|March 20, 2014|
|10:00 EDT||KLAC, CNQ, UBNT, REPH, GIMO, SCOR, ARUN, AMAT, PXD, ZLTQ, RKUS, QLIK, DWCH, CRL, LRCX, CVE, ZIOP, DATA, MSTR, CVD, CAMP||On The Fly: Analyst Initiation Summary|
Aruba Networks (ARUN) initiated with a Neutral at Macquarie... CalAmp (CAMP) initiated with a Neutral at Macquarie... Charles River Labs (CRL) initiated with a Hold at KeyBanc... comScore (SCOR) initiated with a Buy at Brean Capital... Covance (CVD) initiated with a Buy at KeyBanc... Datawatch (DWCH) initiated with a Buy at B. Riley... Flexion (FLXN) initiated with a Buy at Janney Capital... Gigamon (GIMO) initiated with a Buy at Needham... MicroStrategy (MSTR) initiated with a Neutral at B. Riley... Qlik Technologies (QLIK) initiated with a Neutral at B. Riley... Quintiles (Q) initiated with a Hold at KeyBanc... Recro Pharma (REPH) initiated with a Buy at Brean Capital... Ruckus Wireless (RKUS) initiated with an Outperform at Macquarie... Tableau (DATA) initiated with a Buy at B. Riley... Ubiquiti Networks (UBNT) initiated with an Outperform at Macquarie... ZELTIQ (ZLTQ) initiated with a Buy at Stifel... Ziopharm (ZIOP) initiated with a Buy at Mizuho... Pioneer Natural (PXD) initiated with a Market Perform at BMO Capital... Canadian Natural (CNQ) initiated with an Overweight at Morgan Stanley... Cenovus Energy (CVE) initiated with an Equal Weight at Morgan Stanley... KLA-Tencor (KLAC) initiated with a Neutral at Nomura... Lam Research (LRCX) initiated with a Buy at Nomura... Applied Materials (AMAT) initiated with a Buy at Nomura.
News For ARUN;CAMP;CRL;SCOR;CVD;DWCH;GIMO;MSTR;QLIK;REPH;DATA;RKUS;UBNT;ZIOP;ZLTQ;CNQ;CVE;PXD;KLAC;LRCX;AMAT From The Last 14 Days
|October 1, 2015|
|16:02 EDT||CAMP||CalAmp reports Q2 EPS 27c, consensus 26c|
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|15:00 EDT||CAMP||Notable companies reporting after market close|
Notable companies reporting after the market close, with earnings consensus, include Micron (MU), consensus 33c... Progress Software (PRGS), consensus 37c... CalAmp (CAMP), consensus 26c.
|September 30, 2015|
|16:34 EDT||SCOR||On The Fly: Top stock stories for Wednesday|
Stocks on Wall Street were sharply higher in the last day of the third quarter, but not by nearly enough to turn any of the major averages positive on a quarterly basis. The Dow ended the quarter with a loss of about 7.6%, the Nasdaq slid 7.4% and the S&P has lost 7% in the last three months. Investors hope the fourth quarter will be more profitable and the non-farm payrolls report for September and the kickoff of earnings season, which are both on the near-term horizon, will certainly have a say in whether that is the case. ECONOMIC EVENTS: In the U.S., payroll processor ADP reported that 200,000 jobs were added this month, topping expectations for 190,000 job additions. The Chicago PMI business barometer index fell to 48.7 in September, missing expectations for a reading of 53.6. Additionally, the Senate passed a continuing resolution, officially funding the government through December 11. In China, important data, including manufacturing PMIs and Caixin readings, will be released overnight, but Chinese markets will be closed for "Golden Week" from October 1 to October 7. COMPANY NEWS: Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. Stefan Larsson will step down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, replacing the man who founded the company that bears his name. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell 5.69% to $28.50 in the wake of the executive shake-up, while Ralph Lauren shares advanced 13.56% to $118.16... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey is set to be named permanent Chief Executive, possibly as soon as Thursday. Re/code noted that Dorsey will remain as CEO of Square, the payments company he also founded, and that the company is likely to reconfigure its board of directors, beginning with the departure of former CEO Dick Costolo. MAJOR MOVERS: Among the notable gainers were Rentrak (RENT) and comScore (SCOR), which advanced a respective 24.61% and 11.29% after announcing a stock-for-stock merger agreement. Also higher was Western Digital (WDC), which gained $10.57, or 15.35%, to $79.44 after a subsidiary of China's Tsinghua Holdings agreed to take a 15% stake in the company. Additionally, Synaptics (SYNA) rose 27.31% to $82.46 after Bloomberg reported that the company rejected a $110 per share bid from a state-backed Chinese investment group. Among the noteworthy losers was Barracuda Networks (CUDA), which crashed $8.01, or 34.01%, to $15.54 after its quarterly results and future guidance both fell short of analyst expectations. Also lower was Mellanox (MLNX), which fell $2.00, or 5.03%, to $37.79 after agreeing to acquire EZchip (EZCH) but failing to reiterate its guidance on a subsequent conference call. Separately, Universal Truckload (UACL) plunged 18.91% to $15.57 after guiding its Q3 results significantly below consensus estimates, after which the stock saw downgrades at research firms BB&T and Citi. INDEXES: The Dow advanced 235.57, or 1.47%, to 16,284.70, the Nasdaq added 102.84, or 2.28%, to 4,620.17, and the S&P 500 rose 35.94, or 1.91%, to 1,920.03.
