KLA-Tencor Corp

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  • uploads///N ORCL Forbes list
    Technology & Communications

    Parsing Oracle-NetSuite Material Adverse Effect Clause: Part 1

    In the merger deal between Oracle (ORCL) and NetSuite (N), the MAE clause lays out the circumstances under which Oracle can back out of the transaction.

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    Micron Stock Fell Due to Temporary Sales Ban in China

    The semiconductors industry is cautious amid rising trade tensions between the US and China.

    By Puja Tayal
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    Earnings Report

    Semiconductor Earnings Watch: TER and LRCX

    This week, semiconductor equipment suppliers Teradyne Inc. (TER) and Lam Research (LRCX) will report their quarterly earnings.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT efficiency ratio
    Company & Industry Overviews

    Can Applied Materials Maintain High Efficiency Ratios in 2019?

    In fiscal 2018, AMAT’s revenue rose 19% YoY to $17.25 billion, while its non-GAAP (generally accepted accounting principle) net income rose 29.6% YoY to $4.57 billion.

    By Puja Tayal
  • uploads///EMC DELL federation
    Miscellaneous

    Sizing up the EMC-Dell Merger: A Quick Background Check

    Elliott was unhappy with EMC’s performance and wanted them to spin off their holding in VM Ware to shareholders.

    By Brent Nyitray, CFA, MBA
  • uploads///A_Semiconductors_AMAT lcx klc non GAAP profit margin Q
    Earnings Report

    Operating Efficiency Drives Applied Materials’ Profitability

    In the March quarter, AMAT had an operating expense ratio of 16.6%, which was the lowest operating expense ratio AMAT has ever achieved.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_price ratios May
    Company & Industry Overviews

    What Price Ratios Say about Applied Materials’ Stock Valuation

    On May 9, AMAT had a forward PE ratio of 12.0x, which is lower than KLAC’s ratio of 13.7x but higher than LRCX’s ratio of ~11.4x.

    By Puja Tayal
  • uploads///Micron
    Earnings Report

    Five Things to Look for in Micron’s Upcoming Results

    Micron Technology (MU) stock is in the spotlight this week, as the company is set to release its fiscal 2019 fourth-quarter results on Thursday after markets close.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_beta May
    Company & Industry Overviews

    The Impact of US–China Trade Tensions on Applied Materials Stock

    Applied Materials (AMAT) earned 21% of its 2016 revenues and 19% of its 2017 revenues from China. Any major shift in this market could hurt AMAT.

    By Puja Tayal
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    Earnings Report

    AMAT’s Weak Fiscal Q4 2018 Guidance Makes Investors Cautious

    Applied Materials, the world’s largest chip manufacturing equipment vendor, reported strong fiscal Q3 2018 earnings but lowered its fiscal Q4 2018 guidance.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT KLAC LRCX rev Growth Q YoU est
    Earnings Report

    Reduced Memory Spending to Hit Earnings of AMAT, KLAC, and LRCX

    The semiconductor industry is going through a downturn, but many companies expect growth to resume in the second half of 2019.

    By Puja Tayal
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    Technology & Communications

    Semiconductor Stocks Hit New 52-Week Highs ahead of Earnings

    The first-quarter semiconductor earnings season has begun, and the stock market is showing bullish sentiment as investors buy ahead of earnings releases.

    By Puja Tayal
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    Earnings Report

    Applied Materials Stock Rallies on Optimism about H2 2019

    In this series, we’ll see what investors should expect from Applied Materials’ upcoming earnings.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_efficiency ratios May
    Company & Industry Overviews

    Does AMAT Stock Deliver Better Returns than Its Peers?

    AMAT increased its stock buyback authorization by $6.0 billion, doubled its dividend per share, and is working to improve its profits to improve its ROE.

    By Puja Tayal
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    Technology & Communications

    Why Semiconductor Stocks Fell on April 9

    The tech-heavy NASDAQ Composite Index fell 0.37% in the early trading session on April 9 driven by declines in semiconductor stocks.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_Moving average May
    Company & Industry Overviews

    Understanding Applied Materials’ Stock Price Movement

    Because Applied Materials (AMAT) is positioned at the beginning of the supply chain, its stock is among the first to be impacted by any industry-wide news.

    By Puja Tayal
  • uploads///nvidia _
    Technology & Communications

    Chip Stocks Fall on Fears of a Two-Year Growth Trend Slowdown

    NVIDIA and Applied Materials published their latest earnings results on August 16. Their weaker guidances have spooked investors.

    By Puja Tayal
  • uploads///tokyo electron market share
    Technology & Communications

    What Tokyo Electron acquisition means for Applied Materials

    Applied Materials’s merger with Tokyo Electron is expected to provide Eteris with a 25% market share in the chip manufacturing equipment market.

