Broadcom jumps 2% after announcing additional supply pacts with Apple » 17:1601/2301/23/20
Shares of Broadcom (AVGO)…
Shares of Broadcom (AVGO) are up 2% or $6.40 to $326 per share in after-hours trading following the Apple (AAPL) news.
Broadcom sees supply deals with Apple collectively generating $15B in revenue » 17:1001/2301/23/20
In a regulatory filing,…
In a regulatory filing, out after the close on Thursday, Broadcom noted that the company estimates that, based on past experience, and subject to the company's ability to satisfy its applicable contractual obligations, the 2020 SOWs or supply agreements, and the 2019 SOW could, collectively, generate aggregate total future revenue associated with the Covered Products of approximately $15B for the company.
Broadcom in new pacts with Apple for high-performance wireless components » 17:0601/2301/23/20
Broadcom (AVGO) announced in a regulatory filing, that certain of its subsidiaries have entered into two separate multi-year statement of work agreements with Apple (AAPL). Both are for the supply of a range of specified high-performance wireless components and modules to Apple for use in its products. The 2020 SOWs or pacts, are in addition to the agreement between the company and Apple entered into on June 9, which remains in effect with respect to the supply of specified RF components and modules to Apple. The 2020 SOWs, and the remaining portion of the 2019 SOW, apply to Apple products launched during the three and a half year period beginning in January 2020. The company estimates that, based on past experience, and subject to the company's ability to satisfy its applicable contractual obligations, the 2020 SOWs and the 2019 SOW could, collectively, generate aggregate total future revenue associated with the Covered Products of approximately $15B for the company.
Fly Intel: Wall Street's top stories for Thursday » 16:4101/2301/23/20
CMCSA, CMCSK, PG, TRV, MU, WDC, WFC, NFLX, CTXS, JBLU, IMAX, FCX, VFC
Stocks were sliding on…
Fly Intel: Wall Street's top stories at midday » 12:1701/2301/23/20
CMCSA, PG, TRV, MU, WDC, PAYC, SLM, JBLU, GLOP, FCX, VFC
Stocks are sliding again…
Memory makers gain as analysts highlight pricing strength, 5G impact » 11:5701/2301/23/20
MU, WDC, SSNLF, SIMO, AAPL
Shares of Micron (MU) and…
GE, Micron, Western Digital upgrades among today's top analyst calls » 11:1701/2301/23/20
GE, MU, WDC, LB, TSLA, CTVA
Check out today's top…
Penn National appoints David Williams as EVP, CFO » 10:3201/2301/23/20
Penn National Gaming…
Penn National Gaming (PENN) announced the appointment of David Williams, as EVP and CFO, effective March 3, 2020, subject to customary regulatory approvals. Williams, who joins Penn National following more than twenty years as a finance executive at Apple Inc. (AAPL), succeeds William Fair, who in September 2019, announced his intention to step down from his role at the Company. Mr. Williams will report directly to Penn National's CEO, Jay Snowden. In his new role at Penn National, Mr. Williams will be responsible for all of the Company's financial and treasury functions, as well as helping to develop and support the Company's strategic growth initiatives, including its burgeoning iGaming and sports betting businesses.
Fly Intel: Top five analyst upgrades » 10:1801/2301/23/20
LB, GE, CVX, WDC, MU, XEC
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. L Brands (LB) double upgraded to Overweight from Underweight at Barclays with analyst Adrienne Yih saying she believes there is "meaningful upside" to the shares if either management or activist Barington announce measures to improve the business and unlock inherent asset value. 2. General Electric (GE) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Joshua Pokrzywinski saying he sees its Aviation unit as a "best-in-class franchise" and that he believes the risk from the continued grounding of the Boeing (BA) 737 MAX appears limited. 3. Chevron (CVX) upgraded to Outperform from Sector Perform at Scotiabank. 4. Western Digital (WDC) and Micron (MU) upgraded to Overweight from Equal Weight at Morgan Stanley. 5. Cimarex Energy (XEC) upgraded to Outperform from Neutral at Credit Suisse with analyst Betty Jiang saying double digit oil production growth looks achievable in 2020 and believes the year could be setting up as an inflection year for Cimarex. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
5G phone launches 'quickly soaking up' excess memory inventory, says Cowen » 09:4401/2301/23/20
MU, SIMO, WDC, AAPL, SSNLF
Cowen analyst Karl…
Cowen analyst Karl Ackerman's field work across the memory supply chain indicates entry level configurations of DRAM and NAND are 50% and 100% higher, respectively, for premium tier 5G handsets launching this year from Samsung (SSNLF), Huawei and Apple (AAPL). This is causing supply tightness and should put upward pressure on average selling price contracts, Ackerman tells investors in a research note. The analyst sees Micron Technology (MU) and Silicon Motion (SIMO) as the largest beneficiaries, though he notes that Western Digital (WDC) is also well positioned. While investors generally understand new smartphone launches should reduce excess memory inventory, many do not yet fully appreciate the incremental memory content on new 5G flagship launches in 2020, contends Ackerman. He thinks 5G smartphone build plans are "quickly soaking up excess inventory" that should accelerate demand and enable revenue and profitability to materially improve for memory providers the next few quarters.