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Stock Market & Financial Investment News

News Breaks
July 21, 2014
10:02 EDTSGGH, MTLS, XNET, STAG, TCPI, REGN, FAF, ECR, LCUT, GPRO, AMPH, IMPR, FNF, ADPTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Adeptus Health (ADPT) initiated with a Buy at Dougherty... Amphastar (AMPH) initiated with a Buy at Jefferies... Eclipse Resources (ECR) initiated with a Neutral at SunTrust... Fidelity National (FNF) initiated with a Buy at SunTrust... First American (FAF) initiated with a Buy at SunTrust... GoPro (GPRO) initiated with a Hold at Stifel... Imprivata (IMPR) initiated with an Outperform at Wells Fargo... Lifetime Brands (LCUT) initiated with a Buy at Sidoti... Materialise (MTLS) initiated with a Buy at BB&T... Regeneron (REGN) initiated with a Buy at Argus... STAG Industrial (STAG) initiated with a Buy at Sandler O'Neill... Signature Group (SGGH) initiated with a Buy at B. Riley... TCP International (TCPI) initiated with a Buy at Canaccord... Tessera (TSRA) initiated with a Buy at Craig-Hallum... Xunlei (XNET) initiated with a Perform at Oppenheimer.
News For ADPT;AMPH;ECR;FNF;GPRO;FAF;IMPR;LCUT;MTLS;REGN;STAG;SGGH;TCPI;XNET From The Last 14 Days
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February 3, 2016
16:28 EDTGPROGoPro trading halted, pending news
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16:00 EDTGPROGoPro February weekly 10.5 straddle priced for 15.6% movement into Q4
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15:08 EDTGPROGoPro February weekly 10.5 straddle priced for 14.5% movement into Q4
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14:48 EDTGPRONotable companies reporting after market close
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11:24 EDTGPROEarnings Watch: Analysts see more challenges for GoPro ahead of Q4 report
GoPro (GPRO) is expected to report fourth quarter earnings after the market close on Wednesday, February 3 with a conference call scheduled for 5:00 pm ET. GoPro is a developer of hardware and software solutions that features mountable and wearable cameras and accessories. EXPECTATIONS: Analysts are looking for earnings per share of 0c on revenue of $496.1M. The consensus range is (1c)-1c for EPS and $434.23M-$533.0M for revenue, according to First Call. LAST QUARTER: GoPro reported third quarter EPS of 25c against estimates of 29c, on revenue of $400.34M against estimates of $433.6M. The company also reported that Q3 international sales totaled over 50% of the company's revenue. During its Q3 earnings conference call, GoPro CEO Nicholas Woodman said the weak initial sell-through of the Hero4 Session contributed to lower revenue in the quarter. GoPro originally gave Q4 adjusted EPS guidance of 35-45c and Q4 revenue guidance of $500M-$550M. The company, however, cut its Q4 guidance in a January preannouncement. GoPro said it expects Q4 revenue to reach $435M and FY15 revenue guidance to total $1.6B following lower-than-anticipated sales of its capture devices. NEWS AND STREET RESEARCH: In the mid-January preannouncement, GoPro said it implemented a reduction in its workforce of approximately 7%. The company estimates that it will incur approximately $5M-$10M of restructuring expenses in Q1, substantially all of which will be severance costs. Following GoPro's updated Q4 guidance, the company's price target was lowered at Piper Jaffray, Northland, and JMP Securities. Piper Jaffray analyst Erinn Murphy said the brand's price pressures created "material margin headwinds" during the quarter and expects GoPro's next few quarters to remain challenging. Northland analyst Gus Richard said the company's new products will not help over the next few quarters and calls the drone market very competitive. JPMorgan, on the other hand, said the company's new drone and virtual reality products should improve the company's fortunes. The firm expects the company's growth will accelerate starting in Q4. Also relatively upbeat was Sterne Agee analyst Rob Chira who said that the company's results can rebound after it releases a new version of its Hero5 camera and launches a drone this year. Ahead of the Q4 earnings, Piper Jaffray further cut the company's price target to $7.50 and expects the company's Q1 revenue estimate to be $272M. Citi also said the Q1 consensus revenue estimate for GoPro is "too optimistic." The firm cited continued challenging sell-through and likely inventory destocking. PRICE ACTION: GoPro shares are down more than 58% over the last three months. In Wednesday afternoon trading ahead of its Q4 report, GoPro shares are trading up 2.25%.
