Tag Archive | "evening"

Barnes & Noble Gets $17/Sh Offer From Liberty Media

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Here’s a bit of a head-scratcher: Barnes & Noble (BKS) this evening said its board of directors received a proposal from John Malone’s Liberty Media to acquire the company for $17 per share in cash, a 20% premium to the stock’s closing price of $14.11 today.

B&N’s board plans to evaluate the proposal through its special committee on strategic alternatives, it said.

The company said Liberty’s offer is contingent on B&N chairman Leonard Riggio maintaining both his stake in the stock and also a management role at B&N.

Malone, a cable pioneer, has assembled a grab bag of assets at Liberty, including the Starz movie distribution business, as well as the QVC shopping network. The company has three tracking stocks for those assets, Liberty Interactive (LINTA), Liberty Starz (LSTZA), and Liberty Capital (LCAPA).

Article courtesy of Tech Trader Daily

Brocade Sees In-Line FYQ3

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Following a report of better-than-expected fiscal Q2 EPS this evening, storage networking equipment vendor Brocade (BRCD) forecast its Q3 earnings per share would decline, and may be just shy of current consensus estimate.

Q2 revenue was up almost 10%, at $550 million, yielding EPS of 13 cents. Analysts had been modeling $550 million and 10 cents.

Growth in sales of Ethernet products to large companies and to telcos of 24% was offset by a decline in revenue coming from federal government sales, the company said.

For the current quarter, the company sees revenue in a range of $540 million to $560 million, and EPS of 10 cents to 11 cents, compared to the average estimate for $556 million and 11 cents.

Brocade shares were up 4 cents, or half a point, in late trading at $6.30.

Article courtesy of Tech Trader Daily

Analog Devices Up 4% On FYQ2 Beat; Q3 View Beats

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Shares of analog chip maker Analog Devices (ADI) are up $1.77, or 4.4%, at $42 after the company this afternoon reported fiscal Q2 revenue and earnings per share ahead of estimates, and forecast the current quarter ahead of expectations as well.

Q1 revenue was up almost 9%, year over year, at $791 million, easily beating the average $746 million estimate, yielding EPS of 75 cents, 7 cents better than expected.

Gross profit as a percentage of sales rose from 65% a year earlier and 66% in Q1 to 67.6%.

For the current quarter, the company sees revenue of $765 million to $795 million, and EPS of 70 cents to 75 cents per share. Analysts have been modeling revenue of $759 million and 69 cents per share.

ADI expects gross profit to hold steady at 67% to 68% of sales in the quarter, with operating expenses “flat to down 1%,” it said.

ADI will host its conference call with investors at 5 pm this evening, Eastern time. You can catch it here.

Article courtesy of Tech Trader Daily

TI Offers $3.5 Billion of Senior Notes

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Busy day for tech bond offerings. Following Google‘s (GOOG) pricing this afternoon of $3 billion of senior unsecured notes, Texas Instruments (TXN) announced this evening they will offer $3.5 billion of senior unsecured notes.

TI will offer $500 million of notes due 2013 with an 0.875% coupon; $1 billion of notes due 2013 with a floating rate; $1 billion of notes due 2014 with a 1.375% coupon; $1 billion of notes due 2016 with a $2.375% coupon.

TI said the proceeds will be used to fund its acquisition of National Semiconductor (NSM), announced last month, and for general corporate purposes.

Article courtesy of Tech Trader Daily

Apple Loses Kodak Claim At ITC, Says Bloomberg

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Bloomberg’s Susan Decker is reporting this evening that that Apple (AAPL) received an adverse ruling in a patent suit it filed against Eastman Kodak (EK) before the International Trade Commission, with a judge finding Kodak did not violate two patents held by Apple on digital imaging.

The ITC Judge’s decision still must be approved by the ITC’s six-member commission. The judge’s ruling follows an ITC decision in March to review a rejection of Kodak’s claim that Apple and Reseach in Motion (RIMM) infringed on Kodak’s digital camera patents. Apple filed its claim after Kodak made its original accusation of infringement.

Kodak said it was pleased and looked forward to the commission’s decision, expected in June, Decker writes.

Apple shares are down 49 cents in late trading at $346.08. Kodak shares are up 10 cents, or 3.5%, at $2.95 in late trading.

Article courtesy of Tech Trader Daily

Qualcomm Jumps 4%: FYQ2 Beats; Raises Year View

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Qualcomm (QCOM) this evening reported fiscal Q2 revenue and EPS ahead of estimates, raised its full-year view, and offered a Q3 view ahead of estimates.

Q2 revenue came in at $3.87 billion, yielding EPS of 86 cents. Analysts had been expecting revenue of $3.62 billion and EPS of 80 cents.

