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Fly News Breaks for March 16, 2018
Mar 16, 2018 | 08:43 EDT
Craig-Hallum analyst Tony Stoss reiterated his Buy rating and $330 price target on Broadcom (AVGO) following the company's in-line Q1 results and guidance. In a research note to investors, Stoss said he is confident in Broadcom's content at Apple (AAPL) longer term as management stated they expect to grow Apple content about 15% annually for the next 3-5 years. Additionally, Stoss noted that while the company is "disappointed" that the deal with Qualcomm (QCOM) was blocked, Broadcom remains "on the hunt" for additional M&A, which will likely be smaller in size given that the company plans to use just cash on hand to fund additional acquisitions.
News For AVGO;AAPL;QCOM From the Last 2 Days
Apr 25, 2018 | 14:20 EDT
Notable companies reporting after the market close, with earnings consensus, include Facebook (FB), consensus $1.35... Visa (V), consensus $1.02... AT&T (T), consensus 87c... PayPal (PYPL), consensus 54c... QUALCOMM (QCOM), consensus 70c... Las Vegas Sands (LVS), consensus 85c... Ford Motor (F), consensus 41c... eBay (EBAY), consensus 53c... Aflac (AFL), consensus 97c... ServiceNow (NOW), consensus 37c... Align Technology (ALGN), consensus 98c... O'Reilly Automotive (ORLY), consensus $3.58... Xilinx (XLNX), consensus 66c... BioMarin Pharmaceutical (BMRN), consensus (18c)... Equifax (EFX), consensus $1.37... Citrix Systems (CTXS), consensus $1.05... AMD (AMD), consensus 9c... Chipotle Mexican Grill (CMG), consensus $1.57... F5 Networks (FFIV), consensus $2.27... Knight-Swift Transportation (KNX), consensus 40c.
Apr 25, 2018 | 13:14 EDT
Qualcomm (QCOM) is scheduled to report results of its second fiscal quarter after the market close on April 25, with a conference call scheduled for 4:45 pm ET. What to watch for: 1. CONSENSUS DOWN SIGNIFICANTLY: Along with its last report, Qualcomm guided for Q2 adjusted earnings per share in the range of 65c-75c on revenue of $4.8B-$5.6B. At the time, analysts were expecting the company to report Q2 EPS of 85c on revenue of $5.19B, but those figures have both since dropped to 70c and $5.19B, respectively. 2. BROADCOM DROPS PROPOSAL: On March 12, U.S. president Donald Trump issued an executive order blocking Broadcom's (AVGO) attempt to acquire Qualcomm. The order stated that there was "credible evidence" that led the president to believe that Broadcom "might take action that threatens to impair the national security of the United States" should it exercise control of Qualcomm. Two days later, Broadcom announced that it had withdrawn and terminated its offer for Qualcomom and had withdrawn its slate of independent director nominees for Qualcomm's 2018 Annual Meeting of Stockholders. 3. JACOBS BUYOUT ATTEMPT: On March 15, the Financial Times reported that former Qualcomm chairman Paul Jacobs had approached a number of global investors in an effort to acquire the chipmaker. Jacobs had informed members of the Qualcomm board about his intention to launch a buyout, with SoftBank (SFTBF) as one of the potential investors approached by the longtime Qualcomm chairman. A day later, Qualcomm announced that Jacobs would not be re-nominated the the company's board following his notification that he had explored the possibility of proposed to buy the chipmaker. CNBC reported earlier this month that Jacobs was speaking with strategic investors and sovereign wealth funds to chip in for a fully financed bid to take Qualcomm private in the next two months. 4. NXP MOFCOM: Last week, Qualcomm said that it and NXP Semiconductors (NXPI), at the request of the Ministry of Commerce in China, have withdrawn and refiled the notice of acquisition regarding the companies' planned combination. The move extended the parties' purchase agreement to July 25. 5. ZTE BAN: Last week, the U.S. Department of Commerce banned U.S. companies from selling components to Chinese telecom equipment maker ZTE Corp. (ZTCOY) for seven years for violating the terms of a sanctions violation case. Reuters reported a day later that the move by the Commerce Department will negatively affect Qualcomm, as it sells the bulk of the chips in ZTE cell phones and roughly 46M of those phones were sold last year.
