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QCOM

Qualcomm

$67.03

9.84 (17.21%)

, AAPL

Apple

$200.39

1.18 (0.59%)

15:23
04/16/19
04/16
15:23
04/16/19
15:23

Qualcomm sees incremental EPS of about $2.00 as Apple product shipments ramp

In a regulatory filing, Qualcomm (QCOM) noted that the company posted a slide on its website providing additional information regarding its multi-year global patent license agreement and multi-year chipset supply agreement with Apple (AAPL) and other related matters. The slide notes a direct license between Apple and Qualcomm with a six year term, effective as of April 1, with a two-year option to extend. Apple will pay royalties to Qualcomm and the settlement includes a one-time payment from Apple to Qualcomm, the slide stated. The agreement "contributes to increased stability" for Qualcomm's licensing business and "reflects value and strength of Qualcomm's intellectual property," the company said in the slide. Qualcomm expects incremental EPS of about $2.00 as product shipments ramp, the company said in the slide, adding that it plans to provide further updates on its second quarter earnings call scheduled for May 1.

QCOM

Qualcomm

$67.03

9.84 (17.21%)

AAPL

Apple

$200.39

1.18 (0.59%)

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QCOM Qualcomm
$67.03

9.84 (17.21%)

03/27/19
WELS
03/27/19
NO CHANGE
WELS
Market Perform
Wells Fargo sees Qualcomm action against Apple as further posturing for leverage
Wells Fargo analyst Aaron Rakers notes that shares of Apple (AAPL) were under pressure following the U.S. International Trade Commission issuing a final initial determination related to Qualcomm's (QCOM) patent claims against Apple. This is related to Apple's use of Intel (INTC) modems in some iPhone models, replacing Qualcomm, he notes. The analyst continues to view Qualcomm's actions against Apple as further posturing for leverage as it relates to the companies' separate license royalty dispute. Rakers would expect Apple to appeal the ruling. He reiterates a Market Perform rating on Apple's shares.
03/27/19
MSCO
03/27/19
NO CHANGE
MSCO
Morgan Stanley still unsure who will have upper hand in Qualcomm, Apple fight
Morgan Stanley analyst James Faucette called yesterday a "modestly good one" for Qualcomm (QCOM) in terms of its legal fight with Apple (AAPL), though he calls the final ruling on ITC case #1 for patent '490 "confusing." Also "somewhat confusingly," the ITC issued its preliminary findings in a separate case, which he calls case #2. That ruling was an "unequivocal positive" for Qualcomm, though its magnitude is uncertain. Following the mixed developments in the ITC cases, Faucette said he still doesn't know who will have the upper hand, though he expects these and other upcoming rulings will ultimately push Qualcomm and Apple to a reconciliation. However, unless there is strong demand for 5G phones during 2019, Apple may be willing to bide its time and not seek a full resolution during this year, Faucette concluded.
03/27/19
03/27/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Qualcomm (QCOM) initiated with a Neutral at JPMorgan. 2. Occidental Petroleum (OXY) initiated with a Perform at Oppenheimer. 3. Boeing (BA) resumed with a Buy at Citi. 4. Square (SQ) initiated with an Outperform at Macquarie. 5. Frontdoor (FTDR) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/04/19
ARGS
04/04/19
NO CHANGE
Target $85
ARGS
Buy
Qualcomm CFO exit immaterial, says Argus
Argus analyst Jim Kelleher is keeping his Buy rating and $85 price target on Qualcomm (QCOM), saying the latest announcement that its CFO George Davis is stepping down to join Intel (INTC) is immaterial and a "side show". The analyst sees the real "main event" risk with the company's upcoming trial this month in a dispute with Apple (AAPL), which has alleged that Qualcomm's licensing model is illegal. Kelleher contends however that Qualcomm's licensing model has "repeatedly been validated" and the company has "withstood multiple legal challenges over the past two decades".
AAPL Apple
$200.39

1.18 (0.59%)