06:36 EDTGPROInvestors should be skeptical of GoPro buying opportunity, WSJ says
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06:20 EDTGPROGoPro volatility increases into Q4 and outlook
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February 1, 2016
16:21 EDTGPROOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, beginning February the way they spent most of January, weighed down by the price of oil, which fell about 6% for the session. Also hitting the market early were weak economic reports, both in China and the U.S. The averages moved higher late in the day as investors awaited the next barrage of earnings reports, which will include results from Google parent Alphabet (GOOG). ECONOMIC EVENTS: In the U.S., personal income rose 0.3% in December, versus expectations for an increase of 0.2%, while spending was flat, versus expectations for an increase of 0.1%. Markit's manufacturing purchasing managers index for January dipped to 52.4 in the final January reading, down from the 52.7 flash reading and below the 52.6 reading that was expected. The Institute for Supply Management's manufacturing index for January came in at 48.2, below the 48.4 that analysts expected. Construction spending rose 0.1% in December, which was weaker than the 0.6% increase that was forecast. Separately, Federal Reserve Vice Chairman Stanley Fischer spoke about recent monetary policy decisions undertaken by the Fed, reiterating expectations that "economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate," while also revealing that four rate hikes is among the numbers being discussed by the Federal Reserve for this year. In China, the government's official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December. The private Caixin manufacturing PMI edged up to 48.4 from 48.2 in the prior reading, but both figures still remain in contraction territory. In Europe, Markit's manufacturing PMI for the euro zone dropped to 52.3 from December's 53.2, in-line with the earlier flash estimate. COMPANY NEWS: After swinging as high as $18.77, shares of Twitter (TWTR) ended the day up 6.55% at $17.90 after tech reporter Jessica Lessin said private equity firm Silver Lake and investor Marc Andreessen have "considered some sort of deal" for the microblog service operator, though Lessin noted she didn't know if deal talks are currently active. Later in the day, a source familiar with the matter told Fortune that Silver Lake has no interest in acquiring "even a slice" of Twitter... Alere (ALR) surged 45.5% to $54.11 after Abbott (ABT) agreed to acquire the company for $56 per share at a total expected equity value of $5.8B. In other M&A news, Questar (STR) jumped 22.5% to $24.99 after Dominion Resources (D) agreed to acquire it for $25 per share, or about $4.4B. Dominion slipped 2.76% after announcing the deal and reporting its latest quarterly results... Chipotle (CMG) rose 4.3% to $472.64 after the Centers for Disease Control and Prevention released its final update on the company's E. coli scare, saying the two outbreaks "appear to be over." MAJOR MOVERS: Among the notable gainers were Sysco (SYY) and Aetna (AET), which advanced 8.4% and 1.4%, respectively, after reporting quarterly earnings. Also higher was Barracuda Networks (CUDA), which jumped about 11% to $11.75 after Bloomberg reported the company is exploring a sale. In addition, Time Warner (TWX) gained 2.7% after the New York Post reported over the weekend that billionaire investor Nelson Peltz is considering taking an activist position in the company. Among the noteworthy losers was GoPro (GPRO), which declined 3.4% to $11.06 after analysts from Piper Jaffray and Citi predicted that the company's guidance this week will disappoint investors. Also lower was DreamWorks (DWA), which fell 6.8% to $23.90 after the studio's new film "Kung Fu Panda 3" missed expectations for its domestic box office opening. Meanwhile, Roper Technologies (ROP) and Cardinal Health (CAH) lost a respective 6.8% and 1.9% after reporting quarterly earnings. INDEXES: The Dow slipped 17.12, or 0.1%, to 16,449.18, the Nasdaq gained 6.41, or 0.14%, to 4,620.37, and the S&P 500 fell 0.86, or 0.04%, to 1,939.38.
