Aug. 12, 2013, 9:38 AM
- F5 (FFIV +3.2%) has been upgraded to Overweight by Barclays.
- NetApp (NTAP +1.1%) has been upgraded to Neutral by Baird ahead of Wednesday's FQ1 report.
- T-Mobile USA (TMUS +1.2%) has been upgraded to Market Perform by Oppenheimer following last Thursday's Q2 report.
- Broadcom (BRCM -1.3%) has been cut to Neutral by Goldman.
- Juniper (JNPR -1.7%) has been cut to Sector Perform by RBC.
Aug. 8, 2013, 7:45 PM
- Goldman strategist David Kostin has identified what he thinks are the top 40 most undervalued stocks; at the time he issued the note yesterday, each stock had at least 20% upside to his price target.
- The list: MPC, ADSK, VTR, CRM, AMT, SPG, HAL, DVN, EXPE, SWN, R, ESV, BRCM, CAM, NBL, WYNN, WYN, NE, VMC, PSX, NBR, CCI, APC, EL, NFX, FSLR, GM, YHOO, CERN, EOG, CTSH, GT, QCOM, MON, VLO, SLB, PCP, AMAT, BMY, NOV.
Aug. 5, 2013, 10:31 AM
- Qualcomm (QCOM -1.7%) has been cut to Neutral by Piper.
- Canadian Solar (CSIQ +9.7%) fresh off selling 5 solar plants, has been started at Buy by Roth.
- Riverbed (RVBD +3.2%) has been upgraded to Outperform by Oppenheimer less than a week after plunging on account of missing Q2 revenue estimates and issuing light guidance.
- Broadcom (BRCM +0.6%) has been upgraded to Buy by Drexel Hamilton. Many other firms have been going in the opposite direction.
- Perficient (PRFT +7.9%) has been started at Buy by Needham in the wake of its Thursday Q2 beat.
- MicroStrategy (MSTR +1.6%) has been upgraded to Buy by Roth a week after posting a Q2 miss.
Aug. 2, 2013, 9:56 AM
- Groupon (GRPN -0.2%) has been upgraded to Equal Weight by Evercore, a long-time bear.
- Chipmakers Broadcom (BRCM -1.4%) and Linear (LLTC -1.4%) have been cut to Neutral by UBS. Broadcom received 7 downgrades last week following its Q2 report.
- Guidance Software (GUID -17.3%) has been cut to Sell by Benchmark following its Q2 report and light 2013 guidance.
- ValueClick (VCLK -16.4%) has been cut to Underperform by Raymond James, and to Hold by Needham, in response to its Q2 report and light guidance.
- Citrix (CTXS +0.9%) has been upgraded to Outperform by Credit Suisse.
- Cbeyond (CBEY -4.3%) has been cut to Market Perform by FBR following its Q2 report.
- Automatic Data (ADP -1.2%) has been cut to Neutral by Susquehanna following its FQ4 report.
Aug. 1, 2013, 3:11 PM
- Sources tell ex-WSJ reporter Jessica Lessin Apple (AAPL +0.7%) has acquired Passif Semiconductor, a chipmaker developing radios for the low-power Bluetooth LE (i.e. Bluetooth SMART) standard, which was created with embedded and wearable computing applications in mind.
- Two weeks ago, the FT reported Apple is ramping its iWatch design/engineering efforts. Passif's chips are a logical fit for them.
- The acquisition is noteworthy for Broadcom (BRCM +0.2%), given the company is the Wi-Fi/Bluetooth/GPS combo chip supplier for the iPhone and iPad, and has been developing its own low-power Bluetooth parts.
- Pac Crest recently stated there's a growing risk Apple will abandon Broadcom in favor of home-grown combo chips, given Apple's hiring activity and Texas Instruments' $315M sale of wireless connectivity IP to an unnamed OEM (believed by some to be Apple). If Apple wishes to ditch Broadcom, Passif could provide one piece to the puzzle, but only that.
- Update: Apple confirms it has bought Passif.
Aug. 1, 2013, 12:34 PM
- Though Q2 EPS met estimates and revenue was slightly above, Entropic (ENTR -13.1%) guided on its Q2 CC for Q3 revenue of $55M-$57M and EPS of -$0.07, well below a consensus of $79.8M and $0.03. The revenue guidance implies a Q/Q drop of 19%-22%, and a Y/Y drop of 36%-39%.
