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Fly News Breaks for January 7, 2020
WDC
Jan 7, 2020 | 05:40 EDT
Cowen analyst Karl Ackerman upgraded Western Digital to Outperform from Market Perform with a price target of $88, up from $45.
News For WDC From the Last 2 Days
WDC
Feb 18, 2020 | 16:25 EDT
The S&P 500 pulled back from a record high after Apple (AAPL) warned of production and demand disruptions due to the novel coronavirus outbreak in China, although gains for some of its megacap tech brethren helped to push the Nasdaq index to a very small gain. Apple suppliers also... To see the rest of the story go to thefly.com. See Story Here
WDC
Feb 18, 2020 | 13:32 EDT
Shares of Apple (AAPL) are under pressure on Tuesday after the company warned that it does not expect to hit its quarterly revenue target due to the novel coronavirus outbreak. However, many Wall... To see the rest of the story go to thefly.com. See Story Here
WDC
Feb 18, 2020 | 12:30 EDT
Stocks are under renewed downward pressure amid worries that the Covid-19 virus will have a sizable negative impact on global growth after Apple (AAPL) warned that it won't make its previous sales forecast due to the lingering effects of the disease on both supply and demand. ECONOMIC EVENTS: In... To see the rest of the story go to thefly.com. See Story Here
WDC
Feb 18, 2020 | 07:41 EST
After Apple (AAPL) announced that it will not meet March quarter guidance due to disruptions to its supply chain and weaker than expected demand in China amid the Covid-19 outbreak, Morgan Stanley analysts Craig Hettenbach and Joseph Moore noted that the news could weigh on Qorvo (QRVO), Skyworks (SWKS) and Qualcomm (QCOM) and also presents a risk to the memory market. They estimate Qorvo has around 30% exposure to China smartphone OEMs and noted that management had already tempered expectations for the June quarter. They estimate Skyworks has around 10%-15% exposure to China smartphone OEMs and while they said the company has done a good job in managing inventory in the China smartphone supply chain, it could still feel an impact in the June quarter due to both China smartphones and the weaker iPhone. They estimate Broadcom (AVGO) has low single digit exposure to China smartphones, the analysts tell investors. Qualcomm highlighted risks of disruption from Covid-19 on its earnings call two weeks ago, Hettenbach and Moore added. In terms of implications for Micron (MU) and Western Digital (WDC), the analysts see decelerating smartphone builds as a risk that memory improvement is deferred, and believe they may have the potential to derail the memory recovery if China demand does not come back quickly.
WDC
Feb 18, 2020 | 05:59 EST
The U.S. Commerce Department is proposing restrictions requiring foreign companies to obtain licenses in order to make chips for Huawei using U.S. equipment, The Wall Street Journal's Asa Fitch and Bob Davis report. The proposed rule comes as the Trump administration looks to cut off China's access to the U.S. semiconductors, one of China's largest imports from America. The proposed changes could also harm U.S. manufacturers of semiconductor equipment, like Applied Materials (AMAT) and Lam Research (LRCX), according to the report. Huawei suppliers include Micron Technology (MU) and Western Digital (WDC), while makers of optical components, including Oclaro (OCLR), Acacia Communications (ACIA), NeoPhotonics (NPTN), Lumentum (LITE), and Finisar (IIVI), have previously reacted negatively to headlines regarding U.S. enforcement actions and allegations against China's Huawei. Reference Link