|14:14 EDT||SCOR||Shareholder Huff says will vote in favor of Rentrak, comScore merger|
William Huff, Managing General Partner of WRH Partners II, provided the following comment on the merger of Rentrak (RENT) and comScore (SCOR): "I am highly supportive of merging Rentrak and comScore and will vote in favor of the transaction. I believe that this deal has incredible strategic logic and will produce tremendous synergies. The combination will have a big multiplier effect and unlock substantial shareholder value. This multiscreen measurement solution will serve as a unique industry platform which is well positioned for dramatic growth over the next five years."
|13:39 EDT||SCOR||Analysts, investors cheer Rentrak, comScore merger plan|
Shares of both Rentrak (RENT) and comScore (SCOR) are driving higher in afternoon trading after the companies announced a stock-for-stock merger agreement following Tuesday's session close. The move could see the companies developing new, compelling products to track cross-platform media consumption amid changing viewership trends, according to executives and analysts. MERGER: Rentrak and comScore announced a stock-for-stock merger agreement that will see comScore shareholders owning approximately 66.5% of the combined company and Rentrak shareholders owning roughly 33.5%. comScore's current CEO, Serge Matta, will lead the combined company as Chief Executive, while Rentrak CEO Bill Livek will transition to executive vice chairman and president. The combined company expects total synergies of at least $20M in 2016 and at least $35M in 2017, with those figures "very, very heavily" weighted towards revenue, as noted by comScore CFO Mel Wesley. EXECUTIVE COMMENTARY: On a conference call discussing the merger agreement, comScore Chief Executive Matta remarked that the media industry is at an "inflection point" in terms of consumer behavior, which is trending towards cross-platform, cross-device, delayed media viewing. Rentrak Chief Bill Livek explained that the combined company will be capable of delivering cross-platform viewership and advertising metrics "that account for all of the ways in which content is consumed," something that the industry has been "pleading" for, according to Livek. ANALYST TAKE: William Blair analyst Timothy McHugh weighed in on the merger, saying that while both companies previously had some fledgling cross-platform initiatives, their combined capability is undoubtedly stronger. McHugh added that the industry "ultimately appears headed" towards cross-media consumption habits, to which the combined company should be better positioned to respond. On the other hand, Rentrak-comScore still cannot truly challenge Nielsen's (NLSN) TV metrics even as the company develops similar cross-platform capabilities, said McHugh, though he did acknowledge that the deal looks incrementally negative for Nielsen. Meanwhile, Needham analyst Laura Martin said the "compelling" deal still relies on the merged company's eventual cross-platform products, which must be seen as unknowns at this point. Martin downgraded Rentrak to Buy from Strong Buy and cut her price target to $60 from $85, noting that if the deal fails, she believes there are other potential purchasers for Rentrak. PRICE ACTION: Shares of Rentrak are up about 24% to roughly $54 in Wednesday afternoon trading, while comScore has risen about 12% to trade above $46 per share. Meanwhile, Nielsen has slipped about 2.5% to $44 per share.
