AVGO
Broadcom LimitedNASDAQ
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  • Yesterday, 12:13 PM
    • Analyst Vijay Rakesh notes fundamentals across the subset remain in place and despite coming up on a seasonally weaker March quarter, sees recent downturn resulting in an acquiring opportunity.
    • Highlights a semiconductor group trading at 2013 levels and sees forthcoming catalysts stemming from robust earnings growth, cost synergies, positive industrial, automotive, defense and aerospace, and further M&A consequent expected regulatory climate improvements.
    • Recommends Intel (INTC +1%), Qualcomm (QCOM +2.4%), Micron Technology (MU +3.1%), Broadcom (AVGO +0.7%), ON Semiconductor (ON +0.7%), Cypress Semiconductor (CY +0.6%) and Microsemi (MSCC +0.6%).
    | Yesterday, 12:13 PM | 4 Comments
  • Thu, Dec. 1, 12:05 PM
    • November monthly performance was: -2.53%
    • AUM of $8.26B
    • 52-week performance vs. the S&P 500 is: -8%
    • No dividends were paid in November
    • Top 10 Holdings as of 9/30/2016: WPP PLC (OTCPK:WPPGF): 4.6543%, Suncor Energy Inc (SU): 3.3398%, RELX PLC (OTC:RLXXF): 2.90681%, Sky PLC (OTCQX:BSYBF): 2.85131%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.58654%, SAP SE (OTCPK:SAPGF): 2.47674%, CGI Group Inc A (GIB): 2.4507%, Publicis Groupe SA (OTCQX:PGPEF): 2.38795%, CK Hutchison Holdings Ltd (OTCPK:CKHUF): 2.38697%, Broadcom Ltd (AVGO): 2.36644%
    | Thu, Dec. 1, 12:05 PM
  • Tue, Nov. 8, 1:42 PM
    • Broadcom (AVGO +0.4%) has a $6.5B bridge loan lined up from six banks for its acquisition of Brocade (BRCD -0.1%), Reuters reports.
    • The companies came to agreement on an all-cash $5.9B buyout of Brocade (including debt) last Wednesday.
    • Signing on to the unsecured loan, according to Reuters: BofA Merrill Lynch, Deutsche Bank, Barclays, Bank of Montreal, Citigroup and Credit Suisse. They'll hold the loan until permanent financing is in place by next April, when closing is expected.
    | Tue, Nov. 8, 1:42 PM | 2 Comments
  • Mon, Nov. 7, 11:08 AM
    • Voyager, considered by Facebook to be the industry's inaugural "white box" transponder and routing offering, utilizes components supplied by Acacia Communications (ACIA +6.1%), Lumentum Holdings (LITE +5.4%) and Broadcom (AVGO +2.7%) [William Blair notes development favorable for all]. Collaborations with Celestica (CLS +1.8%) and SnapRoute have additionally been arranged.
    • Analyst Dmitry Netis suggests Voyager is poised to "become a disruptive force in the optical networking market," and further restates Outperform coverage he initiated on Acacia Communications last Monday. The company's AC400 DSP ASIC and optics module will be contained in the newly-designed transponder.
    • Acacia Communications share price summary – 1-month; -33%, 3-month, +3.5%; since IPO, +115%
    | Mon, Nov. 7, 11:08 AM | 4 Comments
  • Thu, Nov. 3, 10:44 AM
    • October monthly performance was: -3.29%
    • AUM of $8.58B
    • 52-week performance vs. the S&P 500 is: +9%
    • No dividends were paid in October
    • Top 10 Holdings as of 6/30/2016: RELX PLC (OTC:RLXXF): 2.98184%, Sky PLC (OTCQX:BSYBF): 2.94851%, British American Tobacco PLC (OTCPK:BTAFF): 2.66638%, Teva Pharmaceutical Industries Ltd ADR (TEVA): 2.50786%, WPP PLC (OTCPK:WPPGF): 2.36147%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.35528%, CGI Group Inc A (GIB): 2.31975%, Roche Holding AG Dividend Right Cert. (OTCPK:RHHVF): 2.27147%, Broadcom Ltd (AVGO): 2.25054%, Deutsche Boerse AG (OTCPK:DBOEF): 2.18513%
    | Thu, Nov. 3, 10:44 AM
  • Wed, Nov. 2, 7:16 AM
    • As has been floated for the past few days, Broadcom (NASDAQ:AVGO) is buying Brocade (NASDAQ:BRCD), with the all-cash price working out to $12.75 per share.
