Monday, July 6, 2015
- Frontier Communications (FTR +1.4%) says it's worked out a cutover plan to ensure no service disruption in its assumption of Verizon's wireline properties in California, Florida and Texas.
- The company laid out 140 individual functional plans in an FCC filing, which include detailed tests and training for current Verizon employees on handling the closing with customers.
- The move involves preparation to deal with legacy GTE back-office systems in the three states. Frontier has some experience there; in 2010, it integrated Verizon operations in 14 states using similar back-office systems.
- Since reaching a $10.5B deal to acquire the Verizon wirelines assets in early February, Frontier shares have dropped by a third -- particularly in May, where they lost 26% of market value.
- Previously: Verizon confirms sale of wireline assets for $10B to Frontier (Feb. 05 2015)
- Micron (NASDAQ:MU) fell 3.9% in regular trading today, leaving shares down 24% since the company provided an FQ3 miss and soft FQ4 guidance on June 25. 37.9M shares changed hands, topping a 3-month daily average of 24.4M.
- Possibly hurting the memory giant today: A cautious note from Nomura's Romit Shah (downgraded to Neutral on March 3, aired fresh concerns on May 15) in which he stated a recent Chinese trip indicated "downside risk to DRAM prices is mounting as inventory levels are rising amid weak set demand.”
- Shah adds mainstream DDR3 PC spot prices have already fallen 15% Q/Q in the August quarter, and that a weak euro has pressured demand. He's also concerned capacity expansions from Samsung and SK Hynix in 2H15 and 1H16 "could push out the timeframe for pricing stability to transpire."
- Since reporting, Micron's FY15 (ends Aug. '15) and FY16 EPS consensus estimates have respectively fallen by $0.38 and $1.05 to $2.72 and $2.63. Shares now go for 7x the FY16 consensus.
- Prior Micron coverage
- Bharti Airtel (OTC:BHRQY) has sold its towers in five African countries for almost $1.3B, which it says it will use to reduce debt.
- The move is an early phase in what will be tower divestment in 13 African countries. The company closed on agreements with Helios Towers Africa for Chad and Tanzania, and with American Tower (NYSE:AMT) on 4,700 sites in Nigeria.
- Bharti Airtel had 18,819 sites across African operations at last report, with 76.26M subscribers that generated Q1 revenues of $1B.
- TeleCommunication Systems' (NASDAQ:TSYS) board has created a special committee to "explore strategic alternatives to enhance stockholder value." Lazard has been hired as an advisor.
- Shares haven't yet moved AH. With a current market cap of $206M, the wireless hardware/services provider wouldn't be hard for many of its peers to acquire, should one be interested.
- Though PayPal (Pending:PYPL) shares won't be distributed to EBAY shareholders until after the July 17 close, shares have begun trading on a "when issued" basis (definition).
- The trades value the online/mobile payments giant at $44B, or a level equal to 59% of eBay's current $75B market cap.
- Though eBay's Payments ops only accounted for 44% of the company's 2014 revenue of $17.9B, PayPal has been widely expected to carry a higher post-split valuation than Marketplaces, given its much stronger growth profile.
- Earlier: PayPal on the hunt for more M&A opportunities
- Two weeks after TerraForm (NASDAQ:TERP) disclosed it's in talks to buy up to $2.6B worth of wind plants, TerraForm and parent SunEdison (NYSE:SUNE) have announced the former is acquiring 930MW of U.S. and Canadian wind plants from private Invenergy for $2B.
- TerraForm will directly acquire 460MW, with the remaining 470MW acquired by a new warehouse facility. The directly-acquired plants will be paid for via cash on hand and new bonds; TerraForm is also assuming $450M in non-recourse project debt.
- The acquisitions are expected to produce an average of $141M/year in unlevered cash available for distribution (CAFD) over the next 10 year, yielding a cash-on-cash return of 8.4%. Invenergy will keep a 9.9% stake in the U.S. assets.
- TerraForm is hiking its 2016 dividend/share target by $0.17 to $1.70, and its long-term dividend/share growth target to "a 20 percent CAGR from its current [Q1] dividend."
- Four days ago, SunEdison announced an MOU for a 1GW wind plant JV with Spanish wind turbine maker Gamesa. The purchases are the latest in a string of wind plant acquisitions by SunEdison/TerraForm (I, II, III).
