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News Breaks
April 3, 2014
16:13 EDTCSCOCisco initiated with an Outperform at Northland Securities
Target $28.
News For CSCO From The Last 14 Days
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October 6, 2015
18:53 EDTCSCOPatent Office to review two Cisco patents as part of Arista Networks dispute
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16:57 EDTCSCOOn The Fly: Top stock stories for Tuesday
Stocks began the session modestly lower on the heels of yesterday's significant gains, which marked the year's first five-day winning streak for the S&P. Somewhat paring their opening losses today, the Dow and S&P were helped by gains from Alcoa (AA) and General Electric (GE), though the indexes remained mixed as they limped into the close. ECONOMIC EVENTS: The U.S. trade deficit expanded 15.6% to $48.3B in August, coming roughly in line with analyst expectations for $48.5B. On a region-specific basis, the trade gap with China spiked to $35B from a previous $31.6B, while the EU balance decreased to $13.8B from $15.2B. COMPANY NEWS: Despite cutting its guidance for the second time in less than four months, DuPont (DD) rose 7.70% to $55.23 after announcing that chairwoman and CEO Ellen Kullman would be retiring from the company, spurring investor hopes for an accelerated pace of change at the industrial giant. The news prompted a number of analysts to weigh in, with Deutsche Bank saying the changeover is "highly likely" to lead to further breakup of the company under interim Chief Edward Breen, who broke up Tyco (TYC) twice when he ran the company. MAJOR MOVERS: Among the notable gainers was PMC-Sierra (PMCS), which rose $2.55, or 33.16%, to $10.24 after agreeing to be acquired by Skyworks Solutions (SWKS), whose shares slid 1.42% following the news. Also higher was EnerSys (ENS), which gained $4.98, or 8.46%, to $63.86 after the Wall Street Journal reported that Johnson Controls (JCI) is in early talks to buy the battery maker. Additionally, Arista Networks (ANET) jumped 5.43% after the U.S. Patent and Trademark agreed to review two Cisco (CSCO) patents, potentially signaling a win for Arista in its legal dispute with the networking giant. Among the noteworthy losers was Exact Sciences (EXAS), which crashed $8.55, or 46.14%, to $9.98 after regulators issued preliminary guidelines identifying the company's main product, the Cologuard colon cancer test, as "an alternative screening test" to be used in "select clinical circumstances." Also lower was Tesla (TSLA), which fell $4.69, or 1.91%, to $241.46 after after Morgan Stanley analysts lowered sales forecasts for the company's recently-launched Model X. INDEXES: The Dow gained 13.76, or 0.08%, to 16,790.19, the Nasdaq declined 32.90, or 0.69%, to 4,748.36, and the S&P 500 dipped 7.13, or 0.36%, to 1,979.92.
14:23 EDTCSCOArista Networks should win challenge of two Cisco patents, PTO says
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10:05 EDTCSCOCiti recommends buying Cisco, selling F5 Networks
Citi, in a research note today, recommended that investors buy Cisco (CSCO) and sell F5 Networks (FFIV). F5 develops application delivery services. WHAT'S NEW: Cisco's margins should beat expectations, driven by the company's transition to a business model based on software and recurring revenue, as well as by its decision to sell its Connected Devices business, Citi analyst Jim Suva wrote. Estimates for Cisco's sales and earnings per share are also too low, and the stock should rise over the next year as the company beats expectations, the analyst predicted. He initiated coverage of Cisco with a $30 price target and Buy rating. On F5, Suva predicted that the company would lower its guidance within the next six months. Consensus estimates are "simply...too high" for F5, the analyst stated. Although the new products it plans to launch in fiscal 2016 may boost its sales, its numbers will not be affected by such a trend until fiscal 2017, Suva predicted. He initiated coverage of the stock with a $105 price target and Sell rating. PRICE ACTION: In early trading, Cisco rose 1.4% to $27 and F5 Networks sank 4% to $118. Juniper Networks (JNPR), which Suva started today with a Neutral rating, is down 5c to $28.46.