12:13 EDTGPROOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday, but off their worst levels of the day, as oil is once again being weighed on by worries of slower growth in China. Several M&A announcements helped fuel speculation that deal-making may be set to pick up, but the headwinds of lower oil prices and weak economic data are outweighing that potential boost and keeping stocks in the red to start the month. ECONOMIC EVENTS: In the U.S., personal income rose 0.3% in December, versus expectations for an increase of 0.2%, while spending was flat, versus expectations for an increase of 0.1%. Markit's manufacturing purchasing managers index for January dipped to 52.4 in the final January reading, down from the 52.7 flash reading and the below the 52.6 reading that was expected. The Institute for Supply Management's manufacturing index for January came in at 48.2, below the 48.4 that analysts expected. Construction spending rose 0.1% in December, which was weaker than the 0.6% increase that was forecast. In China, the statistics bureau's official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December. The private Caixin manufacturing PMI edged up to 48.4 from 48.2 in the prior reading, but both figures still remain in contraction territory. In Europe, Markit's manufacturing PMI for the euro zone dropped to 52.3 from December's 53.2, in-line with the earlier flash estimate. COMPANY NEWS: Shares of Twitter (TWTR) advanced 9% after tech reporter Jessica Lessin said private equity firm Silver Lake and investor Marc Andreessen have "considered some sort of deal" for the microblog service operator. Lessin noted in the report published on her site, The Information, that she did not know if deal talks are "active" now between Andreessen, Silver Lake and Twitter... Alere (ALR) surged 45% to $54 per share near midday after Abbott (ABT) agreed to acquire the company for $56 per share at a total expected equity value of $5.8B. In other Monday M&A news, Questar (STR) rose 22% after Dominion Resources (D) agreed to acquire it for $25 per share, or about $4.4B, and assume Questar's outstanding debt. Meanwhile, Stryker (SYK) announced a deal to acquire Sage Products for $2.775B in cash. The buyers' shares did not fare as well in the wake of the deal announcements, as Abbott slipped 0.5%, Dominion dipped 1% and Stryker fell 1%. Also lower were shares of Smith & Nephew (SNN), which slid fractionally as investors may have been concerned that Stryker's deal decreases the likelihood that it will come after S&N. Additionally, Smith & Nephew announced that its CEO Olivier Bohuon has been diagnosed with a "highly treatable" form of cancer. MAJOR MOVERS: Among the notable gainers was Lumber Liquidators (LL), which gained 8.5% after a judge accepted the company's $10M plea deal to settle timber source crime charges, according to media reports. Also higher was Chipotle (CMG), which rose 5.5% after The Wall Street Journal reported that the Centers for Disease Control and Prevention is expected to formally declare the end to its E.coli outbreak as soon as today. In addition, Sysco (SYY) and Aetna (AET) were up 7% and 2%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Nokia (NOK), which fell 12% after it forecasted how much revenue it expects to gain from its IP portfolio after its patent deal with Samsung (SSNLF) and its shares were downgraded at Canaccord and BofA Merrill Lynch. Also lower was GoPro (GPRO), which was slid 5% after analysts from Piper Jaffray and Citi predicted that the company's guidance to be issued this week will disappoint investors. In addition, Roper Technologies (ROP) and ImmunoGen (IMGN) were down 6.5% and 5.7%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was down 56.40, or 0.34%, to 16,409.90, the Nasdaq was down 12.25, or 0.27%, to 4,601.70, and the S&P 500 was down 6.51, or 0.34%, to 1,933.73.
11:58 EDTGPROGoPro volatility elevated into Q4 and outlook
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10:31 EDTGPROGoPro slides after analysts predict guidance this week will disappoint
Research firm Piper Jaffray and Citi predicted that GoPro's (GPRO) revenue guidance would disappoint investors when the company issues its earnings report later this week. GoPro preannounced lower than expected fourth quarter revenue on January 13. The company is expected to announce the remainder of its results, including first quarter guidance, on February 3. STREET LOW TARGET: Piper Jaffray analyst Erinn Murphy cut her price target on GoPro to $7.50 from $9, citing updated spending assumptions. The analyst expects the company's Q1 sales guidance to come in at $272M, below the Street's consensus estimate of $298M. Murphy cut her Q1 EPS estimate for the company to 0c from 10c, and warned that the company could report a Q1 loss if its "sales remain tepid." She kept an Underweight rating, the firm's equivalent of a "Sell," on the shares. GoPro's channel inventory was probably too high at the end of last quarter, and the company likely has about $200M of inventory, Citi analyst Jeremy David estimated. Given the company's "challenging sell-through" and probable inventory reductions by channel sellers, its Q1 guidance will probably come in below expectations, according to David. Specifically, GoPro will provide guidance of a 20c to 25c per share loss and its revenue guidance will come in at $230M-$250M, the analyst believes. The consensus forecast, based on the predictions of sixteen analysts, is for GoPro to report a loss of 5c per share in Q1, according to First Call. David predicted that the shares would be range bound in February and March, but he added that the stock could drop below $9. Later on this year, the stock could rise modestly as the launches of the company's new Karma and HERO5 cameras approach, said the analyst, who kept a $12 price target and Neutral rating on the shares. PRICE ACTION: In early trading, GoPro fell 6% to $10.75. Shares of supplier Ambarella (AMBA), which has often moved in tandem with GoPro in the past, slipped 5%.
09:27 EDTGPROOn The Fly: Pre-market Movers
HIGHER: Alere (ALR), up 45.4% after announcing that Abbott (ABT) will acquire the company for $56 per share... Questar (STR), up 20.2% after announcing that Dominion (D) will acquire the company for $25 per share and assumed debt... Mast Therapeutics (MSTX), up 12.2% after the Phase 2a study of AIR001 met its primary endpoint... Twitter (TWTR), up 5.7% after The Information reported that Marc Andreessen and Silver Lake have considered a deal for Twitter... Herbalife (HLF), up 2.2% after the Wall Street Journal reported that probes into Bill Ackman's "pyramid scheme" accusations against Herbalife, as well as Herbalife's own accusations that Ackman sought to manipulate the company's stock, have both failed to uncover enough evidence to support criminal charges. LOWER: Dominion Resources, down 1.7% after reporting quarterly results and that it will acquire Questar... Abbott, down 4.1% after announcing that it will acquire Alere... GoPro (GPRO), down 4.4% after Piper Jaffray cut its price target to $7.50.
