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Fly News Breaks for August 11, 2017
Aug 11, 2017 | 09:50 EDT
Cleveland Research sees the DRAM supply/demand situation seeing limited change throughout 2018, with price expected to climb further in the first half of the year. NAND supply is likely to remain constrained through at least the first quarter of 2018, added the firm, which keeps a Buy rating on Micron (MU) and a Neutral ratings on Seagate (STX) and Western Digital (WDC).
News For MU;WDC;STX From the Last 2 Days
Oct 20, 2017 | 12:15 EDT
Companies in the data storage sector are set to begin their earnings season with Seagate Technology (STX) reporting fiscal first quarter earnings before the market open on Monday, October 23 with a conference call scheduled for 9:00 am ET. Western Digital (WDC), a Seagate rival, is set to report Q1 results after the market close Thursday, October 26 with a conference call scheduled for 5:00 pm ET. What to watch for: 1. GUIDANCE: Along with its last report, Seagate guided for Q1 revenue of $2.5B-$2.6B. At the time, analysts were expecting the company to report revenue for the quarter of $2.72B, but that figure has since slipped to $2.52B. Western Digital also provided a quarterly outlook in its last earnings report, guiding for Q1 adjusted earnings per share in the range of $3.25-$3.35 on revenue of approximately $5.1B. At the time, analysts expected the company to report Q1 EPS of $3.19 on revenue of $5.21B, but those figures have since changed to $3.29 and $5.13B, respectively. 2. TOSHIBA MEMORY DEAL: In September, Toshiba's (TOSBF) board of directors selected a Bain Capital-led consortium, which includes SK Hynix, Apple (AAPL), Dell, Kingston Technology, and Seagate, to purchase its memory chip business for $22B. As part of the agreement, Seagate committed to provide up to $1.25B in financing to support the acquisition, to be provided at closing, which is anticipated by March 2018. Seagate added on September 28 that it expects to enter into a long-term NAND supply agreement with Toshiba Memory. That same week, Western Digital, a joint venture partner with Toshiba and rival bidder for the chip unit, said it planned to seek an injunction to block the transaction. Nikkei Asian Review reported last week, however, that Toshiba's flash memory unit plans to invest over JPY300B a year into capital investment to ramp up amid a shortage and hopes to enlist Western Digital's help in the matter, despite the legal dispute. 3. KEY PARTNERSHIPS: Each data storage company reached major partnerships in the month of September, with Western Digital announced on September 1 that it formed a global partnership with Nintendo (NTDOY) to create Nintendo-licensed memory cards for use in Nintendo Switch video game systems. The microSDXC cards will be available in capacities of 64 GB and 128GB, and will feature the Nintendo Switch and SanDisk logos. In addition, Seagate announced later in the month that it signed a Strategic Partnership Memorandum of Understanding with Tencent (TCEHY) for cooperation in the field of information technology. Under the pact, Tencent will regard Seagate as a key supplier of storage solutions, and Seagate will treat Tencent as a Strategic Partner and set up a special service team for Tencent. 4. PC SHIPMENTS: Worldwide PC shipments totaled 67M units in Q3, a 3.6% decline from Q3 of the previous year, according to preliminary results by Gartner. This marks the 12th consecutive quarter of declining PC shipments. Western Digital and Seagate make products used in PCs.
Oct 20, 2017 | 12:02 EDT
Notable companies reporting before Monday's open, with earnings consensus, include Halliburton (HAL), consensus 37c... VF Corp. (VFC), consensus $1.12... State Street (STT), consensus $1.62... Seagate Technology (STX), consensus 85c... Scorpio Bulkers (SALT), consensus (13c)... Logitech (LOGI), consensus 35c... Illinois Tool Works (ITW), consensus $1.65... Kimberly-Clark (KMB), consensus $1.54... Hasbro (HAS), consensus $1.95.
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