Shares of STMicroelectronics NV (ADR) (NYSE:STM) ended Monday session in green amid volatile trading. The shares closed up +0.13 points or 1.70% at $7.79 with 4.80 million shares getting traded. Post opening the session at $7.81, the shares hit an intraday low of $7.78 and an intraday high of $7.87 and the price vacillated in this range throughout the day. The company has a market cap of $6.97 billion and the numbers of outstanding shares have been calculated to be 883.27 million shares.
STMicroelectronics NV (ADR) (STM) on July 29, 2016 announced that it has acquired ams’ (SIX:AMS) assets related to NFC1 and RFID2 reader business. ST has acquired intellectual property, technologies, products and business highly complementary to its secure microcontroller solutions serving mobile devices, wearables, banking, identification, industrial, automotive and IoT markets. Approximately 50 technical experts from ams have been transferred to ST.
The acquired assets, combined with ST’s secure microcontrollers, position ST for a significant growth opportunity, with a complete portfolio of best-in-class technologies, products and competencies that comprehensively address the full range of the NFC and RFID markets for a wide customer base.
“Security and NFC connectivity are key prerequisites for the broad rollout of mobile and IoT devices anticipated in the coming years. This acquisition builds on our deep expertise in secure microcontrollers and gives ST all of the building blocks to create the next generation of highly-integrated secure NFC solutions for mobile and for a broad range of Internet of Things devices,” said Claude Dardanne, Executive Vice President and General Manager of STMicroelectronics’ Microcontroller and Digital ICs Group. “We welcome this highly competent team from ams into ST for the benefit of our customers.”
Shares of Western Digital Corp (NASDAQ:WDC) ended Monday session in red amid volatile trading. The shares closed down -0.31 points or -0.56% at $54.63 with 4.74 million shares getting traded. Post opening the session at $55.36, the shares hit an intraday low of $54.33 and an intraday high of $56.45 and the price vacillated in this range throughout the day. The company has a market cap of $16.01 billion and the numbers of outstanding shares have been calculated to be 284.26 million shares.
Western Digital Corp (WDC) on September 7, 2016 updated its expectations for the first fiscal quarter of 2017 ending Sept. 30, 2016. Following the recent acquisition of SanDisk and the continued progress in integrating its WD and HGST subsidiaries, the company is addressing a larger number of customers with a broader portfolio of hard drive and flash storage products, leading to a better-than-expected product mix.
Enabled by ongoing strong execution, the company now expects its first quarter revenue to be in the range of $4.45 billion to $4.55 billion compared to its earlier forecast of $4.4 billion to $4.5 billion. Non-GAAP gross margin is expected to be approximately 33%, versus the earlier forecast of 32%, due to the improved mix and pricing. Non-GAAP operating expenses are expected to be approximately $905 million, versus the earlier forecast of $875 million, reflecting higher incentive compensation due to the stronger business performance. Net interest expense is forecasted to be lower than previously expected due to the recently completed re-pricing of the company’s U.S. Term Loan B debt. The company now expects first quarter EPS, on a non-GAAP basis to be in the range of $1.00 to $1.05, compared with its earlier forecast range of $0.85 to $0.90. The company will report its full results for the first fiscal quarter in late October.