| The KUIK Market Update for Tuesday, June 2: | |||||||
| Markets are down but up from their lows. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (13) | points | 18,027 | 8:01 AM | ||
| S&P500 | Down | -0.1% | percent | 2,110 | (1.27) | ||
| Nasdaq Composite | Down | -0.2% | percent | 5,073 | (9.75) | ||
| 30 Year Treasury | Up | 6 | Basis Points | 3.01 | Annual Yield | ||
| Intel was downgraded by BMO Capital analyst Ambrish Srivastava, who said: “We do not like Intel’s acquisition of Altera.” He cut his rating to market perform, after being at outperform for nearly 18 months. He cut the stock price target to $33, which is 1.1% below current levels, from $40. “We do not like the valuation Intel is paying for [Altera], especially in light of our view of the opportunity,” Srivastava wrote in a note to clients. Specifically, he doesn’t agree with Intel’s assumption of 7% compound annual growth rate for Altera’s business, when it has suffered a negative 2% despite one of the more aggressive carrier capital expenditure builds he has seen. “We are struggling with how this deal will add value to shareholders in the long term,” Srivastava wrote. “We were disappointed with Intel’s lack of details on that front during the [conference] call.” Intel’s stock has fallen 1.7% this morning $33.38 a share. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/intel-downgraded-as-analysts-dislikes-altera-acquisition-2015-06-02 | |||||||
| For today’s Market Update Report click to listen-> | |||||||