Mon, Oct. 31, 10:34 AM
- Alex Henderson recommends Oclaro (OCLR +1.5%), NeoPhotonics (NPTN +1.9%), Lumentum Holdings (LITE -2.5%), Fabrinet (FN +0.9%), Finisar (FNSR +0.3%), Inphi (IPHI -0.1%), II-VI (IIVI +1.8%), GigPeak (GIG) and M/A-COM Technology Solutions Holdings (MTSI +0.5%) despite recent pullback in the sector.
- On Acacia Communications (ACIA +0.2%), considers "overcorrected" and sees a reversal in movement on projected strong Q4 guidance and 2017 upside. Acacia Communications was further initiated with an Outperform rating at William Blair earlier this morning.
Tue, Oct. 25, 6:56 AM
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Wed, Apr. 27, 12:46 PM
Tue, Apr. 26, 6:56 AM
- II-VI (NASDAQ:IIVI): FQ3 EPS of $0.35 beats by $0.07.
- Revenue of $200.9M (+10.0% Y/Y) beats by $8.12M.
Mon, Apr. 25, 5:30 PM
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Mon, Mar. 14, 11:21 AM
- Two weeks after announcing an $0.85/share deal ($0.19/share higher than the price of its initial deal) to acquire Anadigics (ANAD -0.1%), II-VI (IIVI -0.4%) says 47.8M Anadigics shares (52.9% of the company's common stock) were validly tendered through a tender offer. Another 4.2M shares were delivered through notices of guaranteed delivery.
- II-VI and subsidiary Regulus Acquisition plan to "effect a merger" between Regulus and Anadigics once the tendered shares are accepted and paid for. The deal is expected to close by March 18.
Mon, Feb. 29, 9:14 AM
- The end of the bidding war, or just another stage? Four days after Anadigics (NASDAQ:ANAD) announced an $0.85/share offer from China's "Party B," the company says it has agreed to a revised $0.85/share deal with II-VI (NASDAQ:IIVI). (PRs: Anadigics, II-VI)
- Anadigics says it no longer considers Party B's bid superior, given II-VI matched the offer price and is providing a loan (a credit line worth up to $10M) to address Anadigics' "deteriorating liquidity position," and given a II-VI deal wouldn't be subject to a CFIUS review.
- II-VI is now paying $0.19/share more than what it originally agreed to acquire Anadigics for, and $0.49/share more than what GaAs Labs was once set to acquire Anadigics for. Anadigics closed on Friday at $0.85.
- Prior Anadigics coverage
Thu, Feb. 25, 9:20 AM
- The bidding war (still) continues: The Chinese suitor known as Party B is now offering $0.04/share more for Anadigics (NASDAQ:ANAD) than what II-VI (NASDAQ:IIVI) offered on Tuesday. Anadigics' board deems Party B's bid a "superior offer."
- II-VI has two business days to deliver an offer that would lead Anadigics to no longer consider Party B's bid superior. Anadigics closed on Wednesday at $0.83; its market cap stands at $74M.
- Prior Anadigics coverage
Wed, Feb. 24, 9:18 AM
- II-VI's (NASDAQ:IIVI) latest offer for Anadigics (NASDAQ:ANAD) matches the latest offer delivered by a Chinese suitor (referred to as Party B), and is $0.15/share above II-VI's original deal to acquire Anadigics. Anadigics no longer considers Party B's offer superior to II-VI's.
- For those keeping score, the latest bids for Anadigics are 131% above the $0.35/share price at which Anadigics had once agreed to sell itself (to GaAs Labs).
- Party B has until 11:59PM ET today to deliver an offer Anadigics' board considers superior to II-VI's latest bid. Anadigics closed yesterday at $0.77.
Fri, Feb. 19, 5:43 PM
- II-VI (NASDAQ:IIVI) has raised its offer for Anadigics (NASDAQ:ANAD) by $0.07/share to $0.73/share. Anadigics' board "intends to consider carefully" the new offer.
- News of the revised bid comes two days after Anadigics disclosed a Chinese suitor (referred to as Party B) had delivered a $0.78/share offer that Anadigics' board deems to be a superior proposal to the $0.66/share deal Anadigics previously agreed to with II-VI. Among other things, the Chinese suitor is willing to pay a reverse termination fee in the event it's unable to close its purchase of Anadigics.
- Anadigics closed today at $0.736. Shares haven't yet moved after hours.
Wed, Feb. 17, 4:16 PM
- Following a fresh set of deal term revisions, Anadigics (NASDAQ:ANAD) states a $0.78/share buyout offer delivered yesterday from a Chinese suitor referred to as "Party B" is superior to the company's $0.66/share deal to sell to II-VI (NASDAQ:IIVI). II-VI has three business days to respond.
- Anadigics: "To protect the Company and its stockholders in the event the closing of the proposed merger transaction with Party B does not close in a timely manner or at all as a result of the review process to be conducted by the Committee on Foreign Investment in the United States, the February 16, 2016 Party B Proposed Merger Agreement provides, among other things, that, under certain circumstances identified therein, Party B will make a loan available to the Company and/or pay to the Company a reverse termination fee."
- ANAD +2.7% after hours to $0.70.
- Prior Anadigics coverage
Tue, Jan. 26, 1:55 PM
- II-VI (NASDAQ:IIVI) has surged above $19 after beating FQ2 estimates and reporting bookings rose 11% Q/Q and 12% Y/Y to $207.7M (yielding a book-to-bill of 1.08). FQ3 guidance is for revenue of $185M-$195M and EPS of $0.25-$0.29 (midpoints of $190M and $0.27) vs. a consensus of $194M and $0.26.
- CEO Francis J. Kramer: "Despite sluggishness in China and in our industrial markets, we are very encouraged about the prospects ahead for all of our business segments." Fueling the FQ2 bookings growth: II-VI's Photonics segment bookings rose 48% Y/Y to $97.5M. Laser Solutions bookings fell 2% to $66.4M; Performance Products bookings fell 18% to $43.8M.
- Financials: Gross margin was 37.3%, -30 bps Q/Q and +160 bps Y/Y. Op. margin was 11.3% vs. 11.5% in FQ1 and 9.3% a year ago. U.S. sales +8% to $74.2M; international sales +9% to $117.3M. $400K was spent to buy back 25.2K shares. II-VI ended FQ2 with $177M in cash and $146M in debt.
- II-VI's FQ2 results, earnings release
- Yesterday: Anadigics sees new buyout offer yielding proposal superior to II-VI's
Tue, Jan. 26, 6:57 AM
- II-VI (NASDAQ:IIVI): FQ2 EPS of $0.30 beats by $0.03.
- Revenue of $191.5M (+8.4% Y/Y) beats by $1.81M.