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Advanced Micro Devices

AMD designs microprocessors, chipsets, graphics and video cards. It outsources its production to 3rd party foundries, primarily GLOBALFOUNDRIES. It operates two business segments, Computing & Graphics, and Enterprise, Embedded, & Semi-Custom. Computing and Graphics is focused on the traditional PC market, providing desktop and notebook processors and chipsets, discrete GPUs and professional graphics. Enterprise, Embedded, & Semi-Custom includes server and embedded processors, semi-custom SoC products, engineering services and royalties. (13 Jun 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.
Focused

AMD 3Q18: Whiffs on Lofty Expectations

Earnings Note: 25 Oct 2018, 4:23 AM ET - AMD reported lackluster 3Q results and gave disappointing sequential guidance. We maintain our Market perform recommendation on AMD credit.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 
Focused

AMD: Move to M/P on Valuation, Moderating Growth

HY Note: 01 Oct 2018, 9:42 PM ET - We are downgrading our recommendation on AMD credit to Market perform from Outperform

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.
Focused

AMD 2Q18: Key Takeaways

Worth Watching: 26 Jul 2018, 5:14 AM ET - AMD 2Q18 results were strong. Revenue of $1,756 mn was ~2% better than the midpoint of guidance, and up 44% YoY. Gross margins were up 4 percentage points vs. the year ago period mostly due to the ramp of higher ASP Ryzen products. EBITDA of $228 ..

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

Spotlight on Intel: Does Chipzilla Still Reign?

Company Spotlight: 11 Jul 2018, 5:03 AM ET - We examine Intel's competitive position within both PC and data center, as well as whether the company's manufacturing edge is truly gone.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

INTC: Raising Guidance; Krzanich Out

Worth Watching: 21 Jun 2018, 11:02 AM ET - INTC: On Thursday, Intel raised its 2Q18 revenue and EPS guidance by 4% and 16%, respectively. The company now expects to report revenue of ~$16.9 bn (up from $16.3 bn) and adjusted EPS of $0.99 bn (up from $0.85 mn). Intel's data center business ..

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

April 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Apr 2018, 9:22 PM ET - Our monthly report provides executive summaries for the twenty-six company recommendation changes made on North American companies during the month of April.
Focused

AMD 1Q18: Ryzen Shine

Earnings Note: 26 Apr 2018, 10:40 AM ET - AMD delivered strong 1Q18 results. We upgrade our recommendation to O/P from M/P.

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