian Wieser downgraded Alphabet (GOOGL) to Hold from Buy citing brand safety concerns and valuation following the recent rally in the shares. News last week that Havas, the sixth largest global media network, is pulling its spending from Google's YouTube and Google Display Network in the U.K. because Google was "unable to provide specific reassurances, policy and guarantees that their video or display content is classified either quickly enough or with the correct filters" is a big deal, Wieser tells investors. 2. Canaccord analyst Lynne Collier downgraded Sonic (SONC) to Hold from Buy, citing challenging industry sales, the potential for Street estimates to be too high in the midst of soft sales, a lack of upcoming catalysts, and increasing competition from non-traditional venues such as convenience stores. 3. Piper Jaffray analyst Alexander Potter downgraded Mobileye (MBLY) to Neutral saying that while demanding a higher buyout price may be justified, he "begrudgingly" concluded that the price Intel (INTC) is paying for the company is fair. The analyst raised his price target for Mobileye shares to $63.54 from $60 to reflect Intel's offer. 4. Susquehanna analyst Sam Poser downgraded Caleres (CAL) citing the company's "disappointing" results and his belief that the company will not be able to overcome industry headwinds. 5. Goldman Sachs analyst Conor Fitzgerald downgraded Stifel Financial (SF) to Neutral from Buy while raising his price target for the shares to $59 from $58. The analyst believes LPL Financial (LPLA), a stock he upgraded this morning to Conviction Buy, offers more upside at current valuations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/20/17
BARD
04/20/17
DOWNGRADE
Target $51
BARD
Neutral
Mobileye downgraded to Neutral from Outperform at Baird
Baird analyst David Leiker downgraded Mobileye (MBLY) to Neutral from Outperform citing its impending acquisition by Intel (INTC).
05/24/17
05/24/17
NO CHANGE

Perform
Opco sees limited number of competitors for Tesla's Model 3
Oppenheimer analyst Colin Rusch believes Tesla's (TSLA) Model 3 rollout is critical to its position in Advanced Driver Assist Systems. Tesla's ability to "accelerate learning cycles related to characterizing driving behavior" is facilitated by the high volume rollout of Model 3," Rusch tells investors in a research note. His channel checks indicate just fifteen models with semi-autonomous driving technology are currently available for model years 2016/2017. These cars are offered by BMW, Mercedes-Benz, Volvo, and Tesla. The analyst notes that a RAND Corporation study estimates over 11B test miles would be necessary in order to show statistically significant evidence of the autonomous vehicle's superiority over human drivers. With Model 3 enabling high mileage data collection, Tesla can accumulate the necessary mileage within just 27 months, or by mid-2021, Rusch writes. The analyst sees the potential for Tesla's ADAS value to be "significantly higher" than Mobileye's (MBLY) acquisition price if it can control the machine learning aspect of the product development. Rusch has a Perform rating on Tesla shares. The stock closed yesterday down $6.49 to $303.86.
05/30/17
PACS
05/30/17
DOWNGRADE
PACS
Sector Weight
Ambarella downgraded to Sector Weight from Overweight at Pacific Crest
Pacific Crest analyst Brad Erickson downgraded Ambarella (AMBA) to Sector Weight on concern the company's largest customer DJI may have dual-sourced. After speaking with DJI customer service, Erickson believes Ambarella may not be the video processing provider for Spark, the $499 drone launched last week by DJI. This could become a "material headwind" to Ambarella's revenue and earnings over the longer term, Erickson tells investors in a research note. He notes that the shares are up 23% since Intel (INTC) bid to acquire Mobileye (MBLY).

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CMS Energy

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0.36 (0.77%)

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HTBK

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$13.85

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CFX

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$40.83

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07:00
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Earnings
Colfax raises FY17 adjusted EPS view to $1.65-$1.75 from $1.60-$1.75 

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X

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