Insider Trading Fri 8/2/24

Notable purchases -- 10% owner adds to TALO; notable sales -- Buffett still active in BAC

Buyers:

• BYON Director bought 5,000 shares at $10.65 - $10.66 worth approx. $53K.
• DAR EVP Chief Strategy Officer bought 2,532 shares at $39.37 worth approx. $100K.
• NXPI Chair bought 146 shares at $257.535 worth approx. $38K.
• TALO 10% owner Control Empresarial de Capitales S.A. de C.V. disclosed the purchase of another 250,000 shares worth approx. $2.85 mln.

Sellers:

• BAC 10% owner Berkshire Hathaway's (BRK.A) Warren Buffett sold 19,216,833 shares worth approx. $778.7 mln.
• FBP EVP sold 22,896 shares at $21.5329 worth approx. $493K.
• RGEN Senior VP, R&D sold 4,465 shares at $165.67 worth approx. $740K.
• TNGX 10% owner sold 235,000 shares at $9.80 - $10.21 worth approx. $2.3 mln.

=NXP Semi (NXPI) reported earnings on Mon 28 Oct 19 (a/h)

NXP Semi reports Q3 (Sep) results, beats on revs, improves margins; guides Q4 revs in-line

Reports Q3 (Sep) earnings of $0.38 per share, may not be comparable to the S&P Capital IQ Consensus of $1.93; revenues fell 7.4% year/year to $2.27 bln vs the $2.24 bln S&P Capital IQ Consensus.

• Non-GAAP gross margin was 53.7 percent (Q2 53.3%), and non-GAAP operating margin was 30.3 percent (Q2 28.9%);

Co issues in-line guidance for Q4, sees Q4 revs of $2.240-2.300 bln, excluding non-recurring items, vs. $2.27 bln S&P Capital IQ Consensus. Sees Gross Profit in the range of $1.178-1.224 bln; Sees Gross margin in the range of 52.6-53.2%; Operating Margin in the range of 8.4-9.6%.

Earnings this week : Oct 28 - Nov 1, 19 (wk 44)

Monday (Oct 28)

• Morning: AMG AWI T AVX CTB L PHG QSR SPOT WBA
• Afternoon: AKAM AMKR APPF ARE AVB BLKB BRO BRX BYND CGNX CR CVCO EHC GDI GOOG/L HLIT HTA HTLF INST JBT LEG MEDP NOV NXPI OFC OFIX OGS OI OMF PCH RE RIG ROIC SANM SBAC SSB SSD TBI TCF TMUS TREX TRTX TXRH VNO VRNS WCN WELL WIRE XPO  GRUB

Tuesday (Oct 29)

• Morning: AGCO AN AOS ASTE BP BTU CEQP CIGI CMI CNX CNXM COP CVLT DBD ECL EME ETN EXLS FDP FELE FMS GLT GLW GM  HCA HSC HUBB HZO I INCY IPGP IR IRDM K KKR LDOS LNN MA MLM MMC MRK NEO PAG PFE R SHOO SHOP SLCA SMPL SPGI TECH THRM VSH WAT WDR WH XRX ZBRA
• Afternoon: ACCO ACGL ADSW AFG AGR AJRD ALL AM AMD AMED AMGN APAM AR ATEN ATGE AX AXS BGFV BVN BXP CAI CAKE CB CCS CHE CHRW CXO CYH DENN DLR EA EIX ENPH EPR EQC EXAS EXR FCF FCPT FEYE FMC FNF GNW HLF HURN HY IEX INVH IPHI KAI KBR LDL LSCC MAT MDLZ MDR MDU MGRC MOH MRCY MSTR MTDR MXIM NATI NBR NWE OKE OSPN PAYC PSA PSMT PTCT QUAD REXR RNR RPAI RRD RXN RYI SAM SGEN SILK SIMO SXI SYK SYX TCO TCS TENB TX UDR UIS UMBF UNM VNOM VRSK WRI YUMC ZEN

Wednesday (Oct 30)

• Morning: AAWW ADP AIT APTV ARCC AXE BDC BG BKR CBZ CIM CLH CME CROX CRTO DAN DIN EAT ETR EXTR FLOW GE GLOP GRMN HEP HES HPP HTLD INSM IQV JHG KFRC LECO LFUS LHX LIVN MAS MCK MCO MDCO MLCO NI NMRK NVT NYCB ORBC OSK RCL SAIA SC SF SITC SITE SMP SNE SO SPG ST SUM TAP TEL TMHC TNC TUP UMC UTHR WCG WING WYND YUM
• Afternoon: AAPL ACA ACAD ADTN AEGN AGI AGNC AKS ALEX ALSN APA ARES ATRC AWK AXTI AZPN BFAM BLDP BOOT CACI CATM CERS CF CHDN CHEF CLI CLR CMPR CNMD CNXN COLM CONE CREE CRUS CRY CSGS CTSH CW DCO DDD DRE DT ECOL EGHT EGOV ELY ENSG EQIX ETSY EVTC EXEL FARO FB FLS FORM FOXF FRT H HABT HCC HCP HTGC HUBG HVT IMMU INOV INT KLAC KW LM LNC LSI LYFT MAA MANT MASI MC MDC MDR MEOH MET MGM MLNX MMSI MSI MUSA MYRG NE NGHC NLY NR NUVA OII OLED PCTY PDM PKI PPC PRAH PS PVG QDEL QGEN QLYS RBBN RDN REG RGA ROG RPT RSG RTRX RWT RYN SBUX SCI SFM SIGI SKT SKY SKYW SOI SPWR SPXC SRI STAG SU SWI TDOC TEX THG TKR TREE TRMB TS TTMI TWLO TYL UCTT VIAV VRTX WDC WHD WMB WPX WTI WTS ZNGA

