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AVGO

Broadcom

$266.39

-3.41 (-1.26%)

, QCOM

Qualcomm

$68.04

-0.01 (-0.01%)

16:43
01/19/18
01/19
16:43
01/19/18
16:43

Broadcom receives second request from FTC for proposed Qualcomm deal

Broadcom (AVGO) announced that it has received a request for additional information and documentary material from the Federal Trade Commission in connection with Broadcom's proposed acquisition of Qualcomm Incorporated (QCOM). The Second Request was expected as a normal part of the regulatory approval process. Second Requests are common in similar transactions, and this signifies that Broadcom is moving into the next stage of the U.S. antitrust review process. The effect of the Second Request is to extend the 30-day waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Broadcom may not close the proposed acquisition until 30 days after it has substantially complied with the request, unless that period is extended voluntarily by Broadcom or terminated sooner by the FTC. Broadcom is cooperating fully with the FTC staff to obtain regulatory approval for the proposed transaction on a timely basis. On November 6, 2017, Broadcom proposed to acquire all of the outstanding shares of Qualcomm for per share consideration of $70.00 in cash and stock, consisting of $60.00 in cash and $10.00 in Broadcom shares. Broadcom's offer represents a 28% premium over the closing price of Qualcomm's common stock on November 2, 2017, the last unaffected trading day prior to media speculation regarding a potential transaction, and a premium of 33% to Qualcomm's unaffected 30-day volume-weighted average price. The Broadcom proposal stands whether Qualcomm's pending acquisition of NXP Semiconductors N.V. (NXPI) is consummated on the currently disclosed terms of $110 per NXP share or is terminated. Broadcom expects that the proposed transaction would be completed within approximately 12 months following the signing of a definitive agreement.

AVGO

Broadcom

$266.39

-3.41 (-1.26%)

QCOM

Qualcomm

$68.04

-0.01 (-0.01%)

AVGO Broadcom
$266.39

-3.41 (-1.26%)

01/16/18
NOMU
01/16/18
UPGRADE
Target $75
NOMU
Buy
Qualcomm upgraded to Buy from Neutral at Nomura Instinet
Nomura Instinet analyst Romit Shah upgraded Qualcomm (QCOM) to Buy and raised his price target for the shares to $75 from $58. The chipmaker closed Friday down 5c to $65.38. With Broadcom's (AVGO) hostile takeover attempt now analogous to a "gun to the head," Qualcomm management is likely to more aggressively focus on driving shareholder value in order to remain a standalone franchise, Shah tells investors in a research note. He believes potential drivers include closing the NXP Semiconductors (NXPI) acquisition and settling the legal dispute with Apple (AAPL). He sees these catalysts played out over the next two quarters.
01/12/18
COWN
01/12/18
NO CHANGE
COWN
Cowen remains cautious near-term on Apple supply chain
Cowen analyst Karl Ackerman said he remains cautious near-term on the Apple (AAPL) supply chain following his review of the iPhone builds for calendar Q4. He said final iPhone builds held up well versus expectations, but he said his work reveals less of a tailwind from new iPhones versus 30 days ago. Ackerman previously cut his estimates on supply chain names Broadcom (AVGO), Qorvo (QRVO), and Skyworks (SWKS) and remains cautious on the names.
01/08/18
KEYB
01/08/18
DOWNGRADE
KEYB
Sector Weight
Cirrus Logic downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst John Vinh downgraded Cirrus Logic (CRUS) to Sector Weight citing his "disappointment" with the current iPhone cycle and the lack of meaningful content gains until 2019. While iPhone X supply has improved meaningfully and remains very lean, feedback indicates sell-through has been somewhat disappointing, Vinh tells investors in a research note following his monthly surveys. The analyst recommends investors continue to own Apple (AAPL), Broadcom (AVGO) and Skyworks (SWKS).
12/26/17
RILY
12/26/17
NO CHANGE
RILY
Apple estimates at limited risk after cautious iPhone report, says B. Riley FBR
B. Riley FBR analyst Craig Ellis noted the recent "divergent" reports on iPhone X demand from two Asian sources, namely Digitimes and Taiwan's Economic Daily News, pointing out that Digitimes seemed to imply a positive take about iPhone X forecasts while EDN discussed a post-holiday order cut made by the company to iPhone suppliers. Ellis said he would be opportunistic in adding to positions in some of the Apple supplier stocks being impacted by the EDN report, as he believes fundamentals continue to track toward consensus expectations, with upside possible. Ellis lists Broadcom (AVGO), Skyworks (SWKS), Applied Materials (AMAT) and Lam Research (LRCX) as among the Apple suppliers and semi equipment suppliers on which the firm maintains Buy ratings.
QCOM Qualcomm
$68.04

