In this report: Advanced Analogic Technologies (NASDAQ:AATI), Quanta Services (NYSE:PWR) and Boeing Co. (NYSE:BA).
Advanced Analogic Technologies is trading over 15 percent lower today after Skywork Solutions served notice to the company for a breach of contract in its merger agreement. According to a regulatory filing by Skyworks On Monday it stated that it will be able to terminate the merger if Analogic Technologies does not address the breach of contract within 10 days. Skyworks had agreed to buy Analogic Technologies in May for $258.6 million as it looks to expand its portfolio of analog chips for battery chargers and LED drivers. Advanced Analogic Technologies currently trades at $3.94 a share while Skyworks (NASDAQ:SWKS) trades at $21.52 a share, a 2.4 percent drop so far today.
FBR Capital upgraded Quanta Services (NYSE:PWR) to a ‘Outperform’ rating from ‘Underperform’. The firm also upped its price target on Quanta to $24 a share from $20 a share. The company currently trades slightly higher at $18.88 a share.
Dow component Boeing Co. (NYSE:BA) is trading over 2.4 percent lower today after the company announced that the delivery of its first 747-8 freighters are on hold due to issues with the plane’s first new customer. Cargolux where supposed to be the first company to receive the revamped freighters but due to a change up of its board that delivery is set to be postponed to a later date. The shakeup at Cargolux comes after Qatar Airways acquired a 43 percent stake in the company. Boeing currently trades at $63.77 a share.
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