- SunEdison has jumped to $30.05 in AH trading. TerraForm hasn't yet moved.
- Germany's ProSiebenSat.1 (OTCPK:PBSFF) and Axel Springer (OTC:AXELF) are in early merger talks, which would create a company with broadcast and publishing assets and a combined market cap of about $16B, The Wall Street Journal reports.
- The combination would get a hard regulatory look, though their combined revenues of about €5.9B still trail giant Bertelsmann -- Germany's largest media company, with €16.7B in revenue last year.
- ProSieben would be the senior partner in this go-round, sources said. Axel Springer tried taking over ProSieben in a 2005 deal valuing the satellite firm at more than €4B, but regulators squelched the agreement. The emergence of digital rivals has changed the landscape since then.
4:49 PM| Comment!
- Johan Albrecht, formerly the CFO of pharma/biotech R&D lab BARC, has been named Materialise's (NASDAQ:MTLS) new CFO, effective Aug. 12. He replaces Frederick Merckx, who in May announced plans to resign to pursue other opportunities.
- The Belgian 3D printing software/services provider sold off to $9.12 today. Many 3D printing and European tech peers also didn't fare well.
- AMD now expects Q2 revenue to be down 8% Q/Q, worse than prior guidance for a 3% drop (+/- 3%) and a consensus for revenue to fall 3% to $1.00B. The company primarily blames "weaker than expected consumer PC demand impacting the company's Original Equipment Manufacturer (OEM) APU sales." (Press Release)
- Gross margin (non-GAAP) is expected to be at 28%, below prior guidance of 32% and down from Q1's 32%. AMD blames both lower PC APU volumes and a mix shift towards enterprise, embedded, and semi-custom chip sales.
- AMD also forecasts a $33M GAAP charge related to migrating several designs previously set to use a 20nm manufacturing process to FinFET processes (presumably at 14nm or 16nm). The Q2-ending cash balance is expected to be $830M, down from Q1's $906M and in-line with expectations.
- Shares have been halted. Full Q2 results arrive on July 16. A fair amount of PC-related bad news has already been priced in.
- Update (4:42PM ET): After resuming trading, AMD is down 9.7% AH.
- Priceline (NASDAQ:PCLN) has invested $60M in Hotel Urbano, owner of a popular Brazil hotel search and booking platform. As part of the deal, Priceline will "provide access to accommodations outside of Latin America from its global network of 680,000+ accommodations partners" on Urbano's site/apps.
- No word on the deal valuation. Urbano co-founder João Ricardo Mendes tells TechCrunch his company was valued at $365M in March 2014, and is currently growing at a 65% Y/Y clip. Its user base stands at 30M.
- Priceline recently invested another $250M in Chinese online travel leader Ctrip. The company is 30 months removed from closing its $1.8B acquisition of leading U.S. travel metasearch platform Kayak.
- 3D Systems (DDD -3.8%), ExOne (XONE -4.8%), Voxeljet (VJET -9.3%), and Camtek (CAMT -4.7%) have each made new 52-week lows amid a 0.8% drop for the Nasdaq. ExOne and Voxeljet have also made new post-IPO lows.
- 3D Systems' decline has been on relatively light volume - 1.22M shares vs. a 3-month daily average of 2.64M. Voxeljet and Camtek have respectively seen 289K and 182K shares traded, well above 3-month averages of 135K and 90K. ExOne has seen 167K shares traded vs. a 3-montha verage of 153K.
- YTD performances: DDD -44%. XONE -40%. VJET -25%. CAMT -12%.
- Network spending at Sprint (S -3.4%) is "slowing down materially," but is expected to ramp up again later this year and beyond as a major new phase of network "densification" begins, Jefferies writes in a new note.
- Sprint's "Next Generation Network" got approval from parent SoftBank (OTCPK:SFTBY) in June, but vendor selection and other details are still ongoing. Analysts see the project leaning heavily on small cells as Sprint seeks a dramatic improvement in speed and performance.
- With the company's overlay work on 800 MHz and 2.5 GHz slowing, "we expect that Sprint's business trends might look slower for the vendors of late," Jefferies says.
- The firm says carriers' network spending overall is a bit slower and it wouldn't be surprised if Q/Q improvement in spending trends tracked below seasonal norms.
