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Kansas City
Alibaba Said to Push Back Start of IPO Investor Meetings
By Leslie Picker and Jonathan Browning Aug 30, 2014 3:36 AM MT
The Chinese e-commerce giant, which was weighing a plan to market its IPO early next week, now expects the meetings to begin in the week of Sept. 8, with tentative pricing on Sept. 18 and trading to start the following day, said the person, who asked not to be identified discussing private information.
Alibaba, based in Hangzhou, China, has been in discussions with the SEC as it seeks regulatory approval of its prospectus. The company has held off rushing the deal after originally targeting an early-August trading debut, a person familiar with the matter said in July.
“There shouldn’t be any obstacles for proceeding with the IPO,” said Li Muzhi, a Hong Kong-based analyst at Arete Research Service LLP. “This just gives them a bit more time.”
Florence Shih, a spokeswoman for Alibaba in Hong Kong, declined to comment.
The investor meetings, known as a roadshow, will give Alibaba, founded by billionaire Jack Ma, the opportunity to answer questions from the world’s biggest fund managers and build demand for its shares. With Alibaba and selling shareholders expected to raise as much as $20 billion, the IPO has the potential to be the largest offering in U.S. history.
Surpassing Visa
At $20 billion, Alibaba’s sale would edge past Visa Inc.’s $19.65 billion IPO in 2008 as the biggest in U.S. history, data compiled by Bloomberg show.
The Chinese e-commerce operator, which plans to sell shares on the New York Stock Exchange, may set its IPO value at $154 billion, or 22 percent below analyst valuations, in a move that could avoid repeating Facebook Inc. (FB)’s listing flop, according to the average estimate in a Bloomberg survey of five analysts last month. The poll respondents give Alibaba an average post-listing valuation of $198 billion.
Ma, the 49-year-old founder and chairman whose assets include a 7.3 percent economic interest in Alibaba, has emerged as China’s richest person, with a net worth of $21.8 billion, the Bloomberg Billionaires Index shows.
Arete Research also said a key issue for regulators relating to the separation of Alipay, Alibaba’s finance affiliate, had now been resolved after the company agreed to a new deal with the payment processor earlier this month.
http://www.bloomberg.com/news/2014-08-30/alibaba-said-to-push-back-start-of-ipo-investor-meetings.htmlh
.
Alibaba First-Quarter Profit Triples Ahead of IPO
By Lulu Yilun Chen and Leslie Picker Aug 27, 2014 9:57 AM MT
Aug. 27 (Bloomberg) -- Alibaba’s profit jumped in the first quarter as advertisers boosted spending on the Tmall and Taobao Chinese e-commerce platforms ahead of its initial public offering. Bloomberg Contributing Editor Paul Kedrosky and Bloomberg’s Cory Johnson report on “In The Loop.” (Source: Bloomberg)
Alibaba Group Holding Ltd.’s profit jumped in the first quarter as advertisers boosted spending on the Tmall and Taobao Chinese e-commerce platforms ahead of its initial public offering.
Net income almost tripled to $1.99 billion, or 84 cents a share, in the three months ended June, according to a filing with the U.S. Securities and Exchange Commission. Revenue rose 46 percent in local currency to the equivalent of $2.54 billion.
Today’s figures are likely the last numbers investors will see before deciding whether or not to buy shares in what could be the largest IPO ever in the U.S. Alibaba, China’s biggest e-commerce operator, may kick off its roadshow meetings to market the IPO after Sept. 2, though the timeline hasn’t been finalized, people with knowledge of the matter have said.
http://www.bloomberg.com/news/2014-08-27/alibaba-first-quarter-profit-triples-ahead-of-ipo.html
Interesting article about Joseph Tsai on Bloomberg today. This particular excerpt towards the end of the piece references the value in investing in Yahoo:
How Lacrosse-Playing Yalie Tsai Became Alibaba’s Mega-Dealmaker
By Leslie Picker and Zijing Wu Aug 24, 2014 4:00 PM MT
"Eric Jackson was an activist investor in 2007 targeting Yahoo, which at the time had a 40 percent stake in Alibaba. Following the campaign, he scheduled a meeting in December 2010 with Tsai in Hong Kong that lasted 90 minutes.
“It was a huge eye-opener for me,” said Jackson, founder of hedge fund Ironfire Capital LLC. “He was so impressive to me that I walked out of my meeting and said we have to go back and buy Yahoo shares because no one in America understands that they have a 40 percent stake in what’s going to be an Internet juggernaut.”
http://www.bloomberg.com/news/2014-08-24/how-lacrosse-playing-yalie-tsai-became-alibaba-s-mega-dealmaker.html
Scroll it right to left.
