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News For AMZN;NFLX;IBM;CRM;RAX;VMW From The Last 14 Days
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October 12, 2015
07:18 EDTVMWCitrix could look to sell itself in wake of EMC deal, says Oppenheimer
Oppenheimer says that Citrix (CTXS) could be pressured to consider strategic alternatives, including a sale of the company, in the wake of Dell's acquisition of EMC (EMC) and a majority stake in Vmware (VMW). The firm says that Dell's acquisition of VMware will strengthen the latter company, potentially pressuring Citrix to consider strategic alternatives.
07:16 EDTVMWDell, EMC see deal closing in May-October 2016
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07:12 EDTVMWDell to acquire EMC for $33.15 per share, including VMware tracking stock
Dell and EMC Corporation (EMC) announced they have signed a definitive agreement under which Dell, together with its owners, Michael Dell, founder, chairman and chief executive officer of Dell, MSD Partners and Silver Lake, the global leader in technology investing, will acquire EMC Corporation, while maintaining VMware as a publicly-traded company. Under the terms of the agreement, EMC shareholders will receive $24.05 per share in cash in addition to tracking stock linked to a portion of EMC's economic interest in the VMware (VMW) business. Based on the estimated number of EMC shares outstanding at the close of the transaction, EMC shareholders are expected to receive approximately 0.111 shares of new tracking stock for each EMC share. Assuming, for illustrative purposes, a valuation for each share of tracking stock of $81.78, the intraday volume-weighted average price for VMware on Wednesday, October 7, EMC shareholders would receive a total combined consideration of $33.15 per EMC share and the total transaction would be valued at approximately $67B. The value of the tracking stock may vary from the market price of VMware given the different characteristics and rights of the two stocks. The EMC board of directors approved the merger agreement and intends to recommend that stockholders of EMC approve the agreement.
07:08 EDTVMWEMC deal with Dell includes 'go-shop' clause
EMC CEO Joseph Tucci confirmed while speaking on CNBC that the company's deal with Dell does include a "go-shop" clause, as indicated in prior media reports.
07:06 EDTVMWVMware reports preliminary Q3 EPS $1.02, consensus 99c
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07:05 EDTVMWDell to buy EMC for $33.15 per share, CNBC reports
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06:13 EDTVMW, IBMEMC plans to shop itself after Dell deal, Reuters reports
EMC (EMC) has asked that a "go shop" provision be added to the reported merger deal with Dell, sources tell Reuters. The sources say IBM (IBM), HP (HPQ) and Cisco (CSCO) could be potential suitors for EMC, but the chances of a rival offer "are slim." Reference Link
October 11, 2015
20:13 EDTVMWLarge-cap takeovers in focus as earnings season gets underway
A pair of takeover deals between AB InBev (BUD)-SABMiller (SBMRY) and Dell-EMC (EMC) could be announced early this week, offering investors handsome premiums as earnings season kicks off. BREWING DEAL: According to media reports, Anheuser-Busch InBev appears set to raise its takeover bid for SABMiller to at least GBP43. The Belgium-based brewer's recent GBP42.15 offer was rejected by SABMiller, which promptly announced new cost cutting efforts as the company postures for a higher payout. Though this weekend's reports point to a new GBP43-GBP44 per share offer, AB InBev is also said to be willing to walk away, and Barron's warned that SABMiller shares could drop below GBP30 if the deal fizzles. TITANIC TECH MERGER: Dell is readying a roughly $50B offer for data storage maker EMC, according to media reports Friday. On top of what could be a $27.25 per share cash bid, the company is also prepared to offer a tracking stock linked to EMC's stake in VMware (VMW), said the reports, with the Financial Times noting that Michael Dell was in New York on Friday to finalize the deal. PRICE ACTION: Shares of EMC reached $27.87 by Friday's close, while American Depositary Receipts of SABMiller stood at roughly GBP37 as investors weigh the likelihood of a deal.
17:46 EDTVMWDell-EMC deal may be announced early next week, FT says
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October 10, 2015
17:03 EDTIBMMerge Healthcare to host special shareholder meeting
Special Shareholder Meeting to approve the merger of Merge Healthcare and IBM whereby Merge Healthcare becomes a wholly-owned subsidiary of IBM is being held in Chicago on October 13 at 11 am.