- Previously: Report: Sprint CTO resigns in middle of network buildout (Jun. 23 2015)
- Previously: Sprint CEO: We'll have best or second-best network in two years (May. 27 2015)
- Previously: Sprint: Amid network investment, cash burn back in focus (May. 06 2015)
- Nokia (NOK -3.6%), Alcatel-Lucent (ALU -2.9%), Ericsson (ERIC -2.6%), and SAP (SAP -2.6%) are selling off after European markets dropped in the wake of a Greek rejection of austerity measures demanded by creditors. France's CAC-40 fell 1.8%, Germany's DAX fell 1.5%, and the Euro Stoxx 50 fell 2.2%. The Nasdaq and S&P are both down 0.8%. The euro is down 0.5% against the dollar.
- Something similar happened to Nokia and Alcatel a week ago. The merger partners are respectively down 11% and 10% from their June 22 closes.
- Monitise (OTCPK:MONIF) is down 7.5% in over-the-counter trading as it issues yet another revenue warning, its fourth since last year.
- Revenues for 2015 are now expected at £88M-£90M. That's vs. consensus expectations of £91.4M.
- At the beginning of 2015, the company expected revenue closer to £120M, and in March reduced its outlook to £90M-£100M.
- The company still says it's on target for profitability by 2016. It revealed earlier this year that it's rejected several takeover offers.
- Last week it formed a £20M joint venture with Santander to invest in financial-technology companies.
- Shares closed down 2.9% in London, to 9.95 pence. They're down more than 80% over the past year as the company has struggled with a transformed business model, moving away from upfront licensing toward subscription income from a mobile money platform.
- Silicom (NASDAQ:SILC) expects Q2 revenue of $16.8M-$17.2M (below a $20M consensus) and Q3 revenue of $18M-$19M (below a $21.8M consensus).
- The server adapter card/connectivity appliance maker blames "a softening of demand from some of our customers, due to longer-than-expected decision making processes together with the slower market deployment of our high-potential design wins and our new solutions for upcoming industry trends." Q2 is expected to be the low point for 2015 sales.
- Shares have plunged to within $2 of a 52-week low of $26.00. Full Q2 results arrive on July 22.
- AirMedia Group (AMCN -6.4%) has hired Duff & Phelps to evaluate last month's go-private offer from CEO Herman Guo.
- The firm, chosen by a special committee of AirMedia's independent directors, will look at Guo's offer and any alternatives.
- Guo has an offer from management for $6/ADR for AirMedia's shares. The stock is down 6.4% today, and down 17.3% from the $5.27 it hit on June 29 in the wake of management's offer.
- Though the Nasdaq is down 0.5%, optical component vendor NeoPhotonics (NPTN +2.7%) and component contract manufacturer Fabrinet (FN +1.4%) are higher after Alliance Fiber (up 12.1%) forecast better-than-expected Q2 sales.
- Like NeoPhotonics and Fabrinet, Alliance Fiber has some 100G component exposure. The company has also benefited from Web/cloud data center buildouts.
- An unnamed European government has granted SuperCom (SPCB -1%) a contract to "deploy a new Electronic Monitoring solution that aims to establish a more comprehensive and transparent Electronic Surveillance platform to effectively track and monitor hundreds of enrollees in the country's new Probation Program."
- The system is expected to be deployed in the next 2 months, and operated for the next 5 years. It makes use of SuperCom's PureSecurity electronic monitoring suite.
- Last month: SuperCom discloses over $7M in new contracts
- With shares down 25% from an April peak of $83.71 going into today, Summit Research's Henry Guo has upgraded 58.com (WUBA -2.4%) to Buy, with a $75 target. 58 has nonetheless sold off thanks to a Chinese Internet stock rout, but is down much less than many peers.
- Among other thins, Guo cites the Anjuke, Ganji.com, and China HR deals, 58's online-to-offline (O2) home services business (benefiting from the company's strong local services presence), and Tencent's investments in the Chinese online classifieds leader. Tthe Tencent alliance is expected to strengthen 58's mobile presence and expand its service lineup.
- Mesa Laboratories (MLAB -1.8%) acquires Markham, Ontario-based Infitrak for $12M CDN ($9.6M USD) plus a future contingent payment of up to $15M CDN ($12M USD). The deal will add ~$5.5M to Mesa's top line and will be accretive to earnings during the first 12 months.