07:57 EDTGPROGoPro Q1 sales estimate looks optimisic, says Citi
Citi analyst Jeremy David calls the Q1 consensus revenue estimate for GoPro of $297M "too optimistic." Continued challenging sell-through and likely inventory destocking make a $230M-$250M range for Q1 revenue more plausible, David tells investors in a pre-Q4 earnings research note. The analyst lowered his estimates for the action camera maker and keeps a Neutral rating on the name. He has a $12 price target for the shares. Piper Jaffray this morning cut its price target on GoPro to $7.50.
06:57 EDTGPROGoPro price target cut to $7.50 at Piper Jaffray
Piper Jaffray analyst Erinn Murphy cut her price target on shares of GoPro to $7.50 from $9 ahead of the action camera maker's Q4 results this week. The stock closed Friday up 88c to $11.45. While GoPro already pre-announced well below consensus results for Q4, the company will likely offer Q1 guidance on the earnings conference call, Murphy tells investors in a research note. Her Q1 revenue estimate is $272M, below the consensus of $298M. She reiterates an Underweight rating on GoPro, her firm's equivalent of a sell.
05:15 EDTGPROStocks with implied volatility movement; VALE GPRO
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January 29, 2016
13:38 EDTREGNAmgen wins right to allege willful infringement in Praluent suit, Markman says
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January 27, 2016
10:00 EDTREGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BG Group (BRGYY) downgraded to Neutral from Outperform at Credit Suisse... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Citi... Bill Barrett (BBG) downgraded to Neutral from Buy at Ladenburg... Brown & Brown (BRO) downgraded to Underweight at Morgan Stanley... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at BTIG... Canadian National (CNI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Sell from Hold at Topeka... FirstMerit (FMER) downgraded at RBC Capital... Gentex (GNTX) downgraded to Neutral from Outperform at Baird... Haverty Furniture (HVT) downgraded to Sector Weight from Overweight at KeyBanc... Hercules Technology (HTGC) downgraded to Neutral from Buy at Compass Point... Horizon Technology (HRZN) downgraded to Market Perform from Outperform at Raymond James... Installed Building downgraded to Sector Weight from Overweight at KeyBanc... Jarden (JAH) downgraded to Neutral from Buy at Citi... K+S (KPLUF) downgraded to Sell from Hold at Berenberg... La-Z-Boy (LZB) downgraded at BB&T... Legacy Reserves (LGCY) downgraded to Market Perform from Outperform at FBR Capital... Medivation (MDVN) downgraded to Hold from Buy at Canaccord... Merck (MRK) downgraded to Neutral from Buy at BofA/Merrill... Metaldyne Performance (MPG) downgraded to Neutral from Outperform at Baird... Pier 1 Imports (PIR) downgraded to Sector Weight from Overweight at KeyBanc... Priceline (PCLN) downgraded to Neutral from Buy at Goldman... Profire Energy (PFIE) downgraded to Neutral from Buy at Chardan... Regeneron (REGN) downgraded to Hold at Canaccord... Starwood (HOT) downgraded to Underperform from Outperform at CLSA... Swiss Re (SSREY) downgraded to Equal Weight from Overweight at Morgan Stanley... TSYS (TSS) downgraded to Equal-Weight from Overweight at First Analysis... Talmer Bancorp (TLMR) downgraded to Sector Perform from Outperform at RBC Capital... TopBuild (BLD) downgraded to Sector Weight from Overweight at KeyBanc... TripAdvisor (TRIP) downgraded to Sell from Neutral at Goldman... VMware (VMW) downgraded to Hold from Buy at Summit Research... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman... WEC Energy (WEC) downgraded to Neutral from Conviction Buy at Goldman... Welltower (HCN) downgraded to Underperform from Market Perform at BMO Capital... Yamana Gold (AUY) downgraded to Neutral from Overweight at JPMorgan.
07:47 EDTXNETXunlei announces new $20M share repurchase program
Xunlei announced the adoption of a new share repurchase program of up to $20M. The board of the company authorized a new share repurchase program under which the company may repurchase up to $20M worth of its shares over the next 12 months.
07:12 EDTREGNRegeneron downgraded to Hold at Canaccord
As reported previously, Canaccord analyst John Newman downgraded Regeneron to Hold from Buy. The analyst anticipates a slowing trajectory for EYLEA as he believes the boost from Protocol-T has largely been realized and price increases are unlikely due to the deep discount offered by off-label Avastin usage. Newman lowered his price target to $525 from $700 on Regeneron shares.
06:57 EDTREGNRegeneron downgraded to Hold from Buy at Canaccord
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