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TOSBF

Toshiba, also use TOSYY

$2.66

0.012 (0.45%)

, TOSYY

Toshiba, also use TOSBF

$16.10

0.1014 (0.63%)

06:19
09/28/17
09/28
06:19
09/28/17
06:19

Toshiba approves sale of TMC to consortium led by Bain Capital

Toshiba's (TOSBF, TOSYY) board, as announced on September 20, "Notice on the Sale of Toshiba Memory Corporation," has approved the sale of all shares of Toshiba Memory Corporation, or TMC, a wholly owned subsidiary of Toshiba to K.K. Pangea, a special purpose acquisition company formed and controlled by a Bain Capital Private Equity, LP-led consortium. Toshiba has entered into a Share Purchase Agreement, or SPA, with Pangea. U.S. investors are comprised of Apple (AAPL), Kingston Technology, Seagate Technology (STX), and Dell Technologies Capital. Western Digital (WDC) has sought to prevent a transfer of Toshiba's interest in certain Joint Ventures between Toshiba and SanDisk, a subsidiary of Western Digital, to any third party. Toshiba and SanDisk are currently engaged in litigation and arbitration. The SPA contemplates that the sale of TMC will be consummated even if the Joint Venture interests have not been transferred to TMC prior to the closing unless the transfer of TMC's stock itself is blocked by an injunctive order. Upon satisfaction of all conditions, the closing of the share transfer will be on the first business day of the month immediately following the month in which the conditions are satisfied or waived. If such conditions are not satisfied or waived at least 11 business days prior to the first business day of such month, then the closing shall take place on the first business day of the following month. If the conditions are satisfied or waived during the period starting on February 15, 2018 and ending on the end of March 23, 2018, the closing shall occur on March 30, 2018. The SpA requires both Toshiba and Pangea to use their reasonable best efforts so as to complete the closing and Toshiba intends to close by the end of March 2018.

TOSBF

Toshiba, also use TOSYY

$2.66

0.012 (0.45%)

TOSYY

Toshiba, also use TOSBF

$16.10

0.1014 (0.63%)

AAPL

Apple

$154.23

1.09 (0.71%)

STX

Seagate

$33.18

0.31 (0.94%)

WDC

Western Digital

$88.72

2.44 (2.83%)

  • 22

    Oct

TOSBF Toshiba, also use TOSYY
$2.66

0.012 (0.45%)

09/25/17
MSCO
09/25/17
NO CHANGE
Target $123
MSCO
Overweight
Western Digital shares overreacted to JV news from Toshiba, says Morgan Stanley
After Toshiba (TOSYY) selected a Bain-led consortium as the preferred buyer of its Toshiba Memory Corporation business, Morgan Stanley analyst Katy Huberty said the reaction in Western Digital (WDC) shares to the news was an overreaction. She notes that the deal is an investment only, not a transfer of IP or manufacturing knowledge, and Western Digital has already filed additional arbitration proceedings. The analyst, who thinks both Toshiba and Western are best served by working closely to continue the joint venture, keeps an Overweight rating and $123 price target on WD shares.
09/21/17
LOOP
09/21/17
NO CHANGE
LOOP
Western Digital could still obtain stake in Toshiba unit, says Loop Capital
After Toshiba (TOSBF) agreed to sell its memory unit to a consortium that does not include Western Digital (WDC), Loop Capital analyst Ananda Baruah says that Western Digital could force Toshiba to include it in the consortium going forward by delaying the deal's implementation. The analyst notes that Western Digital said that its access to NAND supply is "secure." She thinks the company can continue to benefit from strong NAND/SSD pricing and keeps a $140 price target and a Buy rating on the shares.
09/20/17
COWN
09/20/17
NO CHANGE
COWN
Western Digital risk/reward still attractive, says Cowen
After it was reported that Toshiba (TOSBF) could sell its NAND business to a Bain-led consortium, Cowen analyst Karl Ackerman says that in a "base case, status quo" scenario, in which Western Digital (WDC) retains "ownership in Flash Ventures and access to NAND IP and manufacturing," the stock's value is $117 per share. Meanwhile, "in an uber bear case," which includes Toshiba successfully selling its memory business to a third party, Western Digital's stock would be worth $60 per share, the analyst stated. Finally, if Western Digital acquire more than 20% of the memory business, adding up to $1.50 to its annual EPS, the stock could "approach" roughly $135, according to the analyst. Given these scenarios and Ackerman's belief that Western Digital's current stock price implies that its NAND business is worth $45 per share of 50% of what it paid for the business, he thinks that the stock's risk/reward ratio is attractive. He keeps a $117 price target and an Outperform rating on the shares.
09/19/17
BFIN
09/19/17
NO CHANGE
BFIN
Hard disk drive demand environment degrading, says BlueFin
BlueFin analyst John Donovan said the demand environment for Western Digital (WDC), Seagate (STX) and Toshiba (TOSBF) for hard disk drives has been degrading, with September to date not being as robust as anticipated. He sees true demand tracking under 100M units in the quarter, but still sees drive suppliers on a path to over 102M units, he added. Pricing is "even more aggressive" than he previously feared, Donovan added.
TOSYY Toshiba, also use TOSBF
$16.10

