The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1146 ET - The semiconductor sector will likely be hit by the uncertainty from U.S. tariffs, Jefferies analysts Janardan Menon and Om Bakhda write in a note. "Chip suppliers should meet first quarter estimates, but their second quarter and 2025 outlooks are likely to be impacted," they add. The industry will face supply-chain disruption and weak demand, with sales expected to decelerate faster than previously anticipated from April, they say. "Global semiconductor growth rates [are expected] to dip below 10% by the end of this year, with the likelihood of going into negative territory in first half 2026. As a result, global semiconductor revenues could potentially decline next year," they say. ASML Holding and ASM International shares are up 4.2% and 2.7%, respectively. (najat.kantouar@wsj.com)

1009 ET - The steep pullback in Apple's stock price presents "a particularly enhanced buying opportunity for investors to own a high-quality name," says Bank of America. In a note, BofA says the risk/reward for Apple has skewed positive when its forward price-to-earnings multiple falls below 25x, and that the drop in Apple's share price through Monday's session has pushed its P/E multiple to around 21x. BofA reiterates its buy rating on Apple shares, citing stable cash flows, earnings resiliency and the potential benefits of AI use on edge devices. Apple up 3.2% to $187.19. (colin.kellaher@wsj.com)

1001 ET - Canadian telcos provide a safety net during turbulent times caused by widespread U.S. tariffs, says TD Cowen's Vince Valentini. In a report, the analyst says that "these are stocks with minimal direct exposure to tariffs, and business models that have proven to be resilient in recessionary environments." Valentini ranks Canada's telcos in order of safety and yield strength, starting with Telus as one of the highest-yielding large cap names in Canada. Following that, he sees Cogeco, Quebecor. Omitted from the list are two big names: Rogers Communications and BCE. (adriano.marchese@wsj.com)

0946 ET - Higher prices for new vehicles may lead to a shift in consumer interest for used vehicles, which could in turn benefit listing sites, says D.A. Davidson's Tom White and Wyatt Swanson in a research note. The analysts estimate that at least 70% of user engagement on Cars.com and CarGurus is consumers researching and comparing used vehicles, providing dealers with access to in-market used car shoppers at a critical time. "Additionally, with average U.S. dealer gross profit per used vehicle in the $1.5K-$2.5k range, we estimate dealers only need to sell 1-2 units per month on average... to generate positive ROI from their listing subscription on these platforms." (denny.jacob@wsj.com; @pennedbyden)

0746 ET - Infineon Technologies remains better positioned than peers to face current volatility caused by U.S. tariffs, Mwb research analyst Abed Jarad writes in a note. "Infineon stock isn't immune to the ripple effects. The company is indirectly exposed through its core endmarkets. Most notably, the 25% tariffs on finished goods in automotive," the analyst says. However, the German semiconductor maker's leading product portfolio, and strong execution on strategic priorities, alleviate some indirect risks, he adds. Additionally, the acquisition of Marvell's automotive ethernet business not only strengthens Infineon's U.S. footprint but also reinforces its leading position in microcontrollers--now representing 32% of market share--while expanding its system offering for software-defined vehicles, he says. Mwb research upgrades its stock recommendation to buy from hold. Infineon shares are up 1.4% at 25.46 euros. (najat.kantouar@wsj.com)

0715 ET - Infineon Technologies' acquisition of Marvell's automotive ethernet business should support market expansion, Jefferies analysts Janardan Menon and Om Bakhda write in a note. Marvell's auto ethernet business is strategically compelling, the analysts say. German semiconductor maker Infineon agreed to buy the automotive division of U.S. rival Marvell Technology for $2.5 billion to benefit from its ethernet technology. The transaction will help raise gross margins of the auto business, they add. By buying Marvell's automotive ethernet business, Infineon will be able to provide the connectivity side of the equation, while offering a system solution that should help further market share gain in microcontroller units, connectivity and automotive semiconductors, they say. Infineon shares are up 0.9% at 25.35 euros. (najat.kantouar@wsj.com)

0557 ET - Infineon Technology acquisition of Marvell's automotive ethernet business offers an opportunity for the company to grow its technology platform, ING analyst Jan Frederik Slijkerman writes in a note. Additionally, the deal will allow the semiconductor company to move into the automotive segment that offers products with a higher added value while it solidifies its platform, the analyst says. However, the transaction comes at a high price, he adds. "This could be validated as the automotive ethernet segment is growing fast, while there are revenue opportunities in related domains, such as industrial applications," he says. Shares are down 0.2% at 25.06 euros. (najat.kantouar@wsj.com)

0552 ET - The focus of Alibaba's fiscal 4Q results will likely be the impact of tariffs on domestic consumption trends as well as cloud demand from large enterprises and small-medium enterprise customers, according to Citi analysts in a research note. Cloud technology innovation and foundation model development will continue to progress rapidly despite intensified uncertainties surrounding tariffs, and any softening in e-commerce sales growth related to cautious consumption will likely be partially offset by continued monetization improvement, the analysts say. The analysts view Alibaba's current share price as attractive, given its limited U.S. exposure for international commerce. Citi maintains a buy rating on the stock and slightly lowers the target price to HK$165.00 from HK$166.00. Shares last traded at HK$102.50. (tracy.qu@wsj.com)

0505 ET - Netflix will likely show relative resilience amid severe consumer and advertising weakness globally, Morgan Stanley analysts Benjamin Swinburne and Thomas Yeh write. The U.S. streaming company's momentum in its core subscription business, combined with recent dollar weakness, should reduce the risk associated with 2025 estimates, they say. The global regulatory and tax risks from trade tensions are unlikely to affect the company, they add. "Netflix has navigated rising costs associated with operating outside the U.S. in the past, including content production quotas and streaming taxes. These taxes are typically passed off to the consumers," they say. Shares closed at $867.83 on Monday. (najat.kantouar@wsj.com)

0301 ET - Marvell's sale of its automotive ethernet business to Infineon makes sense, JP Morgan analysts say in a research note. The transaction aligns with Marvell's strategic focus on artificial intelligence and accelerated computing, while reducing its investment in certain areas of its multi-markets portfolio, the analysts say. The auto business will continue to remain a small part of Marvell's overall business, especially as its data center business grows at a faster pace over the next few years, they say. The deal should boost the company's earnings power by $0.05 to $0.10 per share, assuming most of the proceeds are used for stock repurchase, JP Morgan says. (nina.kienle@wsj.com)

0042 ET - Optus's mobile price rises are positive for its Australian rivals' postpaid operations, Jarden analysts say. They think that the A$3/month hike imposed by Singapore Telecommunications-owned Optus across most of its postpaid plans will help both Telstra and TPG Telecom. They observe that TPG has gone more than 12 months without raising prices in an attempt to compete on value. As for Telstra, they expect price rises late in the current fiscal year to support a modest lift in fiscal 2026 average revenue per postpaid user. The Jarden analysts point out in a note to clients that mobile industry returns remain, in their view, sub-economic. (stuart.condie@wsj.com)

2242 ET - A fatal car accident involving Xiaomi's smart-driving features has hurt demand for all smart-driving related models, Nomura analysts write in a note. Considering the latest reciprocal tariffs from the U.S. and China's counter-measures, Nomura has turned a bit more cautious on the entire Chinese auto market and developments surrounding smart-driving technology, they say. Still, the brokerage expects more incentives from both central and local governments for the rest of 2025 to boost auto demand, despite recent challenging macro environment.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

April 08, 2025 12:20 ET (16:20 GMT)

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