|12:10 EDT||SCOR||On The Fly: Top stock stories at midday|
Stocks on Wall Street were higher at midday as the unquestionably hard quarter looks like it will end on an up note. Relief, as well as end of the quarter window dressing, may be the main drivers of this morning's rebound as investors are certainly ready to turn the page on the third quarter with the monthly non-farm payrolls report and the start of earnings season on the horizon. ECONOMIC EVENTS: In the U.S., payroll processor ADP reported that 200,000 jobs were added this month, topping expectations for 190,000 job additions. The Chicago PMI business barometer index fell to 48.7 in September, missing expectations for a reading of 53.6. Additionally, the Senate passed a continuing resolution, officially funding the government through December 11. COMPANY NEWS: Shares of two clothing companies moved in opposite directions after an executive for one left to take over for an icon at the other. Last night, Gap (GPS) announced that Stefan Larsson will step down as global president of Old Navy effective October 2. Larsson is leaving Gap to become the new Chief Executive Officer of Ralph Lauren (RL), replacing the man who founded the company that bears his name. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell 7% in the wake of the executive shake-up, while Ralph Lauren shares were upgraded to Buy at UBS and the stock advanced 12% near noon. MAJOR MOVERS: Among the notable gainers were Rentrak (RENT) and comScore (SCOR), which gained 20% and 9%, respectively, after the companies agreed to a stock-for-stock merger. Also higher were shares of Western Digital (WDC), which rallied 14.5% after Unisplendour, a unit of China's Tsinghua Holdings, struck a deal to buy a 15% stake in the U.S. data storage company. Among the noteworthy losers was Barracuda Networks (CUDA), whose shares plunged 35% after the IT security and storage solutions company reported lower than expected revenue and provided weaker than expected guidance. Also lower were shares of Mellanox (MLNX), which were down 9% after the company agreed to acquire EZchip (EZCH) in a transaction implying a value of approximately $811M, or roughly $620M net of cash. Potentially overshadowing the deal was the fact that the company failed to reiterate its guidance despite being asked repeatedly by analysts on today's acquisition conference call, Summit Research analyst Srini Nandury told investors in a research note. EZchip, which will be bought for a cash purchase price of $25.50 per share, rose 14% following the deal announcement. INDEXES: Near midday, the Dow was up 128.64, or 0.8%, to 16,177.77, the Nasdaq was up 56.46, or 1.25%, to 4,573.78, and the S&P 500 was up 18.68, or 0.99%, to 1,902.77.
|09:16 EDT||SCOR||comScore deal to improve competitive positioning, says Oppenheimer|
After comScore (SCOR) agreed to buy Rentrak (RENT), Oppenheimer says that the merger "significantly increases (the company's) competitive positioning with respect to digital media analytics and measurement" The firm thinks that the deal strengthens comScore's cross-platform and video offerings. It keeps a $68 price target and Outperform rating on the shares. .
|09:03 EDT||GIMO||Gigamon announces strategic focus in Latin America|
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|09:02 EDT||SCOR||comScore acquisition positive, says SunTrust|
After comScore (SCOR) agreed to buy Rentrak (RENT), SunTrust says that comScore's valuation is attractive, if it is able to obtain the synergies that it's projecting from the deal. The firm notes that comScore's customers thinks the deal has "strategic merti." The firm keeps a Buy rating on comScore.
|07:14 EDT||SCOR||comScore, Rentrak merger makes lot of strategic sense, says William Blair|
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|September 29, 2015|
|17:17 EDT||SCOR||Rentrak up 13% after merger agreement with subsidiary of comScore |
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|16:21 EDT||SCOR||Rentrak, comScore announce stock-for-stock merger agreement|
comScore (SCOR) and Rentrak (RENT) announced that the companies have entered into a definitive merger agreement under which the companies will combine in a stock-for-stock merger. Pursuant to the terms of the merger, which has been approved by the boards of both companies, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore. comScore shareholders are expected to own approximately 66.5% and Rentrak shareholders are expected to own approximately 33.5% of the combined company on a fully diluted basis. comScore's current CEO, Serge Matta, will lead the combined company as CEO. Magid Abraham will remain as the executive chairman of the board. Bill Livek, Rentrak's current vice chairman and CEO, will serve as the company's executive vice chairman and president. Mel Wesley will continue as CFO, and David Chemerow, Rentrak's current COO and CFO, will serve as a strategic advisor to the CEO, focused on the integration of the two companies. The combined company's board will consist of twelve directors -- eight from comScore and four from Rentrak. "This merger also recognizes the critical importance of combining digital and TV assets for next generation media measurement, which requires a higher degree of precision at both a national and local market level," remarked Serge Matta. comScore expects the transaction to be mildly dilutive to its adjusted EPS in 2016, and accretive in 2017. The combined company is expected to have total synergies of at least $20M in 2016 and at least $35M in 2017. The company also anticipates a significant portion of the synergies to be revenue related, which it expects to grow over time with an "attractive" contribution margin. The transaction is expected to be completed by early 2016.