- Infitrak focuses on "cold chain" services, a supply chain for temperature-sensitive products that provides an uninterrupted series of storage and distribution activities within a certain temperature range. Cold chains are used primarily in the pharmaceutical, healthcare and food industries.
- While the demand link continues to be argued, the stock price link remains real: WTI crude is down 5% to $54.10/barrel, and many solar stocks are posting outsized losses on a day the Nasdaq is off 0.4%. The Guggenheim Solar ETF (TAN -4.9%) is at its lowest levels since February.
- The selloff comes after Greek voters soundly rejected austerity measures demanded by creditors. It also coincides with major losses for Chinese tech stocks, many of which have already been clobbered over the last month.
- Chinese solar plays JinkoSolar (JKS -5.8%), Daqo (DQ -6.1%), Yingli (YGE -6.5%), and JA Solar (JASO -7.4%) are down sharply. Also seeing large declines: Canadian Solar (CSIQ -4.3%), Sky Solar (SKYS -11.2%), SolarEdge (SEDG -5.9%), Solar3D (SLTD -7.7%), Vivint (VSLR -8%), and Enphase (ENPH -4.2%).
- Last Wednesday: Solar stocks drop as oil falls; Deutsche defends
- Update: Also of interest: Canada's International Trade Tribunal has joined U.S. and EU regulators in placing anti-dumping tariffs on Chinese solar module exports. However, the move was expected, and Canada accounts for a small % of global solar demand. CSIQ has responded to the decision by noting "most of our modules supplied to Canada markets are produced locally."
- BT Group (NYSE:BT) is off 1.9% in U.S. trading today after Citigroup has downgraded shares, reducing its rating to Neutral from Buy.
- The firm set a price target on BT's class A shares of 485; Shares closed down 1.5% in London to 446.80.
- The company's ADRs are up 8.6% since announcing in February that it had made a £12.5B (about $19B) deal to acquire EE, the UK's largest wireless provider.
- YuMe (YUME -1.1%) says that it has added Craig Forman to its board, and that directors Ping Li and David Weiden have resigned their seats.
- Forman -- also on the boards at Digital Turbine and McClatchy -- joins the compensation committee and will receive RSUs for 32,894 shares.
- Li and Weiden resigned effective immediately on July 3, the company disclosed today.
- VimpelCom's (VIP -3.9%) Zimbabwean division is imposing pay cuts and work limitations in order to slash employee costs by 25%.
- Telecel Zimbabwe, the country's No. 2 provider, is giving employees a choice among less or deferred pay, or fewer workdays, part of "various options we are looking at to make the business viable," says CEO Angeline Vere.
- The company has 2.5M active subscribers.
- South Korea's Dong-a Ilbo reports LG Display (LPL -0.9%) plans to invest up to KRW900B ($803M) in a new small/medium-sized flexible OLED panel production line to service the smartphone and wearable display markets. Universal Display (OLED +1.5%), which struck a new OLED licensing deal with LPL in January, is higher.
- LPL has already been ramping large-panel OLED production, as LG Electronics continues bringing new OLED TV sets to market. The company also supplies OLEDs for the Apple Watch, and will reportedly remain the sole display supplier for the next-gen Watch.
- See also: Why Now Is The Time To Buy LG Display
- Meir Moshe, Radware's (NASDAQ:RDWR) CFO for more than 16 years, is stepping down. He'll be replaced by Doron Abramovitch, until recently the CFO of chip equipment maker Orbotech.
- Radware has sold off on a rough day for European and Israeli equities (follows a Greek "no" vote on austerity measures). The Tel Aviv 25 index is down 2.3%.
- California's East West Bank has provided Maxwell (MXWL -0.5%) with a $25M, 3-year, revolving credit facility the company plans to use for "working capital purposes."
- CFO David Lyle: "We are very excited to have East West Bank as our new banking partner as their expertise in international banking, particularly in Greater China markets, tightly aligns with Maxwell's banking needs."
- Maxwell had $23.1M in cash at the end of Q1, and $15.2M in debt. In June, the ultracapacitor maker raised $10M through a stock offering.
- The Shanghai exchange rose 2.4% overnight following a Greek rejection of austerity measures and the unveiling by Chinese brokerages of a government-endorsed plan to buy at least RMB120B ($19.3B) worth of shares to prop up nosediving equity prices. However, Shenzhen fell 2.7% and Hong Kong fell 3.7%, with small-cap names especially hard-hit.