For fiscal Q3, the company sees 68 cents to 72 cents EPS on revenue of $3.35 billion to $3.65 billion. Analysts have been estimating revenue of $3.39 billion and EPS of 69 cents. Qualcomm said it expects shipments of its “mobile station modems” to rise 12% to 16% from the prior year’s Q3, to 115 million to 119 million units.

For the year, the company now sees revenue of $14.1 billion to $14.7 billion, versus a prior $13.6 billion to $14.2 billion range, and ahead of the average $13.93 billion estimate. EPS is expected in a range of $3.05 to $3.13, versus a prior $2.91 to $3.05 range, and the average $3.04 estimate.

Part of the increase for the fiscal year is an expected rise in average selling prices: Qualcomm now sees ASPs in a range of $199 to $209, versus a prior estimate of $190 to $200, and ahead of the year-earlier quarter’s range of $183 to $189.

Qualcomm shares are up $2.38, or 4%, at $57.65 in late trading.

Article courtesy of Tech Trader Daily

To The Untrained Eye, Donald Trump Might Appear To Be Good With Money, But Wall Street Insiders Are On To Him

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Earlier this evening, I had the opportunity to get the unvarnished thoughts of a former Deutsche Bank employee familiar with Trump from this $640-million deal gone awry on the Trump International Hotel & Tower in Chicago. Trump was sued to collect on a $40-million personal guarantee that was part of the deal. Suffice it to say, the banker held a dim view of the Donald. “[The Chicago deal] was pretty minor given all the other things going on at the time. Real estate developers do default from time to time,” he said. “But this guy has been doing it for 20 years, failing. Remember the Trump Shuttle? That’s why he’ll never run. His finances just won’t hold up to scrutiny. It’s pretty well known in financial circles that this guy is a deadbeat.” [The Atlantic]



Article courtesy of Dealbreaker

EK Soars 20%: Judge Tells ITC To Review AAPL, RIM Finding

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Bloomberg’s Susan Decker and Chris Burritt report this evening that an International Trade Commission judge has ordered a review by the ITC of a fining in January that Apple’s (AAPL) and Research in Motion’s (RIMM) phones did not infringe on Eastman Kodak‘s (EK) patents, as Kodak had asserted they did.

Kodak shares rose 68 cents, or 20%, to $4.08.

Update: Dow Jones Newswires’s Steven Russolillo adds the following to the story this evening:

The agency originally found Kodak’s patents were invalid and hadn’t been infringed. The Commission said Friday that one or more cease-and-desist orders may be issued upon further review of the case. Such orders could keep Apple and RIM from importing or selling mobile devices with digital cameras in the U.S. A final decision is expected by May 23.

Previously:

Kodak Jumps 10% Awaiting Possible AAPL, RIM Patent Review, March 25th, 2011;
Apple: ITC Judge Says No Infringement Of Nokia Patents, March 25th, 2011.

Article courtesy of Tech Trader Daily

Micron FYQ2 Beats; Sees Prices Improving

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Shares of memory chip maker Micron Technology (MU) are up 47 cents, or 4.4%, at $11.08 after the company reported fiscal Q2 EPS ahead of estimates and beat by a wide margin on the revenue line.

Micron said on its conference call following the report that a rebound in demand in the current quarter would help profitability.

Revenue of $2.26 billion in the three months ended in February was up 15%, year over year, and ahead of the average $2.07 billion estimate. EPS of 7 cents per share was 4 cents ahead of estimates.

Despite an increase in volume of DRAM shipments, a 23% drop in average price compared to Q1 pushed down DRAM revenue by 6%, the company said. NAND flash chip revenue rose 8% thanks to higher volume of sales, despite a 4% drop in price.

Gross profit as a percentage of sales fell from 23% in Q1 to 19% in Q2. However, the company said on a conference call this evening that, “with stable to moderately improved pricing, we should now start to build margin back into the financials” in fiscal Q3.

Update: On the call, chairman and CEO Steve Appleton, commenting on the turmoil in Japan, said that Micron’s facilities, which are in the center of the country, and away from the coast, did not sustain any damage, nor were operations disrupted. As far as potential problems with not getting supplies, and other issues, Appleton said the company has been running “a pretty complex matrix analysis on everything” and that it may take a couple more weeks to determine where, for example, some shortfall in its supplies might crop up.

Article courtesy of Tech Trader Daily

Cisco: Chambers Defends Data Center Growth, Margin Ability

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During a brief phone chat this evening following fiscal Q2 results, Cisco Systems (CSCO) CEO John Chambers defended his company’s growth prospects and margin ability, while expanding upon what would seem to be the question of the hour, namely, the prospect that budget tightening in state and local governments is [...]

Article courtesy of BARRONS.com: Tech Trader Daily