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May 15, 2014
12:34 EDTACXM, KND, CSCO, NQ, GTIV, GM, WMTOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory, extending yesterday's slide, and have remained there throughout the morning. The Dow is down about 1%, though that decline is less than either the S&P 500 or Nasdaq have experienced. The blue chip index is being weighed on by a post-earnings slide in shares of Wal-Mart (WMT), but that decline has been somewhat offset by the advance of fellow component Cisco (CSCO) after its own strong report. ECONOMIC EVENTS: In the U.S., initial claims fell to a new cycle-low 297K in the second week of May, which was below the expectation for 315K initial claims. The Consumer Price Index rose 0.3% in April compared to the prior month, as expected. The NY Fed's Empire State survey has a reading of 19.01, which was a four-year high and well above the forecast for a reading of 5.0. Industrial production fell 0.6% in April, which was worse than the expected decline of 0.1%. Capacity utilization fell to 78.6% in the month, which was also worse than expected. The Philadelphia Federal Reserve index fell to 15.4 in May from its prior reading of 16.6, which was a smaller decline than anticipated. The NAHB housing market index fell to 45 in May, undershooting the consensus estimate of 48. COMPANY NEWS: Two blue chip names were moving in different directions following their earnings reports, as tech giant Cisco lead all advancers on the Dow and the world's largest retailer, Wal-Mart, was the laggard on the index. Cisco shares gained almost 7% near noon after the company's Q3 results beat expectations and analysts at Cantor called the company's tone on its conference call "the most upbeat in over a year." Conversely, Wal-Mart fell 2.5% at midday after the company's earnings for the just ended quarter and its guidance for current quarter profits both trailed analysts' consensus forecast... General Motors (GM) shares are down nearly 3% after the company announced five new safety recalls covering about 2.7M vehicles in the United States. MAJOR MOVERS: Among the notable gainers was Gentiva Health (GTIV), which jumped 61% and was upgraded to Market Perform from Underperform at Raymond James after Kindred Healthcare (KND) made public its proposal to acquire Gentiva for a combination of $7.00 per share in cash and $7.00 of Kindred common stock. Shares of Kindred, which said that Gentiva has not been willing to discuss a transaction, also rose 6% after the announcement. Among the noteworthy losers was NetQin Mobile (NQ), which plunged 25% after the Chinese company, which has previously been accused of fraud by short-seller Muddy Waters, said it was unable to file its annual report on time because it needs additional time to complete it. Also lower was Acxiom (ACXM), which dropped 22% after the company gave a lower than expected FY15 outlook and announced a deal to acquire LiveRamp for $310M in cash. INDEXES: Near midday, the Dow was down 195.53, or 1.18%, to 16,418.44, the Nasdaq was down 60.36, or 1.47%, to 4,040.26, and the S&P 500 was down 25.16, or 1.33%, to 1,863.37.
News For CSCO;WMT;GTIV;KND;GM;NQ;ACXM From The Last 14 Days
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November 13, 2015
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.
18:19 EDTWMTWal-Mart workers group to launch 15-day protest into Black Friday, Reuters says
A Wal-Mart Stores worker group that has urged the retailer to increase pay and benefits is conducting a 15-day protest leading up to Black Friday to rekindle the fight for a $15 per hour minimum wage and more opportunities to work full time, Reuters reports. Reference Link
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.
12:41 EDTGMGM preparing to sell Chinese-made Buick in the U.S., WSJ reports
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10:58 EDTCSCOCisco volatility elevated into Q1 and outlook
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08:01 EDTWMTJuniper names Kevin Walker as Security Chief Technology Officer
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06:43 EDTGMGM to build fuel cell vehicle for U.S. Army, Automotive News says
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06:17 EDTWMTWal-Mart starts Black Friday earlier on Thanksgiving day, WSJ says
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