    By Anne Shields
  • uploads///Ambarella
    Company & Industry Overviews

    Ambarella Stock Falling: More Chinese Firms Blacklisted

    Ambarella (AMBA) stock fell up to 12% today. The stock is trending downward after the US added several more Chinese companies to its Entity List.

    By Sophia Nicholson
  • uploads///Semiconductor
    Technology & Communications

    Two Semiconductor Stocks Are Crushing It: Time to Sell?

    Semiconductor firms Lam Research and KLA Corp. have crushed the markets in 2019. While Lam Research is up 65.4%, KLA has returned 71% year-to-date.

    By Adam Rogers
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    Earnings Report

    Micron Slumps 11% after Q4 Earnings, Analysts Upbeat

    Micron (MU) stock dipped 11% after its Q4 of fiscal 2019 earnings. This slump occurred after the stock rallied about 20% in September on analysts’ optimism.

    By Puja Tayal
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    Earnings Report

    Micron Stock Fell on Disappointing Guidance

    Micron Technology reported upbeat fourth-quarter fiscal 2019 results on September 26 after the market closed. Micron stock fell 1.76% to $48.60 on the day.

    By Sophia Nicholson
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    Technology & Communications

    Goldman Sachs Turns Bullish on Semiconductor Stocks

    The US markets are up today as Wall Street braces for a busy earnings week. The S&P 500 ETF is up 0.3%, and semiconductor stocks lead the market’s gains.

    By Adam Rogers
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    Company & Industry Overviews

    Chip Equipment Suppliers’ Stocks Rise despite Micron’s Capex Cut

    On June 25, Micron Technology (MU) reported better-than-expected earnings results for the third quarter of fiscal 2019, which sent the stock up 13.3% a day after its earnings release.

    By Puja Tayal
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    Earnings Report

    Applied Materials’ Q2 Guidance Signals Semiconductor Weakness

    On February 14, in after-hours trading, Applied Materials stock fell 2% as its fiscal 2019 second-quarter guidance missed estimates.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_Key growth drivers
    Earnings Report

    What’s Applied Materials’ Strategy to Tap the AI Trend?

    Applied Materials (AMAT), KLA-Tencor (KLAC), and Lam Research (LRCX) are witnessing strong growth in the memory and logic segments.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_Rev by geo Q
    Earnings Report

    China: One of Applied Materials’ Key Revenue Drivers

    Applied Materials (AMAT) supplies SME (semiconductor manufacturing equipment) to chip makers all over the world.

    By Puja Tayal
  • uploads///A_Semiconductors_Industry_SME stock performance
    Technology & Communications

    Understanding the Role of AMAT, LRCX, and KLAC in Semiconductor Growth

    According to SEMI’s estimates, the global semiconductor market is expected to grow at a CAGR (compound annual growth rate) of 6.7% between 2015 and 2025.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_ price ratios aug
    Company & Industry Overviews

    What AMAT’s Price Ratios Say about Its Valuation

    On August 7, 2017, AMAT had a PS ratio of ~3.7x.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_Q semiconduct system rev by end market
    Earnings Report

    Is AMAT Losing Market Share to Lam Research and KLA-Tencor?

    The emergence of the IoT (Internet of Things), self-driving cars, AR/VR (augmented/virtual reality), and AI (artificial intelligence) is driving demand for logic and memory chips.

    By Puja Tayal
  • uploads///A_Semiconductors_AMAT_KLAC LLTC Q revenue
    Earnings Report

    Could AMAT Achieve New Revenue Milestones in Fiscal 2017?

    Applied Materials’ revenues rose 45% year-over-year to $3.5 billion in fiscal 2Q17, as its foundry and display equipment sales rose in triple digits.

    By Puja Tayal
  • uploads///A_Semiconductors_wafer fabrication equipment shipment Q
    Company & Industry Overviews

    What Pushed Applied Materials’ Stock Price to a 17-Year High

    Applied Materials (AMAT) stock has risen 86% over the past 12 months to the 17-year high of $44. In this series, we’ll look at the factors driving Applied Materials’ fiscal 2017 earnings.

    By Puja Tayal
  • uploads///N ORCL spread
    Technology & Communications

    Oracle Announces NetSuite Acquisition: Cloud Gets Bigger

    On July 28, 2016, Oracle (ORCL) and NetSuite (N) announced a merger. Oracle will purchase NetSuite for $109 per share, or $8.6 billion net of cash and debt.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL comps
    Technology & Communications

    Could the Oracle-NetSuite Deal Get Competitive?

