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News Breaks
June 13, 2014
10:03 EDTSFUN, IPSEY, CCG, LULU, MRVL, FNSR, BLL, TEN, MRO, CSH, ATROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AptarGroup (ATR) downgraded to Underperform from Neutral at BofA/Merrill... Ball Corp. (BLL) downgraded to Neutral from Buy at BofA/Merrill... Campus Crest (CCG) downgraded to Underperform from Neutral at BofA/Merrill... Cash America (CSH) downgraded to Market Perform at FBR Capital... Finisar (FNSR) downgraded to Hold from Buy at Craig-Hallum... Ipsen (IPSEY) downgraded to Neutral from Overweight at JPMorgan... Marathon Oil (MRO) downgraded to Market Perform from Outperform at Wells Fargo... Marvell (MRVL) downgraded at Susquehanna... Rackspace (RAX) downgraded to Underperform from Neutral at DA Davidson... SouFun (SFUN) downgraded to Neutral from Overweight at JPMorgan... Tenneco (TEN) downgraded to Hold from Buy at Deutsche Bank... lululemon (LULU) downgraded to Neutral from Overweight at JPMorgan.
News For ATR;BLL;CCG;CSH;FNSR;IPSEY;MRO;MRVL;SFUN;TEN;LULU From The Last 14 Days
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February 9, 2016
08:03 EDTTENTenneco reports Q4 adjusted EPS $1.39, consensus $1.14
Reports Q4 revenue $2.031B, consensus $2.03B. Excluding a negative currency impact of $142M, total revenue in the fourth quarter increased 8% to $2.173B.
February 8, 2016
10:00 EDTMRVLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Amedisys (AMED) upgraded to Outperform from Perform at Oppenheimer... American Campus (ACC) upgraded to Buy at Canaccord... Beacon Roofing (BECN) upgraded to Strong Buy from Outperform at Raymond James... Big 5 Sporting (BGFV) upgraded on potential Sports Authority closures at Stifel... CenterState Banks (CSFL) upgraded to Outperform from Market Perform at Fig Partners... Cisco (CSCO) upgraded to Neutral from Underperform at Macquarie... Dollar Tree (DLTR) upgraded to Outperform from Market Perform at Telsey Advisory... Dow Chemical (DOW) upgraded to Positive from Neutral at Susquehanna... Essex Property Trust (ESS) upgraded to Buy from Neutral at Mizuho... Globant (GLOB) upgraded to Buy from Neutral at Citi... Kinross Gold (KGC) upgraded on valuation, higher gold price at BMO Capital... L Brands (LB) upgraded to Buy from Hold at Brean Capital... Marvell (MRVL) upgraded to Buy from Sell at B. Riley... Munich Re (MURGY) upgraded to Neutral from Underperform at Credit Suisse... OM Asset Management (OMAM) upgraded to Buy from Neutral at Citi... Orbital ATK (OA) upgraded to Overweight from Sector Weight at KeyBanc... SCANA (SCG) upgraded to Buy from Neutral at Mizuho... Sensient (SXT) upgraded to Buy from Hold at Gabelli... St. Jude Medical (STJ) upgraded to Hold from Sell at Canaccord... Suffolk Bancorp (SCNB) upgraded to Outperform from Market Perform at Fig Partners... Supernus (SUPN) upgraded to Buy from Hold at Jefferies... Ultimate Software (ULTI) upgraded to Outperform from Market Perform at FBR Capital... ZAGG (ZAGG) upgraded to Outperform from Market Perform at Northland... athenahealth (ATHN) upgraded to Buy from Hold at Topeka.
06:53 EDTTENTenneco supplies emission control system on Lexus RX platform
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06:32 EDTMRVLMarvell upgraded to Buy from Sell at B. Riley
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February 4, 2016
18:22 EDTATRAptarGroup sees Q1 EPS 69c-74c, consensus 74c
18:21 EDTATRAptarGroup reports Q4 adjusted EPS 67c, consensus 65c
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February 3, 2016
15:13 EDTMRVLMarvell says will review any suggestions Starboard makes
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12:12 EDTFNSROclaro spikes after quarterly results, optical peers follow
Shares of optical networking firm Oclaro (OCLR) are advancing, along with its peers, after Oclaro reported better than expected quarterly results. WHAT'S NEW: After the close on Tuesday, Oclaro reported second quarter adjusted earnings per share of 3c on revenue of $94.1M. Both EPS and revenue were better than consensus estimates of (1c) and $91.5M, respectively. The company's adjusted gross margin rate for the quarter was 28.8%, much better than the 16.5% in the year ago quarter. Oclaro CEO Greg Dougherty pointed out the continuing growth in the company's 100G portfolio and said he expects revenue growth to continue in 2016. According to the CEO, revenue growth in the quarter "drove higher gross margin and net income." The company sees continued "robust" demand for its 100G product portfolio as it expands capacity in Asia. WHAT'S NOTABLE: Along with its Q2 results, Oclaro said it sees Q3 revenue of $97M-$103M, ahead of analyst expectations of $90.7M. On its Q2 earnings call, the company said it sees strong demand from China, with contract awards form China Telecom (CHA) and China Unicom (CHU ), which have deliveries slated for later in calendar year 2016. PRICE ACTION: Shares of Oclaro are up 10% in early afternoon trading. OPTICAL PEERS: Shares of other companies in the optical networking space are also out performing the market, including Finisar (FNSR), Infinera (INFN), Lumentum Holdings (LITE), NeoPhotonics (NPTN), and Ciena (CIEN).
