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Stock Market & Financial Investment News

News Breaks
July 21, 2014
12:10 EDTEMC, VMW, AGN, VRX, ITRI, KNDI, EXTR, EZPWOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory and have remained there throughout the morning. The focus has been on the events in both Israel and Russia, which have pushed earnings into the background for now. The President spoke this morning and called for an immediate ceasefire in Gaza and for the Russian separatists to stop tampering with evidence. The losses remain moderate as investors remain concerned about the world stage but are bracing for a number of huge earnings reports this week, including the latest sales figures from Apple (AAPL), Microsoft (MSFT) and Verizon (VZ). ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. The index has been in positive territory, reflecting above trend growth, since February. COMPANY NEWS: Shares of EMC (EMC) advanced 4% after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up. Elliott reportedly believes EMC's stock would get a boost from spinning off VMware (VMW), in which it owns an 80% stake. Shares of VMware were down a bit over 1% following the Journal's report... Allergan (AGN) rose about 2% after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by about 1,500 employees as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 15% after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of Chinese electric car maker Kandi Technologies (KNDI), which gained 10% after a Chinese newspaper reported that electric cars made outside of China would not qualify for a key tax break in the country, though domestically-made ones would. Among the noteworthy losers was EZCORP (EZPW), which dropped 12% after it appointed CFO Mark Kuchenrither as its interim CEO and President and its stock was downgraded to Neutral from Buy at Sidoti. Also lower were shares of Itron (ITRI), which fell 8% after Bank of America Merrill Lynch downgraded the stock two notches to Underperform from Buy, citing its view that meter deployments will not support the stock's current valuation given continued delays and lower than expected margins. INDEXES: Near midday, the Dow was down 72.05, or 0.42%, to 17,028.13, the Nasdaq was down 17.99, or 0.41%, to 4,414.15, and the S&P 500 was down 8.27, or 0.42%, to 1,969.95.
News For EMC;VMW;AGN;VRX;ITRI;KNDI;EXTR;EZPW From The Last 14 Days
Check below for free stories on EMC;VMW;AGN;VRX;ITRI;KNDI;EXTR;EZPW the last two weeks.
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September 11, 2014
13:20 EDTVMW, EMCEMC not considering selling VMware stake, Reuters reports
11:17 EDTEMC, VMWEMC seen as potential target after said to mull VMware stake sale
EMC (EMC) is considering selling its 80% stake in cloud computing infrastructure provider VMware (VMW), The New York Post reported today, citing unnamed sources. Calling The New York Post "surprisingly accurate" on M&A news, UBS said the likelihood of change at EMC has increased and it has become a potential takeover target. WHAT'S NEW: EMC is exploring the possibility of selling its stake in VMware, which could be acquired by HP (HPQ), according to one source, The Post reported. EMC could also look to sell other assets, the newspaper quoted a second unnamed source as saying. ANALYST REACTION: UBS analyst Steven Milunovich wrote that he is more convinced in the wake of the Post story that "something is up" at EMC. Although EMC has denied in the past that it would consider selling or spinning off VMware, the company could change its tune, the analyst stated. HP could buy VMware or all of EMC, while Oracle (ORCL) and Cisco (CSCO) are also potential buyers of EMC, Milunovich believes.The analyst kept a $33 price target and Buy rating on shares of EMC. WHAT'S NOTABLE: Activist investor Elliott Management, a hedge fund, has taken a $1B stake in EMC and wants the company to spin off VMware, The Wall Street Journal reported in July. Early last month, research firm FBR Capital wrote that an EMC spin-off of VMware could enhance shareholder value for both companies and make VMware a top acquisition candidate by a larger technology company. The firm kept an Outperform rating on EMC at that time. PRICE ACTION: In late morning trading, EMC was little changed at $29.50, down from its earlier high of $29.89. VMware fell 0.7% to $96.75, down from its earlier daily high of $97.86.
11:08 EDTAGNAllergan shareholders owning 35% to ask for meeting, Reuters says
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10:41 EDTEMCEMC volatility at low end of historic range
EMC September call option implied volatility is at 18, October is at 20, November is at 21, April is at 20; compared to its 26-week average of 21 according to Track Data, suggesting non-directional price movement on UBS sees increasing likelihood of change at EMC.
