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Photonics (NASDAQ:PLAB) : Upgraded To 'Buy' At Merrill Lynch

Thu, 21 May 2009 12:10:07 GMT

Merrill Lynch is out upgrading Photronics (NASDAQ:PLAB) to Buy from Neutral while raising their target to $4 from $2. (The upgrade comes after the co reported its F2Q09 results two days ago) Merrill notes that although interest expense is increasing in the near term, revenue growth is starting to pick up again and expense cuts already in place increase cash available to service debt. In addition, the total debt level in F3Q drops $30mn when the new lease on the Nanofab takes affect. As PLAB’s financial flexibility increases, valuation multiples should climb toward ongoing concern peer levels. Half the peer P/TBV average would be 0.7x. At that level, PLAB would trade for $4, firm's new PO up from $2. Debt overhang abates[More...]

Earnings Review: December 18, 2008

Thu, 18 Dec 2008 23:33:33 GMT

Late on Thursday, Blackberry maker Research In Motion Ltd. (NASDAQ: RIMM) announced that its fiscal third quarter net income rose to $396.3 million, or 69 cents a share.[More...]

Earnings Preview For Some Movers: ORCL,PALM,PLAB,RIMM,DRI

Thu, 18 Dec 2008 16:19:00 GMT

Some of the movers in technology and food sectors.[More...]

Analyst Comments: Joy Global, Photronics, Martha Stewart, Kellogg, Red Robin, Cirrus Logic, Safeway, PACCAR, Celgene, AstraZeneca, Phase Forward, Digital River, Methanex, Grupo Televisa, HSBC, AAR Corp, Centennial, Carmike Cinema, Washington Post

Fri, 10 Oct 2008 14:05:00 GMT

We are maintaining our Buy recommendation on Joy Global (JOYG). The global coal market appears strong as supply and demand fundamentals should keep prices elevated for the next several years. This will be a benefit to Joy as it is the world's leading manufacturer of mining machinery in the world. Sales and bookings were impressive in Q3 reflecting producer's positive long-term outlook for coal prices. Joy's industry leading operating margins look to improve on the back of several cost cutting and capacity expansion initiatives that will be felt as early as 2009. However we are lowering our target price from $84.00 to $71.00 per share due contraction of our valuation multiples. Although already an industry leader in operating margins, the growth and cost initiatives put in place will pave the way for higher revenues, margins and[More...]

Analyst Comments: Photronics, Vital Images, Mattel, Nash Finch, Telecom Italia

Tue, 15 Jul 2008 16:29:00 GMT

Photronics, Inc. (PLAB) is an original equipment manufacturer (OEM) of photomasks used by the semiconductor manufacturing industry in the fabrication of IC devices and LCD displays. In the April quarter, the top and bottom-line results were slightly worse than expected. The company has strong technical development capabilities and is experiencing growth in its 130nm and 90nm product lines. In the near term, this growth will not outshine a maturing legacy product and soft markets. Consequently, we rate...[More...]

NASDAQ Technical Picture - Testing Resistance

Wed, 14 May 2008 05:19:23 GMT

Disappointing guidance from &l[More...]

Analyst Comments: American Tower, Photronics, Countrywide, United Natural Foods, Intel Corporation, Johnson & Johnson, National Semi

Thu, 17 Apr 2008 14:39:17 GMT

We maintain our Buy recommendation and the same price target for American Tower Corp. (AMT), a leading operator of wireless communications towers in the USA, Mexico and Brazil. Overall performance has been driven by substantial demand for more tower space[More...]

PLAB Still Overvalued

Sat, 19 Jan 2008 05:35:19 GMT

After a 35 per cent drop in the share price from the 52-week high of Photronics, Inc. (PLAB), Zacks senior electronic industry analyst Ken Nagy, CFA issues a Sell rating on the shares. The following excerpts explain his position:'Photronics is an OEM of photomasks used by the semiconductor manufacturing industry in the fabrication of IC devices and LCD displays. In the October quarter the top-line results were better than expected. The company has strong technical development capabilities,...[More...]

Chalk-Full Of Data

Wed, 05 Dec 2007 14:02:38 GMT

Good morning. Unlike the other days this week, we're starting with a positive bias this morning. Strength in overseas markets for the most part have produced this morning's optimism along with positive analyst calls on two Dow components - United Technologies (UTX) & Intel (INTC) - and some better than expected earnings news from a few retailers like Guess? (GES). In addition, a stronger than expected report on 3Q productivity and lower labor costs have helped. A large, but expected dividend...[More...]

Keeping a Sell on Photronics

Wed, 24 Oct 2007 00:08:09 GMT

Zacks senior integrated chip market analyst Ken Nagy, CFA reiterates his Sell recommendation on shares of Photronics, Inc. (PLAB). We found out the details behind this decision:[More...]

Zacks Analyst Blog Highlights: Regeneron Pharmaceuticals, Inc., Whole Foods Market, Inc., Telecom Italia S.P.A., Mattel, Inc. And Photronics, Inc.