Infineon to Buy International Rectifier for $3 Billion
By Alex Sherman, Amy Thomson and Alex Webb Aug 20, 2014 4:01 PM MT
Infineon Technologies AG (IFX), Germany’s largest chipmaker, agreed to buy International Rectifier Corp. for about $3 billion in cash, adding to its power-management technology business.
Infineon will pay $40 a share for El Segundo, California-based International Rectifier in a deal approved by both companies’ boards, Infineon said in a statement yesterday. That’s 51 percent more than the stock’s close before the deal was announced. The transaction is the Neubiberg, Germany-based company’s biggest acquisition, according to data compiled by Bloomberg. It’s projected to be completed by early 2015, subject to regulatory approval.
Chief Executive Officer Reinhard Ploss, seeking a deal since taking the top job in 2012, is betting on rising demand for chips such as those used in car electronics and to manage battery power in mobile devices. The deal also puts Infineon closer to the technology hub of Silicon Valley.
“It is very important for us to be in the U.S. and close to the highly innovative region of California,” Ploss said in a conference call. “International Rectifier (IRF) does that.”
International Rectifier makes chips that help manage power flow in devices including satellites, cars, lighting systems and aircraft. The company reported a 13 percent increase in revenue in the year ending in June to $1.11 billion, and swung to a profit of $58.7 million after reporting an $88.8 million loss previously. Its shares jumped 47 percent to $39.10 at yesterday’s close in New York.
More......http://www.bloomberg.com/news/2014-08-20/infineon-said-to-hold-talks-on-2-billion-u-s-chipmaker-deal.html
TV schedule...this makes more sense!
WEEK OF AUGUST 21-24
(All times Eastern)
PGA Tour: The Barclays
Thursday, Round 1: 2:00-6:00 p.m. GOLF
Friday, Round 2: 2:00-6:00 p.m. GOLF
Saturday, Round 3: 1:00-2:30 p.m. GOLF, 3:00-6:00 p.m. CBS
Sunday, Final Round: 12:00-1:30 p.m. GOLF, 2:00-6:00 p.m. CBS
Infineon nears $2 billion U.S. semiconductor deal : Bloomberg
FRANKFURT Wed Aug 20, 2014 9:37am EDT
(Reuters) - Germany's Infineon (IFXGn.DE) is nearing a deal to buy a U.S.-based semiconductor company for about $2 billion, Bloomberg reported on Wednesday, citing people familiar with the matter.
A deal could be announced later on Wednesday, Bloomberg said, without saying which company Infineon was targeting.
---------
On July 30, Infineon board member Arunjai Mittal told analysts that the group would pick any target according to its strategic fit, how difficult post-merger integration would be and how much it would add to Infineon's sales and profits.
Among U.S. chipmakers of roughly the size that Bloomberg cited are Fairchild Semiconductor International (FCS.O), Diodes (DIOD.O) and International Rectifier (IRF.N).
Bloomberg has also named Power Integrations (POWI.O) and Semtech (SMTC.O) as possible takeover targets in the chip sector.
http://www.reuters.com/article/2014/08/20/us-infineon-technol-mergers-idUSKBN0GK14C20140820?feedType=RSS
2014 Barclays TV Schedule
Date Time (ET) Station
Thursday, April 3 2-6 p.m. Golf Channel
Friday, April 4 2-6 p.m. Golf Channel
Saturday, April 5 1-2:30 p.m., 3-6 p.m. Golf Channel, CBS
Sunday, April 6 12-1:30 p.m., 2-6 p.m. Golf Channel, CBS
Source: PGATour.com
McIlroy Garcia Kaymer Fowler Bradley Mickelson DeLaet Day Jacobson Stenson
Industry news...VRNG
NEW YORK - August 15, 2014 - Vringo, Inc. (VRNG) today announced that the Court of Appeals for the Federal Circuit reversed the jury`s verdict and held that the asserted claims of the patents-in-suit in the Company`s wholly-owned subsidiary I/P Engine`s litigation against AOL Inc., Google Inc. et al. are invalid for obviousness. The Company is evaluating its options with respect to the case.
http://finance.yahoo.com/news/vringo-announces-adverse-ruling-p-154401279.html
Yes....looking good.
"Nvidia NVDA +8.82% shares rose almost 9% to close at $19 after the company reported on Thursday a second-quarter profit of 30 cents a share, excluding one-time items, on $1.1 billion in revenue. Wall Street analysts had forecast Nvidia to earn 19 cents a share on sales of $1.1 billion. The company also forecast third-quarter sales above analysts’ estimates.