    • Broadcom expects to fund the deal with new debt and cash already on the balance sheet. The purchase is expected to be immediately accretive to non-GAAP free cash flow and EPS. The company sees Brocade's FC SAN business as contributing about $900M of pro forma non-GAAP EBITDA is FY18.
    • A conference call is set for 8 ET.
    • BRCD +8.1% to $12.15 premarket.
    | Wed, Nov. 2, 7:16 AM | 4 Comments
  • Tue, Nov. 1, 3:25 PM
    • If Broadcom (AVGO -1.4%) goes through with an acquisition of Brocade Communications (BRCD +7.3%), it would combine its $67B business with one now worth $5.6B after two days of sharp gains.
    • In a deal (which is not final and could fall apart), Broadcom would keep Brocade's Fibre Channel and storage business (about $1.5B in annual revenues) but look to divest the networking business -- much of which was acquired in Brocade's own acquisition of Ruckus Wireless.
    • Broadcom would bulk up its offering tied to data center backbones with the addition of a high-margin fiber business like Brocade's.
    • Brocade is now up 31% over the past two days, moving it into positive ground for 2016 (up 23.9%).
    | Tue, Nov. 1, 3:25 PM
  • Tue, Nov. 1, 3:15 PM
    • Brocade Communications (NASDAQ:BRCD) has made another sharp move up, now +7.1%, on a report that it's near a deal to be acquired by Broadcom (AVGO -1.5%).
    • The news comes a day after its deal-chatter-fueled 22% rise.
    • The deal could be announced later this week, Reuters reports.
    • RBC Capital has upgraded shares to Outperform and raised its price target to $14, making room for 29% more upside from the new level set. As with others, RBC is pointing to Broadcom (NASDAQ:AVGO) chief Hock Tan as a very interested party.
    • “We think that Brocade makes sense as a strategic asset to the right operator or CEO (Hock Tan as a solid operator), which would lead to mid-single-digit accretion for the acquirer (35%+ operating margin potential),” writes Mitch Steves.
    • If Broadcom can achieve $200M in opex synergies in a deal, it's $0.65 accretive to the acquirer, Steves says. And he also points to other potential buyers, including IBM, Oracle and Hitachi (OTCPK:HTHIY).
    | Tue, Nov. 1, 3:15 PM
  • Mon, Oct. 31, 3:57 PM
    • Brocade Communications (NASDAQ:BRCD) is up 22.3% and hanging right at 52-week high range after news that it's in talks to sell itself and getting close to the end of that process.
    • A deal could be announced this week, Bloomberg reports, and one of the interested parties is reportedly Broadcom (AVGO +0.7%), which could be interested in supplementing its switch-chip business with Brocade's networking gear. Broadcom CEO Hock Tan has said he's interested in acquisitions.
    • Such a deal might allow for better competition against much bigger rival Cisco Systems (CSCO +0.4%). "A purchase by Broadcom (Avago) would be a strategic move by Broadcom to vertically integrate in an IP switching and routing market that has increasingly moved to merchant silicon," notes Stifel analyst Aaron Rakers.
    • He's maintained a Hold rating and $10 price target (the boost today has put Brocade at $10.63). He doesn't know any inside information about activity around Brocade this week but notes that for years, talk has persisted that Brocade might sell itself to suitors like H-P (NYSE:HPQ), Oracle (NASDAQ:ORCL) or IBM (NYSE:IBM).
    • With current net debt (about $440M) and at $11/share, Brocade would come at about a $4.9B enterprise value, 7.3 times EBITDA, he says.
    | Mon, Oct. 31, 3:57 PM | 5 Comments
  • Mon, Oct. 24, 4:17 PM
    • Analysts Mitch Steves and Amit Daryanani rate Microsemi (NASDAQ:MSCC) a "Top Pick" with a $48 target (current price $40.36).
    • In considering the semiconductor sector on broad terms, the analysts believe mid-cap companies such as Microsemi present attractive opportunities to larger names on margin profiles and valuations. For Microsemi specifically, Texas Instruments (NYSE:TXN), Broadcom (NASDAQ:AVGO) and Maxim Integrated Products (NASDAQ:MXIM) are offered as potential acquirers, with Texas Instruments making the "most sense."
    • Should Microsemi's leverage reduce from a current 3.7x level toward a 3x level, the analysts project the company at that point to firmly represent an attractive target.
    | Mon, Oct. 24, 4:17 PM | 2 Comments
  • Wed, Oct. 5, 9:17 AM
    • Outperform rating and $215 target set (current price $169.05).