- CEO Patrick Henry: "In the past few weeks, we experienced a number of unexpected challenges within our business."
- Among those challenges: slower-than-expected design win ramps at service providers , and a delayed ramp for a digital terminal adapter (HD-DTA) design win with a "flagship" cable MSO (believed to be Comcast). Entropic says talks with the MSO suggest "the ramp has been pushed out until mid-2014."
- Entropic also says it's "seeing an unrelated slowdown" with another MSO (Time Warner Cable?) due to a capex issue it thinks will be resolved in Q1 2014, and is seeing "short-term weakness" at top customer DirecTV due to a new inventory management system.
- Entropic is losing share to Broadcom (BRCM +0.2%), which saw 6% Q/Q Q2 growth for its broadband chip ops, and is guiding for flat Q/Q growth in Q3.
- Q2 results, PR, CC transcript
Jul. 24, 2013, 12:45 PM
Jul. 24, 2013, 11:32 AM
Broadcom (BRCM -14.4%) tumbles after getting hit with 7 downgrades in response to its Q1 revenue miss and light Q2 guidance. The chipmaker stated on its Q2 call combo chip, emerging markets set-top, and networking chip sales were healthy, and disagreed with recent reports about pending combo chip share loss (a ~75% share was cited for 4G phones). But Broadcom also mentioned "relative softness" was seen in its mobile baseband chip sales; the company has faced stiff competition here from Qualcomm and MediaTek. RBC, cutting shares to Sector Perform, is worried about a pending 4G baseband being late to market. A $507M charge was taken on the $3.7B NetLogic acquisition due to soft sales for certain product lines.| Jul. 24, 2013, 11:32 AM
Jul. 24, 2013, 9:16 AM
Jul. 23, 2013, 5:30 PM
Jul. 23, 2013, 4:08 PM
Jul. 23, 2013, 12:39 PMThere's a growing risk Apple (a long-time Broadcom combo chip client) will use home-grown combo chips in the future, says Pac Crest's Michael McConnell while downgrading Broadcom (BRCM -3.5%) to Sector Perform ahead of this afternoon's Q2 report. McConnell points recent Apple hiring activity, and Texas Instruments' (TXN +4%) disclosure it has sold wireless connectivity tech to a customer. TI, which is exiting the combo chip market, stated on its Q2 call it recorded a $315M gain from the sale, which suggests the customer was a big one. Broadcom is down 8% over the last week thanks to Pac Crest and Barclays; can networking and low-end smartphone chip sales help the company beat lowered expectations? | Jul. 23, 2013, 12:39 PM | 2 Comments
Jul. 23, 2013, 10:06 AMA roundup of tech analyst ratings changes: 1) Broadcom (BRCM -5.3%) has been cut to Sector Perform by Pac Crest ahead of today's Q2 report. 2) JDS Uniphase (JDSU -3.4%) has been cut to Neutral by MKM. 3) Lam Research (LRCX +1.1%) has been started at Outperform by RBC ahead of its July 31 FQ4 report. 4) Texas Instruments (TXN +4.8%) has been upgraded to Neutral by SunTrust following its Q2 results and strong Q3 guidance. 5) Quad/Graphics (QUAD -2.2%) has been cut to Neutral by Sidoti. | Jul. 23, 2013, 10:06 AM
Jul. 23, 2013, 12:10 AM
Jul. 22, 2013, 5:44 PMBroadcom (BRCM -1.3%) closed lower ahead of tomorrow's Q2 report after Barclays stated Qualcomm (QCOM +1%) combo chips were uncovered in a couple more device teardowns. Shares tanked last Wednesday after the Barclays reported a Galaxy S4 Mini teardown turned up a Qualcomm combo chip. The firm added the teardown suggests "QCOM is not as far behind [in the combo chip market] as many perceive," and that OEMs are optimizing for cost (where Qualcomm's platform-level solutions might have an edge) relative to performance (where Broadcom arguably maintains an edge), as demand shifts towards low-end/mid-range hardware. | Jul. 22, 2013, 5:44 PM
Jul. 22, 2013, 5:35 PM