11:33 EDTMRVLCiti slashes PC outlook, expresses caution on related stocks
Citi significantly lowered its 2016 PC sales estimates, citing recent negative data points. In conjunction with the call, the firm lowered its estimates for three companies whose results are significantly affected by PC sales: HP Inc. (HPQ), Marvell (MRVL) and Intersil (ISIL). WHAT'S NEW: Citi analyst Jim Silva now expects PC sales to drop 6% this year, down from his previous estimate of a 2% decline. Recent data points indicate that demand for PCs has dropped significantly so far this year, while inventories are above normal, the analyst explained. Constrained budgets and macro concerns are restraining demand for PCs, Silva believes. Meanwhile, "there is not enough evidence" to conclude that the launch of Microsoft's (MSFT) Windows 10 will be a positive catalyst for PC sales this year, Silva said. Citing his view of PC trends, along with increased competition in the printer space, Silva lowered his 2016 EPS estimate for HP to $1.53 from $1.64. Statements by other printer makers, including Xerox (XRX) and Canon (CAJ), suggest that HP's margins on printers will "come under additional pressure," the analyst believes. He lowered his price target on the name to $10.75 from $14.50 and expects the stock to remain range-bound until analysts reduce their estimates further or its end markets improve. Intersil has 20% exposure to the PC market and the sales of its products related to computing are still strongly correlated with PC sales, Citi analyst Atif Malik stated. As a result, the company will face revenue headwinds throughout this year, stated the analyst. Malik, who expects the company's 2016 and 2017 EPS to come in below consensus levels, downgraded the stock to Sell from Neutral and set an $11.50 price target on the shares. Estimating Marvell's PC exposure at about 60%, Malik lowered his 2016 EPS estimate for the company to 42c from 48c and kept a Sell rating on the name. WHAT'S NOTABLE: Hedge fund Starboard Value disclosed this morning that it had bought a 6.7% activist stake in Marvell. The hedge fund said the shares are "undervalued" and The Wall Street Journal, citing sources familiar with the situation, said Starboard is betting the company can its boost margins by cutting costs, perhaps exiting its mobile device business. PRICE ACTION: In late morning trading, HP Inc. fell 3.3% to $9.55, Marvell rose 1.25% to $8.78 and Intersil dropped 4.4% to $11.93.
09:56 EDTLULUlululemon February weekly calls active on renewed takeover chatter
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09:51 EDTLULURumor: lululemon moves up on renewed takeover chatter
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09:19 EDTMRVLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Boot Barn (BOOT), up 20.7%... Oclaro (OCLR), up 8.2%... Edwards Lifesciences (EW), up 5.8%... Natural Health (NHTC), up 5.7%... Viavi Solutions (VIAV), up 2.8%. ALSO HIGHER: Conatus (CNAT), up 18.8% after the FDA has granted Fast Track designation to the company's emricasan development program for the treatment of liver cirrhosis... Marvell Technology (MRVL), up 3.3% after Starboard Value disclosed a 6.7% activist stake in the company... Syngenta (SYT), up 2.9% after ChemChina offers to acquire the company in a transaction valued over $43B. DOWN AFTER EARNINGS: Navios Maritime Partners (NMM), down 33.5%... National-Oilwell Varco (NOV), down 7.9%... Chipotle (CMG), down 5.7%... Yahoo (YHOO), down 1.9%... Mondelez (MDLZ), down 4.4%... Illumina (ILMN), down 4.6%... Alexion Pharmaceuticals (ALXN), down 3.5%... Merck (MRK), down fractionally.
07:55 EDTSFUNSouFun provides update on acquisition of Wanli New Energy
SouFun provided a further update on its acquisition of a controlling stake in Chongqing Wanli New Energy, a company listed on the Shanghai Stock Exchange, and the sale of Wanli's assets. Wanli has advised the company that it received an inquiry letter from the SSE dated January 28 with respect to the Restructuring, and had commenced preparing its responses in a timely manner and already applied to the SSE for an extension of time to submit the responses. The consummation of the foregoing transactions remains subject to the requisite internal approvals of the relevant parties and regulatory clearance.
06:50 EDTMRVLIntersil downgraded to Sell from Neutral at Citi
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06:20 EDTMRVLStarboard reports activist stake in Marvell Technology
Jeffrey Smith's Starboard Value disclosed this morning a 6.7% activist stake in Marvell Technology Group. Starboard bought the position on the belief that the shares, when purchased, were "undervalued and represented an attractive investment opportunity." The hedge fund said it retained Rick Hill, Oleg Khaykin and Jeff McCreary as advisors in connection with its investment given their "unique skill set, industry experience and industry knowledge." The Wall Street Journal last night reported Starboard would take an activist stake in chipmaker as it sees opportunity for cost cuts.
05:56 EDTMRVLStarboard expected to report 6.7% stake in Marvell, WSJ reports
Starboard Value, an activist investor, is expected to report today that it has taken a 6.7% stake in Marvell Technology, a semiconductor company currently facing investigations into its accounting, The Wall Street Journal says, citing sources familiar with the situation. According to the sources, Starboard is betting the company can its boost margins by cutting costs, perhaps exiting its mobile device business. Reference Link
February 2, 2016
15:16 EDTMROS&P takes rating actions on U.S. investment-grade E&P companies
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11:30 EDTCSHCash America management to meet with CL King
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January 29, 2016
17:25 EDTLULUlululemon files to sell 9.8M shares of common stock
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16:04 EDTBLLBall Corp. acquires specialized engineering cyber firm Wavefront Technologies
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