0.1014 (0.63%)

09/13/17
SBSH
09/13/17
NO CHANGE
Target $110
SBSH
Buy
Citi still sees Western Digital participating in Toshiba joint venture
Citi analyst Stanley Kovler says he continues to believe Western Digital (WDC) will be able to participate in the joint venture with Toshiba (TOSYY, TOSBF) and source NAND much like it has in the past, even after Toshiba signed a memorandum of understanding with the Bain Capital consortium for the sale of its memory business. If Western Digital takes a more commercial approach to resolution versus a legal route, the analyst sees a path to work with Bain and co-invest in Fab6. Kovler keeps a Buy rating on Western Digital with a $110 price target.
08/23/17
COWN
08/23/17
NO CHANGE
Target $117
COWN
Outperform
Western Digital deal with Toshiba would eliminate overhang, says Cowen
Cowen analyst Karl Ackerman said a deal between Western Digital (WDC) and Toshiba (TOSBF) could be voted on by the end of August, which would remove an overhang on Western Digital shares. The analyst sees a deal being accretive through calendar year 2019 and also believes it would eliminate risks surrounding IP leakage and NAND technology leadership. Ackerman reiterated his Outperform rating and $117 price target on Western Digital shares.
AAPL Apple
$154.23

1.09 (0.71%)

09/25/17
KGIS
09/25/17
NO CHANGE
KGIS
Apple iPhone X preorder demand may top 40M-50M, says KGI Securities
KGI analyst Ming-Chi Kuo projects that preorder demand for the awaited iPhone X may have surpassed 40M-50M units. While the TrueDepth camera may be the main bottleneck of a ramp up in iPhone X production, he also thinks the camera's 3D sensing creates a far stronger user experience than those of rivals, he tells investors. Kuo notes investor concerns about shipments of iPhone X components, but he thinks some suppliers pulled in iPhone 8 to Q3 so that more resources can be allocated to the X in Q4.
09/25/17
CHLM
09/25/17
NO CHANGE
CHLM
Initial Apple iPhone 8 likely weaker than previous iPhones, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss says that initial Apple (AAPL) iPhone 8/8 Plus sales are likely weaker than previous generation iPhone launches as consumers wait for the iPhone X set to go on sale for preorders October 27th and live in store's November 3rd. The analyst believes lack of carrier sweetheart deals like with the iPhone 7 launch have led to lower consumer demand, with Sprint (S) being the only carrier currently offering a free 64GB iPhone 8 with eligible trade-in of select devices. Stoss also thinks consumers waiting for the iPhone X is a "strong" positive for STMicroelectronics (STM) as he believes it likely has about $6-$8 in content in the iPhone X versus $3-$4 in the iPhone 8/8 Plus.
09/26/17
BFIN
09/26/17
NO CHANGE
BFIN
BlueFin says can't verify reports of poor iPhone pre-orders, component cuts
BlueFin analysts John Donovan and Steve Mullane said they have spent the past week tracking reports implying Apple's iPhone 8 pre-orders are tracking as much as 50% below the prior generation, both with an analyst in Asia as well as one in the Bay Area, and they cannot verify the severity of these claims. Additionally, they have "yet to uncover a single case" of a component company seeing its orders changed or reduced, the analysts tell investors. The analysts are still bullish on Apple and continue to think any near-term revenue shortfall due to iPhone X delays will be captured in the future quarters.
09/26/17
RAJA
09/26/17
NO CHANGE
Target $180
RAJA
Outperform
Apple iPhone X mix will be high but 'No Supercyle,' says Raymond James
Raymond James analyst Tavis McCourt said September survey results indicate no evidence of an accelerated upgrade cycle for the iPhone 8 or X, but suggests better demand for the X over the 8 due to the price difference and lack of "killer app." McCourt lowered his Apple iPhone FY18 unit outlook to 240M from 260M, but increased his gross margin and ASP assumptions based on new iPhone price points and mix, resulting in an increase in Apple's price target to $180 from $170. The analyst remains materially below consensus on December forecasts, and expects year-over-year growth to peak in first half 2018, which historically corresponded with stock peaks. McCourt views the recent pullback as a trading opportunity and maintains his Outperform rating.
STX Seagate
$33.18