Thursday (Oct 31)

• Morning: AAON ABMD ADM AGIO AKRX ALNY AMCX AME AMT APO APRN ARD ARW ATI AVP BCE BLD BLL BMY BWA CDW CFR CFX CG CHD CI CLX CNSL COR CPG CRAI CRC CTVA CVE CWT DD DLPH DNKN ECA EIGI EL EQT EXC EXP FCAU FLIR FLR FLWS FSS GIL GNRC GOLF GPN HBI HFC HGV HMHC ICE IDA IDCC IDXX IMAX INGR IP IRM IRWD IT ITGR KHC LAZ LITE LKQ LNTH LXRX MAC MGPI MIXT MMP MNTA MO MPC MPLX MPW MSCI MSG MUR NEWM NNN NTCT NTLA NVCR OSB PBF PBFX PBH PEG PENN PH PQG PWR RDS.A RFP RGEN SABR SILC SIRI SNDR SNY SPAR SPR SRCL STAR STFC STOR SYNH TEN TFX TPH TPX TRI W WAB WCC WEX WLTW WRLD WWE XHR XYL YETI YRCW ZIXI
• Afternoon: ACLS AIV AMN ANET APPN ARCB ATR AYX BGS BIO BLDR BRKR CAR CASA CPT CWST ERII FNKO FTAI FTNT GLPI GPOR HTH JCOM LOCO LYV MELI MERC MINI MOBL MRC MTX MTZ NFG NPTN OEC OLN OTEX PDFS PINS PMT QRVO RMAX SEM SHLX SM SSNC TDS TGH USM VICI VSAT WU X 

Friday (Nov 1)

• Morning: ABBV ABR AIG AMAG ASIX AXL BABA BAH BGG CBOE CCJ CL CVX D FND FTS GSHD HAE HE HMSY HRC IBP IMGN IMO ITT LNG LYB MD MGI MGLN MOG.A NWL OPI PBA PNM POR ROLL RUTH SRE STX TPB TRP USX WOW WPC XENT XOM

Notable earnings reports:

• Alphabet (NASDAQ:GOOGL), Spotify (NYSE:SPOT), Beyond Meat (NASDAQ:BYND), AT&T (NYSE:T), NXP Semiconductors (NASDAQ:NXPI) and Walgreens Boots Alliance (NASDAQ:WBA) on October 28; 
• Shopify (NYSE:SHOP), AMD (NASDAQ:AMD), Electronic Arts (NASDAQ:EA), (NXPI), General Motors (GM), Mattel (NASDAQ:MAT), Mastercard (NYSE:MA), FireEye (NASDAQ:FEYE) and ConocoPhillips (NYSE:COP) on October 29; 
• Apple (NASDAQ:AAPL), Facebook )FB), Lyft (NASDAQ:LYFT), Sony (NYSE:SNE), Yum Brands (NYSE:YUM), Starbucks (NASDAQ:SBUX), General Electric (NYSE:GE) and Twilio (NYSE:TWLO) on October 30; 
• Pinterest (NYSE:PINS), Altria (NYSE:MO), Wayfair (NYSE:W), Kraft Heinz (NASDAQ:KHC ) and MercadoLibre (NASDAQ:MELI) on November 1; Alibaba (NYSE:BABA), AbbVie (NYSE:ABBV), ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) and U.S. Steel (NYSE:X) on November 1. 

=NXP Semi (NXPI) to be acquired by Qualcomm (QCOM) for $110/share

• UPDATE 26 July 2018:  On October 27, 2016, it was announced that Qualcomm would try to buy NXP, but because the Chinese merger authority did not approve the acquisition before the deadline set by Qualcomm, it was effectively canceled on 26 July 2018.
• The San Diego-based chipmaker announced the termination of the deal and a payment of $2 billion in termination fees to the Dutch company.  The breakdown came amid an escalating trade dispute between the U.S. and China over the massive bilateral trade imbalances, lack of access to the Chinese market, and China's apparent attempt to dominate global technology industries.
• The latest decision stands in contrast to the approval China gave to another deal involving a major semiconductor company -- Toshiba Memory of Japan -- a top flash memory maker which was taken over by a consortium led by U.S. buyout firm Bain Capital earlier this year. The deal faced tough scrutiny, but eventually received clearance, from the Chinese authorities.