04/11/19
UBSW
04/11/19
NO CHANGE
Target $70
UBSW
Buy
Lumentum price target raised to $70 from $53 at UBS
UBS analyst Tejas Venkatesh raised his price target on Lumentum (LITE) to $70 and kept his Buy rating, saying he remains positive on the stock to produce upside to consensus estimates. The analyst cites the company likely maintaining a dominant market share with Apple (AAPL) as its unit count improves in FY20 on another iPhone cycle, leaving the adverse "inventory situation" behind. Venkatesh also anticipates "strong ROADM growth due to Lumentum's technical superiority" and benefits from China correcting its "historical underinvestments."
04/12/19
NWST
04/12/19
DOWNGRADE
NWST
Sell
Apple downgraded to Sell at New Street
04/12/19
MSCO
04/12/19
NO CHANGE
Target $220
MSCO
Overweight
Apple installed base share grew in China again in March, says Morgan Stanley
Data from Jiguang indicate that Apple's share of the Chinese smartphone installed base grew about 300 basis points year-over-year in March, according to Morgan Stanley analyst Katy Huberty, who notes that this was the third consecutive month of installed base share gain in China for Apple. March was also the strongest month of year-over-year installed base share gains in China in 15 months, noted the analyst, who has an upward bias to her below-consensus iPhone forecast for the March-end quarter. Huberty keeps an Overweight rating on Apple with a $220 price target.
04/12/19
04/12/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Sell at New Street. 2. Chesapeake (CHK) downgraded to Sell from Neutral at Goldman Sachs. 3. Grainger (GWW) downgraded to Underperform at Gordon Haskett with analyst John Inch citing his view of the risk that Grainger's U.S. sales significantly decelerate, driven by his analysis of web data. 4. LogMeln (LOGM) downgraded to Underweight from Overweight at Barclays with analyst Raimo Lenschow saying the core LogMeln offering around the Gravity platform is at the end of its growth trajectory, as the impact of pricing is weakening. 5. Crown Castle (CCI) downgraded to Neutral from Buy at Guggenheim with analyst Robert Gutman saying secular strength is now reflected in valuation and raised his price target to $127 from $120. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

HON

Honeywell

$162.92

0.12 (0.07%)

06:33
04/18/19
04/18
06:33
04/18/19
06:33
Earnings
Honeywell reports Q1 EPS $1.92, consensus $1.83 »

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KIDS

OrthoPediatrics

$36.67

-1.47 (-3.85%)

06:33
04/18/19
04/18
06:33
04/18/19
06:33
Conference/Events
OrthoPediatrics management to meet with BTIG »

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SNA

Snap-On

$157.85

1.35 (0.86%)

06:33
04/18/19
04/18
06:33
04/18/19
06:33
Hot Stocks
Snap-On CEO says 'we are encouraged by our first quarter 2019 results' »

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SNA

Snap-On

$157.85

1.35 (0.86%)

06:32
04/18/19
04/18
06:32
04/18/19
06:32
Hot Stocks
Snap-On sees FY19 CapEx $90M-$100M »

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SNA

Snap-On

$157.85

1.35 (0.86%)

06:31
04/18/19
04/18
06:31
04/18/19
06:31
Earnings
Snap-On reports Q1 adjusted EPS $3.01, consensus $2.90 »

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AXU

Alexco Resource

$1.00

0.0024 (0.24%)

06:30
04/18/19
04/18
06:30
04/18/19
06:30
Conference/Events
Alexco Resource management to meet with Roth Capital »

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AXP

American Express

$111.78

-0.1 (-0.09%)

06:28
04/18/19
04/18
06:28
04/18/19
06:28
Conference/Events
American Express management to meet with Morgan Stanley »

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SSNLF

Samsung

$0.00

(0.00%)

06:27
04/18/19
04/18
06:27
04/18/19
06:27
Periodicals
Samsung to probe causes of malfunctioning Galaxy Fold phones, WSJ reports »

Samsung Electronics said…

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AQST

Aquestive Therapeutics

$6.24

0.12 (1.96%)

06:26
04/18/19
04/18
06:26
04/18/19
06:26
Conference/Events
Aquestive Therapeutics management to meet with Lake Street »

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VNTR

Venator Materials

$6.83

-0.02 (-0.29%)

06:26
04/18/19
04/18
06:26
04/18/19
06:26
Upgrade
Venator Materials rating change  »

