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. 1, 2013, 3:40 PM
- The Moto X (GOOG +1.7%) will sell for a subsidized $199 at all 4 major U.S. carriers.
- The phone has a 4.7" 720p display (the Galaxy S4 has a 5" 1080 display), a 10MP camera, Miracast wireless display support, and a promised 24 hours of battery life under "mixed" use.
- Battery life is improved via the multi-CPU X8 architecture: the X pairs a primary CPU (revealed to be a custom version of a dual-core, 1.7 GHz., QCOM Snapdragon) with a "natural language" processor handling audio, and a "contextual computing" processor that runs the phone when on standby.
- As rumored, the phone is very customizable. Between the different backplate covers, front panels, side-mounted buttons, and lens rings, there are 504 potential versions of the X.
- The X is smaller than other 4.7" phones thanks to its wrap-around glass, and a feature called Active Notifications alerts users to updates while engaging only a small part of the display.
- Motorola Mobility had a Q2 op. loss of $218M on revenue of $998M, and its global smartphone share has fallen to ~1%. Can the X help right the ship?
- Previous: $500M Moto X marketing push, Motorola Droid refresh
Jul. 31, 2013, 1:15 AM
- The FT reports Qualcomm's (QCOM) investment in Alcatel-Lucent (ALU) is worth over €100M ($133M).
- The companies plan to develop products for the burgeoning small cell base station market, where Alcatel has already struck deals with major carriers. Any resulting hardware will almost certainly use Qualcomm's small cell baseband processors.
- Lazard, which argues Qualcomm could profit handsomely from small cell royalties, thinks the market could boost FY14 EPS by $0.08-$0.29.
- Alcatel CEO Michel Combes promises similar R&D-focused deals "with other industry names" in the coming quarters.
- Alcatel made new 52-week highs thanks to the Qualcomm deal and its Q2 beat.
- The IP division (switches/routers) was again an area of strength: sales +21% Y/Y vs. +6% in Q1 and +26% in Q4). Also, platforms (telecom software) sales rose 23% vs. 1.8% in Q1.
- Optics was still soft at -7% Y/Y, but that's better than Q1's -16%. Wireless fell 1% after rising 5% in Q1, as slowing 2G/3G infrastructure sales offset rising 4G sales. Services were a mixed bag.
- Net debt rose by €436M Q/Q to €794M.
- Previous: Alcatel Q2 results/Qualcomm investment
Jul. 30, 2013, 12:09 PM
- BGR follows up on its July 9 scoop about new Kindle Fire (AMZN -0.1%) models sporting higher-resolution displays by reporting next-gen 7" and 8.9" Fire HD models will use Qualcomm's (QCOM +1%) top-of-the-line Snapdragon 800 CPU (quad-core, reportedly clocked at 2GHz.).
- Texas Instruments, which has thus far been Amazon's app processor supplier, announced last fall it's exiting the mobile app processor market.
- The 8.9" Fire HD will reportedly have an 8MP rear camera; the 7" model will be camera-free.
- The entry-level Kindle Fire will ship with 8GB-32GB of storage; the HD models will have 16GB-64GB.
- Amazon is reportedly aiming for a fall launch.
- The updated Fires will arrive with Barnes & Noble gradually exiting the tablet market, and reports indicating a retina iPad Mini won't launch until 2014. However, Amazon will have to compete with a new Nexus 7 (receiving good reviews) and Samsung's refreshed Galaxy Tab/Note lineup.
Jul. 30, 2013, 3:49 AM
- Alcatel-Lucent (ALU): Q2 net loss widens to €885M from €254M last year and vs expectations of €280M; operating profit €24M vs loss of €86M and consensus for loss of €39.4M.
- Revenue +1.9% to €3.61B vs forecasts of €3.48B, with sales boosted by a large increase in revenue from North America.
- Takes €552M impairment charge related to the reorganization of the company's wireless business and €194M restructuring charge.
- Cuts €120M in costs, cash burn drops to €248M from €517M.
- Qualcomm (QCOM) is buying a small stake in Alcatel-Lucent as part of an R&D pact to make new wireless transmitters for homes and offices; ALU plans to seek a total of 3-5 strategic partners that will acquire small holdings.
- Shares +7.6% in Paris. (PR)
Jul. 25, 2013, 11:13 AMCiting "device exhaustion," Citi's Glen Yeung removes his Buy rating on Qualcom (QCOM +2.9%) and cuts the price target $11 to $70. Demand for high-end smartphones is decelerating as markets near saturation, with lack of hardware innovation also likely to weigh. "QCOM is relegated to a trading stock." Also cut are Avago Technologies (AVGO -0.8%) and MagnaChip (MX -7.2%). Nomura's Romit Shah hikes his QCOM PT $3 to $78, noting the earnings call (transcript) strongly suggested new product launches should drive big growth in the December quarter. | Jul. 25, 2013, 11:13 AM | 9 Comments
Jul. 24, 2013, 6:14 PMMore on Qualcomm: 172M MSM chip shipments in FQ3, +22% Y/Y and near top of guidance range of 163M-173M. 171M-181M forecast for FQ4 (+21%-28% Y/Y). Forecast for 2013 royalty-bearing device shipments unchanged at 1.015B-1.085B in spite of smartphone concerns. Royalty-bearing device sales +18% Y/Y in March quarter (same as Dec. quarter). Device ASP rose to $227-$233 in March quarter from Dec. quarter's $214-$220 in spite of reports of soft high-end smartphone sales. EPS dinged by 36% Y/Y increase in R&D spend to $1.13B (up from +28% in FQ2). SG&A +19% to $505M (+14% in FQ2). Chip division's EBT margin was 17%, even with FQ2 but down from 25% a year ago. $1.04B spent on buybacks. Royalty division's EBT profit ($1.63B) still over 2x chip division's ($738M). QCOM +4.5% AH. (PR) (slides) | Jul. 24, 2013, 6:14 PM | Comment!