-0.01 (-0.01%)

01/16/18
01/16/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Buy from Neutral at Nomura Instinet with analyst Romit Shah saying with Broadcom's (AVGO) hostile takeover attempt now analogous to a "gun to the head," Qualcomm management is likely to more aggressively focus on driving shareholder value in order to remain a standalone franchise. 2. Twitter (TWTR) upgraded to Buy from Sell at Aegis with analyst Victor Anthony saying he believes 2018 will be an inflection point in owned and operated advertising for Twitter and he sees a return to double-digit growth in that area in 2019. 3. Procter & Gamble (PG) upgraded to Neutral from Sell at Goldman Sachs with analyst Jason English saying he no longer sees enough downside to estimates to drive material underperformance for the stock. 4. Northrop Grumman (NOC) and Curtiss-Wright (CW) were upgraded to Outperform from Market Perform at Wells Fargo. 5. Ciena (CIEN) was upgraded to Buy from Neutral at Goldman Sachs, while Adtran (ADTN) was upgraded to Neutral from Sell. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/15/17
JPMS
12/15/17
NO CHANGE
JPMS
JPMorgan sees opportunities in Wireless Semiconductors, prefers Qorvo
JPMorgan analyst Bill Peterson believes the recent pullback in Wireless Semiconductor names, specifically Apple-exposed stocks, creates a good opportunity for investors to take long positions. The analyst sees the most upside in Qorvo (QRVO). He believes fears of production cuts and demand weakness are overblown. The December quarter and outlook for the March quarter are tracking to company expectations that have been built on conservative prospects for smartphone demand, Peterson tells investors in a research note.
12/15/17
OPCO
12/15/17
NO CHANGE
OPCO
Outperform
Broadcom Q2 estimate concerns overblown, says Oppenheimer
After meeting with management, Oppenheimer analyst Rick Schafer believes concerns over the Q2 estimates for Broadcom (AVGO) are overblown. The staggered launches of the two new iPhones creates near-term upside potential, Schafer tells investors in a research note. The company remains his top pick for 2018 with or without Qualcomm (QCOM). He keeps an Outperform rating on the shares with a $315 price target.

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AAPL

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TWX

Time Warner

$94.70

0.33 (0.35%)

, T

AT&T

$36.72

0.25 (0.69%)

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$94.70

0.33 (0.35%)

T

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JKHY

Jack Henry

$121.95

1.79 (1.49%)

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PFBC

Preferred Bank

$64.05

0.86 (1.36%)

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Conference/Events
Preferred Bank management to meet with Stephens »

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R

Ryder

$74.54

0.19 (0.26%)

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ASPU

Aspen Group

$8.85

1.48 (20.08%)

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TWTR

Twitter

$32.66

0.55 (1.71%)

, AOBC

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AKS

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Aetna

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DBX

Dropbox

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Snap

$17.45

-0.06 (-0.34%)

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$17.45

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IPG

Interpublic Group

$24.24

0.3 (1.25%)

, OMC

Omnicom

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MSFT

Microsoft

$94.06

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MU

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GOOG

Alphabet

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GOOGL

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AMZN

Amazon.com

$1,500.00

14.66 (0.99%)

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AMZN

Amazon.com

$1,500.00

14.66 (0.99%)

09:26
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BHGE

Baker Hughes

$28.03

-0.01 (-0.04%)

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GE

General Electric

$14.49

-0.01 (-0.07%)

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General Electric could face DOJ action over subprime mortgages, Reuters says »

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BEDU

Bright Scholar

$20.15

0.34 (1.72%)

18:30
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Bright Scholar files to sell 10M American Depositary Shares »

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JNJ

Johnson & Johnson

$132.02

2.11 (1.62%)

, CMD

Cantel Medical

$115.34

2.45 (2.17%)

18:03
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J&J sterilization unit draws bids from Cantel Medical, Medtronic, Bloomberg says »

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JNJ

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$132.02

2.11 (1.62%)

CMD

Cantel Medical

$115.34

2.45 (2.17%)

MDT

Medtronic

$80.39

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KKR

KKR

$21.96

0.18 (0.83%)

CG

Carlyle Group

$23.15

-0.1 (-0.43%)

MMM

3M

$237.02

1.02 (0.43%)

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AET

Aetna

$175.55

0.49 (0.28%)

, CVS

CVS Health

$68.16

0.16 (0.24%)

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MYND

MYnd Analytics

$2.60

0.0301 (1.17%)

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MYND

MYnd Analytics

$2.60

0.0301 (1.17%)

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Breaking Syndicate news story on MYnd Analytics »

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