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November 14, 2012
10:00 EDTWFT, RCL, PACW, ORBT, RGDX, OAS, WETF, ICFI, CSCO, HUBG, BAPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Cisco (CSCO) upgraded to Outperform from Sector Perform at Pacific Crest... Credicorp (BAP) upgraded to Neutral from Underweight at HSBC... Hub Group (HUBG) upgraded to Outperform from Neutral at RW Baird... ICF International (ICFI) upgraded to Buy from Neutral at SunTrust... Oasis Petroleum (OAS) upgraded to Buy from Neutral at SunTrust... PacWest Bancorp (PACW) upgraded to Buy from Hold at Wunderlich... Weatherford (WFT) upgraded to Hold from Underperform at Jefferies... Response Genetics (RGDX) upgraded to Buy from Neutral at Ladenburg... Royal Caribbean (RCL) upgraded to Buy from Hold at Argus... Wisdom Tree (WETF) upgraded to Buy from Hold at Gabelli... Orbit International (ORBT) upgraded to Buy from Hold at C.K. Cooper.
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November 30, 2015
11:25 EDTPACWPacWest Bancorp management to meet with Sandler O'Neill
Meeting to be held in New York on December 2 hosted by Sandler O'Neill.
November 25, 2015
10:59 EDTRCLHSBC sees Carnival revenue yield topping guidance, starts at buy
HSBC initiated coverage of cruise operator Carnival (CCL) with a Buy rating, saying that the company's net revenue yield should surpass its guidance. WHAT'S NEW: Increases in Carnival's on-board revenue, combined with its greater price discipline, should enable the cruise operator's net revenue yield to beat expectations going forward, according to HSBC analyst Lena Thakkar. Other factors that should help the company's net revenue yield grow faster than that of its peers include its expansion in China, its major marketing push and new destinations it has added, according to Thakkar. Moreover, Carnival can reduce its costs that are currently "uncoordinated," including flights and hotels for its crews and its port costs, Thakkar believes. The cruise operator may beat its guidance for a "slight increase" in its costs next year, predicted the analyst, who set a $60 price target on the shares. OTHERS TO WATCH: Other prominent cruise operators include Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH). PRICE ACTION: In late morning trading, Carnival rose 1.4% to $51.09.
November 24, 2015
11:33 EDTCSCOBrocade 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%.
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
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
14:22 EDTRCLRoyal Caribbean initiated with an Outperform at Wolfe Research
Target $113.

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