0.31 (0.94%)

09/11/17
FBNS
09/11/17
DOWNGRADE
FBNS
Sector Perform
Seagate downgraded to Sector Perform from Outperform at FBN Securities
09/11/17
09/11/17
DOWNGRADE

Sector Perform
Seagate downgraded to Sector Perform on softenting HDD demand at FBN Securities
As previously reported, FBN Securities downgraded Seagate (STX) to Sector Perform from Outperform and lowered its price target to $32 from $40. Analyst Shebly Seyrafi said industry comments by HDD controller companies in August, weak channel checks, and pricing concerns lead him to believes current consensus estimates are too high and need to be lowered. The analyst notes Broadcom (AVGO) believes HDD strength is unsustainable and Marvell (MRVL) had a cautious view on HDD demand near-term. Further, the analyst said HDD channel checks have softened since early August and pricing is expected to soften noticeably by the end of the current quarter.
09/11/17
JEFF
09/11/17
DOWNGRADE
JEFF
Hold
Seagate downgraded to Hold from Buy at Jefferies
Jefferies analyst James Kisner downgraded Seagate Technology (STX) to Hold after his channel checks indicated the company may still be struggling with the ramp of its 10TB helium drives. The analyst is also hearing about about potential increased price competition in nearline. He cut his price target for Seagate shares to $29 from $40. Kisner maintains a Hold rating on Seagate peer Western Digital (WDC).
WDC Western Digital
$88.72

2.44 (2.83%)

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WHR

Whirlpool

$182.10

-0.36 (-0.20%)

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EBAY

eBay

$37.61

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PayPal

$70.97

3.72 (5.53%)

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PayPal

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NFLX

Netflix

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Size call condor in Netflix rerolls position from last week »

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GE

General Electric

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TGT

Target

$62.92

1.16 (1.88%)

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Alphabet

$988.20

3.75 (0.38%)

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Target climbs as retailer gears up for crucial holiday season »

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Alphabet

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GOOGL

Alphabet Class A

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WMT

Wal-Mart

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AMZN

Amazon.com

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XLF

Financial Select Sector

$26.67

0.025 (0.09%)

11:20
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Options
Notable option play in SPDR Financial ETF Monday morning »

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Treasury announced a $45 B 4-week bill auction for Tuesday »

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$NSD

NASDAQ Market Internals

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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

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NYSE market internals summary »

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PANW

Palo Alto Networks

$146.80

-2.81 (-1.88%)

11:15
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11:15
Options
Palo Alto Networks put volume heavy and directionally bearish »

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Breaking General news story  »

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Breaking General news story  »

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SINA

Sina

$110.48

-1.12 (-1.00%)

11:14
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11:14
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Aristeia says Glass Lewis endorses nominees for Sina board »

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  • 03

    Nov

JNJ

Johnson & Johnson

$143.95

1.5514 (1.09%)

11:13
10/23/17
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11:13
Conference/Events
Johnson & Johnson management to meet with MKM Partners »

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SNY

Sanofi

$49.59

0.075 (0.15%)

, TKPYY

Takeda Pharmaceutical Co. Ltd.