10:30 EDTVMW, EMCUBS sees increasing likelihood of change at EMC
UBS calls the New York Post "surprisingly accurate on M&A" after the paper reported that EMC (EMC) is considering the sale of its stake in VMware (VMW). The firm believes the likelihood for change at the company is rising. In addition, UBS says the industry should consolidate, and it views EMC as a potential target. UBS thinks Cisco (CSCO), Oracle (ORCL) and HP (HPQ) might be interested parties in owning part or all of EMC. The firm believes an HP, EMC merger would make sense. UBS has a Buy rating on EMC with a $33 price target.
09:52 EDTVRX, AGNValeant to submit consent from 35% of Allergan holders, CNBC reports
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09:20 EDTVMWVMware to host conference call
Management discusses what's new at the company on a conference call to be held on September 11 at 10 am. Webcast Link
07:07 EDTEMC, VMWEMC to explore selling VMware stake, NY Post reports
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September 10, 2014
10:29 EDTITRIItron management to meet with Needham
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10:00 EDTVMWOn The Fly: Analyst Initiation Summary
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September 9, 2014
19:39 EDTVMWVMware initiated with a Buy at Maxim
Target $120.00.
16:04 EDTAGNPershing Square reports 9.7% stake in Allergan, sends letter to board
Pershing Square Capital Management sent a letter to the board of Allergan that highlights several reasons why Allergan is extremely shareholder unfriendly and why now is the time for Allergan's management team to wake up. In the letter, Pershing Square said: "Since the bid was announced in April, 75% of Allergan’s shareholders have sold all or a portion of their investment including the company’s largest shareholder, which has sold its entire position. These shareholders are sending the board a message. They would not have sold if they believed that Allergan stock was worth more than current values... We note CFO Jeff Edwards recent decision to retire from the company at age 53 for family reasons, and his replacement by an investor relations executive rather than an experienced public company CFO. The notion that Allergan should execute the largest acquisition in its history led by an investor relations executive is a frightening proposition. While we respect an executive’s need to retire from a company for family reasons, Edwards exit also calls into question the company’s forward earnings guidance which shareholders expected him to execute on when the Company presented these projections on July 21st. I had expected that at some point one or more directors would have woken up and smelled the coffee. There is still time for a subset of directors to rescue their reputations by taking over leadership of this process from David Pyott and his handpicked advisors and doing what you are paid $400,000 per year to do on behalf of the company’s owners."
09:36 EDTKNDIActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
07:05 EDTEMCEMC Corporation to hold a summit
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06:42 EDTAGN, VRXLew expects to make decision on combating inversion deals soon, NY Times reports
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05:36 EDTVMW, EMCVMware, Capgemini announce strategic partnership
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September 8, 2014
17:01 EDTVRXValeant to expand Bausch + Lomb facility, will add 120 new jobs
Valeant Pharmaceuticals announced that the company hosted a ribbon cutting ceremony for the new Bausch + Lomb ULTRA contact lens manufacturing lines and solar array assembly at the company's Optics Center in Rochester, NY. The ceremony recognized the expansion and installation of the new manufacturing lines, which will produce the company's silicone hydrogel contact lens, Bausch + Lomb ULTRA. The solar array, which is currently under construction, will generate and supply electricity through the installation of 3,667 solar panels, helping to reduce the Rochester facility's carbon footprint by 800 tons of carbon dioxide emissions annually.
08:47 EDTITRIItron names W. Mark Schmitz as CFO, effective immediately
Itron announced that W. Mark Schmitz has been appointed executive vice president and CFO, effective immediately. Schmitz joins Itron with 40 years of experience in finance and executive leadership roles across the manufacturing, service, retail and technology industries. He most recently served as the CFO of Alghanim Industries. Schmitz succeeds Steven Helmbrecht as Itron’s CFO. Helmbrecht joined the company in 2002 and was named CFO in 2005. On April 24, 2014, Itron announced Helmbrecht’s departure from the company. He will remain with Itron through December 31, 2014 to facilitate a smooth transition.
08:45 EDTEMCNimble Storage, Arista, CommVault recommnded on M&A at Pacific Crest
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07:21 EDTAGNJazz looks more attractive for Allergan than Salix, says Wells Fargo
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