NXP Semi to be acquired by Qualcomm (QCOM) for $110/share in cash which represents a total enterprise value of approximately $47 billion :

• Pursuant to the agreement, a subsidiary of Qualcomm will commence a tender offer to acquire all of the issued and outstanding common shares of NXP for $110.00 per share in cash, representing a total enterprise value of approximately $47 billion.
• The transaction is expected to close by the end of calendar 2017. 
• Qualcomm intends to fund the transaction with cash on hand and new debt. The transaction is structured to enable tax efficient use of offshore cash flow to rapidly reduce leverage. Qualcomm is committed to maintaining its strong investment-grade credit ratings.
• The combined company is expected to have annual revenues of more than $30 billion, serviceable addressable markets of $138 billion in 2020 and leadership positions across mobile, automotive, IoT, security, RF and networking. The transaction has substantial strategic and financial benefits:
  • Complementary technology leadership in strategically important areas: The transaction combines leadership in general purpose and automotive grade processing, security, automotive safety sensors and RF; enabling more complete system solutions.
    • Mobile: A leader in mobile SoCs, 3G/4G modems and security.
    • Automotive: A leader in global automotive semiconductors, including ADAS, infotainment, safety systems, body and networking, powertrain and chassis, secure access, telematics and connectivity.
    • IoT and Security: A leader in broad-based microcontrollers, secure identification, mobile transactions, payment cards and transit; strength in application processors and connectivity systems.
    • Networking: A leader in network processors for wired and wireless communications and RF sub-segments, Wave-2 11ac/11ad, RF power and BTS systems.
  • Enhanced go-to-market capabilities to serve our customers: The combination of Qualcomm's and NXP's deep customer and ecosystem relationships and distribution channels enables the ability to deliver leading products and platforms at scale in mobile, automotive, IoT, industrial, security and networking.
  • Shared track record of innovation and commitment to operational discipline: Both companies have demonstrated a strong commitment to technology leadership and best-in-class product portfolios with focused investments in R&D. Qualcomm and NXP have both taken action to position themselves for profitable growth, while maintaining financial and operational discipline.
  • Substantial financial benefits: Qualcomm expects the transaction to be significantly accretive to non-GAAP EPS immediately upon close. Qualcomm expects to generate $500 million of annualized run-rate cost synergies within two years after the transaction closes. The transaction utilizes Qualcomm's strong balance sheet and will be efficiently financed with offshore cash and new debt. The transaction structure allows tax efficient use of offshore cash flow and enables Qualcomm to reduce leverage rapidly.

==Qualcomm (QCOM) is in discussions to buy NXP Semiconductors (NXPI)

If completed, a deal could be valued at more than $30 billion, given NXP’s market value of roughly $28 billion as of Wednesday’s market close. Talks are continuing and could still fall apart.

A union of Qualcomm and NXP would be the latest in an industry that has recently experienced big mergers. Earlier this year, SoftBank of Japan struck a takeover deal for ARM Holdings, a British chip designer, for $32 billion.

Last year, Avago Technologies bought Broadcom for $37 billion, while Intel paid nearly $17 billion for Altera.

NXP itself has been part of the trend as well. Less than two years ago, it bought a smaller peer, Freescale Semiconductor, for $11.8 billion to gain scale and negotiating leverage with customers like car companies and phone makers.

NXP, which has its headquarters in the Netherlands but trades on the Nasdaq, has become a major supplier of chips used in near-field communications, which lets phones interact wirelessly with equipment like payment terminals.

Buying NXP would add tremendous scale to Qualcomm, which designs and makes chips primarily for smartphones. Yet the semiconductor company faced pressure from an activist hedge fund last year over its plans to spur growth. It weighed, and later abandoned, a potential split of its businesses.

-=NXP Semi (NXPI) reported Q1 earnings on Tue 26 Apr 2016 (b/o)

NXP Semi beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line :

• Reports Q1 (Mar) earnings of $1.14 per share, $0.03 better than the Capital IQ Consensus of $1.11; revenues rose 51.6% year/year to $2.22 bln vs the $2.21 bln Capital IQ Consensus.
• Co issues in-line guidance for Q2, sees EPS of $1.30-1.40 vs. $1.32 Capital IQ Consensus Estimate; sees Q2 revs of $2.3-2.4 bln vs. $2.33 bln Capital IQ Consensus Estimate.
• Co's Commentary on outlook: "...While we anticipate many of the headwinds experienced in the second half of 2015 should begin to generally subside in the coming quarters, the overall demand environment currently continues to be subdued."

Best chart patterns : end of indecisiveness

• Freescale Semiconductor (FSL) was acquired by NXP Semiconductors (NXPI) for about $16.7 billion. (7 Dec 2015)