Broadcom Corp. (NASDAQ:BRCM) underperformed following MediaTek’s agreement to purchase fellow Taiwanese chipmaker MStar for a total of $3.8B. The Chinese mobile baseband chip market is also dominated by MediaTek and Spreadtrum, and Broadcom competes with MediaTek in both its baseband and Wi-Fi/Bluetooth “combo chip” markets. Mstar may also increase competitive concerns because it sells so many mobile chips. The shares traded down $1.92 (5.58%) recently at $32.46.
Rambus Inc. (NASDAQ:RMBS) replaced retiring Harold Hughes with Ronald Black as CEO. Black was MobiWire and Wavecom CEO before joining Rambus.
Seagate Technology PLC (NASDAQ:STX) and DensBits Technologies team up in a strategic agreement to develop inexpensive, high-performance Solid State Drives for customer and enterprise markets. Seagate has also made an undisclosed equity investment in DensBits. The shares traded down $0.16 (0.69%) recently at $23.18.
SanDisk Corp. (NASDAQ:SNDK) was upgraded to Buy by Goldman’s James Schneider because he believes that NAND flash memory market, which as quickly declined, will reach a balance in supply/demand within Q4 due to Samsung and Hynix’s attempts to restrain capacity. He also mentions that SanDisk trades are only 5x the estimated EPS for 2013 following its $15 per share in cash and royalty income back out. The shares traded down $0.46 (1.27%) recently at $35.90.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.