- U.S.-traded Chinese Web/mobile names are seeing heavy losses (CQQQ -7.8%), with small/mid-cap firms unsurprisingly bearing the brunt of the damage. Major decliners include Sina (SINA -8.8%), Weibo (WB -11.6%), YY (YY -7.3%), Sohu (SOHU -9.1%), Changyou (CYOU -11.8%), Youku (YOKU -12.3%), Jumei (JMEI -8.2%), Xunlei (XNET -8.7%), SouFun (SFUN -9.3%), Leju (LEJU -7.6%), E-House (EJ -6.9%), Sky-mobi (MOBI -9.4%), NQ Mobile (NQ -6.3%), 500.com (WBAI -11.6%), Momo (MOMO -6%), and Dangdang (DANG -6.7%).
- The NYT observes $2.7T in value has evaporated from Chinese equities since local markets peaked on June 12. The paper also notes individual investors own over 80% of Chinese stocks, and that Chinese investors respectively own 112M and 142M accounts on the Shanghai and Shenzhen exchanges, with each exchange seeing ~20M account openings this spring.
- ETFs: KWEB, QQQC, EMQQ
- Believing the company's Medicare ops will outperform and that risk/reward is favorable, RBC has upgraded eHealth (NASDAQ:EHTH) to Outperform, and hiked its target by $2 to $16.
- The online health insurance provider is now up 49% from a March low of $8.81, albeit still down 76% from a March 2014 high of $54.91.
- Alliance Fiber (NASDAQ:AFOP) now expects Q2 revenue of $25M, above prior guidance of $22.5M-$24.5M and a $23.2M consensus. A record gross margin and non-GAAP op. profit are also expected.
- The optical component vendor is less than a dollar away from a 52-week high of $21.09. Shares rallied in April in response to a Q1 beat and better-than-expected Q2 guidance.
- Full Q2 results arrive on July 22. Strong 100G component demand has been a growth driver, and so has datacom component demand Web/cloud service providers - on the Q1 CC (transcript), AFOP mentioned a "leading Web 2.0 player" accounted for 45% of Q1 revenue.
- Cowen's Gregg Moskowitz has downgraded unified threat management (UTM) appliance leader Fortinet (NASDAQ:FTNT) to Underperform, and set a $37 target. Simultaneously, he has upgraded rival/next-gen firewall leader Palo Alto Networks (PANW +0.8%) to Outperform, and hiked his target by $30 to $205.
- Moskowitz on Fortinet: "The security market remains strong, and the co.'s recent execution has unquestionably been very good. However, we believe tougher compares, an increasingly competitive environment, and challenges truly penetrating the enterprise could make it difficult for FTNT to meet or exceed investor expectations over the next 12-18 months."
- Moskowitz on Palo Alto: " Following 1) our recent checks that indicate continued strong momentum, 2) a higher level of optimism in upside to our CY15-16 [estimates]., and 3) the build-out of preliminary CY17 numbers that, in our view, actually makes valuation look inexpensive relative to growth, we believe the shares have more room to run."
- Citi and Baird downgraded Fortinet on June 24, with the latter stating security resellers "tell us they prefer Palo Alto to Fortinet as a long-term, strategic partner." At the same time, Baird admitted Fortinet's UTM appliances (aided by their use of custom ASICs) have "a clear advantage" in high-throughput applications such as HFT.
- Cautious Cleveland Research remarks about near-term hard drive demand have led Seagate (NASDAQ:STX) and Western Digital (NASDAQ:WDC) to slump out of the gate. The Nasdaq is down 0.4%. This isn't the first time a downbeat Cleveland note has had such an effect.
- Seagate/Western fell two weeks ago after JPMorgan downgraded Western to Neutral, while citing weak PC sales. Both companies also sold off a few days later thanks to Micron's results/guidance.
- FBR's Daniel Ives has downgraded VMware (NYSE:VMW) to Market Perform, and cut his target by $6 to $90.
- Ives: "While we expect VMware to post an in-line-ish 2Q15 (June), we have growth concerns for 2H15 and especially for FY16, given mixed checks around its all-important [enterprise license agreements] due to what we believe is limited upside to further server virtualization penetration, and as it remains early days for growth contributions from its non-vSphere business to fully offset slowing growth at the core."