Apr 25, 2018 | 11:42 EDT
PayPal (PYPL) is scheduled to report results of its first fiscal quarter after market close on April 25, with a conference call scheduled for 5:00 pm EDT. What to watch for: 1. OUTLOOK: During the company's last earnings call, PayPal said it sees first quarter adjusted earnings per share between 52c-54c and revenue between $3.58B-$3.63B. The company also said it expects FY18 adjusted earnings per share between $2.24-$2.30, and FY18 revenue of $15B-$15.25B. 2. COMMERCIAL AGREEMENT WITH EBAY: A little over two years after splitting up with PayPal, eBay (EBAY) is distancing itself from the former even more. The latter announced on January 31 that it will start processing payments using Adyen, allowing its users to remain on the eBay website when checking out. Meanwhile, eBay confirmed this week that it has signed an agreement with PayPal to continue offering the latter as a way to pay on eBay until July 2023. 3. CRYPTO TRANSACTION SYSTEMS: PayPal has filed a patent application for an "expedited virtual currency transaction system" signaling the company may be mulling expanding its exposure to the cryptocurrency ecosystem, reported back in March, citing the patent filing. The system, which looks to reduce the latency period between the start of the transaction and its confirmation, is used by creating secondary wallets which include a respective secondary wallet private key, and a transaction is performed using the primary wallet private key to transfer different predefined amounts to each of the secondary wallets. 4. VENMO RELEVANCE: In a research note to investors earlier this month, KeyBanc analyst Josh Beck said that a consumer survey pointed out that Pay with Venmo awareness was robust with the younger audience. Among the younger audience familiar with Venmo, 18%-21% would prefer to checkout with Venmo, the analyst added. Beck's Key First Look card data analysis also indicated that about 67% of Venmo users do not have a PayPal account, and only 3% of users would prefer to checkout on eBay with Apple Pay (AAPL), indicating minimal impact from eBay incorporating new payment options in the future.
Apr 25, 2018 | 10:32 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Spotify (SPOT) initiated with a Neutral at B. Riley FBR. 2. Broadcom (AVGO) initiated with an Overweight at Piper Jaffray. 3. Williams Partners (WPZ) and Williams (WMB) were initiated with a Buy at Seaport Global. 4. Wayfair (W) initiated with an Equal Weight at Morgan Stanley. 5 WPX Energy (WPX) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Apr 25, 2018 | 08:58 EDT
While global demand for smartphones decreased 2% in the first quarter, average selling price, or ASP, was up 21%, according to AppleInsider, citing data from GFK. With customers opting for higher priced models, the market favors Apple (AAPL), with ASPs for Android, developed by Google (GOOG), devices and others have been declining for the last decade. GFK states that Apple's lower demand in new unit growth is made up for by customers switching to premium models.Reference Link
Apr 25, 2018 | 06:53 EDT
Speculation around Apple (AAPL) cutting back orders for iPhones and related components is growing as additional Taiwan-based suppliers have revealed that their orders from the company have been reduced or delayed and suppliers do not expect to see a rebound until the middle of Q3, DigiTimes reports, citing industry sources. Apple's main chip manufacturing partner Taiwan Semiconductor Manufacturing Company (TSM) has released lower-than-expected guidance for Q2 with revenues expected to reach $7.8B-7.9B, down 6.6%-7.8% from the prior quarter and about $1B less than analysts had estimated. Reference Link
Apr 25, 2018 | 06:22 EDT
Apple CEO Tim Cook will meet President Donald Trump on Wednesday, CNBC reports, citing an official schedule released by the White House. The meeting is scheduled for 1.45 p.m. and will be closed to the press. There was no agenda for the meeting posted or hints towards what could be discussed, but CNBC says potential topics may include the U.S.-China trade spat. Reference Link
Apr 25, 2018 | 06:19 EDT
In a step toward complying with a European Commission order to pay back taxes, Apple has concluded an agreement with Ireland that will allow it to transfer roughly about EUR$13B, or about $16B, into a Dublin escrow account, The Wall Street Journal reports. An Apple spokesman says, "We continue to cooperate with Ireland on the recovery process." Reference Link
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