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Stock Market & Financial Investment News

News Breaks
February 14, 2013
16:42 EDTBRCDBrocade sees Q2 EPS 14c-16c, consensus 15c
Sees revenue $555-$575M, consensus $563M.
News For BRCD From The Last 14 Days
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July 20, 2015
10:00 EDTBRCDOn The Fly: Analyst Downgrade Summary
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06:27 EDTBRCDBrocade downgraded to Sell from Neutral at UBS
UBS analyst Amitabh Passi downgraded Brocade Communications to Sell saying he sees increasing downside risk to estimates from weaker trends in storage and margins being close peak levels. Passi cut his price target for the stock to $9 from $11.50.
July 13, 2015
16:41 EDTBRCDOn The Fly: Top stock stories for Monday
Stocks began the session sharply higher and remained in positive territory as prospects of a Greek bailout deal and the removal of a potential "Grexit" brought investors back into the market. The move was broad based, with each of the major indexes advancing more than 1%. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras agreed to European demands for immediate action to qualify for as much as $95B in financial assistance. The pact averted a worst-case scenario, but only established the basis for negotiations and the Greek parliament now has until Wednesday to pass into law key creditor demands. Greek banks, which have been closed for two weeks as the saga has unfolded, will stay closed until at least Wednesday. In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, said the nation's customs administration. In the U.S., the government posted a budget surplus of $51.8B in June, which was down 27% from the surplus of $70.5B in June of 2014 but above the expected $50.5B surplus forecast by economists polled by Bloomberg. COMPANY NEWS: Marathon Petroleum (MPC) advanced $4.29, or 7.87%, to $58.78 after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of approximately $4.2B in debt. MarkWest, whose common unitholders will receive 1.09 MPLX common units and a one-time cash payment of approximately $3.37 per MarkWest common unit for total consideration of $78.64 per MarkWest common unit, rose $8.26, or 13.82%, to $68.01 after the deal was announced, while MPLX units dropped $10.02, or 14.51%, to $59.03... Several research firms started coverage on Fitbit (FIT) following its recent IPO, with some taking bullish stances on its prospects and several others opting for a more cautious tone. The bulls may have been more convincing for the moment, as shares of the exercise tracker maker advanced $1.38, or 3.28%, to close at $43.48. MAJOR MOVERS: Among the notable gainers were shares of iron ore related companies, with Cliffs (CLF) advancing 22c, or 6.67%, to $3.52, Rio Tinto (RIO) gaining $1.53, or 3.91%, to $40.67, and BHP Billiton (BHP) rising $1.01, or 2.56%, to $40.51 after Vale (VALE) announced it will cut its iron ore output by 25M metric tons beginning this month. Vale ADRs saw similar moves, ending the session up 8.66% to $5.90. Also higher were shares of Anacor (ANAC), which gained $47.32, or 55.93%, to $131.93 after reporting that its crisaborole dermatitis treatment achieved "statistically significant" results on all primary and secondary endpoints in a clinical trial. Among the noteworthy losers was Brocade (BRCD), which fell 42c, or 3.71%, to $10.90 after RBC Capital cut its rating on the stock to Sector Perform and lowered its price target, citing storage challenges and disruptions at OEM partners. Also lower was Ascena (ASNA), which dropped $2.09, or 12.77%, to $14.28 after cutting its fiscal 2015 earnings guidance, though both Oppenheimer and SunTrust called the selloff a buying opportunity. INDEXES: The Dow gained 217.27, or 1.22%, to 17,977.68, the Nasdaq rose 73.82, or 1.48%, to 5,071.51, and the S&P 500 added 22.98, or 1.11%, to 2,099.60.
14:17 EDTBRCDBrocade slips after RBC cuts rating to Sector Perform
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10:21 EDTBRCDOn The Fly: Analyst Downgrade Summary
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07:09 EDTBRCDBrocade downgraded to Sector Perform from Outperform at RBC Capital
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07:04 EDTBRCDBrocade downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded Brocade to Sector Perform and lowered its price target to $12 from $13. The firm believes challenges and disruptions at key OEM partners could continue and raised opex expectations for increased R&D/S&M investments to ramp growth.

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