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Stock Market & Financial Investment News

News Breaks
May 29, 2014
15:33 EDTAVGO, SPLK, LGF, ESL, VEEVNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Avago Technologies (AVGO), consensus 76c; Splunk (SPLK), consensus (6c); Lions Gate (LGF), consensus 40c; Esterline Technologies (ESL), consensus $1.31; Veeva Systems (VEEV), consensus 5c.
News For AVGO;SPLK;LGF;ESL;VEEV From The Last 14 Days
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October 12, 2014
17:20 EDTSPLKGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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October 10, 2014
16:22 EDTAVGOOn The Fly: Closing Wrap
Stocks on Wall Street had a bit of a see-saw trading day, but ended the session in the red once again. The Nasdaq took the brunt of the losses, falling over 2%, while the Dow's slide erased its gains for the year. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. Oil slumped to a four-year low during the session, as brent crude touched $88.11 intra-day, its lowest level since December 2010. COMPANY NEWS: The semiconductor sector was weak across the board after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Microchip, which also pre-announced weaker than expected second quarter revenue, dropped $5.58, or 12.26%, to $39.96. Intel (INTC) fell $1.71, or 5.09%, to $31.91, Avago (AVGO) declined $9.24, or 11.46%, to $71.36, Texas Instruments (TXN) slipped $3.28, or 7.13%, to $42.74 and Micron (MU) dropped $2.71, or 8.86%, to $27.93. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied $6.48, or 35.76%, to $24.60 after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Also higher was Dave & Buster (PLAY), which gained $1.28 to $17.28 after commencing trading on the Nasdaq following its initial public offering. Among the noteworthy losers was Procera Networks (PKT), which was downgraded by at least four research firms and plunged $2.85, or 33.33%, to $5.70 after the company warned its Q3 revenue will miss expectations. Also lower were shares of Caesars (CZR), which dropped $1.92, or 17.36%, to $9.14 after disclosing in a regulatory filing that its Chief Accounting Officer resigned to accept a position with another company. INDEXES: The Dow fell 115.15, or 0.69%, to 16,544.10, the Nasdaq plunged 102.10, or 2.33%, to 4,276.24, and the S&P 500 dropped 22.08, or 1.15%, to 1,906.13.
12:04 EDTAVGOAvago tumbles, levels to watch
The shares are down 11.4%, enjoying less of a bounce than its peers this morning off early lows. Support is at the session low at $68.75. Resistance based on the current price of $71.61 is at $73.84.
10:29 EDTAVGOMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:28 EDTVEEVVeeva management to meet with JPMorgan
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10:20 EDTAVGOSemiconductors defended at Sterne Agee
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07:23 EDTSPLKSplunk price target raised to $65 from $56 at Deutsche Bank
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October 9, 2014
07:12 EDTLGFLionsgate outlook has improved, says Stifel
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October 8, 2014
09:05 EDTLGFLionsgate partners with Doritos, Mazda and Whole Foods Market for new film
Lionsgate (LGF) announced that PepsiCo's (PEP) Doritos, Mazda and Whole Foods Market's (WFM) Whole Planet Foundation will partner with the studio for the film The Hunger Games: Mockingjay Part 1 which opens in theaters worldwide on November 21.
07:17 EDTSPLKSplunk price target raised to $64 from $55 at UBS
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October 7, 2014
09:03 EDTLGFLionsgate expands distribution deal with Miramax
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08:08 EDTSPLKSplunk, AWS to integrate Hunk on Amazon Elastic MapReduce
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October 6, 2014
14:38 EDTSPLKSplunk received $2.1M from government department says JMP Securities
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14:09 EDTSPLKSplunk, Tableau seen by Morgan as well-positioned in Big Data space
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10:04 EDTSPLKOn The Fly: Analyst Upgrade Summary
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09:25 EDTSPLKOn The Fly: Pre-market Movers
HIGHER: HP (HPQ), up 5% after confirming plans to separate into two companies... CareFusion (CFN), up 24% after Becton Dickinson (BDX) agreed to acquire the company for $58 per share in $12.2B deal. Becton Dickinson shares are up 7% following the news... Chimerix (CMRX), up 7% after announcing announced that brincidofovir has been provided for potential use in patients with Ebola Virus Disease... Conn's (CONN), up 6.5% after announcing that it is exploring strategic alternatives... TASER (TASR), up 5% after announces multiple orders of TASER Smart Weapons... Tableau (DATA), up 3.5% after upgraded at Morgan Stanley... Splunk (SPLK), up 3.9% after upgraded at Morgan Stanley... Unilife (UNIS), up 52% after signing a 15-year commercial supply agreement with Sanofi (SNY). LOWER: RadioShack (RSH), down 5% after confirming definitive agreements to restructure debt... Alcobra (ADHD), down 43% after announcing results from Phase III study of MDX in adult ADHD... Sunesis (SNSS), down 71% after announcing Phase 3 VALOR trial did not meet primary endpoint... H&R Block Bank (HRB), down 5% after deal with BofI (BOFI) not expected to get regulatory approval this year. Tekmira (TKMR), down 8% after downgraded at Leerink.
07:36 EDTAVGOAvago price target raised to $97 from $95 at Canaccord
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07:23 EDTSPLKSplunk to hold a financial analyst meeting
In conjunction with the company's annual users' conference, CFO Conte hosts a financial discussion with investors and financial analysts in Las Vegas on October 7 at 2:15 pm. Webcast Link
07:10 EDTSPLKSplunk to hold a user conference
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05:54 EDTSPLKSplunk upgraded to Overweight from Equal Weight at Morgan Stanley
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