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January 17, 2014
08:54 EDTARUN, BLOX, CVLT, EMC, FIOStorage, networking sector could rebound in 2014, says Pacific Crest
Pacific Crest believes that a recovery in storage trends, along with new products, could enable storage/networking stocks to rebound in 2014. The firm identifies EMC (EMC) as its top large cap idea in the sector, and identifies Aruba Networks (ARUN), Infoblox (BLOX), and CommVault (CVLT), as its highest conviction mid-caps in the sector. It calls Fusion-io a high-risk, high-reward small-cap name that may double this year. The firm keeps Outperform ratings on all the stocks named.
News For ARUN;BLOX;CVLT;EMC;FIO From The Last 14 Days
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July 22, 2014
15:30 EDTEMCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include PepsiCo (PEP) , consensus $1.23; Boeing (BA), consensus $2.01; Dow Chemical (DOW), consensus 72c; EMC (EMC), consensus 43c; Simon Property Group (SPG), consensus $2.13; Thermo Fisher (TMO), consensus $1.62; General Dynamics (GD), consensus $1.77; Freeport-McMoRan (FCX), consensus 49c; Delta Air Lines (DAL), consensus $1.04; Northrop Grumman (NOC), consensus $2.22; Whirlpool (WHR), consensus $2.91; B/E Aerospace (BEAV), consensus $1.07; Ryder (R), consensus $1.40; Owens Corning (OC), consensus 46c.
09:28 EDTEMCEMC spin-off of VMware unlikely at this point, says Janney Capital
Following the report of Elliott taking a stake in EMC (EMC) and pushing for a break-up to unlock value, Janney Capital said it does believe that a spin-off of VMware (VMW) could help improve EMC's multiple but that the firm thinks such a move is not likely at this point. Janney adds that while it views a spin-off as unlikely, other shareholder-friendly responses, such as a dividend boost or increased share buybacks, are possible. The firm keeps its Buy ratings on both EMC and VMware.
09:06 EDTEMCEMC price target raised to $33 from $28 at BofA/Merrill
BofA/Merrill raised EMC's (EMC) price target to $33 following reports that Elliott Management has taken a 2% stake in the company and is targeting a spin-off of the VMware (VMW) stake. The analyst believes EMC is undervalued without VMware and sees potential for 25% upside if a spin-off were to occur. Shares are Buy rated.
06:56 EDTEMCElliot Management to consider activist options for EMC, NY Times reports
Elliot Management is expected to consider a push for the breakup of EMC (EMC) and spinoff VMware (VMW), reports the New York Times. Citing people briefed on the matter, the hedge fund is expected to meet with EMC executives this week after the company reports its quarterly earnings to determine whether to undertake a full-bore activist campaign. Reference Link
July 21, 2014
16:22 EDTEMCOn The Fly: Closing Wrap
Stocks on Wall Street began the trading day in negative territory and remained there through nearly the whole session. The market action was influenced more by the geopolitical events in Russia and Israel than by the upcoming avalanche of earnings scheduled for release throughout the week. Despite the weak open and subsequent drop during the first hour of trading, the market drifted off its lows and managed to pare its losses, even turning mixed for a short time. The averages dipped again heading into the bell, though they closed well of their worst levels. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. COMPANY NEWS: Allergan (AGN) rose $3.74, or 2.23%, to $171.14 after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by 13%, or about 1,500 employees, as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." Later in the day, Bill Ackman of Pershing Square, who is partnering with Valeant in its attempt to buy Allergan, called the restructuring a "Valeant light" effort and said Valeant does not need to raise its bid for Allergan. Ackman explained that he believes that shares of Valeant will rise around $10 should the Allergan board engage in takeover talks with the company and that a $10 share rise would boost Valeant's bid for Allergan by $8 per share. MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 69c, or 15.79%, to $5.06 after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of EMC (EMC), which advanced $1.35, or 5.0%, to $28.33 after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up and spin off VMware (VMW), which is 80% owned by EMC. Shares of VMware fell $2.36, or 2.48%, to $92.95 following the Journal's report. Among the other noteworthy losers was Monster Beverage (MNST), which fell $3.07, or 4.53%, to $64.74 after Morgan Stanley downgraded the stock, citing slowing U.S. trends and balanced valuation. Also lower were shares of Yum! Brands (YUM), which fell $3.29, or 4.25%, to $74.13 after Associated Press reported that the company's KFC brand and McDonald's (MCD) were sold expired beef and chicken in China from food supplier Husi Food. Shares of McDonald's, which is scheduled to report on its quarter before tomorrow's market open, slid $1.44, or 1.45%, to $97.55. INDEXES: The Dow fell 48.45, or 0.28%, to 17,051.73, the Nasdaq dropped 7.44, or 0.17%, to 4,424.70, and the S&P 500 declined 4.59, or 0.23%, to 1,973.63.