Nvidia said its results were aided by strong sales of its Tesla chips used in data centers and its Tegra chips, which have been adopted in many automobiles. Analyst Rajvindra Gill, of Needham & Co., raised his rating on Nvidia to buy from hold with a price target of $23 a share, citing the company’s growth beyond the consumer PC market."
http://www.marketwatch.com/story/nvidias-gains-stand-out-among-tech-stocks-2014-08-08?siteid=yhoof2
McIlroy, Fowler, Schwartzel, B. Watson, Watney. 274
(That being said...I'm rooting for Sergio! Picking from the top 5 is a tough choice.)
Microsoft sues Samsung, seeks to enforce patent agreement
Posted by Janet I. Tu
August 1, 2014 at 1:50 PM
Microsoft filed a lawsuit Friday against Samsung, seeking to enforce an agreement in which the hardware manufacturer pays royalties to Microsoft for each Android phone it produces.
Microsoft contends that certain features in the Android operating system uses patented Microsoft technology. The software giant has reached agreements with a number of hardware manufacturers in which the manufacturers pay Microsoft royalties for each Android device they produce.
Samsung was one of those companies after it reached a cross-licensing agreement with Microsoft in 2011 that gave both companies greater patent coverage related to each other’s technologies.
For two years, Samsung made those payments.
But last year, Samsung, which pays Microsoft once a year, was late with its payment and did not pay Microsoft interest for those late months.
And Microsoft is concerned Samsung may not make its payments in the future, contending that Samsung is using the September 2013 announcement that Microsoft was acquiring Nokia’s phone business as “an excuse to breach its contract,” David Howard, a Microsoft corporate vice president and deputy general counsel, said in a blog post.
Microsoft is seeking a court judgment that its acquisition of Nokia’s phone business does not invalidate its agreement with Samsung. And it’s seeking interest on the late payment.
“We don’t take lightly filing a legal action, especially against a company with which we’ve enjoyed a long and productive partnership,” “Unfortunately, even partners sometimes disagree. After spending months trying to resolve our disagreement, Samsung has made clear in a series of letters and discussions that we have a fundamental disagreement as to the meaning of our contract.
Microsoft believes that Samsung originally agreed to make royalty payments back when it was a smaller player in the smartphone market, but is balking now that its smartphone sales have quadrupled since 2011 and is now the world’s largest smartphone manufacturer.
“Consider this: When Samsung entered into the agreement in 2011 it shipped 82 million Android smartphones. Just three years later it shipped 314 million Android smartphones,” Howard said in his blog post.
The lawsuit was filed in the U.S. District Court, Southern District of New York.
Microsoft has never disclosed how much it gets in royalties, but Brad Smith, the company’s general counsel, said in 2011 that $5 per device “seems like a fair price.”
Microsoft has reached Android-related patent licensing agreements with 19 companies. It is embroiled in court battles with one company — Motorola — over Android-related patents.
http://blogs.seattletimes.com/microsoftpri0/2014/08/01/microsoft-sues-samsung-seeks-to-enforce-patent-agreement-over-android-devices/
Garcia, Stenson, McIlroy, McDowell, Mickelson. ..... 278
TV broadcast...
ESPN and WatchESPN will have 11 scheduled hours of live play from each of the first two rounds on Thursday and Friday, July 17-18, from 4 a.m. – 3 p.m. ET. The third round on Saturday, July 19, will air live from 7 a.m. – 2:30 p.m. with the final round on Sunday, July 20, airing live from 6 a.m. – 1:30 p.m.
Synaptics Agrees to Acquire Renesas SP Drivers
Synaptics Inc. signed a deal to acquire Renesas SP Drivers Inc. for roughly Yen48.5 billion Japanese ($475 million), a move that will expand its capabilities as a touch screen controller supplier to the mobile display market.
Synpatics shares rose 17% to $78 in recent after-hours trading as the company also raised its fiscal fourth-quarter revenue outlook.
The company now expects revenue of $300 million to $310 million, up from its previous projection of $275 million to $295 million. Synpatics expects to provide more details when it reports its fiscal fourth-quarter financial results on July 31.
Renesas SP Drivers is a joint venture established by Renesas Electronics, Sharp Corp. and Powerchip Group in April 2008. Renesas SP Drivers generated revenue of about $650 million for the fiscal year ended in March.