October 9, 2015
16:45 EDTVMWStocks have strong week ahead of ramp up of earnings season
Stocks ended the week with strong gains, posting one of their best weekly performances of the year, as investors brace for the earnings season to pick up in earnest. Next week's earnings calendar is dominated by the banks, but will also includes reports from high-flier Netflix (NFLX) and chip making giant Intel (INTC). MACRO NEWS: In the U.S., Markit's services PMI dropped to 55.1 in the final September print, compared to the preliminary reading of 55.6 and August's 56.1 figure. ISM's services index dropped 2.1 points to 56.9 in September, versus expectations for a more modest pullback to a reading of 57.5. Initial jobless claims dropped to 263,000 in the week ended October 3, versus expectations for 273,00 first-time claims. Import prices slid 0.1% in September, while export prices declined 0.7%. Wholesale inventories edged up 0.1% in August, while sales fell 1.0%... The FOMC minutes for the September 16-17 policy meeting didn't read very hawkish, as some may have feared would be the case. The minutes showed "many members" thought rate hike conditions had been met or would be met soon. However, "several members" were worried that the downside risks to growth and inflation had increased, leading the committee to feel it was "prudent to wait" for additional information confirming that the economic outlook had not deteriorated and bolstering members' confidence that inflation would gradually move up. COMPANY NEWS: Shares of General Electric (GE) advanced after activist investor Nelson Peltz disclosed that his firm, Trian Fund Management, has accumulated a $2.5B stake, making it one of the company's top ten shareholders. Trian, which believes GE is "executing a bold transformation" from a broad conglomerate into an industrial company, predicted that GE stock may be worth $40-$45 per share by 2017... Despite cutting its guidance for the second time in less than four months, DuPont (DD) gained after announcing that chairwoman and CEO Ellen Kullman would be retiring from the company, spurring investor hopes for an accelerated pace of change at the industrial giant, which is also a Peltz holding. The news prompted a number of analysts to weigh in, with Deutsche Bank saying the changeover is "highly likely" to lead to further breakup of the company under interim Chief Edward Breen, who broke up Tyco (TYC) twice when he ran that company... Freeport-McMoran (FCX) shares rose after the company added two Carl Icahn representatives to its board, with Icahn himself remarking that shareholders will "generally" benefit from the move... Polycom (PLCM) and Mitel (MITL) both gained after activist investor Elliott Management disclosed stakes in both companies and urged the two to consider a combination... Shares of Twitter (TWTR) advanced after the company appointed co-founder and interim Chief Executive Jack Dorsey as permanent CEO. Analysts welcomed the news, saying Dorsey was simply "too good to pass up" despite his concurrent role as head of payments company Square... On the deal front, the week's big news was made by privately held Dell, as The Wall Street Journal and CNBC reported that Dell and private equity partner Silver Lake are in "advanced talks" to buy EMC (EMC). Following up on the story, Re/code's Arik Hesseldahl reported today that Dell is offering $27.25 per share in cash and specialized stock in VMware (VMW) to EMC shareholders in a deal that would equal at least $30 per share in value. Such a takeover would be worth more than $50B, making the transaction the biggest tech deal of all time, Hesseldahl noted. In other M&A news, EnerSys (ENS) gained after the Wall Street Journal reported that Johnson Controls (JCI) is in early talks to buy the battery maker... Yum! Brands (YUM) moved sharply lower after the owner of the KFC, Taco Bell and Pizza Hut restaurant brands reported worse than expected quarterly results and lowered its fiscal year guidance. Yum cited a slower than expected recovery in its sales in China, as well as stronger foreign exchange headwinds, for its reduced outlook... Drugmaker Valeant (VRX) had another down week after its alleged "price hike" business strategy was highlighted in reports by the New York Times and Barron's last weekend... Tesla (TSLA) also declined on a weekly basis after Morgan Stanley analysts lowered sales forecasts for the company's recently-launched Model X, Baird analyst Ben Kallo downgraded Tesla to Neutral and Barclays analyst Brian Johnson downgraded the stock to Underweight, his firm's equivalent of a sell rating... Alcoa (AA) dropped nearly 7% on Friday after the company unofficially kicked off the earnings season by reporting lower than expected revenue and profits. INDEXES: The Dow gained about 3.72% to close at 17,084.49, the S&P 500 rose about 3.25% to close at 2,014.89, and the Nasdaq advanced about 2.58% to close at 4,830.47.
