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QCOM

Qualcomm

$75.93

0.9 (1.20%)

, INTC

Intel

$51.36

1.1 (2.19%)

17:58
07/22/19
07/22
17:58
07/22/19
17:58

Qualcomm falls after news Apple may buy Intel smartphone-modem chip business

Shares of Qualcomm (QCOM) are falling after the WSJ reported earlier, that Apple (AAPL) is in advanced talks to acquire the smartphone-modem chip business of Intel (INTC) and could pay $1B or more for the assets, which include Intel's patents and staff. Shares of Qualcomm are down over 2% to $74.30 in after-hours trading, while Intel is up 1.46%. Apple is fractionally higher in the after-hours market.

QCOM

Qualcomm

$75.93

0.9 (1.20%)

INTC

Intel

$51.36

1.1 (2.19%)

AAPL

Apple

$207.21

4.59 (2.27%)

  • 25

    Jul

  • 30

    Jul

  • 31

    Jul

  • 03

    Aug

QCOM Qualcomm
$75.93

0.9 (1.20%)

07/18/19
DAIW
07/18/19
INITIATION
Target $76
DAIW
Neutral
Qualcomm initiated with a Neutral yesterday at Daiwa
On July 17, Daiwa analyst Louis Miscioscia initiated Qualcomm with a Neutral rating and $76 price target. While 5G is coming and "will change how the world works with mobile connections [with] positive implications for many companies, and especially Qualcomm," a judge has ruled that Qualcomm violated the FTC Act and needs to change the core of its business model, said Miscioscia. Court rulings are "very unpredictable and will likely hold back multiple expansion," contended Miscioscia in his note yesterday.
07/18/19
07/18/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) and Skyworks (SWKS) downgraded to Equal Weight from Overweight at Barclays. 2. AMD (AMD) downgraded to Neutral from Buy at Mizuho with analyst Vijay Rakesh saying he continues to like AMD given its "solid" Ryzen/Rome portfolio and new product ramps, but he's downgrading the shares after a "stellar" 80% rally year-to-date. 3. BrightView (BV) downgraded to Neutral from Overweight at JPMorgan with analyst Judah Sokel saying he remains positive on the company's longer term potential, but he sees risk to estimates and prefers moving to the sidelines after the stock's year-to-date run of 75%. 4. MGM Resorts (MGM) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Thomas Allen saying he is concerned that Vegas, Macau, and its U.S. regional properties are all going to come in below his prior expectations. 5. Exxon Mobil (XOM) and Vermilion Energy (VET) downgraded to Sector Perform from Outperform at RBC Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/18/19
RAJA
07/18/19
UPGRADE
RAJA
Outperform
Raymond James upgrades Apple, Skyworks on 5G iPhone expectations
As previously reported, Raymond James analyst Christopher Caso upgraded Apple (AAPL) to Outperform from Market Perform citing greater confidence in next year's 5G iPhone cycle. Since Apple has settled with Qualcomm (QCOM) and decided to use its modem in the 2020 iPhone, his checks have suggested that Apple has decided to offer 5G across the iPhone product line, including in its lower priced "R" models, said Caso, who thinks "a reasonably priced 5G phone will be a very compelling" reason to upgrade. Among chip suppliers, he believes Skyworks (SWKS) stands to gain the biggest incremental benefit from a stronger iPhone cycle and Caso also upgraded Skyworks shares to Outperform from Market Perform. He set a $250 price target on Apple shares and a $90 price target on Skyworks shares.
07/18/19
LEHM
07/18/19
DOWNGRADE
Target $75
LEHM
Equal Weight
Barclays downgrades Qualcomm, sees range-bound stock into 2020
Barclays analyst Blayne Curtis downgraded Qualcomm to Equal Weight from Overweight and lowered his price target for the shares to $75 from $90. The analyst says that while Qualcomm remains one of the best 5G stories, he can't fully discount the potential for a worst case scenario that includes a failed appeal/change to license rates. As such, he believes the stock will be range-bound into next year. Further, in the near term, there is potential for downside to estimates since Huawei was never removed and the global handset market continues to be soft, Curtis tells investors in a research note.
INTC Intel
$51.36

1.1 (2.19%)

07/15/19
RBCM
07/15/19
NO CHANGE
Target $41
RBCM
Underperform
RBC sees AMD continuing to take share in desktops, notebooks and servers
RBC Capital analyst Mitch Steves said that given PC data points that have been coming in positively, the question for Intel (INTC) is whether unit upside can offset share loss to AMD (AMD). The analyst, who thinks "more investors are near-term positive but long-term negative" on Intel, believes AMD will continue to gain share in both desktops and notebooks in the consumer market and thinks AMD can ramp up to 10% market share in servers by the end of this year. Steves keeps an Underperform rating on Intel shares.
07/17/19
NOMU
07/17/19
NO CHANGE
Target $65
NOMU
Buy
Nomura Instinet reiterates Buy rating on Intel ahead of June quarter results
Nomura Instinet analyst David Wong reiterates a Buy rating on Intel with a $65 price target ahead of the company's June quarter results on July 25. Amid "broad-based softness" in the electronics end markets, Intel's business will be helped by improvement in the PC end market, ramping shipments of its Cascade Lake data center processors, and qualification of its 10nm technology, Wong tells investors in a pre-earnings research note. He expects continued Mobileye growth momentum and believes the 10nm ramp should help gross margin in the second half of the year.
07/18/19
MZHO
07/18/19
DOWNGRADE
Target $37
MZHO
Neutral
AMD downgraded to Neutral from Buy at Mizuho
Mizuho analyst Vijay Rakesh downgraded AMD (AMD) to Neutral from Buy while raising his price target for the shares to $37 from $33. The chipmaker closed Wednesday down 25c to $33.60. The analyst continues to like AMD given its "solid" Ryzen/Rome portfolio and new product ramps, but he's downgrading the shares after a "stellar" 80% rally year-to-date. With the stock at a 10-year high, upside in the second half of 2019 will be more limited, Rakesh tells investors in a research note. This will be due to the PC pull-in that occurred during the first half of 2019, slower Rome ramps in the second half, and pricing pressure from Intel (INTC), contends the analyst. Rakesh says he'd revisit AMD shares at a more attractive entry point since its long-term roadmap "is still intact."
07/22/19
ATLE
07/22/19
INITIATION
Target $38
ATLE
Underweight
Intel initiated with an Underweight at Atlantic Equities
Atlantic Equities started Intel with a Underweight rating and $38 price target.
AAPL Apple
$207.21

