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News Breaks
June 8, 2012
10:30 EDTRVBD, JNPR, CY, TECH, NEON, HSKA, CSCO, SD, LGND, FFIV, CFNLOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Cardinal Financial (CFNL) initiated with a Buy at Janney Capital... Cisco (CSCO) initiated with a Buy at Citigroup... Cypress Semiconductor (CY) initiated with a Sell at Cantor... F5 Networks (FFIV) initiated with a Buy at Citigroup... Heska (HSKA) initiated with a Buy at C.K. Cooper... Juniper (JNPR) initiated with a Buy at Citigroup... Ligand Pharmaceuticals (LGND) initiated with a Buy at Cantor... Neonode (NEON) initiated with a Buy at Cantor... Riverbed (RVBD) initiated with a Buy at Citigroup... SandRidge Energy (SD) initiated with an Outperform at RBC Capital... Techne (TECH) initiated with a Market Perform at William Blair.
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November 25, 2015
09:38 EDTLGNDLigand enters license and supply agreement with Vireo Health
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November 24, 2015
11:33 EDTJNPR, CSCOBrocade sinks to 52-week low after Q1 outlook trails estimates
Shares of Brocade (BRCD), a supplier of networking equipment, are sinking after the company's outlook for the first quarter trailed analysts' consensus estimates. WHAT'S NEW: Last night, Brocade reported fourth quarter adjusted earnings per share of 26c and revenue of $588.83M, beating analysts' consensus estimates of 24c and $575.1M, respectively. Adjusted gross margin for the quarter was 67.9%, while adjusted operating margin was 25%. SAN product revenue was $325M in Q4, flat year-over-year and up 5% quarter-over-quarter, while Q4 IP Networking product revenue was $170M, up 12% year-over-year and 10% quarter-over-quarter. GUIDANCE: Looking ahead to Q1, Brocade forecast adjusted EPS of 23c-25c and revenue of $550M-$570M, below analysts' consensus estimates of 26c and $582.17M, respectively. The company also sees Q1 adjusted gross margin of 67%-67.5%, adjusted operating margin of 24%-25.5%, adjusted free cash flow of $30M-$50M, operating cash flow of $50M-$70M and capital expenditures of $15M-$20M. Additionally, the company forecast Q1 SAN product revenue flat to up 3% quarter over quarter, "as we typically see stronger buying patterns from our OEM partners in our fiscal Q1." IP Networking revenue is expected down 16% to down 22% q/q, driven by U.S. federal seasonality and lower router sales. The company sees Q1 Global Services revenue down 2% q/q due to a one-time catch-up benefit realized in Q4 of approximately $3M. Brocade noted that at the end of Q4, OEM inventory was approximately 1.3 weeks of supply based on SAN business revenue and the company expects inventory to be between one to two weeks in Q1. ANALYST REACTION: JPMorgan analyst Rod Hall downgraded Brocade to Neutral from Overweight this morning, saying that enterprise IT spending continues to look weak after the company's guidance missed estimates. Hall also cut his price target for shares to $9 from $14. PRICE ACTION: Brocade fell 82c, or about 8%, to $9.27 in late morning trading on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $9.16. Including today's pull back, the shares have lost approximately 20% over the past 12 months. OTHERS TO WATCH: Other networking equipment suppliers include Cisco Systems (CSCO), down 0.6%, Juniper Networks (JNPR), down 0.4%, Extreme Networks (EXTR), down 0.7%, and QLogic (QLGC), down 1.3%.
10:29 EDTFFIVPalo Alto seen adding confidence on IT security demand
The shares of IT security company Palo Alto (PANW) are rising after the company reported stronger than expected results last night. In a note to investors today, JPMorgan wrote that the results "should help restore investor confidence" in demand for IT security systems. WHAT'S NEW: Palo Alto reported first quarter earnings per share of 35c, versus analysts' consensus estimate of 32c. The company's revenue came in at $297M, versus the consensus outlook of $284M. The IT security company provided roughly in-line Q2 EPS guidance, while its Q2 revenue guidance came in slightly above expectations. "Security remains a strategic consideration embedded in virtually every IT decision, (and) as a result, the demand environment remains very healthy, said Palo Alto CEO Mark McLaughlin. ANALYST REACTION: Palo Alto's results should boost investors' confidence in the IT security demand environment, wrote JPMorgan analyst Sterling Auty. Palo Alto's results were "healthy" and the company's customer growth trends continue to be strong, the analyst stated. Moreover, the company is selling more of its products to each customer, Auty reported. As investors shift to valuing the company on cash flow, moving away from their current revenue based valuation method, the stock should rise, according to Auty, who kept a $216 price target and Overweight rating on the name. Palo Alto reported strong results, showing that the company is continuing to gain share in the new, fast growing next generation firewall and advanced threat detection market, according to Stephens analyst Jonathan Ruykhaver. Strong demand, good new products, and a wider distribution network will enable the company to deliver significant share gains and strong growth, believes the analyst, who increased his price target on the stock to $200 from $190. Also very upbeat on Palo Alto was Pacific Crest analyst Rob Owens. The company's growth continued to be "torrid" last quarter and it will clearly be among the winners in the IT security sector, wrote Owens, who raised his price target on the shares to $210 from $190 and kept an Overweight rating on the name. WHAT'S NOTABLE: Other publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Palo Alto climbed 7% to $184.22.
November 20, 2015
08:04 EDTCSCOCisco announces intent to acquire Acano for $700M in cash, assumed equity awards
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08:03 EDTCSCOCisco announces intent to acquire Acano for $700M in cash, assumed equity awards
06:13 EDTCSCOTechnicolor completes $600M Cisco Connected Devices acquisition
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November 19, 2015
05:54 EDTCSCOCisco implied volatility of 18 at lower end of index mean range
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November 18, 2015
14:43 EDTLGNDLigand management to meet with Craig-Hallum
Meeting to be held in Minneapolis on November 19 hosted by Craig-Hallum.
10:15 EDTLGNDLigand sees 2017 adjusted EPS over $4.75
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10:12 EDTLGNDLigand reaffirms 2015 adjusted EPS outlook $3.34-$3.37
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07:59 EDTCSCOUBS to hold a conference
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November 17, 2015
16:01 EDTCSCOOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
11:25 EDTLGNDLigand to host analyst day
Analyst Day to be held in New York on November 17 at 10 am. Webcast Link
07:56 EDTCYUBS to hold a conference
Global Technology Conference is being held in San Francisco on November 16-18 with webcasted company presentations to begin on November 17 at 10:45 am.; not all company presentations may be webcasted. Webcast Link
November 16, 2015
07:50 EDTCYUBS to hold a conference
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05:26 EDTCSCOEricsson CEO says no talks with Cisco about merger or acquisition
Ericsson (ERIC) has noted the recent speculation in the press and financial markets regarding an interest by Cisco (CSCO) to acquire Ericsson. On November 9, the two companies announced a global business and technology partnership to create the networks of the future. The partnership announcement was supported by multiple agreements that include commitments to network transformation through reference architectures and joint development, systems-based management and control, a broad reseller agreement, and collaboration in key emerging market segments. President, CEO and member of the board, Hans Vestberg says: "We note that there are rumors in the market regarding an acquisition of Ericsson by Cisco possibly spurred by the recent announcement of a partnership between our two companies. The talks leading up to the partnership announcement have been ongoing for a year and there have not been any discussions whatsoever on a merger or an acquisition."

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