Jul. 24, 2013, 5:40 PM
Jul. 24, 2013, 4:04 PM
Jul. 24, 2013, 12:47 PMGoogle (GOOG +0.1%) officially launches the second-gen Nexus 7. As expected, it has a 1920x1200 display, a quad-core Qualcomm (QCOM -0.9%) APQ8064 CPU, and a starting price of $229. The tablet also comes with stereo speakers and dual cameras, and is 2.85mm thinner and 50g lighter than its predecessor. It arrives amidst reports a retina iPad Mini (AAPL) won't launch until 2014. Google is also unveiling Android 4.3 (Jelly Bean). The OS mostly provides incremental improvements such as Bluetooth Smart support, OpenGL ES 3.0 support (better 3D gaming), and improved multi-user settings. Google also discloses there are now 1M+ apps in the Play store (the number of non-duplicate apps is likely lower); Tim Cook stated last month the App Store has 900K+ apps. (live blog) | Jul. 24, 2013, 12:47 PM | 12 Comments
Jul. 24, 2013, 8:43 AM
Jul. 24, 2013, 12:10 AMNotable earnings after Wednesday’s close: AEM, AIZ, AKAM, AMCC, AMP, ANGI, ARII, ASGN, AVB, BDN, BIDU, CA, CAKE, CCI, CDNS, CLGX, CMO, CMRE, COG, CROX, CTXS, CYH, EFX, EGHT, EQIX, ETFC, FB, FBHS, FFIV, FLOW, FLS, FOE, FTNT, GGG, GPRE, HRC, IM, INFN, ITC, ITMN, KEX, LOGI, LSI, LVS, MLNX, MTSN, NFX, OI, OII, ORLY, PDH, PMTC, QCOM, RJF, RRC, RT, RYL, SCI, SGMO, SKX, SLG, SQNM, SRCL, SUSQ, SWFT, SYNC, TAL, TCBI, TER, TEX, TQNT, TRIP, TSCO, TWI, V, VAR, WCRX, WDC, WLL, WRE, WSH, XOOM, ZNGA | Jul. 24, 2013, 12:10 AM | Comment!
Jul. 23, 2013, 5:35 PMNotable earnings after Wednesday’s close: AEM, AIZ, AKAM, AMCC, AMP, ANGI, ARII, ASGN, AVB, BDN, BIDU, CA, CAKE, CCI, CDNS, CLGX, CMO, CMRE, COG, CROX, CTXS, CYH, EFX, EGHT, EQIX, ETFC, FB, FBHS, FFIV, FLOW, FLS, FOE, FTNT, GGG, GPRE, HRC, IM, INFN, ITC, ITMN, KEX, LOGI, LSI, LVS, MLNX, MTSN, NFX, OI, OII, ORLY, PDH, PMTC, QCOM, RJF, RRC, RT, RYL, SCI, SGMO, SKX, SLG, SQNM, SRCL, SUSQ, SWFT, SYNC, TAL, TCBI, TER, TEX, TQNT, TRIP, TSCO, TWI, V, VAR, WCRX, WDC, WLL, WRE, WSH, XOOM, ZNGA | Jul. 23, 2013, 5:35 PM | Comment!
Jul. 23, 2013, 5:25 PMApple suppliers rally in AH trading after the company beats FQ3 estimates on the back of 31M iPhone sales (above a ~26M consensus), and in spite of recording only 14.6M iPad sales (below an ~18M consensus). Apple's FQ4 guidance is light, but that was arguably priced in. CRUS +4.6% AH. QCOM +0.8%. OVTI +1.1%. SWKS +1.4%. TQNT +0.6%. Qualcomm and TriQuint report tomorrow afternoon. | Jul. 23, 2013, 5:25 PM | Comment!
Jul. 23, 2013, 1:02 PMMotorola Mobility (GOOG) refreshes its Droid lineup ahead of its Aug. 1. Moto X event. The 5" Droid Maxx is the highlight: aided by a giant 3,500mAh battery, Motorola claims the Maxx delivers 48 hours of continued use (the current Razr Maxx boasts 32 hours). The Droid Ultra is slightly thinner and offers less battery life, and the Droid Mini uses a 4.3" display, but the phones are otherwise similar. Much like the X, Motorola is offering features such as voice control and swipe/shake gestures to stand out. Each phone has a 720p display (many rivals are at 1080p). Verizon will sell the Maxx for a steep subsidized price of $300; the Ultra goes for $200, and the Mini $100. In a slight negative for QCOM, Motorola is using a home-grown app processor called the X8. | Jul. 23, 2013, 1:02 PM | 2 Comments
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 | Comment!
Qualcomm Inc develops digital communication technology called CDMA (Code Division Multiple Access), & owns intellectual property applicable to products that implement any version of CDMA including patents, patent applications & trade secrets.
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