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Stock Market & Financial Investment News

News Breaks
January 15, 2014
11:36 EDTDTLK, EMC, SYMC, NTAPDatalink soars after raising fourth quarter outlook
Datalink (DTLK), a designer of servers, storage and networks, is one of today's winners after the company raised its fourth quarter outlook. WHAT'S NEW: Last night, Datalink raised its fourth quarter profit and revenue outlook. The company raised its Q4 adjusted EPS view to 33c-37c from 24c-30c, compared to consensus of 25c. It also increased its guidance for Q4 revenue to approximately $174M from $160M-$170M, versus expectations of $164.86M. ANALYST REACTION: In a note to investors, research firm Canaccord said Datalink's better than expected results were likely due to a combination of large deals that slipped from the third quarter getting completed this quarter, as well as a recovery for product gross margins. Canaccord also said its believe's Datalink management is focused on making an accretive acquisition in the near term. The firm raised their price target on the stock to $17 from $16 and kept a Buy rating on the shares. PRICE ACTION: In late morning trading, Datalink soared nearly 27% to $13.80 on nearly five times its average daily trading volume. Over the past twelve months, the stock is up approximately 55%. OTHERS TO WATCH: Other stocks in the storage and networks space include EMC Corporation (EMC), Symantec (SYMC), and NetApp (NTAP), all of which are trading higher this morning.
News For DTLK;EMC;SYMC;NTAP From The Last 14 Days
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October 9, 2014
16:14 EDTSYMCSymantec to resume trading at 4:20 pm ET after confirming split plans
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16:05 EDTSYMCSymantec plans to separate into two public companies
Symantec announced that its Board of Directors has unanimously approved a plan to separate the company into two, independent publicly traded companies: one business focused on security and one business focused on information management. The transaction is intended to take the form of a tax-free distribution to Symantec shareholders of 100% of the IM business in a new, independent, publicly traded stock. The expected stock distribution ratio will be determined at a future date. The company expects to complete the spinoff by the end of December 2015. The company expects to incur separation and restructuring charges through the completion of the transaction as it works to separate the two businesses. "Symantecís decision to pursue a separation follows an extensive business review of the companyís strategy and operational structure. Creating two standalone businesses will allow each entity to maximize its respective growth opportunities and drive greater shareholder value," the company stated. The security business generated revenue of $4.2B in FY14. The IM business generated revenue of $2.5B in FY14. Michael Brown will be the President and CEO of Symantec and Thomas Seifert will continue to serve as CFO. John Gannon will be General Manager of the new information management business and Don Rath will be its acting CFO.
16:03 EDTSYMCSymantec affirms Q2 guidance provided in August
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16:01 EDTSYMCSymantec plans to separate into two public companies
16:00 EDTSYMCSymantec trading halted, pending news
13:39 EDTEMCCisco denies rumors that it will stop investing in VCE JV, The Register reports
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13:37 EDTEMCCisco may end further investment in VCE JV, CRN reports
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06:55 EDTEMCAnalyst says PC company likely to get much of HP debt, Re/code reports
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06:40 EDTSYMCSource of JPMorgan cyberattack still unclear, NY Times says
The source of the cyberattack on JPMorgan (JPM) and other U.S. financial institutions this summer is still unclear, according to The New York Times. The hackers may have tried to hit about a dozen financial institutions , and E-Trade(ETFC) and Fidelity Investments may have been victimized in some way, the newspaper stated, citing an unnamed source who was briefed on the matter. At least five other banks, including Citigroup (C), HSBC (HBC) and Regions Financial (RF), discovered that one of the web addresses used by those who hacked JPMorgan tried to penetrate their systems, The Times quoted unnamed sources briefed on the matter as saying. Publicly traded companies in the space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). Reference Link
October 8, 2014
14:46 EDTEMCEMC comments on letter issued by Elliott Management
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11:04 EDTEMCEMC advances after activist letter, report on HP merger talks
Shares of EMC (EMC) are rising slightly in a down market after activist investor Elliott Management disclosed that it wrote in a letter to the company's board that it had heard of "acquisition interest in EMC's assets on the part of several large companies." The firm called on EMC to pursue M&A opportunities and spin off its VMware (VMW) subsidiary. WHAT'S NEW: Since July, several large companies have expressed "acquisition interest" in EMC's assets, Eliiott wrote. Acquisitions of EMC's assets by these companies would be logical from a strategic perspective, the firm added. The parties that have expressed interest could afford to buy all of EMC or a number of its assets, according to Elliott. EMC should look to spin off VMware because owning VMware is holding down the value of EMC's stock and damaging its relationship with its customers, the investor stated. VMware is hurting EMC by competing with EMC's customers, Elliott explained. Elliott Management noted that is affiliates collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC. WHAT'S NOTABLE: HP (HPQ) and EMC are still conducting due diligence on a potential merger, CNBC's David Faber reported this morning, citing sources. A deal is unlikely, but still possible, and would include a buy-in of VMware, Faber added. PRICE ACTION: In mid-morning trading, EMC rose 0.3% to $28.20, VMware slid 0.9% to $90.59 and HP dropped 1.2% to $34.80.
09:53 EDTEMCHP, EMC still doing due diligence on potential deal, CNBC reports
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09:49 EDTEMCHP, EMC merger unlikely but still possible, CNBC's Faber says
09:48 EDTEMCHP, EMC still doing work on potential deal, CNBC reports
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09:20 EDTSYMCOn The Fly: Pre-market Movers
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08:55 EDTEMCEMC rises after VMware separation urged by Elliott Management
Shares of EMC Corp. (EMC) are higher in pre-market trading after investor Elliott Management, affiliates of which collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC, sent a letter to the company's board detailing the firm's recommendations, including a separation of VMware (VMW) from Core EMC. Shares of EMC are up about 1% to $28.39 following Elliott's public disclosure of its letter to the company's board.
08:54 EDTEMCElliott Management urges separation of VMware from EMC
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08:31 EDTEMCElliott Management sends letter to EMC board
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07:27 EDTSYMCSymantec volatility flat, in advanced talks to split company in two, report
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05:46 EDTSYMCSymantec in advanced talks to split company in two, Bloomberg reports
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