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Stock Market & Financial Investment News

News Breaks
June 6, 2014
11:53 EDTHRS, VSAT, LLL, CMTLComtech hits 52-week high after beating estimates, raising FY14 outlook
Shares of Comtech (CMTL), which produces and markets products, systems and services for advanced communications solutions, are rising after the company’s third quarter results surpassed expectations, and it raised its fiscal 2014 outlook. WHAT'S NEW: Last night, Comtech reported Q3 earnings per share of 32c and revenue of $88.9M, beating the consensus views of 18c and $77.5M, respectively. WHAT’S NOTABLE: Comtech raised its FY14 EPS outlook to $1.25-$1.30 from $1.14-$1.26, compared to consensus of $1.19. It also boosted its FY14 revenue view to $342M-$346M from $325M-$345M, versus consensus of $334.97M. FY14 adjusted EBITDA is expected to be in the range of $58M-$60M. The company cited its year-to-date results and anticipated fourth quarter performance for the revision. PRICE ACTION: In late morning trading, Comtech rose $4.46, or about 13.53%, to $37.45 on nearly three times its average daily trading volume. Earlier in the session, the stock hit a new 52-week high of $37.26. Including today’s advance, the stock has gained over 42% over the past twelve months. OTHERS TO WATCH: Other companies in the advanced communications space include ViaSat (VSAT), Harris Communications (HRS), and L-3 Communications (LLL).
News For CMTL;VSAT;HRS;LLL From The Last 14 Days
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February 4, 2016
09:44 EDTVSATSenate Commerce, Science & Transportation Committee to hold a hearing
The Subcommittee on Communications, Technology, Innovation and the Internet holds a hearing entitled, "Ensuring Intermodal USF Support for Rural America" to discuss future funding for rural communications with Vice President Rapelyea of ViaSat on February 4 at 10:30 am. Webcast Link
February 3, 2016
08:51 EDTHRSHarris weakness overdone, says Sterne Agee CRT
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08:05 EDTCMTLComtech extends tender offer for TeleCommunication Systems until February 18
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07:04 EDTLLLCowen to hold a forum
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February 2, 2016
12:03 EDTHRSOn The Fly: Top stock stories at midday
Wall Street began the session in negative territory and the averages have remained there throughout the day as oil once again weighs on stocks. The price of oil has slid another 4%, giving the commodity a roughly 10% loss over the past two trading sessions. The market's late day rally yesterday gave hope for a decoupling between equities and oil prices, but that appears to be a one day reprieve as the stocks are back in lock-step with crude prices. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet. In Europe, statistics agency Eurostat reported that unemployment across the eurozone decreased by 49,000 to a total of 16.75M in December dropping the unemployment rate to its lowest since September 2011 at 10.4%. In central bank news, the Reserve Bank of Australia and Reserve Bank of India both held their benchmark interest rates steady, as expected. COMPANY NEWS: Class A shares of Alphabet (GOOGL) advanced 5% in the wake of its report of better than expected quarterly earnings and revenue, pushing Google's parent company to overtake Apple (AAPL) as the world's most valuable publicly-traded company in the process... Exxon Mobil (XOM) reported better than expected revenue and profits in the fourth quarter, but its shares slid 2.5% amid the renewed weakness in oil prices. Shares of fellow oil major BP (BP) plunged 8% in New York trading after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring... Pfizer (PFE) reported better than expected fourth quarter results, but forecast 2016 revenue and earnings below analysts' estimates, pushing its shares down fractionally. MAJOR MOVERS: Among the notable gainers was Syngenta (SYT), which rallied 4.5% after Bloomberg reported that ChemChina was close to a deal to buy the company for nearly $43B. Also higher were Mattel (MAT), Michael Kors (KORS), and Fabrinet (FN), which gained 12%, 22%, and 12.5%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Twitter (TWTR), which fell 8% after it was downgraded to Sell at Stifel and following a report claimed that tweets on the service are down 50% from their peak. Also lower were AGCO (AGCO), Harris (HRS), and Pitney Bowes (PBI), which were down 10%, 9.5%, and 11%, respectively, after reporting quarterly earnings. In addition, Ford (F) and General Motors (GM) lost 4% and 3.6%, respectively, after reporting U.S. sales for the month of January. INDEXES: Near midday, the Dow was down 239.86, or 1.46%, to 16,209.32, the Nasdaq was down 64.83, or 1.4%, to 4,555.54, and the S&P 500 was down 27.87, or 1.44%, to 1,911.51.
09:31 EDTHRSHarris names Rahul Ghai as SVP, CFO, effective February 11
Harris Corporation has named Rahul Ghai, SVP and CFO, reporting to Harris Chairman, President and CEO William M. Brown, effective February 11, 2016. Ghai succeeds Mick Lopez, who is leaving Harris to pursue other opportunities. Ghai joined Harris in March 2015 as Vice President, Finance - Integration and has led all finance activities associated with the integration of Exelis.
