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News Breaks
August 18, 2014
Today's noteworthy initiations include: CoStar Group (CSGP) initiated with a Buy at Goldman... CytoSorbents (CTSO) initiated with a Buy at H.C. Wainwright... Descartes Systems (DSGX) initiated with an Overweight at Barclays... EPAM Systems (EPAM) initiated with a Sell at Monness Crespi... Extended Stay America (STAY) resumed with an Overweight at JPMorgan... Immune Design (IMDZ) initiated with a Buy at Jefferies... Intersect ENT (XENT) initiated with an Outperform at Leerink... MELA Sciences (MELA) initiated with a Buy at H.C. Wainwright... Mavenir Systems (MVNR) coverage resumed with a Buy at BofA/Merrill... Pfenex (PFNX) initiated with a Buy at Mizuho... SeaWorld (SEAS) initiated with an Outperform at Credit Suisse... Semiconductor Manufacturing (SMI) initiated with an Overweight at Barclays... Star Bulk Carriers (SBLK) initiated with an Overweight at Evercore... Synergy Resources (SYRG) initiated with a Buy at Canaccord... Tekmira (TKMR) initiated with an Outperform at Leerink... Townsquare Media (TSQ) initiated with a Buy at BofA/Merrill... Vitesse (VTSS) initiated with an Outperform at Northland.
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July 29, 2015
17:29 EDTCSGPCoStar Group sees Q3 revenue approximately $187M-$189M, consensus $188M
17:28 EDTCSGPCoStar Group reports Q2 adjusted EPS 8c, consensus 4c
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10:00 EDTSYRGOn The Fly: Analyst Initiation Summary
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07:00 EDTSYRGSynergy Resources initiated with an Outperform at BMO Capital
Target $13.
06:50 EDTDSGXDescartes Systems partners with SAP for transportation software development
Descartes Systems (DSGX) has signed a software development cooperation agreement with SAP (SAP). The partnership creates a logistics message exchange between Descartes' cloud-based Global Logistics Network and the SAP Transportation Management application. The partnership is designed to provide end-to-end shipment visibility and control across the logistics network and help ensure that the supporting customs security and fiscal filings are executed.
July 28, 2015
07:20 EDTEPAMEPAM Systems multiple aligned with sustainable growth, says UBS
UBS remains confident that EPAM Systems' multiple is aligned with its sustainable growth target of mid-20%. The firm expects a slight beat from Q2 earnings with its NavigationArts acquisition an opportunity to leverage its depth and scale in complex engineering. UBS reiterated its Buy rating and raised its price target to $87 from $81 on EPAM Systems shares.
06:00 EDTCTSOCytoSorbents management to meet with Benchmark Co
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July 23, 2015
08:23 EDTCTSOCytoSorbents signs CytoSorb distribution agreement for Australia and New Zealand
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08:14 EDTCTSOCytoSorbents files $100M mixed securities shelf, 2.5M shares for holder
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July 22, 2015
16:43 EDTDSGXDescartes Systems acquires BearWare for $11.25M
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16:19 EDTMELAMELA Sciences files to sell 2.99M shares for selling stockholders
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16:12 EDTSBLKStar Bulk Carriers takes delivery of three bulk carrriers
Star Bulk Carriers took delivery of two 209,000 dwt Newcastlemax bulk carriers built by Nantong COSCO KHI-Ship Engineering and a 61,000 dwt Ultramax bulk carrier built by Japan Marine United. Following these deliveries, Star Bulk owns seventy-two dry bulk vessels on the water. In addition, Star Bulk has twenty-two vessels currently under construction with expected deliveries in 2015 and 2016.
