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March 28, 2013
12:10 EDTEMC, CSCOCisco cut workforce by about 500 people this week, Network World reports
Cisco (CSCO) cut its workforce by about 500 people this week as it realigns its operations, Network World reported yesterday. A spokesperson said the company cut under 1% of its workforce globally. According to sources, Cisco's alliance with EMC (EMC) and other data center business development initiatives were affected. Reference Link
News For CSCO;EMC From The Last 14 Days
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November 13, 2015
07:25 EDTCSCOCisco selloff an attractive opportunity, says Citi
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06:45 EDTCSCOCisco CEO rules out large IT mergers, FT reports
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05:51 EDTCSCOCisco pullback a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Troy Jensen recommends using the post-earnings pullback in shares of Cisco Systems as a buying opportunity. Currency headwinds are a "minor hiccup" and the stock remains relatively inexpensive, Jensen tells investors in a research note. He believes Cisco's product portfolio is strengthening in the marketplace even though the company's Q2 revenue growth outlook of flat to 2% missed its long-term target growth rate of 3%-6%. The analyst lowered his price target for shares to $31 from $34 and reiterates an Overweight rating on the name. Cisco traded down $1.41 to $26.42 last night in after-hours trading.
November 12, 2015
19:00 EDTCSCOOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
18:01 EDTCSCOCisco says saw lower order growth in Q1 driven by uncertainty from macro
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17:27 EDTCSCOCisco slides 5.25% or $1.43 to $26.40 after reporting Q1 results, guidance
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16:11 EDTCSCOCisco sees Q2 non-GAAP gross margin 62%-63%
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16:09 EDTCSCOCisco reports Q1 gross margin 63.2%
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16:07 EDTCSCOCisco sees Q2 EPS 53c-55c, consensus 56c
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16:06 EDTCSCOCisco reports Q1 EPS 59c, consensus 56c
Reports Q1 revenue $12.7B, consensus $12.65B.
16:00 EDTCSCOOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
14:30 EDTCSCONotable companies reporting after market close
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13:50 EDTCSCOCisco is rangebound ahead of earnings
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13:31 EDTCSCOCisco November weekly 28 straddle priced for 4.6% movement into Q1
13:24 EDTCSCOEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
11:07 EDTEMCVMware rallies after canceling conference appearances
Shares of VMware (VMW) are rallying after the company cancelled its appearances at two upcoming industry conferences being held by Credit Suisse and UBS, according to sources. VMware is "following the lead of EMC" by not appearing, a person familiar with the matter told The Fly. VMware rallied on Tuesday after Re/code's Arik Hesseldahl reported that EMC's (EMC) planned merger with Dell could be complicated or derailed by potential tax issues. Wells Fargo analyst Maynard Um wrote yesterday in a research note downgrading EMC that a "wide range of potential outcomes" exist regarding the EMC, Dell merger. He views the ideal scenario as Dell and EMC selling off assets or spinning off Pivotal in early 2016 coupled with a buy-in of VMware.
10:58 EDTCSCOCisco volatility elevated into Q1 and outlook
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November 11, 2015
09:59 EDTEMCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Amedisys (AMED) downgraded to Neutral from Buy at Mizuho... Apple Hospitality REIT (APLE) downgraded to Neutral from Buy at Ladenburg... BioCryst (BCRX) downgraded to Underperform from Neutral at BofA/Merrill... Boot Barn (BOOT) downgraded to Hold from Buy at BB&T... C1 Financial (BNK) downgraded to Market Perform from Outperform at Raymond James... Clarcor (CLC) downgraded to Market Perform from Outperform at Avondale... EMC (EMC) downgraded to Market Perform from Outperform at Wells Fargo... Eaton (ETN) downgraded on near-term challenges at Argus... Keurig Green Mountain (GMCR) downgraded to Negative from Mixed at OTR Global... Lennox (LII) downgraded to Neutral from Overweight at JPMorgan... Mediaset (MDIUY) downgraded to Hold from Buy at HSBC... MetLife (MET) downgraded to Equal Weight from Overweight at Morgan Stanley... Metaldyne Performance (MPG) downgraded to Equal Weight from Overweight at Barclays... Oracle (ORCL) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Hold from Buy at Canaccord... Rex Energy (REXX) downgraded to Market Perform from Outperform at Northland... Rice Energy (RICE) downgraded to Neutral from Buy at Goldman... Rockwell Automation (ROK) downgraded to Underperform from Outperform at CLSA... Sabra Health Care (SBRA) downgraded to Neutral from Buy at SunTrust... SanDisk (SNDK) downgraded to Market Perform from Outperform at Bernstein... Vestas Wind (VWDRY) downgraded to Hold from Buy at HSBC.
08:59 EDTCSCOCisco volatility elevated into Q1 and outlook
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06:32 EDTEMCEMC downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Maynard Um downgraded EMC (EMC) to Market Perform and cut his price target range for shares to $25-$28 from $29-$30. The closed yesterday down 58c to $25.25. The analyst says valuing the proposed tracking stock proposed by Dell is a "significant challenge." Um also highlights yesterday's report by Re/code's Arik Hesseldahl which noted EMC's merger with Dell could be complicated or derailed by potential tax issues. Disruption from the deal could have an adverse impact on EMC's business, the analyst argues. Um believes there could still be "wide range of potential outcomes" regarding the planned EMC, Dell merger, and views the ideal scenario as selling off assets or spinning off Pivotal in early 2016 coupled with a buy-in of VMware (VMW).
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