16:37 EDTVMWDell to offer EMC $33 per share with VMware tracking stock, Bloomberg says
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16:32 EDTNFLXOn The Fly: Top stock stories for Friday
Stocks on Wall Street finished the session higher, with the Nasdaq, Dow and the S&P 500 finishing higher than Thursday's closing level. Despite the lackluster trading in the last day of the week, the averages enjoyed one of their best weekly performances of the year. Still, investors remain cautious on the upcoming earnings season, and that caution was not dispelled by the worse than expected report from Alcoa (AA) last night. Next week's earnings calendar is dominated by banking and insurance, but at the same time earnings will also be reported by high-fliers such as Netflix (NFLX) and old line tech such as Intel (INTC). ECONOMIC EVENTS: In the U.S., import prices slid 0.1% in September, while export prices declined 0.7%. Wholesale inventories edged up 0.1% in August, while sales fell 1.0%. COMPANY NEWS: Shares of Alcoa declined 76c, or 6.86%, to $10.26 after it unofficially kicked off the earnings season by reporting lower than expected revenue and profits... Shares of Tesla (TSLA) fell $6.04, or 2.67%, to $220.68 after Barclays analyst Brian Johnson downgraded the stock to Underweight, his firm's equivalent of a sell rating, saying it may be "challenged in the months ahead" with negative data points emerging. The analyst, who believes the "slow" Model X ramp supports his view that Tesla will "significantly miss" its 2015 delivery guidance, cut his price target for the electric car maker's shares to $180 from $190. MAJOR MOVERS: Among the notable gainers was SolarWinds (SWI), which gained $5.61, or 13.4% , to $47.49 after the company confirmed a Reuters report that it has commenced a review of its strategic alternatives. According to the news service, the company has already held talks with several private equity firms about a potential leveraged buyout. Also higher were shares of two major airlines, American Airlines (AAL) and United Continental (UAL), which rose 6.74% and 6.67% after reporting on their September traffic. American said its traffic rose 7.2% in September, while United reported that its traffic increased 1.4% last month. Among the noteworthy losers was Ruby Tuesday (RT), which fell 80c, or 12.12%, to $5.80 after the casual dining restaurant operator reported lower than quarterly sales and profits. Also lower was GAP (GPS), which sunk to a fresh 52-week low of $26.50 during the session after reporting last night that its comparable store sales were down 1% in September. Shares of the apparel retailer, which owns its namesake brand as well as Old Navy and Banana Republic, closed the day down $1.53, or 5.3%, at $27.42. INDEXES: The Dow rose 33.74, or 0.2%, to 17,084.49, the Nasdaq gained 19.68, or 0.4%, to 4,830.47, and the S&P 500 rose 1.46, or 0.07%, to 2,014.89.
16:31 EDTVMWDell reportedly to offer EMC $33 per share with VMware tracking stock
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16:00 EDTNFLXOptions Update; October 9, 2015
iPath S&P 500 VIX Short-Term Futures up 1c to 21.29. Option volume leaders: AAPL FB NFLX GE TWTR AA TSLA BABA XOM GPRO
15:46 EDTVMWDell offering $27.25/share cash, special VMware stock in EMC bid, Re/code says
Dell, in its bid to buy EMC (EMC), is offering $27.25 per share in cash and specialized stock in VMware (VMW) to EMC shareholders, according to Re/code's Arik Hesseldahl, citing sources briefed on the talks. Note that CNBC's David Faber previously reported that Dell was discussing a takeover offer for EMC that would equal at least $30 per share, though his report did not cite a precise cash figure. The offer, which would make for a takeover worth more than $50B, would make the transaction the biggest tech deal of all time, Hesseldahl noted. Reference Link
15:09 EDTNFLXNetflix October volatility elevated into Q3 and outlook
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14:12 EDTNFLXOn The Fly: Weekly technical notes ahead of earnings from financials, Netflix
The S&P 500 (SPX) has staged a strong comeback, which appears to have been triggered technically by a move above 1950 last Friday. This level has been a relative constant in recent months as both support and resistance. The reason for that becomes clear when one looks at the traverse over the last month from high to low, and again the bounce to current highs. The high of what for now is the new range is at 2020 and the low is at 1870. The 1945 level becomes the midpoint, with moves above it signaling runs to the top of the range as favorable. Equally, moves below 1945 have seen the opposite reaction. The bulk of the rally in the last week has been provided by very strong snap-backs in Energy (XLE) and Materials (XLB), with the Financials (XLF) holding their own as well. Weakness has been seen in Technology (XLK) and Health Care (XLV), with the latter previously having been the index leader. Emerging Markets also gained traction, with China playing catch-up after a week of market closure. These recoveries have done much to improve bullish sentiment. Given the fundamental backdrop, it isn't clear how much further Energy and Materials can go on the upside. But we will have a real test in the coming week as to the disposition of the Financials, as the earnings calendar is dominated by banking and insurance. If earnings and outlooks are strong for the sector, we could see a breakout which could, all other sectors remaining roughly where they are today, result in a test of what had previously been support in the S&P 500 at 2050. Any move above that level could see buyers coming back in for fear of missing a larger potential move. At the same time that the Financials will be reporting, earnings will also be reported by high-fliers such as Netflix (NFLX) and old line tech such as Intel (INTC). We have seen some rather severe downside reactions in names that have disappointed in the past week. Should either of those names slip substantially, the chances of a sustainable broader rally would diminish. The calendar is packed extra-full next week, given the absence of names reporting on Monday, with a very back-end loaded week. That puts the risk now squarely on the bulls. The 50-day moving average for the index needs to be watched as a resumption below it would put the chances of a larger recovery in doubt. The 50-day was last at 1992.68.
13:49 EDTVMWDell offer for EMC said be at least $30/share, CNBC reports
Dell's working on a takeover offer for EMC that would equal at least $30 per share, CNBC's David Faber reports, citing soruces. The offer would include cash and a tracking stock for VMware (VMW), a company which EMC holds over an 80% stake in, Faber said. Shares of EMC are up 42c to $27.60 in afternoon trading.
13:47 EDTVMWDell offer for EMC believed to be at least $30/share, CNBC reports
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