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Micron produces memory solutions through two main product lines, DRAM and Trade Non-Volatile (includes NAND and NOR Flash). Micron's memory chips are used enterprise computing systems, personal computers, mobile devices, and the expanding range of "connected devices". Revenues are reported in four different business units; Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Embedded Business Unit (EBU) and Storage Business Unit (SBU). The company was founded by Ward D. Parkinson, Joseph L. Parkinson, Dennis Wilson, and Doug Pitman in October 1978 and is headquartered in Boise, ID. (17 Jul 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.

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.

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. 

Micron: To Buy Intel's JV Stake for $1.5 bn

Worth Watching: 18 Oct 2018, 11:36 PM ET - Micron announced on Thursday that it plans to buy Intel's non-controlling stake in the IM Flash Technologies JV (set up by the two companies in 2006) for ~$1.5 bn in cash. The JV is already consolidated within Micron's financial statements, and ma ..

Micron: Moody's Upgrades Senior Unsec to Baa3

Worth Watching: 09 Oct 2018, 10:20 PM ET - Micron: Moody's resolved its positive outlook on Tuesday, upgrading Micron's senior unsecured rating one notch to Baa3. The agency cited Micron's "significant deleveraging driven by both EBITDA growth and debt repayment, achievement of a cash bala ..

September 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Sep 2018, 9:25 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on North American companies during the month of September.

US TMT: Semiconductors – Winter is Coming

Sector Analysis: 28 Sep 2018, 5:18 AM ET - In this note, we compare recent trends in the chip industry vs. historical levels, take a look back the prior 2015 / 2016 downturn, and discuss the potential for slowing growth in memory, data center compute, and broad-line components.

Micron F4Q18: Cyclical Concerns Return

Earnings Note: 21 Sep 2018, 6:00 AM ET - We discuss Micron's fiscal 4Q results and 1Q guidance, which came in softer than expected. We move to an Underperform recommendation based on valuation and near-term operational trends.

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.

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.

Micron: Sanctioned in China - First Take

Worth Watching: 05 Jul 2018, 12:06 AM ET - Micron: On July 3, headlines of a temporary ban on Micron chip sales in China (placed on the company by a local Chinese court ruling) rolled in shortly after 12pm ET, with the primary source being a statement by Taiwan-based foundry UMC. The court ..

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.

Micron F3Q18: Ramping Shareholder Returns in FY'19

Earnings Note: 20 Jun 2018, 11:45 PM ET - Micron reported solid fiscal 3Q results and gave strong guidance. We maintain our Market perform  recommendation on the bonds.

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. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

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