Wed, 16 Jul 2008 04:02:00 GMT

Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets.
Stocks recently featured in the blog include: Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN), Whole Foods Market, Inc. (Nasdaq: WFMI), Telecom Italia S.p.A. (NYSE: TI), Mattel, Inc. (NYSE: MAT) and Photronics, Inc. (Nasdaq: PLAB).
Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=4579

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Photronics Completes Common Stock and Convertible Note Offerings

Wed, 16 Sep 2009 21:47:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today announced the closing of its previously announced common stock and convertible note offerings.
The Company sold 11,084,337 shares of its common stock at a price of $4.15 per share.
The Company also completed the sale of $57.5 million principal amount of its 5.5% convertible senior notes due 2014 (the "notes").

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Photronics Reports Third Quarter Results

Tue, 18 Aug 2009 20:49:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today reported fiscal 2009 third quarter results for the period ended August 2, 2009.
Sales of semiconductor photomasks accounted for $71.7 million, or 75.1% of revenues during the third quarter of fiscal 2009, and sales of flat panel display (FPD) photomasks accounted for $23.7 million, or 24.9% of revenues.
Net loss for the third quarter of fiscal 2009 included after tax charges of approximately $10.7 million in connection with the Company's previously disclosed closures of its operations in Shanghai, China and Manchester, United Kingdom and a non-cash mark-to-market charge of $6.8 million for warrants relating to its May 2009 credit facility amendment.

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Photronics to Close Shanghai, China Facility

Thu, 09 Jul 2009 01:56:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today announced that it is closing its integrated circuit photomask manufacturing facility in Shanghai, China. The closure is consistent with Photronics strategy to reduce costs and lower its operational breakeven point.[More...]

Photronics Enters New Credit Facility and Repays Foreign Loan

Mon, 15 Jun 2009 13:33:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, announced today that it has entered into a new credit facility in the amount of $27.2 million with its current lenders. Under the terms of the new credit facility, Photronics has repaid a foreign loan of an equal amount and aligned the maturity date of the new loan to its existing revolving credit line. In addition, $9.1 million of the new credit facility will be due for repayment by January 31, 2010 and the remaining balance will be due by January 31, 2011.[More...]

Photronics to Present at the UBS Global Technology and Services Conference

Fri, 05 Jun 2009 13:34:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry is scheduled to present at the UBS Global Technology and Services Conference on Monday, June 8, 2009 at 2:45 p.m. Eastern Time, at the Sheraton New York Hotel & Towers in New York City. A webcast link will be posted on www.photronics.com.[More...]

Macricostas Family Scholarship Foundation Assists Children of Photronics Employees for the 2009 - 2010 Academic Year

Fri, 29 May 2009 14:34:00 GMT

The Macricostas Family Scholarship Foundation, a not-for-profit organization, announced today that it has awarded a total of $43,500 to 37 deserving college students whose parents are employed by Photronics, Inc. (Nasdaq: PLAB) for the 2009 - 2010 academic year. The Foundation, established in 1997 with an initial endowment of $500,000 by the family of Photronics chairman and founder Constantine (“Deno”) Macricostas, has awarded over $574,250 in scholarship awards since its inception. The Foundation’s mission is to provide financial assistance to children of Photronics’ employees who have demonstrated outstanding academic achievement and personal character.[More...]

Photronics to Enter into New Lease Agreement

Wed, 20 May 2009 12:20:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, announced today that it has reached agreement with Micron Technology, Inc. to enter into a new operating lease agreement for the NanoFab and terminate its original capital lease agreement. Under the terms of the agreement, quarterly lease payments will be reduced from $3.8 million to $2.0 million, and the lease term will be extended from December 31, 2012 to December 31, 2014. In connection therewith, the outstanding debt and assets associated with the NanoFab will be reduced by approximately $30 million.[More...]

Photronics Reports Second Quarter Results - May 19 2009 7:17PM

Tue, 19 May 2009 23:12:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today reported fiscal 2009 second quarter results for the period ended May 3, 2009.
Sales of semiconductor photomasks accounted for $63.8 million, or 76.6% of revenues during the second quarter of fiscal 2009, and sales of flat panel display (FPD) photomasks accounted for $19.4 million, or 23.4% of revenues.
Net loss for the second quarter of fiscal 2009 included after tax charges of approximately $1.4 million in connection with the Company's previously disclosed restructuring of its operations in Manchester, United Kingdom.

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Photronics Reports Second Quarter Results

Tue, 19 May 2009 20:26:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today reported fiscal 2009 second quarter results for the period ended May 3, 2009.[More...]

Photronics Amends Credit Agreement

Mon, 18 May 2009 10:56:00 GMT

Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, announced today that it has amended its Revolving Credit Agreement (the "credit agreement"). The amended agreement, among other items, has modified the maturity of the credit agreement to January 31, 2011.[More...]