12:10 EDTEMCOn The Fly: Midday Wrap
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10:23 EDTEMCEMC rallies, levels to watch
The shares are up 3.6% to $27.95 at time of writing, just off the new 52-week high set at $28.32 today. Resistance above that high is at $29.25. Support is at $27.41.
09:10 EDTEMCOn The Fly: Pre-market Movers
HIGHER: Allergan (AGN), up 0.5% after Q2 results, FY14 outlook beat expectations and the company announces plans to reduce workforce by about 1,500 employees as part of restructuring. Also, Valeant (VRX) announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business"... Extreme Networks (EXTR), up 13% after raising Q4 EPS, revenue view... Gas Natural (EGAS), up 6% after confirming it rejected $13 per share unsolicited offer from Algonquin Power... EMC (EMC), up 4.5% after the WSJ says Elliot Management took a stake of over $1B in the firm and plans to push the company to break itself up... GoPro, (GPRO), up 2.8% after initiated at several firms including Citigroup, Barclays and JPMorgan... Kandi Technologies (KNDI), up 6% after China Daily said China will not to waive a sales tax on electric cars made by foreign companies. Tesla (TSLA) is down 1% following the report. UP AFTER EARNINGS: Halliburton (HAL), up 0.5%... LOWER: Reynolds American (RAI), down 2.3% after a Florida jury hit the company with $23.6B in punitive damages in a lawsuit filed by the widow of a longtime smoker. Shares of fellow tobacco companies also fell after the jury decision, as Lorillard (LO) fell 2% and Altria (MO) slid 1.6%... Yum! Brands (YUM), down 2% after AP reported that a Shanghai TV station said a food supplier sold expired beef and chicken to the company's KFC brand in China along with to McDonald's (MCD), which is down 0.7%. DOWN AFTER EARNINGS: PetMed Express (PETS), down 2.4%... Hasbro (HAS), down 1.3%.
08:35 EDTEMCEMC shares poised to advance, says Cantor
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06:27 EDTEMCElliott Management to push EMC to break up, WSJ reports
Elliott Management has taken a stake of over $1B in EMC (EMC), according to sources, and plans to push the data-storage company to break itself up, the Wall Street Journal reports. Elliott reportedly believes EMC's stock would get a boost from spinning off VMware (VMW), of which it owns an 80% stake. Reference Link
06:02 EDTEMCEMC volatility expected to move on activist investor stake & Q2
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July 17, 2014
12:15 EDTEMC, FIOSanDisk plummets after Q3 revenue outlook disappoints
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July 16, 2014
17:48 EDTFIOSanDisk says expects to be 'somewhat supply constrained' in 2H14
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17:22 EDTARUNAruba Networks initiated with a Neutral at Buckingham
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13:44 EDTFIOEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
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08:03 EDTFIOSanDisk announces expiration of HSR waiting period for Fusion-io purchase
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July 15, 2014
07:24 EDTCVLTMicrosoft to hold a conference
MSFT Worldwide Partner Conference to be held in Washington, D.C. on July 13-17.
July 14, 2014
10:00 EDTARUNOn The Fly: Analyst Upgrade Summary
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08:05 EDTARUNAruba Networks upgraded to Outperform from Neutral at Macquarie
July 11, 2014
14:15 EDTARUNRuckus, Aruba advance after FCC approves new school WiFi program
Shares of Ruckus Wireless (RKUS) and Aruba Networks (ARUN) are rising after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Ruckus and Aruba provide products used for WiFi networks. WHAT'S NEW: The FCC said it would allocate $2B over the next two years to subsidize the launch of WiFi connections at schools and libraries. For the following three years, the agency said it would look to spend $1B annually on the project. The FCC said the funds would be "distributed fairly to all schools and libraries while recognizing the needs of the nationís rural and poorest school districts." PRICE ACTION: In mid-afternoon trading, Ruckus surged 5.5% to $11.62 and Aruba advanced 4.6% to $17.04.
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