4.59 (2.27%)

07/22/19
MSCO
07/22/19
NO CHANGE
Target $247
MSCO
Overweight
Morgan Stanley says Apple attractive ahead of earnings, ups target to $247
Morgan Stanley analyst Katy Huberty points to four reasons that she has a positive bias on Apple ahead of its report of June quarter earnings - investor sentiment is unusually negative; she expects Services revenue growth to accelerate for the first time since the March 2018 quarter; iPhone data held up in her checks; and she believes September quarter consensus estimates give the company a low bar and low risk of a guidance miss. The analyst, who slightly raised her June quarter revenue forecast to $53.8B ahead of the company's report, increased her price target on Apple shares to $247 from $231 and keeps an Overweight rating on the stock.
07/22/19
BERN
07/22/19
NO CHANGE
BERN
Apple Q3 results will likely matter more than usual, says Bernstein
Bernstein analyst A.M. Sacconaghi, Jr. notes that historically, Apple's Q3 results have meant relatively little to investors, whose focus by this time had typically shifted to next year's iPhone cycle. Following Apple's volatile 2019, however, the analyst would argue that Q3 results will likely matter more than usual, as they could shed further light on the iPhone's health in China, price elasticity of iPhone sales, and/or any contraction or further elongation of iPhone replacement cycles. For Q3, he expects Apple to report in-line revenues and EPS, and is slightly below the Street on Services revenues.
07/19/19
NOMU
07/19/19
NO CHANGE
Target $180
NOMU
Neutral
Apple price target raised to $180 from $175 at Nomura Instinet
Nomura Instinet analyst Jeffrey Kvaal raised his price target for Apple to $180 from $175 to reflect higher market multiples while keeping a Neutral rating on the shares. The analyst's fiscal Q3 work indicates a slow finish to the iPhone Xs cycle and "steady" App Store growth. Kvaal has low expectations for the impending iPhone cycle and does not expect Apple's new services to add materially to earnings. However, the company's ecosystem and buyback program "remain strong," the analyst writes in a research note titled "Bereft of Earnings Accelerants."
07/18/19
07/18/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) and Skyworks (SWKS) upgraded to Outperform from Market Perform at Raymond James with analyst Christopher Caso citing greater confidence in next year's 5G iPhone cycle. 2. PriceSmart (PSMT) upgraded to Outperform from Sector Perform at Scotiabank. 3. BNY Mellon (BK) upgraded to Market Perform from Underperform at Keefe Bruyette with analyst Brian Kleinhanzl saying after the company's Q2 results, he feels its negative catalysts are slowly reversing. 4. U.S. Bancorp (USB) upgraded to Neutral from Underperform at BofA/Merrill with analyst Erika Najarian saying she believes earnings headwinds have reached an inflection point and net interest margin is more defensible versus peers. 5. Power Integrations (POWI) upgraded to Buy from Hold at Stifel with analyst Tore Svanberg citing the company's near-term momentum from the USB-PD adoption cycle as well as its longer-term opportunity in the high-power industry and auto. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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MXIM

Maxim Integrated

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GLD

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AUMN

Golden Minerals

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DMPI

DelMar Pharmaceuticals

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RTN

Raytheon

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UHAL

Amerco

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-2.97 (-0.87%)

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NTLA

Intellia Therapeutics

$15.77

-1.08 (-6.41%)

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GD

General Dynamics

$183.42

-4.19 (-2.23%)

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NVLN

Novelion Therapeutics

$0.66

-0.0523 (-7.37%)

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LMT

Lockheed Martin

$376.85

-8.91 (-2.31%)

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ONCS

OncoSec

$1.84

-0.03 (-1.60%)

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TNXP

Tonix Pharmaceuticals

$0.42

-0.0249 (-5.60%)

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SPX

S&P 500

$0.00

(0.00%)

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SPDR S&P 500 ETF Trust

$284.86

-7.5 (-2.57%)

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ATIS

Attis Industries

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CVEO

Civeo

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AGO

Assured Guaranty

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RMED

Ra Medical Systems

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PBA

Pembina Pipeline

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APEN

Apollo Endosurgery

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LQDA

Liquidia Technologies

$5.23

-0.38 (-6.77%)

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V

Visa

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QCOM

Qualcomm

$73.57

-3.55 (-4.60%)

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ANFI

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