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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
Sep 25, 2018 | 09:31 EDT
Apple (AAPL) is switching its orders for the iPhone XR with its assembly partners causing some production to shift to Foxconn (HNHPF) from Pegatron, according to AppleInsider. Apple has increased Foxconn's orders "substantially" from 30%, thus decreasing Pegatron's original 50%-60% to around 30% of iPhone XR total orders. The shift is a result of, among other things, a lower-than-expected yield rate and a shortage of workers at Pegatron's plants in China. Reference Link
Sep 25, 2018 | 08:54 EDT
RBC Capital analyst Mark Mahaney kept his Outperform rating and $10 price target on Pandora (P) after yesterday's announcement of a pending acquisition by Sirius (SIRI). The analyst believes that this is a "logical strategic step" based on the potential synergies between the two, with the first having a very strong in-home presence and the latter a very strong in-car presence. Mahaney also sees the $10.14 per share acquisition price as very reasonable and consistent with his own price target derived from 1.5-times multiple of forward price to sales. The analyst further notes that a competing bid from potential other acquirers like Spotify (SPOT), Apple (AAPL), Google (GOOGL), and Amazon (AMZN) is "reasonable unlikely at this point".
Sep 24, 2018 | 11:16 EDT
Apple announced it has completed its acquisition of Shazam, a music apps used by hundreds of millions of people worldwide. "Apple and Shazam have a long history together. Shazam was one of the first apps available when we launched the App Store and has become a favorite app for music fans everywhere," said Oliver Schusser, Apple's vice president of Apple Music. "With a shared love of music and innovation, we are thrilled to bring our teams together to provide users even more great ways to discover, experience and enjoy music." Shazam lets users identify songs simply by listening to the music playing around them. The app will soon offer its experience ad-free for all users so everyone can enjoy the best of Shazam without interruption. Shazam has been downloaded over 1 billion times around the world, and users identify songs using the Shazam app over 20 million times each day, Apple said.
Sep 23, 2018 | 19:30 EDT
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Comcast (CMCSA; CMCSK) announced that it has prevailed with the highest offer price in the auction to acquire the entire issued and to be issued share capital of Sky (SKYAY) with an offer price of GBP17.28 per Sky share. This implies a value of $40B for the fully diluted share capital of Sky. The announcement ends the competitive bidding process for Sky. 21st Century Fox (FOXA) was the other bidder. 2. Regal Beloit (RBC) announced that Mark Gliebe, Chairman and CEO, will retire from the company after the completion of calendar year 2018. Regal's Board of Directors has begun a process to identify Gliebe's successor, who has agreed to lead the company until a successor has been named and to resign from the Board effective as of his retirement date as CEO. Additionally, the company confirmed 2018 adjusted diluted EPS guidance of $5.70-$6.00 and said it forecasts 2018 GAAP diluted EPS of $4.55-$4.85, which now includes an estimate of currently known and anticipated CEO transition costs of 23c per share. 3. Led by Tilray (TLRY), the U.S.-listed grower that went public in July, the shares of Canada's pot producers skyrocketed by Wednesday and then gave most of their gains back, raising comparisons between marijuana stocks and the Bitcoin bubble, Bill Alpert wrote in this week's edition of Barron's. Canada's licensed marijuana producers begin recreational sales on October 17 and they have acres of greenhouses in bloom, but their stock prices have been weakly tethered to business fundamentals for months now, and last week's blow-off was all the proof needed that the trading has become irrational, Alpert contended. 4. Comcast subsidiary Universal's "The House With a Clock in its Walls" debuted to a better than expected $26.9M from 3,592 theaters, topping the chart. Overseas, the pre-Halloween offering that follows a young orphan who goes to live in his uncle's spooky house launched to $8.7M for a global start of $35.6M. The movie earned a B+ CinemaScore and sports a 68% Rotten Tomatoes score. 5. Boston Scientific (BSX), Intuitive Surgical (ISRG), Caterpillar (CAT), Applied Materials (AMAT), BorgWarner (BWA), KeyCorp (KEY), Parker-Hannifin (PH), Apple (AAPL), Cisco Systems (CSCO), Intel (INTC), IBM (IBM), Microsoft (MSFT), Oracle (ORCL), and Berkshire Hathaway (BRK.A, BRK.B) saw positive mentions in Barron's.
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