The deal, expected to close in the fourth quarter of 2014, is expected to immediately add to Synaptics's adjusted per-share earnings.
http://ih.advfn.com/p.php?pid=nmona&article=62519593
oh, right...scusa....take Scott out and add Spieth
Watson, Dufner,, McIlroy, Scott, Kaymer. 275
Marcato Sends Letter to American Realty Capital Properties
http://ih.advfn.com/p.php?pid=nmona&article=62426611&symbol=ARCP
"We are writing to express our disappointment over a number of the Company's recent actions – I can also assure you that, having spoken with numerous other shareholders, this disappointment is echoed by many – and to remind you and your fellow Board members of your duty to represent the interests of your existing shareholders and to urge that you exercise appropriate authority and oversight to prevent any further value destroying activity."
I never bought any HCT, but am sorry I even brought up its connection to ARCP management to you. It gave you seeds of doubt and sold your position. Glad you're ok with your decision.
Regards.
News today:
"WILMINGTON, Del., June 2, 2014 /PRNewswire/ -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of American Realty Capital Healthcare, Inc. ("ARC" or the "Company") (NASDAQ: HCT) relating to the sale of the Company to Ventas, Inc. (NYSE: VTR) ("Ventas"). On June 2, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Ventas will acquire ARC in a merger valued at roughly $2.6 billion. As a result of the merger, ARC shareholders are only anticipated to receive either 0.1688 shares of Ventas or $11.33 per share in cash in exchange for each share of ARC."
I was in ARCP and sold out, like you and many others did. Huge volume on that one today.
Do you have an opinion on SNH (Senior Housing Properties trust) another reit that's been around for awhile. Nice divvy there, too. I'm looking for a place to deploy the cash from my ARCP sale.....looking for a dividend stock.
http://www.snhreit.com
HCT has Nicholas S. Schorsch as Executive Chairman. He's also the CEO and Chairman of ARCP. With ARCP announcing the 100 million share offering, and they also changed plans on the spin-off....what gives you confidence or comfort that similar management moves would not happen at HCT?
LA Ranger... Never met him, always read his posts, so enjoyed his banter with Ima, and the photo postyle recently put up is the exact way I'd imagined him. What a friendly, happy, creative guy and he was such a steady presence on the various IDCC boards over the years. Someone on Atomic Bob's put a link to ranger's posts there.....you can also read years of his witticism and good nature in over 12,000 posts on the IV site.
Bless you, ranger....you were one in a million and will be missed.
"Well, arriverderchi, amigos and conshitas. Tomorrow's another day. e"
http://premium.investorvillage.com/smbd.asp?mb=65&mn=41805&pt=msg&mid=7411211
Furyk, Haas, McIlroy, Scott, Rose. 280
Mickelson, Kucher, McIlroy, Garcia, Bradley. 279
Yes. Those crazy kids.
They should have speeded up the site, with pages loading faster than you can say 'high frequency trading' ...
Then loudly proclaim "April Fools"!
Ahh-ha...I guess you mean April fools day. I'm in a different time zone...still March 31st on my calendar.
When did the iHub logo on the upper left become "traders hub"? Or is that "trader Shub".
Clever little pointy thing over the "t".
Thanks. Appreciate your candor.
Hi postyle...
With this share price decline since the March 3rd court ordered .98% royalty decision, have you reduced/added/or no change in your VHC holdings? Thanks in advance if you care to share your thoughts.
I've been tempted to add, but each day it seems I can add more for less.
THE INTERNET OF EVERYTHING: 2014
We've created a slideshow highlighting the key trends and forecasts for the entire Internet-connected ecosystem, including connected TVs, connected cars, wearable computing devices, and all of the consumer and business tools that will soon be connected to the "Internet Of Things."
http://www.businessinsider.com/the-internet-of-everything-2014-slide-deck-sai-2014-2?op=1&utm_source=Triggermail&utm_medium=email&utm_term=Master%20411&utm_campaign=BI%20Intelligence%2020140228
You called $18, so I'll hold you to the $20 !
Wondered where you were on NVDA....it's been a slow, steady rise. Easy to hold for the time being, though.
Microsoft signs Voxx Electronics to its Android patent licensing program ...February 13, 2014 at 8:50 AM
http://blogs.seattletimes.com/microsoftpri0/2014/02/13/microsoft-signs-voxx-electronics-to-its-android-patent-licensing-program/
Microsoft has signed on another partner to its lucrative Android patent-licensing program.
Voxx Electronics, formerly called Audiovox Electronics, has agreed to pay Microsoft royalties on each device it produces that runs Android, including tablets and rear-seat entertainment devices, the two companies said today. The companies did not specify how much the royalties are.
Microsoft contends that Google’s Android operating system infringes on some of its patents. Many companies that manufacture Android devices have agreed to a licensing deal with Microsoft in which they pay Microsoft royalties for each Android device they manufacture.
