Broadcom EXCEEDS Expectations and 4 Chip and Big Data Stocks on the Move
Broadcom Corp. (NASDAQ:BRCM) posted its second quarter earnings on July 24th for the quarter ended June 30th. The firm met expectations on revenues and exceeded consensus on earnings per share. Compared year-over-year, revenue rose and GAAP earnings per share decreased.
Rambus Incorporated’s (NASDAQ:RMBS) patent allegations against Garmin International, a subsidiary of Garmin, Ltd. (NASDAQ:GRMN), have been denied by the United States International Trade Commission, which ceased the inquiry initiated by Rambus styled In the Matter of Certain Semiconductor Chips and Products Containing Same (Investigation No. 337-TA-753). In addition, the Commission found that Rambus had not demonstrated the existence of a domestic industry for the patents in question. The Commission affirmed that only Garmin is able to establish that patent exhaustion applies to its products. This constitutes Garmin’s third consecutive victory in patent cases before the Commission, and Andrew Etkind, Garmin’s Vice President and general counsel, responded that, “We are pleased with this result and are excited for the few other respondents that chose to fight the imprudent allegations with us,” said. “I have faith that the Commission will continue to uncover the truth in the growing number of sometimes questionable patent investigations brought before it.”
Shares of OCZ Technology Group, Inc. (NASDAQ:OCZ) pop, on new chatter that Seagate Technology (NASDAQ:STX) wants to acquire the firm in order to reinforce its solid-state drive position. It’s said that Seagate is offering approximately $1 billion, split between $475 million to $550 million in cash and $450 million to $525 million in stock, which represents more than twice what OCZ is worth, counting the latest offer.
Trading of SanDisk Corp. (NASDAQ:SNDK) options have resulted in the advent of a new 90-day call volume record, in which 29,880 call contracts changed hands between the buyers and the sellers. A total amount of 7,917 put and 29,880 call contracts was traded, which raised a 0.26 put/call ratio on shares.
Western Digital Corp. (NYSE:WDC), for the fourth fiscal quarter of 2012, reported that its revenue rose by 98 percent compared year-over-year to $4.754 billion in 2011. Net income for the fourth fiscal quarter posted at $745 million, or $2.87 per share, compared with a net income of $158 million, or 67 cents per share, last year. For fiscal year 2012, the firm reported revenue of $12.475 billion, compared with revenue of $9.526 billion for fiscal year 2011, which represents an increase of 31 percent. Further, the company has named Tim Leyden and Mike Cordano as Presidents of WD and HGST subsidiaries respectively. Shares of Western Digital closed up 20.94 percent to $39.27 with more than 20.81 million shares traded, compared to its average volume of 4.12 million shares.
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