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February 10, 2014
10:00 EDTDRQ, FUEL, PETX, S, FEYE, ACSF, UNT, FFIV, CELPOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: American Capital Senior Floating (ACSF) initiated with an Outperform at Keefe Bruyette... Aratana Therapeutics (PETX) initiated with an Overweight at Barclays... Cypress Energy (CELP) initiated with a Buy at Stifel... FireEye (FEYE) initiated with an Outperform at Wells Fargo... Rocket Fuel (FUEL) initiated with a Buy at Goldman... F5 Networks (FFIV) initiated with a Buy at Dougherty... Hertz (HTZ) initiated with a Neutral at Credit Suisse... Sprint (S) initiated with an Equal Weight at Barclays... Dril-Quip (DRQ) initiated with a Market Perform at Cowen... Unit Corp. (UNT) initiated with a Market Perform at Cowen.
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February 20, 2015
12:49 EDTFUELOn The Fly: Midday Wrap
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11:12 EDTFUELRocket Fuel gets multiple downgrades after earnings, but Janney still positive
Shares of Rocket Fuel (FUEL) are plunging after the company reported lower than expected fourth quarter revenue and provided first quarter revenue guidance that came in below expectations. Several analysts responded to the news by downgrading the stock, but research firm Janney Capital wrote that the company's potential reward still outweighs its risks. Rocket Fuel has developed a decision making and modeling platform that is based on big data and artificial intelligence. WHAT'S NEW: Rocket Fuel reported a Q4 per share loss, excluding certain items, of (18c), versus analysts' consensus estimate of a (21c) per share loss. The company's revenue came in at $139.5M, versus the consensus outlook of $147M. Rocket Fuel provided Q1 revenue guidance of $57M-$58M, versus the consensus outlook of $69.5M. Of note, the company said, "Given the limited visibility inherent in our rapidly growing and changing industry, Rocket Fuel is only providing specific financial guidance for the first quarter of 2015." ANALYST REACTION: A number of firms downgraded Rocket Fuel following the company's results. Piper Jaffray analyst Gene Munster downgraded the shares to Neutral from Overweight, saying that the company's transition to "more of a software platform" has made its risk/reward ratio unattractive, while its results raise questions about its business model. Meanwhile, Oppenheimer analyst Jason Helfstein downgraded the shares to Perform from Outperform, as he believes that the company lacks positive catalysts. Needham also downgraded the shares, cutting its rating on the stock to Hold from Buy. Although Rocket Fuel provided "very disappointing" Q1 guidance and the company is running into difficulties selling its products at trading desks, the company can overcome its challenges over time, Janney Capital analyst Murali Sankar contended. Rocket Fuel has started to build stronger relationships with the executives of trading firms, according to the analyst, who lowered his fair value estimate on the shares to $17.50 from $25.50, but kept a Buy rating on the stock. PRICE ACTION: In late morning trading, Rocket Fuel fell 25% to $11. Over the last year the stock is down about 79%.
10:01 EDTFUELOn The Fly: Analyst Downgrade Summary
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09:15 EDTFUELRocket Fuel downgraded to Neutral from Overweight at Piper Jaffray
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09:08 EDTFEYEFireEye price target raised to $50 from $44 at UBS
UBS raised its price target on FireEye to $50 from $44 following meetings with management. The firm cited improved business trends, new partnerships and higher state and local government spending. UBS reiterated its Buy rating on FireEye shares.
08:57 EDTFUELRocket Fuel potenial reward still outweighs risks, says Janney Capital
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08:21 EDTFUELRocket Fuel downgraded on lack of catalysts
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08:04 EDTFUELRocket Fuel downgraded to Hold from Buy at Needham
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06:01 EDTFUELRocket Fuel downgraded to Perform from Outperform at Oppenheimer
February 19, 2015
18:19 EDTFUELOn The Fly: After Hours Movers
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16:25 EDTFUELRocket Fuel sees Q1 non-GAAP revenue $57M-$58M
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16:24 EDTFUELRocket Fuel reports Q4 adjusted EPS (18c), consensus (21c)
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14:04 EDTFUELRocket Fuel February volatility increases into Q4 and outlook
Rocket Fuel February call option implied volatility is at 350, March is at 107, April is at 75; compared to its 26-week average of 72 according to Track Data, suggesting large near term price movement into the expected release of Q4 results today after the market close.
10:57 EDTSSprint commences $1B senior notes offering
Sprint announced that it has commenced an underwritten public offering of $1B aggregate principal amount of notes. Sprint intends to use the net proceeds for "general corporate purposes, which may include, among other things, working capital requirements, retirement or service requirements of outstanding debt and network expansion and modernization." The joint book-running managers for the offering are Citigroup, Goldman Sachs, .J.P. Morgan Securities, Merrill Lynch, Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, Mitsubishi UFJ, Mizuho, RBC Capital, Scotia Capital and SMBC Nikko Securities.
10:52 EDTSSprint files automatic mixed securities shelf
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07:31 EDTUNTEnerCom to hold a conference
The Oil & Services Conference (TOSC) 2015 is being held in San Francisco on February 18-19 with webcasted company presentations to begin on February 19 at 11 am; not all company presentations may be webcasted. Webcast Link
February 18, 2015
07:18 EDTFFIVF5 Networks coverage assumed with an Outperform at Credit Suisse
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February 17, 2015
18:06 EDTSPaulson & Co gives quarterly update on stakes
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13:18 EDTSOmega Advisors gives quarterly update on stakes
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07:50 EDTFEYEFireEye price target raised to $49 from $44 at BofA/Merrill
BofA/Merrill raised Buy rated FireEye's price target to $49 to reflect expected improvements in cash flow as investment in international infrastructure and M&A slows. The firm continues to view FireEye as a top pick given technological advantages, upside to billings and revenue growth, execution abilities, and strong sector trends.
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