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Intel Corporation (NASDAQ:INTC): Global chip sales dropped 2 percent Y/Y in May, according to estimates from the SIA. This is a turnaround from April’s gain of 3 percent, and is the most dramatic evidence yet that the chip industry’s growth has plateaued due to a blend of soft IT spending and telecom capex, and lowered orders from phone and PC makers. Need for analog chips and microprocessors was notably unimpressive. Intel is attempting to have a $1.3B penalty imposed by the EU in 2009 nullified by arguing antitrust regulators depended too much on subjective input from customers rather than hard evidence. The fine references Intel’s practice of giving “rebates” to PC OEMs who wholly or almost totally relied on its CPUs. The European Ombudsman is providing Intel with some support, and censured regulators for procedural mistakes. The shares traded up $0.2 (0.75%) recently at $26.86.
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VMware, Inc.‘s (NYSE:VMW) agreement to purchase cloud automation solutions supplier DynamicOps has prompted Wells Fargo to think that the acquisition serves a competitive threat to VMware from Microsoft (NASDAQ:MSFT). Wells Fargo reiterates an Outperform rating on VMware. The shares traded up $1.34 (1.48%) recently at $91.85.
Seagate Technology PLC (NASDAQ:STX): JPMorgan reduced its Q2 hard disk drive arm prediction to 162.1M from 164.7M in response to research suggesting more slowing in sell-inactivity. JPMorgan believes shares of Seagate and Western Digital (NYSE:WDC) might be subject to pressure as consensus estimates start to go down. The firm suggests waiting until both companies issue earnings later in the summer. Seagate shares traded up $0.58 (2.36%) recently at $25.13.
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