Venator Materials…

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NSRGY

Nestle

$0.00

(0.00%)

06:26
04/18/19
04/18
06:26
04/18/19
06:26
Hot Stocks
Nestle sees underlying FY19 EPS in constant currency up vs. last year »

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NSRGY

Nestle

$0.00

(0.00%)

06:25
04/18/19
04/18
06:25
04/18/19
06:25
Earnings
Nestle reports 3-month reported sales CHF22.18B vs. CHF21.264B last year »

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NINE

Nine Energy Services

$21.10

-0.34 (-1.59%)

06:24
04/18/19
04/18
06:24
04/18/19
06:24
Conference/Events
Nine Energy Services management to meet with JPMorgan »

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ACRGF

Acreage Holdings

$0.00

(0.00%)

06:24
04/18/19
04/18
06:24
04/18/19
06:24
Hot Stocks
Acreage Holdings to acquire Deep Roots Medical for $120M in common units, cash »

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MU

Micron

$43.16

0.34 (0.79%)

06:23
04/18/19
04/18
06:23
04/18/19
06:23
Conference/Events
Micron management to meet with JPMorgan »

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  • 23

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TSM

TSMC

$44.37

1.17 (2.71%)

06:22
04/18/19
04/18
06:22
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06:22
Earnings
TSMC sees Q2 revenue $7.55B-$7.65B, consensus $7.83B »

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TSM

TSMC

$44.37

1.17 (2.71%)

06:22
04/18/19
04/18
06:22
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06:22
Earnings
TSMC reports Q1 EPS 38c, consensus 37c »

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  • 18

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ASOMY

Asos

$0.00

(0.00%)

06:21
04/18/19
04/18
06:21
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06:21
Conference/Events
Asos management to meet with JPMorgan »

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  • 18

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GOOG

Alphabet

$1,235.76

8.7 (0.71%)

, GOOGL

Alphabet Class A

$1,240.35

8.44 (0.69%)

06:20
04/18/19
04/18
06:20
04/18/19
06:20
Periodicals
Measles hits Google's Silicon Valley headquarters, BuzzFeed reports »

A Google employee who had…

GOOG

Alphabet

$1,235.76

8.7 (0.71%)

GOOGL

Alphabet Class A

$1,240.35

8.44 (0.69%)

03/08/13
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FMC

FMC Corporation

$80.75

0.01 (0.01%)

06:18
04/18/19
04/18
06:18
04/18/19
06:18
Downgrade
FMC Corporation rating change  »

FMC Corporation…

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ECL

Ecolab

$182.95

-2.41 (-1.30%)

06:18
04/18/19
04/18
06:18
04/18/19
06:18
Downgrade
Ecolab rating change  »

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CRM

Salesforce

$155.31

-3.37 (-2.12%)

06:17
04/18/19
04/18
06:17
04/18/19
06:17
Hot Stocks
Salesforce agrees to acquire MapAnything; financial terms not disclosed »

Salesforce announced that…

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  • 23

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FB

Facebook

$178.77

-0.13 (-0.07%)

06:15
04/18/19
04/18
06:15
04/18/19
06:15
Periodicals
Facebook 'unintentionally' uploaded email contacts of 1.5M users, BI reports »

Facebook has…

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  • 24

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MSFT

Microsoft

$121.75

1.09 (0.90%)

06:14
04/18/19
04/18
06:14
04/18/19
06:14
Periodicals
Microsoft rejects facial-recognition sale on human rights concerns, Reuters says »

Microsoft recently denied…

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NOW

ServiceNow

$236.15

-3.65 (-1.52%)

, ZEN

Zendesk

$80.79

-1.17 (-1.43%)

06:14
04/18/19
04/18
06:14
04/18/19
06:14
Recommendations
ServiceNow, Zendesk, LogMeln analyst commentary at Piper Jaffray »

ServiceNow price target…

NOW

ServiceNow

$236.15

-3.65 (-1.52%)

ZEN

Zendesk

$80.79

-1.17 (-1.43%)

LOGM

LogMeln

$81.22

-0.74 (-0.90%)

03/08/13
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03/08/13
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03/06/13
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