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Fly News Breaks for November 21, 2019
Nov 21, 2019 | 10:16 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. KLA-Tencor (KLAC), Applied Materials (AMAT), and Lam Research (LRCX) were downgraded to Sell from Neutral at UBS. 2. AMD (AMD) downgraded to Market Perform from Outperform at Northland with analyst Gus Richard saying AMD shares are now ahead of the company's fundamentals. 3. Cubic (CUB) downgraded to Neutral from Overweight at JPMorgan with analyst Mark Strouse saying the company reported "mixed" fiscal Q4 results with disappointing EBITDA on stronger than expected revenue. 4. Carnival (CCL) downgraded to Hold from Buy at SunTrust with analyst Charles Scholes citing his analysis of booking trends data, noting that while volumes have improved over the past 8 weeks, the demand is driven by pricing cuts and is targeting mainly the sailings which had been impacted by the September hurricane. 5. MacroGenics (MGNX) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst David Lebowitz saying based on recent data, he believes that margetuximab might be approvable, but that the drug probably has a limited market opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For KLAC;LRCX;AMAT;AMD;CUB;CCL;MGNX From the Last 2 Days
Oct 27, 2020 | 16:32 EDT
Barclays analyst Blayne Curtis upgraded AMD (AMD) to Overweight from Equal Weight with a price target of $100, up from $85. The stock closed Tuesday down $3.55 to $78.88. The company reported "strong" quarterly results this morning, driven by strength in both Client and Gaming, "materially better" than the "weak report" last week from Intel (INTC), Curtis tells investors in a research note. On its acquisition of Xilinx (XLNX), the analyst believes the major strategic benefit is the end market diversity which will make AMD "less susceptible to PC swings." Curtis views AMD as a "clear long-term winner" and sees "no end in sight" for Intel's struggles.
Oct 27, 2020 | 12:26 EDT
Equity futures were modestly firmer in early trading as the sharp declines yesterday provided an opportunity for dip buyers, although that bargain shopping did not support the major averages for long after the open. Near midday, the... To see the rest of the story go to See Story Here
Oct 27, 2020 | 09:21 EDT
AMD (AMD) CEO Lisa Su is being interviewed on CNBC following the company's earnings report and announcement of a deal to acquire Xilinx (XLNX).
Oct 27, 2020 | 08:55 EDT
Monday's total option volume of 28.1 million contracts resulted in net open interest growth of 4.04 million calls and 3.95 million puts. Apple (AAPL), Intel (INTC), Advanced Micro (AMD) and Microsoft (MSFT) saw the greatest growth. Top five new positions opened include 30k Citi (C) Jun-21 47.5 calls, 24k Intel (INTC) Nov-20 50 calls, 21k Ford (F) Nov-20 7.5 puts, 20k Ford (F) Mar-21 10 calls and 16k Intel (INTC) Nov-20 50 puts.
Oct 27, 2020 | 06:34 EDT
AMD (AMD) and Xilinx (XLNX) announced they have entered into a definitive agreement for AMD to acquire Xilinx in an all-stock transaction valued at $35B. Under the terms of the agreement, Xilinx stockholders will receive a fixed exchange ratio of 1.7234 shares of AMD common stock for each share of Xilinx common stock they hold at the closing of the transaction. Based on the exchange ratio, this represents approximately $143 per share of Xilinx common stock. Post-closing, current AMD stockholders will own approximately 74% of the combined company on a fully diluted basis, while Xilinx stockholders will own approximately 26%. The transaction is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. AMD expects to achieve operational efficiencies of approximately $300 million within 18 months of closing the transaction, primarily based on synergies in costs of goods sold, shared infrastructure and through streamlining common areas. The transaction has been unanimously approved by the AMD and Xilinx Boards of Directors. The acquisition is subject to approval by AMD and Xilinx shareholders, certain regulatory approvals and other customary closing conditions. The transaction is currently expected to close by the end of calendar year 2021. Until close, the parties remain separate, independent companies. Dr. Lisa Su will lead the combined company as CEO. Xilinx President and CEO, Victor Peng, will join AMD as president responsible for the Xilinx business and strategic growth initiatives, effective upon closing of the transaction. In addition, at least two Xilinx directors will join the AMD Board of Directors upon closing.