14:51 EDTSMIEarnings Watch: Qualcomm reports after speculations of potential breakup
Qualcomm (QCOM) is expected to report third quarter earnings after the close on July 22, with a conference call scheduled for 4:45 pm ET. Qualcomm is a maker of semiconductors and telecommunications equipment. EXPECTATIONS: Analysts are looking for earnings per share of 95c on revenue of $5.85B. EPS consensus ranges 90c-$1.05 on a revenue range of $5.59B-$6.08B, according to First Call. LAST QUARTER: On April 22, Qualcomm reported Q2 EPS of $1.40 against expectations for $1.33, and revenue of $6.89B versus estimates of $6.83B. The company also cut its FY15 EPS guidance to $4.60-$5.00 from $4.85-$5.05 and lowered projected revenue to $25B-$27B from $26.3B-$28B, saying it expects pressure in its semiconductor business due to customer shifts in the premium segment and a decline in Qualcomm's share at an unnamed large customer. NEWS: On May 8, Reuters reported that EU antitrust regulators asked Qualcomm's competitors how the company's licensing and business practices affect them, and on July 16, the European Commission confirmed two formal antitrust investigations of the company. On May 25, Qualcomm and Daimler (DDAIF) announced a strategic collaboration to develop connected car technology. Coming on the heels of Avago's (AVGO) May 28 agreement to acquire Broadcom (BRCM), Bloomberg quoted a source later that day as saying Qualcomm, Intel (INTC), Altera (ALTR), Analog Devices (ADI), Maxim Integrated (MXIM), Texas Instruments (TXN), and Microchip Technology (MCHP) are all considering their own M&A opportunities. Note that on June 1, Intel announced an agreement to acquire Altera. On June 23, Semiconductor Manufacturing International (SMI), Qualcomm, Huawei, and Imec announced the formation of a joint venture to focus on a type of 14 nanometer technology. More recently, the Wall Street Journal reported on July 20 that Qualcomm is "expected" to begin a comprehensive strategic review which may include the possibility of a breakup following pressure from "activist" shareholder Jana Partners, according to sources, adding that the move could be announced concurrent with Wednesday's earnings release. STREET RESEARCH: Following last quarter's earnings report, Exane BNP Paribas downgraded Qualcomm to Neutral from Outperform, while both Canaccord and Brean Capital lowered price targets for the stock after "disappointing" guidance. Meanwhile, Citi said it expects the company's chip business to recover in 2016 despite this "very bad year." On May 28, CLSA said it sees continued pressure on Qualcomm chipsets, potentially spurring the company to consider making an acquisition, and on June 2, Craig-Hallum noted that Skyworks (SWKS) would be a great fit for Qualcomm. On June 24, Summit Research called Applied Micro Circuits (AMCC) an "affordable" target for Qualcomm, with AMD (AMD) and Cavium (CAVM) also looking like potential takeover candidates. On June 29, Drexel Hamilton downgraded Qualcomm to Sell from Hold, citing expected price cuts. Lastly, following media reports on July 20 that Qualcomm could be weighing a breakup, Bernstein said that such a "dis-synergistic" split would likely destroy value rather than create it. PRICE ACTION: Shares of Qualcomm are down more than 1% to $64.37 in afternoon trading ahead of Wednesday's earnings report.
July 21, 2015
16:43 EDTSTAYExtended Stay America CEO Donald to depart, Lopez appointed CEO
The boards of directors of Extended Stay America (STAY) and its paired-share REIT ESH Hospitality announced that they have appointed Gerardo Lopez to serve as the next president and CEO of both companies, effective August 24. Concurrently with the appointment of Lopez, the company’s current president and CEO, Jim Donald, will transition to the role of senior advisor through December 31. Lopez most recently has been the president and CEO of AMC Entertainment (AMC) since 2009.
10:01 EDTSTAYOn The Fly: Analyst Downgrade Summary
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07:18 EDTDSGXDescartes Systems acquisition positive, says RBC Capital
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07:09 EDTSTAYExtended Stay America downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill downgraded Extended Stay America two notches to Underperform from Buy and lowered its price target to $20 from $23. The firm's analyst said the company faces difficult Q2/Q3 comps with industry RevPAR decelerating and has low visibility.
July 20, 2015
16:51 EDTDSGXDescartes Systems acquires MK Data Services for $76.3M
Descartes Systems Group announced that it has acquired MK Data Services. MK Data is headquartered in Columbia, Maryland. The purchase price for the acquisition was approximately $76.3M in cash plus the assumption of approximately $7.2M of contingent and other cash payment liabilities. Descartes intends to provide further information relating to the acquisition in its public conference call relating to its Q2 of FY16 financial results, currently anticipated to be in early September. The acquisition is not expected to contribute materially to Descartes' revenues or Adjusted EBITDA for Q2 of FY16.
08:41 EDTTKMRTekmira to change corporate name to Arbutus Biopharma
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07:13 EDTSYRGSynergy Resources management to meet with GlobalHunter
Meeting to be held in Los Angeles on July 22 hosted by Global Hunter.
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