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February 18, 2014
07:13 EDTEBAY, ORCL, JNPR, NOW, PANW, SNDK, SBGSY, CSCOTeledata to hold a conference
2014 Technology Convergence Conference is being held in Santa Clara, California on February 18.
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October 1, 2015
10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMEC Foster Wheeler (AMFW) upgraded to Neutral from Underperform at Macquarie... Ares Capital (ARCC) upgraded to Outperform from Neutral at Macquarie... Celgene (CELG) upgraded to Overweight from Neutral at JPMorgan... Deutsche Boerse (DBOEY) upgraded to Overweight from Underweight at Barclays... Devon Energy (DVN) upgraded on valuation, catlysts at Bernstein... HeartWare (HTWR) upgraded to Market Perform from Underperform at Northland... IBERIABANK (IBKC) upgraded to Buy from Hold at Sandler O'Neill... (JD) upgraded to Buy from Hold at Deutsche Bank... Kirby (KEX) upgraded to Neutral from Underperform at Macquarie... Madison Square Garden (MSG) upgraded to Buy from Hold at Jefferies... Microsoft (MSFT) upgraded to Neutral from Underperform at BofA/Merrill... Newell Rubbermaid (NWL) upgraded to Buy from Neutral at B. Riley... Norfolk Southern (NSC) upgraded to Outperform from Peer Perform at Wolfe Research... Pernod Ricard (PDRDY) upgraded to Buy from Neutral at Goldman... RWE AG (RWEOY) upgraded to Sector Perform from Underperform at RBC Capital... SanDisk (SNDK) upgraded to Overweight from Equal Weight at Morgan Stanley... Steven Madden (SHOO) upgraded to Outperform ahead of earnings turn at Telsey Advisory... Trex Company (TREX) upgraded to Strong Buy from Buy at CL King... Universal Health (UHS) upgraded to Overweight from Sector Weight at KeyBanc... Western Digital (WDC) upgraded on transaction, valuation, momentum at Argus... Workday (WDAY) upgraded to Overweight from Equal Weight at Stephens.
06:38 EDTSNDKSanDisk upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley upgraded SanDisk and maintained its $75 price target. Analyst Joseph Moore expects fundamentals to remain challenged in the short-term but believes downside is limited given the sharp decline in shares and the increased degree of M&A in the group. Moore said Sandisk's assets could be highly valued by a number of industry players and strategic value will be in greater focus.
05:35 EDTSNDKSanDisk implied volatility of 68 at upper end of index mean range
05:12 EDTSNDKStocks with implied volatility movement; SNDK TSO
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September 30, 2015
10:49 EDTSNDKWestern Digital surges on $3.78B investment from China's Unisplendour
Shares of Western Digital (WDC) surged in morning trading after the company said it Unisplendour will take a 15% stake in the U.S. data storage company. WHAT'S NEW: Western Digital and Unisplendour, a unit of China's Tsinghua Holdings, said they entered into a pact under which a Unis subsidiary will invest $3.78B in Western Digital, the companies said. Under the terms of the agreement, Unis will buy the shares at $92.50 each. Unisplendour will own 15% of Western Digital's outstanding shares after the purchase, and have the right to nominate one representative to Western Digital's board of directors, a right that terminates if Unis' ownership falls below 10%. Unis also agreed not to sell any of its Western Digital shares for five years. WHAT'S NOTABLE: In July, the Wall Street Journal reported that Tsinghua Unigroup, which is majority-owned Tsinghua Holdings, offered to buy Micron Technology (MU) for $23B. After several talks and meetings over the matter, Reuters reported on August 28 that Zhao Weiguo, chairman of Tsinghua Unigroup, met with Micron in an attempt to revive takeover talks, but a deal did not come to fruition. Tsinghua Holdings chairman Jinghong Xu said that his company was open to a partnership with Micron if an acquisition deal could not be reached, dealReporter said. Separately, in May, Hewlett-Packard (HPQ) announced that it would sell a 51% stake in its H3C business to Unisplendour for roughly $2.3B. PRICE ACTION: In morning trading, Western Digital shares are up 16.06% to $79.91. OTHERS TO WATCH: Micron, which reports quarterly earnings on Thursday, is up 5.25% to $15.10, HP is up 2.56% to $25.28, SanDisk (SNDK) is up 9.2% to $53.63, Intel (INTC) is up 3.56% to $30.28, and Seagate (STX) is up 5.5% to $44.10.