06:39 EDTHRSHarris reports Q2 Communication Systems revenue $489M
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06:38 EDTHRSHarris expects to exit 2017 with annual run-rate savings of $140M-$150M
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06:34 EDTHRSHarris raises FY16 EPS to $5.70-$5.80 from $5.60-$5.80, consensus $5.76
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06:33 EDTHRSHarris reports Q2 non-GAAP EPS $1.49, consensus $1.36
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February 1, 2016
12:41 EDTLLLCACI completes acquisition of L-3 National Security Solutions
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10:00 EDTLLLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Air Products (APD) upgraded to Buy from Neutral at UBS... American Airlines (AAL) upgraded to Outperform from Market Perform at Cowen... Axiall (AXLL) upgraded to Overweight from Neutral at JPMorgan... BASF (BASFY) upgraded to Buy from Hold at Societe Generale... CNH Industrial (CNHI) upgraded to Neutral from Underperform at BofA/Merrill... CU Bancorp (CUNB) upgraded to Outperform from Market Perform at Fig Partners... CaixaBank (CAIXY) upgraded to Hold from Sell at Societe Generale... Chipotle (CMG) upgraded to Neutral from Underperform at BofA/Merrill... Concho Resources (CXO) upgraded to Buy from Neutral at SunTrust... Continental Building (CBPX) upgraded to Buy from Hold at BB&T... Eastman Chemical (EMN) upgraded to Buy from Outperform at CLSA... Extreme Networks (EXTR) upgraded to Buy from Hold at Needham... Glacier Bancorp (GBCI) upgraded to Outperform from Market Perform at Fig Partners... IBERIABANK (IBKC) upgraded to Strong Buy from Outperform at Raymond James... Infineon (IFNNY) upgraded to Buy from Neutral at UBS... Jarden (JAH) upgraded to Outperform from Market Perform at Raymond James... Joy Global (JOY) upgraded to Overweight from Equal Weight at Barclays... KT Corporation (KT) upgraded to Overweight from Neutral at JPMorgan... Kennametal (KMT) upgraded to Neutral from Underperform at BofA/Merrill... L-3 Communications (LLL) upgraded to Buy on valuation at BofA/Merrill... Maximus (MMS) upgraded to Outperform from Market Perform at Raymond James... Micron (MU) upgraded to Neutral from Sell at Goldman... Monster Beverage (MNST) upgraded to Outperform from Market Perform at Wells Fargo... Newell Rubbermaid (NWL) upgraded to Outperform from Market Perform at Raymond James... Northrop Grumman (NOC) upgraded to Buy from Neutral at BofA/Merrill... PTC (PTC) upgraded to Buy from Neutral at Sterne Agee CRT... Peoples Bancorp (PEBO) upgraded to Outperform from Neutral at Boenning & Scattergood... Praxair (PX) upgraded to Buy from Neutral at UBS... Proofpoint (PFPT) upgraded to Outperform from In-Line at Imperial Capital... Seagate (STX) upgraded to Hold from Sell at Benchmark... Siemens (SIEGY) upgraded to Buy from Neutral at Nomura... Superior Drilling (SDPI) upgraded to Buy from Hold at Wunderlich... Vertex (VRTX) upgraded to Buy from Hold at Jefferies... Werner (WERN) upgraded to Strong Buy from Outperform at Raymond James... ZAIS Financial (ZFC) upgraded to Overweight from Equal Weight at Barclays.
08:16 EDTLLLL-3 Communications upgraded to Buy on valuation at BofA/Merrill
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06:28 EDTLLLL-3 Communications upgraded to Buy from Underperform at BofA/Merrill
January 29, 2016
10:07 EDTHRSHarris awarded $316M joint polar satellite system contract from NASA
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January 28, 2016
08:06 EDTVSATBoeing awards ViaSat contract for Apache Helicopter communication terminals
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07:01 EDTLLLL-3 Communications raises FY16 EPS to $7.40-$7.60 from $6.90-$7.10
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06:59 EDTLLLL-3 Communications reports Q4 funded orders of $2.6B
Funded orders for the 2015 fourth quarter were $2.6 billion, a decrease of 18.7% compared to the 2014 fourth quarter. Funded orders for the year ended December 31, 2015 were $9.9 billion, compared to $11.0 billion for the year ended December 31, 2014. The book-to-bill ratio was 0.89x for the 2015 fourth quarter and 0.94x for the year ended December 31, 2015. Funded backlog declined 13% to $8.4 billion at December 31, 2015, compared to $9.7 billion at December 31, 2014, due to the divestiture of MSI and a book-to-bill ratio of less than 1.
06:58 EDTLLLL-3 Communications to be 'leaner' more focused company in 2016
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06:57 EDTLLLL-3 Communications reports Q4 adjusted EPS $2.16, consensus $2.00
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