10:00 EDTCSCOOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A.O. Smith (AOS) initiated with a Neutral at Goldman... Aquinox (AQXP) initiated with a Buy at Guggenheim... Armstrong World (AWI) initiated with a Neutral at Goldman... Cisco (CSCO) initiated with a Buy at Citi... Continental Resources (CLR) initiated with an Equal Weight at Stephens... Epiq Systems (EPIQ) initiated with a Market Perform at Barrington... F5 Networks (FFIV) initiated with a Sell at Citi... Fate Therapeutics (FATE) initiated with an Outperform at Raymond James... Forrester (FORR) initiated with a Market Perform at Barrington... Fortune Brands (FBHS) initiated with a Buy at Goldman... GigOptix (GIG) initiated with an Outperform at Northland... Impax (IPXL) initiated with a Buy at BTIG... Interactive Brokers (IBKR) initiated with a Neutral at Goldman... Juniper (JNPR) initiated with a Neutral at Citi... LendingClub (LC) initiated with a Buy at Guggenheim... Masco (MAS) initiated with a Conviction Buy at Goldman... Memorial Production (MEMP) initiated with a Hold at Stifel... Mohawk (MHK) initiated with a Conviction Buy at Goldman... Jefferies... Navistar (NAV) initiated with a Hold at Stifel... Ocata Therapeutics (OCAT) initiated with an Outperform at Raymond James... Owens Corning (OC) initiated with a Sell at Goldman... PACCAR (PCAR) initiated with a Hold at Stifel... PayPal (PYPL) initiated with an Outperform at William Blair... Press Ganey (PGND) initiated with a Market Perform at Leerink... RingCentral (RNG) initiated with an Outperform at RBC Capital... Thermo Fisher (TMO) initiated with a Buy at Argus... VASCO Data Security (VDSI) initiated with a Buy at Sidoti... Watsco (WSO) initiated with a Neutral at Goldman... Whirlpool (WHR) initiated with a Neutral at Goldman.
07:36 EDTCSCOF5 Networks initiated with a Sell at Citi
Citi analyst Jim Suva started shares of F5 Networks (FFIV) with a Sell rating and $105 price target saying the company is likely to lower guidance over the next six months. Consensus expectations are too high, Suva tells investors in a research note. He points out that he's the only analyst with a Sell rating on the name. Conversely, Suva initiated shares of Cisco this morning (CSCO) with a Buy rating saying consensus estimates are too low. He recommends a pair trade of long Cisco, short F5.
07:31 EDTCSCOCisco initiated with a Buy at Citi
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October 5, 2015
16:00 EDTCSCOOptions Update; October 5, 2015
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10:27 EDTCSCOFireEye tumbles after competition worries spark downgrade
The shares of IT security company FireEye (FEYE) are sinking after research firm Piper Jaffray downgraded the stock to Neutral from Outperform, warning that the company is facing increased competition and tough comparisons. WHAT'S NEW: The top five firewall vendors are now offering "sandbox" technology that is similar to FireEye's offering, Piper analyst Andrew Nowinski reported. Check Point's (CHKP) SandBlast technology, which is similar to FireEye's offering, has a 12.8% share of the market, the analyst stated. Meanwhile, Cisco (CSCO) has identified security as its top priority, and is taking a "software-centric" approach that appears to be "directed at FireEye," Nowinski believes. Additionally, FireEye faces tough comparisons and its valuation "leaves little room for error," according to the analyst, who set a $37 price target on the shares. PRICE ACTION: In early trading, FireEye fell 6% to about $31 per share while Check Point rose 0.8% to $81.16.
07:14 EDTCSCOCisco to hold a conference
2015 Cisco Global Editors Conference is being held in San Jose, California on October 5-6 with webcasted keynote presentation to begin on October 5 at 11:45 am. Webcast Link
October 2, 2015
09:47 EDTCSCOCisco to hold a news conference
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09:36 EDTCSCOActive equity options trading on open
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09:30 EDTCSCOCisco to participate in a conference call with Raymond James
John Brigden, Senior Vice President of Software Strategy & Operations at Cisco Systems, provides an outline of the company's software strategy, portfolio and benefits to customers on a conference call to be held on October 2 at 12 pm hosted by Raymond James. Webcast Link
September 30, 2015
08:08 EDTCSCOBroadSoft can be a 'significantly larger' company, says Jefferies
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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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September 28, 2015
07:38 EDTCSCOBox to hold a user conference
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September 27, 2015
14:04 EDTCSCOCybersecurity 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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