|16:16 EDT||SCOR||Rentrak to merge into wholly-owned subsidiary of comScore|
|16:14 EDT||SCOR||comScore, Rentrak to merge in stock-for-stock transaction|
|10:48 EDT||ZIOP||Options with increasing implied volatility|
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|September 28, 2015|
|16:04 EDT||ZIOP||Intrexon to collaborate with Ziopharm for graft-versus-host disease|
Intrexon (XON) announced it has formed a new exclusive channel collaboration with Ziopharm Oncology (ZIOP) for the treatment and prevention of graft-versus-host disease. The collaboration will focus on addressing the underlying pathologies of GvHD through engineered cell platforms to express and deliver interleukin-2. The companies plan to pursue engineered cell therapy strategies, used either separately or in combination, for targeted treatment of GvHD. The first approach is infusion of regulatory T cells conditionally expressing IL-2 utilizing Intrexon's proprietary gene control approaches such as its RheoSwitch platform. The second is deployment of orally-delivered microbe-based ActoBiotics therapeutics expressing IL-2 to modulate immune function. Under the terms of the agreement, Intrexon will receive a technology access fee of $10M in cash and reimbursement for all research and development costs. The agreement also provides for equal sharing of operating profits.
|13:01 EDT||PXD||Analyst says Sanchez Energy's asset sale to strengthen liquidity position|
Shares of Sanchez Energy (SN) surged after the company said it plans to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. WHAT'S NEW: Sanchez Energy said it reached an agreement with Sanchez Production Partners under which SPP will acquire and operate certain midstream assets located on the Western part of its Catarina asset in the Eagle Ford Shale in South Texas for cash consideration of roughly $345M. As part of the divestiture, Sanchez Energy said it will sell roughly 150 miles of midstream gathering lines and associated midstream infrastructure concentrated in four gathering and processing facilities. The deal is expected to close in October. In a statement, Sanchez Energy chief Executive Officer Tony Sanchez III said the midstream sale "highlights our ability to capture the full spectrum of value in our asset base, raise capital outside of traditional markets and improve our financial flexibility." Sanchez Energy also confirmed this morning that its third quarter 2015 average production will "likely meet or exceed" the high end of the previous guidance range of 46,000-50,000 barrels of oil equivalent per day. The company said it is still confident that it can build a 20-30 well bank toward its 50-well per year drilling commencement at Catarina at its current rig count. WHAT'S NOTABLE: Affiliates of Pioneer Natural Resources (PXD) and Reliance Holding USA sold off pipelines and other midstream assets in the Eagle Ford to Enterprise Product Partners (EPD) in July for $2.15B to be paid in two installments, and Matador Resources (MTDR) recently sold off similar assets to EnLink Midstream Partners (ENLK) for $143M. Meanwhile, Sanchez Production Partners said it will recommend that the board of directors of its general partner approve a plan to start distributions at an initial annualized rate of $1.60 per share. STREET RESEARCH: Northland Capital Markets analyst Jeff Grampp said that the proceeds from the announced asset sale will strengthen Sanchez Energy's "already meaningful" liquidity position and set up the company well for opportunistic acquisitions. The analyst said that even though the company previously discussed the possible sale of midstream assets, the move's value capture is "meaningfully positive" and underappreciated by the market. Grampp reiterated an Outperform rating and $12 price target on the stock. PRICE ACTION: In midday trading, Sanchez Energy is up 5.82% to $5.64 and Sanchez Production Partners is up 88.89% to $8.84.
|10:08 EDT||DATA, QLIK||Tableau price target lowered to $75 at Summit Research on competition concerns|
Summit Research analyst Srini Nandury said the firm's channel checks indicate that Tableau's (DATA) software competition will intensify from Salesforce (CRM), Qlik (QLIK) and PowerBI. The analyst thinks Tableau's string of large "beat and raise" quarters will come to an end since most of the "low-hanging fruit" seems to have been picked and the company will need to work harder to acquire new customers. Nandury keeps a Hold rating on Tableau and cut the firm's price target on the stock to $75 from $80.
|09:16 EDT||AMAT, LRCX||Lam Research and Applied Materials recommended at Goldman|
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|07:14 EDT||ZIOP||ZIOPHARM names Eagle Pharmaceuticals CEO to board|
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