While Microsoft has never disclosed how much per device the manufacturers pay, nor how much the program brings in overall, Microsoft’s lead attorney has said in the past that $5 per device seemed fair, while other estimates have placed the royalty much higher.
Veteran Microsoft analyst Rick Sherlund had estimated last year that Microsoft was getting about $2 billion a year on Android licensing revenue, based on estimated revenue of $5 per unit on each Android sold, and based on 70 percent of Android device manufacturers agreeing to the licensing program, according to ZDNet.
In its second quarter earnings results, announced in January, Microsoft had said that increased revenue from licensing its patents to Android phone makers had helped boost Windows Phone revenue by 50 percent to $340 million.
"Quarterly revenue came in well above our outlook, driven by PC gaming, capping an outstanding year for our GPU business," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "Tesla and Quadro both achieved record annual revenue. GRID cloud technology is being evaluated at hundreds of large enterprises worldwide. And Tegra K1 is disrupting the auto industry, paving the way to self-piloted cars. The groundbreaking work we are doing in visual computing is expanding the opportunities for our GPUs."
During the quarter, NVIDIA repurchased $37 million of stock and paid a dividend of $0.085 per share, equivalent to $48 million. During the year, NVIDIA returned $1.07 billion to shareholders -- $887 million towards the repurchase of 62 million shares and dividend payments totaling $181 million. NVIDIA will pay its next quarterly cash dividend of $0.085 per share on Mar. 20, 2014, to all shareholders of record on Feb. 27, 2014.
NVIDIA's outlook for the first quarter of fiscal 2015 is as follows:
Revenue is expected to be $1.05 billion, plus or minus two percent.
GAAP and non-GAAP gross margins are expected to be approximately 54.2 percent and 54.5 percent, respectively.
GAAP operating expenses are expected to be approximately $454 million; non-GAAP operating expenses are expected to be approximately $413 million.
GAAP and non-GAAP tax rates for the first quarter and annual fiscal 2015 are both expected to be 20 percent, plus or minus one percent. If the U.S. R&D tax credit is renewed, the tax rate is expected to be 16 percent.
Capital expenditures are expected to be approximately $45 million for the first quarter of fiscal 2015.
http://ih.advfn.com/p.php?pid=nmona&article=61039947
Google and Cisco Enter Into Patent Cross-Licensing Agreement
Important Industry Step to Curb Unnecessary Patent Litigation
SAN JOSE, CA and MOUNTAIN VIEW, CA--(Marketwired - Feb 4, 2014) - Cisco (NASDAQ: CSCO) and Google today announced they have entered into a long-term patent cross-licensing agreement covering a broad range of products and technologies.
The agreement allows each company to extract significant value from its patent portfolio through a license to the other's portfolio and by helping to reduce the risk of future litigation. It stands in direct contrast to actions such as patent privateering -- or the transfer of patents to patent assertion entities -- that harm consumers.
"Our agreement with Cisco will reduce the potential for litigation, letting us focus instead on building great new products," said Allen Lo, Google's Deputy General Counsel for Patents. "We're pleased to enter into this cross-license, and we welcome discussions with any company interested in a similar arrangement."
"In today's overly-litigious environment, cross-licensing is an effective way for technology companies to work together and help prevent unnecessary patent lawsuits," said Dan Lang, Cisco's Vice President of Intellectual Property. "This agreement is an important step in promoting innovation and assuring freedom of operation."
Both Cisco and Google are members of the Coalition for Patent Fairness, a leading advocacy group for patent reform. In addition, Cisco General Counsel Mark Chandler recently reiterated a pledge not to sell patents to patent assertion entities in order to help encourage innovation rather than litigation.
http://online.wsj.com/article/PR-CO-20140204-906699.html
Good line......."Waiting to get their hands on the Lombardi Trophy, the Seahawks were surrounded by security guards in orange jackets. It was the first time anyone in that color stopped them all night."
http://www.idahostatesman.com/2014/02/02/3005775/manning-broncos-begin-super-bowl.html#storylink=cpy
Report: Satya Nadella close to being Microsoft’s next CEO. January 30, 2014 at 2:18 PM
Posted by Brier Dudley
Microsoft’s board is close to naming Satya Nadella, head of the company’s cloud and enterprise software business, as its next chief executive, according to a Bloomberg report.
Bloomberg’s report also said Bill Gates may step down as board chairman, perhaps to be replaced by current director John Thompson.
http://blogs.seattletimes.com/brierdudley/2014/01/30/report-satya-nadella-microsofts-next-ceo/