$28.07

-0.15 (-0.53%)

11:11
10/23/17
10/23
11:11
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11:11
Conference/Events
Worldwide Business Research to hold a summit »

BioNetwork Partnering…

SNY

Sanofi

$49.59

0.075 (0.15%)

TKPYY

Takeda Pharmaceutical Co. Ltd.

$28.07

-0.15 (-0.53%)

UNH

UnitedHealth

$207.31

-0.18 (-0.09%)

NVS

Novartis

$86.54

0.8 (0.93%)

HZNP

Horizon Pharma

$14.09

-0.05 (-0.35%)

ABBV

AbbVie

$95.55

-0.55 (-0.57%)

BAYRY

Bayer

$34.80

-0.41 (-1.16%)

MRK

Merck

$64.37

0.49 (0.77%)

RDHL

RedHill Biopharma

$9.25

0.47 (5.35%)

NBRV

Nabriva Therapeutics

$6.33

-0.31 (-4.67%)

PFE

Pfizer

$36.68

0.26 (0.71%)

TEVA

Teva

$14.70

-0.2 (-1.34%)

GILD

Gilead

$81.21

-0.38 (-0.47%)

ALXN

Alexion

$139.02

-1.44 (-1.03%)

GSK

GlaxoSmithKline

$40.76

-0.085 (-0.21%)

REGN

Regeneron

$432.98

-7.96 (-1.81%)

CELG

Celgene

$121.33

-14.63 (-10.76%)

LLY

Eli Lilly

$87.85

0.62 (0.71%)

AMGN

Amgen

$182.96

-1.16 (-0.63%)

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CUB

Cubic

$54.75

1.7 (3.20%)

11:10
10/23/17
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11:10
Periodicals
MTA ready to roll out new payment system built by Cubic, NY Post reports »

The MTA is ready to roll…

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11:07
10/23/17
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11:07
General news
4-Week Bill Announcement Offering Amount data reported »

4-Week Bill Announcement…

NTNX

Nutanix

$26.67

0.33 (1.25%)

11:05
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11:05
Options
Nutanix call volume above normal and directionally bullish »

Bullish option flow…

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General news
Euro$ interest rate futures are relatively steady »

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OPGN

OpGen

$0.37

-0.0014 (-0.38%)

11:01
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10/23
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11:01
Hot Stocks
OpGen announces award of $860K CDC contract »

OpGen announced that it…

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PETS

PetMed Express

$36.74

0.87 (2.43%)

11:00
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11:00
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PetMed Express analyst commentary  »

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EGO

Eldorado Gold

$1.79

-0.38 (-17.51%)

10:57
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10:57
Downgrade
Eldorado Gold rating change  »

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  • 27

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TMUS

T-Mobile

$60.46

-1.05 (-1.71%)

, S

Sprint

$6.99

0.055 (0.79%)

10:55
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Hot Stocks
T-Mobile adds 1.3M customers as Un-carrier remains mum on potential Sprint deal »

Shares of T-Mobile US…

TMUS

T-Mobile

$60.46

-1.05 (-1.71%)

S

Sprint

$6.99

0.055 (0.79%)

DTEGY

Deutsche Telekom

$18.06

-0.09 (-0.50%)

SFTBF

SoftBank

$88.50

1.25 (1.43%)

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HAS

Hasbro

$98.19

1.52 (1.57%)

10:55
10/23/17
10/23
10:55
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10:55
Options
Hasbro put volume heavy and directionally bearish »

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  • 23

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NWBI

Northwest Bancshares

$17.66

0.08 (0.46%)

10:52
10/23/17
10/23
10:52
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10:52
Earnings
Northwest Bancshares reports Q3 EPS 24c, consensus 22c »

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