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May 15, 2014
11:53 EDTCSCO, CAVM, JBL, TEL, BRCM, FLEX, APH, AVGOCisco rallies after results top expectations
Shares of networking equipment giant Cisco Systems (CSCO) are advancing after the company's third quarter results topped analysts' consensus estimates. WHAT'S NEW: Last night, Cisco reported Q3 adjusted earnings per share of 51c and revenue of $11.5B, topping expectations of 48c and $11.38B, respectively. The company forecast Q4 adjusted EPS of 51c-53c, compared to consensus of 51c. Q4 revenue was seen decreasing 1%-3% from the prior year, which represents sequential growth of 4%-6%, versus consensus $11.77B. For FY14, adjusted EPS was forecast at the high end of the $1.95-$2.05 range, versus consensus $1.99. ANALYST REACTION: Research firm Piper Jafray raised its price target on Cisco to $26 from $24 and kept an Overweight rating on the shares, saying it expected little downside risk in Cisco shares after the company's Q3 results beat expectations. Another firm, Bernstein, said the bear case on Cisco appears to be wrong, saying that the company is already showing signs of recovery. The firm expects the stock to be boosted by a pronounced recovery in IT spending and improved sentiment towards the name, with both likely occurring in the second half. Bernstein reiterated its $30 price target and Outperform rating on the stock. On the contrary, Citigroup said Cisco continues to have long-term structural issues despite its "strong" Q3 results. Citi still believes Cisco will lose market share in data center switching and routing amid mounting competitive pressures and kept a Sell rating on the stock with an $18 price target. OTHERS TO WATCH: RBC Capital said it believes that Cisco's results and guidance bode well for the company's key supply chain partners, such as Flextronics (FLEX), Jabil Circuit (JBL), Amphenol (APH) and TE Connectivity (TEL). Oppenheimer thinks that Cisco's strong enterprise results have positive implications for Avago (AVGO), Broadcom (BRCM), and Cavium (CAVM). PRICE ACTION: In late morning trading, Cisco rose $1.52, or 6.7%, to $24.33 on nearly twice its average daily trading volume. Including today's advance, the stock is up about 15% over the past twelve months.
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November 23, 2015
10:00 EDTCAVMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Aixtron (AIXG) downgraded to Neutral from Overweight at JPMorgan... Cavium (CAVM) downgraded on checks at JMP Securities... Chico's (CHS) downgraded to Underperform from Peer Perform at Wolfe Research... Chipotle (CMG) downgraded on new E coli infections at Sterne Agee CRT... Constant Contact (CTCT) downgraded to Sell from Hold at Stifel... Fairchild (FCS) downgraded to Neutral from Positive at Susquehanna... Haemonetics (HAE) downgraded to Underperform from Market Perform at Raymond James... Jumei (JMEI) downgraded to Underperform from Buy at CLSA... Phillips 66 (PSX) downgraded to Sell from Neutral at Goldman... Power Integrations (POWI) downgraded to Neutral from Buy at Sidoti... Tata Motors (TTM) downgraded to Sell from Neutral at Goldman... Textura (TXTR) downgraded to Neutral from Outperform at Credit Suisse... TriVascular (TRIV) downgraded to Neutral from Buy at BTIG... Viacom (VIAB) downgraded to Hold from Buy at Deutsche Bank.
08:31 EDTCAVMCavium downgraded on checks at JMP Securities
As noted earlier, JMP Securities downgraded Cavium to Underperform from Market Perform. The firm says its industry checks indicate that the company is facing higher-than-expected competitive, cost, and timing risks. The firm believes that consensus estimates for the company are excessive, while its valuation is also too high. Target $50.
06:18 EDTCAVMCavium downgraded to Underperform from Market Perform at JMP Securities
November 20, 2015
14:58 EDTAVGODA Davidson technology analyst holds an analyst/industry conference call
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09:18 EDTAPHAmphenol management to meet with Deutsche Bank
Field Trip to company headquarters to meet with management in Wallingford, CT on November 20 hosted by Deutsche Bank.
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
08:14 EDTBRCMNXP Semiconductors added to Top Pick list at FBR Capital
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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
07:56 EDTJBLUBS 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
05:40 EDTCAVMCavium announces collaboration with Bright Computing
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05:40 EDTCAVMCavium announces collaboration with Bright Computing
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November 16, 2015
16:53 EDTBRCMPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
10:25 EDTBRCM, AVGOUBS trims Apple target, says iPhone partner cut production forecast
Hon Hai, which manufactures Apple's (AAPL) iPhones, expects to assemble significantly fewer iPhones this quarter than in the same period in 2014, UBS wrote in a note to investors today. WHAT'S NEW: Hon Hai Precision Industry, also known as Foxconn, is expected to assemble 10% fewer iPhones this quarter than in the same period in 2014, said UBS analyst Steven Milunovich, citing work from fellow UBS analyst Arthur Hsieh. Previously, companies that supply force touch components for iPhones saw a 10%-15% reduction in their orders, the analyst reported. These developments "are not encouraging," but Apple had previously ordered a large number of iPhones for Q4, according to Milunovich. Overall iPhone demand "could still be decent," he believes. However, the analyst lowered his iPhone sales estimate for Apple's March quarter to 61M from 62.5M, asserting that iPhone sales on China's November 11 Singles Day holiday may have come in below expectations. Based on October search volumes, he continues to believe that demand for iPhone units in the fourth quarter of the calendar year will be 75M, in-line with the consensus outlook. Milunovich trimmed his price target on Apple to $140 from $150 but kept a Buy rating on the shares. WHAT'S NOTABLE In a note to investors on November 10, Credit Suisse reported that it was cutting its estimates for 2016 iPhone sales. The firm expects sales of the device to fall 10.4% in the first quarter versus the same period in 2015, and it predicts that iPhone sales will decline 5.5% year-over-year in 2016. Suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS), Credit Suisse reported. The firm said it continues to have a negative view of the smartphone sector. PRICE ACTION: In early trading, Apple added nearly 1% to $113.34.
10:00 EDTAPHOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
06:57 EDTAPHAmphenol upgraded to Buy from Neutral at Goldman
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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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