10:33 EDTPANWBattleground: Analysts agree Barracuda shares 'cheap,' diverge on ratings
The shares of Barracuda Networks (CUDA) are falling after the company reported lower than expected revenue and provided weaker than expected guidance. Research firms Piper Jaffray and JPMorgan both said that the shares are cheap in the wake of their huge decline today, though Piper downgraded the shares and JPMorgan kept an Overweight rating on the stock. Barracuda provides IT security and storage solutions, primarily for small and medium businesses. WHAT'S NEW: Barracuda last night reported second quarter earnings per share of 10c, versus analysts' consensus estimate of 9c. The company's revenue, however, came in at $78.4M, below the consensus outlook of $78.7M. Moreover, the company lowered its fiscal 2016 EPS guidance to 34c-36c from 36c-41c. Analysts' consensus estimate was 39c. Barrcuda cut its full-year revenue guidance to $320M-$323M, from $325M-$330M. Analysts' consensus estimate was $325M. The company said that its Q2 results were negatively impacted by longer sales cycles in its Europe, Middle East, and Africa region and it warned that it "saw some evidence" of slowing growth in the storage market. It also stated that its gross billings came in below its expectations. ANALYST REACTION: Piper Jaffray analyst Andrew Nowinski responded to Barracuda's results by downgrading the stock to Neutral from Overweight. Although Barracuda blamed its lower than expected billings guidance on weakness in its storage business, its security billings increased only by high single digit percentage levels, the analyst stated. The shares are "cheap," but the valuation is not compelling enough to recommend the stock, contends Nowinski, who cut his price target for shares to $20 from $40. Barracuda was also downgraded at Macquarie and at Stephens this morning.Conversely, JPMorgan analyst Sterling Auty called Barracuda shares "too cheap to ignore." The company lowered its billings guidance partly due to worries about slowing storage market growth, as indicated by an industry report released last quarter, said Auty. However, the growth of Barracuda's storage business actually accelerated last quarter, reaching about 25%, the analyst stated. He believes that Barracuda's new guidance reflects the company's efforts to be "prudent." Auty cut his price target on the name to $30 from $42 but kept an Overweight rating on the shares. OTHERS TO WATCH: Other publicly traded companies in the IT security space include Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Barracuda tumbled 33% to $15.90.
08:08 EDTCSCOBroadSoft can be a 'significantly larger' company, says Jefferies
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08:02 EDTPANWTrustwave and Palo Alto announce strategic alliance
Trustwave and Palo Alto announced a strategic alliance designed to bring next-generation managed security services to global, multi-national businesses and government agencies. Under the terms of the agreement, Trustwave has become a global member of the Palo Alto Networks NextWave partner program to provide managed security services for the Palo Alto Networks security platform.
06:58 EDTORCLOracle to furlough workers during holiday week, BI reports
Oracle has decided to close down during the holiday week between Christmas and New Year's, mandating that its employees pay for this furlough with paid vacation time, Business Insider reports, citing several sources. Some Oracle employees have been angered about this move that basically removes four days of paid time off from them, the report says. Reference Link
September 29, 2015
17:03 EDTCSCOGeneral Electric, Cisco collaborate to accelerate manufacturing productivity
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12:23 EDTCSCOCisco has a conference call hosted by Deutsche Bank
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10:00 EDTSNDKOn The Fly: Analyst Initiation Summary
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08:39 EDTORCLOracle Health Sciences adds 93 biopharma customers
Oracle (ORCL) Health Sciences announced that 93 emerging biopharma organizations worldwide have become new customers in the past year, adopting Oracle Health Sciences solutions to succeed in this rapidly evolving market and deliver drugs to patients faster. Organizations, including Accera and NewLink (NLNK), selected Oracle Health Sciences solutions to manage their end-to-end clinical trial processes, boost clinical development productivity, facilitate compliance, and build scalable, affordable platforms for growth.
05:23 EDTJNPRJuniper to work with British Airways to build private cloud and next-gen core
Juniper (JNPR) announced it will work with global premium airline, British Airways (BAIRY), to build a private cloud data center and IP/MPLS core backbone using Juniper Networks technology. The new private cloud infrastructure will run many of the applications that underpin British Airways' operations, including ticketing, check-in and baggage tracking.
September 28, 2015
16:09 EDTSNDKSanDisk initiated with a Buy at Sterne Agee CRT
08:53 EDTEBAYMercadoLibre downgraded to Sell from Neutral at Citi
Citi downgraded MercadoLibre (MELI) to Sell with an $80 price target citing unfavorable currency moves and slower growth assumptions for Brazil. The stock is three times more expensive than eBay (EBAY), Citi tell investors.
07:38 EDTCSCO, EBAYBox to hold a user conference
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September 27, 2015
14:04 EDTCSCO, PANWCybersecurity firms look prime for takeover, Barron's says
Cybersecurity companies like Palo Alto Networks (PANW), Fortinet (FTNT), and FireEye (FEYE) are becoming increasingly-attractive takeover targets for a Cisco (CSCO) or IBM (IBM), and any future dip in their stocks could represent a buying opportunity, Barron's contends in its 'Technology Trader' column. Reference Link
September 25, 2015
16:35 EDTCSCOStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
08:19 EDTCSCOCisco weakness creates buying opportunity, says Bernstein
After meeting with Cisco's CEO, Bernstein says that the company continues to perform in-line with the firm's upbeat outlook. Bernstein says that beairsh views on the company's SDN and Hyperscale businesses "continue to be proved wrong." The firm reiterates an Outperform rating on the shares.
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