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INTC

Intel

$35.31

0.34 (0.97%)

, MBLY

Mobileye

$63.33

-0.02 (-0.03%)

08:31
07/31/17
07/31
08:31
07/31/17
08:31

Intel extends cash tender offer for Mobileye outstanding shares

Intel (INTC) announced that Cyclops Holdings, LLC, a wholly owned subsidiary of Intel, has extended the offering period of its previously announced all cash tender offer to purchase all of the outstanding ordinary shares of Mobileye N.V. (MBLY). The tender offer is being made pursuant to the Purchase Agreement, dated as of March 12, 2017, by and among Intel, Cyclops and Mobileye. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on August 11, 2017, unless the tender offer is extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised Cyclops that as of 5:00 p.m., New York City time, on July 28, 2017, the previously scheduled expiration time, 175,088,921 Mobileye ordinary shares, representing approximately 78.63% of the outstanding Mobileye ordinary shares, had been validly tendered pursuant to the tender offer and not properly withdrawn and an additional 27,187,778 Mobileye ordinary shares, representing approximately 12.21% of the outstanding Mobileye ordinary shares, had been tendered pursuant to guaranteed delivery procedures. The transaction is currently expected to close during the third quarter of 2017. Mobileye shareholders who have already tendered their ordinary shares of Mobileye do not have to re-tender their shares or take any other action as a result of the extension of the expiration date of the tender offer. Completion of the tender offer remains subject to additional conditions described in the tender offer statement on Schedule TO filed by Cyclops Holdings with the U.S. SEC on April 5, 2017. Such conditions include the receipt of regulatory approval from the Korean Fair Trade Commission and at least 67% of Mobileye's outstanding shares being validly tendered and not withdrawn prior to the expiration of the tender offer. The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated, in either case pursuant to the terms of the Purchase Agreement and as described in the Schedule TO.

INTC

Intel

$35.31

0.34 (0.97%)

MBLY

Mobileye

$63.33

-0.02 (-0.03%)

  • 10

    Aug

  • 15

    Aug

  • 28

    Aug

INTC Intel
$35.31

0.34 (0.97%)

07/20/17
COWN
07/20/17
NO CHANGE
Target $70
COWN
Qualcomm customers unlikely to take business to Intel, says Cowen
Cowen analyst Timothy Arcuri said the June quarter for Qualcomm (QCOM) was okay while the September quarter outlook was bad because Samsung (SSNLF) now is withholding full royalties on top of Apple (AAPL). The analyst said there aren't many more levers these customers can pull short of taking their business to Intel (INTC), but he believes that is unlikely given the performance gap. Arcuri believes the risk/reward is still favorable and maintained his Outperform rating and $70 price target on Qualcomm shares.
07/28/17
MACQ
07/28/17
NO CHANGE
Target $40
MACQ
Outperform
Intel long-term growth sustainable, says Macquarie
Macquarie analyst Srini Pajjuri said Intel (INTC) reported a solid quarter and raised its FY17 outlook. The analyst believes PC inventory risk is largely in guidance and DCG growth was better, and thinks the best is yet to come for Purley. The analyst believes 8-10% growth is sustainable longer term as any gains by AMD (AMD) should be limited to the low end and Purley's AI/ML workload performance should sustain Intel's lead in inferencing against Nvidia (NVDA). Pajjuri rates Intel an Outperform with a $40 price target.
07/28/17
LOOP
07/28/17
NO CHANGE
Target $45
LOOP
Buy
Intel price target raised to $45 after guidance hike at Loop Capital
Loop Capital analyst Betsy Van Hees increased her price target on Intel shares to $45 from $43 after the company "once again" raised its full year revenue and pro forma EPS outlook. The analyst, who argues that Intel is "no longer just a PC company" and that its ongoing transformation will drive continued earnings and revenue growth, reiterates a Buy rating on the shares.
07/31/17
WELS
07/31/17
NO CHANGE
WELS
Wells Fargo downgrades Semiconductor sector to Market Weight
Wells Fargo analyst David Wong downgraded the Semiconductor sector to Market Weight from Overweight. Recent earnings reports from chip companies suggest that year-over-year growth will likely plateau or perhaps even decelerate over the next few months, Wong tells investors in a research note. He believes many chip stocks now have "elevated multiples" off calendar 2018 earnings estimates. Wong still sees good investment opportunities in some specific stocks, however, and reiterates Outperform ratings on Intel (INTC), Qualcomm (QCOM), Micron (MU), AMD (AMD), Skyworks (SWKS) and Microsemi (MSCC).
MBLY Mobileye
$63.33

-0.02 (-0.03%)

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
05/30/17
DOWNGRADE

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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AFL

Aflac

$85.00

-0.05 (-0.06%)

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  • 01

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GBL

GAMCO Investors

, WTS

Watts Water

$72.65

0.15 (0.21%)

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$72.65

0.15 (0.21%)

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$53.31

0.45 (0.85%)

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