- Like others, he thinks "ramping the company's emerging technologies (e.g., NSX, VSAN, etc.) remains critical in reigniting license revenue/license billings growth." Ives asserts enterprise penetration for VMWare's core vSphere server virtualization platform is now in the "eighth inning," and considers a spinoff by EMC of its 80% VMware stake "a fleeting possibility."
- Q2 results are expected later this month. Goldman upgraded to Conviction Buy two weeks ago.
- Moving to follow through on its intentions for a full purchase of Poland's TVN, Scripps Networks Interactive (SNI -0.8%) has offered 20 zlotys/share -- a total of about 3.2B zlotys (about $843.6M) -- for the rest of the network it hasn't already purchased.
- Scripps had agreed to buy 52.7% of TVN in March, and signaled its intention to buy the rest and delist the company.
- TVN offers Scripps a diverse set of Polish channels, including a news broadcaster and a number of popular reality TV formats.
- Previously: Scripps Networks closes on majority stake in Poland's TVN (Jul. 02 2015)
- Previously: Scripps Networks ready to take rest of TVN all at once (Jun. 24 2015)
- GoPro's (NASDAQ:GPRO) HERO4 Session is declared to be 50% smaller and 40% lighter than the company's mainstay HERO4 Black and Silver cameras. It costs $400 (on par with the Silver, and $100 cheaper than the Black), and supports 1080p video recording at 60 fps; the Black and Silver respectively support 4K video at 30 and 15 fps. (technical specs)
- The cube-shaped session weighs just 2.6 oz., and is waterproof up to 33'. It goes on sale on July 12, 5 weeks after GoPro began selling the $300 HERO+ camera (has a touchscreen LCD).
- Meanwhile, Goldman's Simona Jankowski has launched coverage with a Neutral rating and $60 target. Though believing GoPro's brand and content will allow it to avoid commoditization and expecting a "three-plus year sales/EPS CAGR at the 20%-plus level, aided by its expansion into drones," she thinks such expectations are priced in at current levels.
- GPRO -1.6% premarket to $50.90. Nasdaq futures are down 0.8%.
- Moving ahead of a law that will restrict foreign ownership of Russian media firms, Russian billionaire Alisher Usmanov has offered $200M for 75% of CTC Media (NASDAQ:CTCM). CTCM shares are up 4.6% premarket.
- CTC Media is about 39% owned by Swedish group Modern Times, and the stock has declined 56% YTD and sank 81% over the past twelve months after Russian President Vladimir Putin signed a law requiring foreign companies to cut stakes in Russian media to no more than 20%.
- Modern Times says its interest in CTC Media is now for sale and considers it a "discontinued operation." Usmanov's UTH Russia will have a period of exclusivity to negotiate its cash offer for the controlling stake in CTCM.
- Allot (NASDAQ:ALLT) forecasts Q2 revenue of $21M-$22 (well below a $30.4M consensus), and 2015 revenue of $100M-$105M (below a $126.3M consensus). A net operating loss is also expected; the EPS consensus is at $0.07.
- Q2 book-to-bill was above 1, aided by "three wins totaling approximately $8 million from new Tier-1 mobile operators," for which revenue recognition is expected in 2H15. The quarter-ending cash balance was $120M.
- The deep packet inspection hardware vendor blames the Q2 shortfall on "lower bookings in the first quarter as well as delays in closing certain deals during the second quarter." Shares have tumbled to $6.09 premarket, making new 52-week lows along the way.
- As it prepares for its July 17 split from eBay (NASDAQ:EBAY), PayPal (Pending:PYPL) is on the hunt for international acquisitions to drive growth and fend off predators, chief executive Dan Schulman told FT.
- "The balance sheet affords us the opportunity to look opportunistically where it makes sense to acquire," said Schulman. "I think there is a tremendous opportunity to look across the world."
- Last week PayPal announced it would spend nearly $1B to purchase Xoom, a digital money transfer provider, and more acquisitions now seem to be on the horizon.
- EBAY -0.3% premarket
- Toshiba (OTCPK:TOSYY) shares are poised to feel more pressure after an ongoing investigation into past accounting practices found more irregularities than previously expected.
- A source familiar with the matter said Toshiba may need to write down past earnings by over ¥100B ($818M), more than double earlier estimates.
- Since the company disclosed the internal investigation in early April, shares have fallen 22% and many analysts have suspended their ratings.
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