    • Analyst Stacy Rasgon points out Broadcom's (NASDAQ:AVGO) history of accretive M&A deals driving EPS growth and some investor concern meaningful deals may be more difficult to come by due to the company's size going forward. Nonetheless, sees other positive uses for cash, with debt and interest expense reduction among other return uses cited.
    • Further approving of Broadcom's core business franchises, especially Wired Infrastructure segment, robust RF business positioning and secular trends.
    • Chart
    | Wed, Oct. 5, 9:17 AM
  • Mon, Oct. 3, 12:29 PM
    • September monthly performance was: +0.25%
    • AUM of $8.65B
    • 52-week performance vs. the S&P 500 is: -6%
    • No dividends were paid in September
    • Top 10 Holdings as of 6/30/2016: RELX PLC (OTC:RLXXF): 2.98184%, Sky PLC (OTCQX:BSYBF): 2.94851%, British American Tobacco PLC (OTCPK:BTAFF): 2.66638%, Teva Pharmaceutical Industries Ltd ADR (TEVA): 2.50786%, WPP PLC (OTCPK:WPPGF): 2.36147%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.35528%, CGI Group Inc A (GIB): 2.31975%, Roche Holding AG Dividend Right Cert. (OTCPK:RHHVF): 2.27147%, Broadcom Ltd (AVGO): 2.25054%, Deutsche Boerse AG (OTCPK:DBOEF): 2.18513%
    | Mon, Oct. 3, 12:29 PM
  • Fri, Sep. 16, 1:44 PM
    • While already anticipated, Intel (INTC +2%) components are now confirmed to be installed within certain iPhone 7 configurations. Two Intel RF transceivers, a baseband modem and RF power management ICs are noted.
    • Modems, transceivers and power management ICs provided by Qualcomm (QCOM +0.2% ) are also confirmed to be utilized in other device variations. Qualcomm had historically maintained an exclusive provider position of modem components for previous iPhone iterations.
    • Supplies from Skyworks Solutions (SWKS -1.9%), Cirrus Logic (CRUS -1.8%), Samsung Electronics (OTC:SSNLF), Taiwan Semiconductor Manufacturing Company (TSM -0.7%), NXP Semiconductors (NXPI -2.2%), Broadcom (AVGO -1.3%), Qorvo (QRVO -2.4%), Texas Instruments (TXN -0.5%), Toshiba (OTCPK:TOSBF +4.4%), Lattice Semiconductor,  (LSCC -0.6%), Dialog Semiconductor (OTC:DLGNF), SK Hynix (OTC:HXSCF) and other makers also so far validated.
    | Fri, Sep. 16, 1:44 PM | 31 Comments
  • Thu, Sep. 15, 11:48 AM
    • Analyst Romit Shah maintains a Buy rating while lowering his price target to $180, down from $200 (current price $172.72).
    • Shah: "We don’t disagree that expectations were high going into earnings, but after digging deeper into FQ3 results, we believe earnings were not as strong as investors perceive.”
    • Further attributes projected flat wired infrastructure growth, underwhelming management execution and slow free cash flow growth to the adjustment.
    • Broadcom (AVGO +1.8%) has been trading up throughout the morning, though is still down almost 5% from early-September levels.
    • Q3 report
    | Thu, Sep. 15, 11:48 AM | 5 Comments
  • Tue, Sep. 6, 11:53 AM
    • August monthly performance was: 0%
    • AUM of $8.68B
    • 52-week performance vs. the S&P 500 is: -17%
    • No dividends were paid in August
    • Top 10 Holdings as of 6/30/2016: RELX PLC (OTC:RLXXF): 2.98184%, Sky PLC (OTCQX:BSYBF): 2.94851%, British American Tobacco PLC (OTCPK:BTAFF): 2.66638%, Teva Pharmaceutical Industries Ltd ADR (TEVA): 2.50786%, WPP PLC (OTCPK:WPPGF): 2.36147%, Taiwan Semiconductor Manufacturing Co Ltd (2330): 2.35528%, CGI Group Inc A (GIB): 2.31975%, Roche Holding AG Dividend Right Cert. (OTCPK:RHHVF): 2.27147%, Broadcom Ltd (AVGO): 2.25054%, Deutsche Boerse AG (OTCPK:DBOEF): 2.18513%
    | Tue, Sep. 6, 11:53 AM
  • Thu, Sep. 1, 4:12 PM
    • Broadcom (NASDAQ:AVGO) declares $0.51/share quarterly dividend, 2% increase from prior dividend of $0.50.
    • Forward yield 1.15%
    • Payable Sept. 30; for shareholders of record Sept. 19; ex-div Sept. 15.
    | Thu, Sep. 1, 4:12 PM | 3 Comments