Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

<ul><li>Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.</li><li>In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.</li><li>The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.</li><li>The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.</li><li>Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.</li></ul>

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd.</a> reports a better 2Q16 and guides a stronger 3Q16 but hints 4Q16 inventory and demand adjustment. We believe most of analysts will remain their views unchanged but be struggling between long term positive catalysts vs. short term seasonal adjustments after recent strong share price performance (26% ytd vs. 11% std on Taiwan Weighted Index). Analysts will need to know what will be likely seasonal sales decline and margin contraction in 4Q16 and 1Q17 in order to…

Taiwan Semiconductor Mfg. Co. Ltd. reports a better 2Q16 and guides a stronger 3Q16 but hints 4Q16 inventory and demand adjustment. We believe most of analysts will remain their views unchanged but be struggling between long term positive catalysts vs. short term seasonal adjustments after recent strong share price performance (26% ytd vs. 11% std on Taiwan Weighted Index). Analysts will need to know what will be likely seasonal sales decline and margin contraction in 4Q16 and 1Q17 in order to…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

More than Just Moore’s Law<ul><li class="p1">Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”</li><li class="p1">We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.</li><li class="p1">This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.</li><li class="p1">In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.</li></ul>Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

More than Just Moore’s LawBuilding semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer...

Dechert LLP

Looking Long or Short Term on TSMC?

Taiwan Semiconductor Mfg. Co. Ltd. reports a better 2Q16 and guides a stronger 3Q16 but hints 4Q16 inventory and demand adjustment. We believe most...

Andrew Lu

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

More than Just Moore’s Law Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out...

Morningstar, Inc.

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

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