    Oracle (ORCL) co-founder Larry Ellison and his family control 45% of NetSuite (N) stock. So it’s theoretically possible but not likely that a company could make a hostile bid.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL fastest growing
    Technology & Communications

    Can the Oracle-NetSuite Deal Get Antitrust Approval?

    With most mergers, the rate of return is driven by the time it takes to finalize the transaction. For Oracle (ORCL) and NetSuite (N), the timeline will be driven by the antitrust waiting period.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL Cloud land grab
    Technology & Communications

    Oracle-NetSuite Agreement: The Basics

    NetSuite agreed to a non-solicitation agreement with a fiduciary out. This means that during the pendency of the merger, NetSuite may not contact other potential buyers.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL  Cloud ERP
    Technology & Communications

    The Oracle-NetSuite Merger: What’s the Rationale?

    The relationship between Oracle and NetSuite goes back a long way. Oracle co-founder Larry Ellison and his family own almost half of NetSuite stock.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank licensing
    Healthcare

    Will the ARM Holdings-Softbank Merger Attract Arbitrageurs?

    Arbitrageurs will certainly be interested in setting up the ARM Holdings (ARMH) spread, especially if they can get an 8% return using the ordinary shares.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank downside
    Healthcare

    Risk-Reward Ratio of the ARM Holdings-Softbank Merger

    ARM Holdings (ARMH) was trading at about $47 per share before the deal with Softbank was announced. The risk-reward ratio is about 12:1.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank comps
    Healthcare

    Could the ARM Holdings-Softbank Deal Get Competitive?

    Softbank is paying a pretty penny for ARM Holdings (ARMH). The premium to the prevailing share price was in the low 40%.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank key growth drivers
    Healthcare

    Regulatory Conditions to the Softbank-ARM Holdings Deal

    Softbank decided to waive any antitrust or regulatory conditions to the transaction. It doesn’t care if the regulators have issues—it’s buying the company.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank intro to ARM
    Healthcare

    What Are the Conditions for the ARM Holdings-Softbank Merger?

    ARM Holdings and Softbank are merging in a cash transaction. In an unusual step, there aren’t regulatory or antitrust conditions to the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank growth drivers
    Healthcare

    What’s the Rationale for the Softbank-ARM Holdings Merger?

    The Softbank-ARMS Holdings merger intends to increase Softbank’s growth so that it can position itself as a leader in Internet of Things.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank spread
    Healthcare

    Making a Big Splash: Softbank Acquires the UK’s ARM Holdings

    On July 18, Japan’s Softbank and the United Kingdom’s ARM Holdings (ARMH) announced a merger where Softbank will buy ARM for 1,700 pence in cash.

    By Brent Nyitray, CFA, MBA
  • uploads///LNKD MSFT professional world
    Miscellaneous

    What’s the Rationale for the Microsoft-LinkedIn Merger?

    LinkedIn will be a standalone entity within Microsoft. This transaction is part of Microsoft’s plan to focus on cloud-based offerings. It wants to rely less on PCs.

    By Brent Nyitray, CFA, MBA
  • uploads///Series  A
    Company & Industry Overviews

    TSMC Has Accelerated Advanced Technology Development

    TSMC is currently ramping up production of its 16nm technology. It expects to complete it by the end of fiscal 2Q16.

    By Puja Tayal
  • uploads///Series  A
    Company & Industry Overviews

    Foundries to Grow Faster than Integrated Circuits in 2016

    Taiwan (EWT) is the largest semiconductor manufacturer, housing the world’s top two foundries, namely TSMC (TSM) and UMC (United Microelectronics).

    By Puja Tayal
  • uploads///Series  A
    Earnings Report

    Applied Materials Is Open to Merger Opportunities

    Applied Materials is still open to a merger. Applied Materials’ CEO, Gary Dickerson, clarified that he will be selective in the merger opportunities.

    By Puja Tayal
  • uploads///PAT
    Company & Industry Overviews

    Applied Materials Dominates the Semiconductor Equipment Space in XLK

    Applied Materials provides manufacturing equipment, services, and software to the global semiconductor industry. It has a market cap of $18.68 billion.

    By Adam Rogers
  • uploads///AMAT
    Fund Managers

    Magnetar Adds New Stake in Applied Materials

    In 4Q14, Magnetar established a new position in Applied Materials. The position accounted for 2.66% of the fund’s fourth quarter portfolio.

    By Santiago Solari
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    Fund Managers

    Teradyne and the future of the semiconductor industry

    The forecast suggests a 26.5% growth in global semiconductor test equipment sales, Teradyne’s (TER) primary area of operations.

    By Santiago Solari
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