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Stock Market & Financial Investment News

News Breaks
April 5, 2013
10:24 EDTFFIV, JDSU, RVBD, JNPR, FNSRF5 plummets nearly 20% after results miss expectations
F5 Networks (FFIV), which develops networking technology, is tumbling after the company last night announced preliminary second quarter results that were significantly below analysts' expectations. WHAT’S NEW: F5 said that its second quarter earnings per share would be $1.06-$1.07, versus analysts' consensus estimate of $1.23. The technology company's preliminary revenue was also meaningfully below analysts' outlook. Telecom sales and sales to the federal government fell sharply during the quarter, F5 explained. ANALYST REACTION: In a note to clients today, Piper Jaffray analyst Troy Jensen responded to the company's announcement by downgrading the stock to Neutral from Overweight. This is the fourth consecutive quarter that sales of F5's products have dropped, and the company is losing market share, Jensen wrote. Moreover, the analyst stated that he is concerned about the outlook of F5's core Application Delivery Controller market. Jensen slashed his target on the shares to $82 from $107. On the other hand, Wells Fargo was more upbeat about the company's outlook, as it believes that the results probably reflect uneven spending by telecom carriers. F5 has a number of attractive upcoming opportunities, and today's sell-off is probably a good opportunity to buy shares, wrote the firm, which lowered its target on the shares to $97-$103 from $110-$120 but maintained an Outperform rating. OTHERS TO WATCH: Several other network infrastructure companies, such as Juniper (JNPR) and Riverbed (RVBD), are trading significantly lower in the wake of F5's announcement. Also declining are companies such as JDS Uniphase (JDSU) and Finisar (FNSR) that sell optical products to telecom companies, and Radware (RDWR), which develops networking solutions and also reported preliminary results that missed expectations. In a note to clients today, Needham analyst Alex Henderson wrote that F5's lower than expected results were caused by timing issues specific to that company, and do not reflect on the outlook of companies that make similar products. TODAY'S PRICE ACTION: In early trading, F5 sank nearly 20% to $72.70, and Radware also tumbled nearly 20% to $30.20, while Juniper slid 6% to $17 and JDS Uniphase gave back 3% to $12.70.
News For FFIV;JDSU;RVBD;JNPR;FNSR From The Last 14 Days
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October 10, 2014
07:27 EDTJNPRJuniper price target lowered to $27 from $29 at UBS
UBS lowered its price target on Juniper to $27 from $29 following the company's negative pre-announcement. The company cited lower than anticipated U.S. demand and UBS believes the downside earnings risk is limited by lower operating expenses and lower variable compensation. UBS maintains its Buy rating on Juniper.
07:03 EDTJNPRJuniper price target lowered to $25 from $29.50 at Cantor
Cantor cut its price target on Juniper after the company lowered its Q3 guidance. However, the firm keeps a Buy rating on the shares.
October 9, 2014
18:47 EDTJNPROn The Fly: After Hours Movers
UP AFTER EARNINGS: Helen of Troy (HELE), up 3%... Barracuda Networks (CUDA), up marginally after reporting second quarter results. ALSO HIGHER: Sucampo Pharmaceuticals (SCMP), up 19.2% after announcing settlement agreement resolving patent litigation on AMITIZA... Civeo (CVEO), up 15% after Greenlight Capital reported a 9.99% stake in the company... EXCO Resources (XCO), up 10.6% after T. Boone Pickens says that company approached by buyers, reported by Bloomberg... EXACT Sciences (EXAS), up 3.7% after announcing final national coverage determination for Cologuard... US Ecology (ECOL), up 2.5% following announcement that it will replace Measurement Specialties (MEAS) in S&P 600. DOWN AFTER EARNINGS: Procera Networks (PKT), down 19.3%... Sizmek (SZMK), down 13.9% following third quarter revenue guidance... VOXX International (VOXX), down 12.5%... Knowles (KN), down 8.1% after lowering third quarter guidance... Microchip (MCHP), down 8.2% after lowering second quarter guidance... Juniper Networks (JNPR), down 3.6% after lowering third quarter outlook. ALSO LOWER: GT Advanced Technologies (GTAT), down 23.3% following a Bloomberg report that it will as to wind down sapphire operations.
16:20 EDTJNPRJuniper down 5% after lowering Q3 outlook
16:17 EDTJNPRJuniper reports preliminary Q3 adjusted EPS 34c-36c, consensus 38c
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12:07 EDTRVBDRiverbed downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Riverbed to Neutral citing the Q3 top-line shortfall.
10:44 EDTRVBDRiverbed miss increases likelihood of Elliot deal, says Wells Fargo
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10:19 EDTRVBDFollow-up: Riverbed downgraded at William Blair
As previously reported, William Blair downgraded Riverbed to Market Perform from Outperform. The firm downgraded shares citing disappointing preliminary Q3 results, survey feedback that indicates lack of excitement around Riverbed's non-WAN optimization portfolio of products, and neutral risk/reward.
10:11 EDTRVBDRiverbed downgraded to Market Perform from Outperform at William Blair
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09:43 EDTRVBDElliott 'commends' Riverbed board for initiating strategic review
Elliott Management Corporation commented on Riverbed Technology’s announcement of preliminary earnings and other actions: “We commend the Board for initiating a strategic review and believe that Riverbed is a great company with products customers value,” said Jesse Cohn, portfolio manager at Elliott Management. “We have made a $21 bid for the company, and our team and advisors look forward to completing our confirmatory diligence in an expedited fashion.”
08:32 EDTRVBDRiverbed to undertake comprehensive review of stratetgic, financial alternatives
08:32 EDTRVBDRiverbed initiates restructuring plan to reduce annual costs by $20M-$25M
The company announced that it has initiated a restructuring plan in order to reduce annual costs by $20 million to $25 million and improve annual operating margins by 1% to 2%. The company expects these restructuring efforts to be substantially complete by the end of calendar 2014. “In light of current business conditions, we are taking decisive steps to improve our cost structure in order to drive enhanced operating performance,” said Jerry M. Kennelly, chairman and CEO, Riverbed. “We believe these actions enable us to deliver increased value to our shareholders while continuing to deliver the products and support expected by our customers.” In addition to these restructuring initiatives, Riverbed's Board of Directors has determined to undertake a comprehensive review, with the assistance of its advisors, of strategic and financial alternatives to enhance shareholder value. There is no set timetable for the review process. The company does not intend to disclose or comment on further developments unless and until its Board approves a specific action or it otherwise concludes its review of alternatives.
08:31 EDTRVBDRiverbed narrows Q3 adjusted EPS view to 30c-31c from 30c-32c
Consensus is 31c. Cuts Q3 revenue view to $276M-$277M from $285M-$291M, consensus $286.75M. The revised guidance primarily reflects lower than expected growth in the company’s WAN Optimization and virtual ADC businesses.
06:40 EDTFFIVSource 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
13:20 EDTFFIVF5 Networks shares overvalued, says Northland
Northland believes F5 Networks shares are overvalued due to lower growth, competitor guidance reduced due lengthening U.S. sales cycles, and lack of priority spending for ADC's. Shares are Market Perform rated with a $110 price target.
10:00 EDTJNPROn The Fly: Analyst Downgrade Summary
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07:38 EDTJNPRJuniper downgraded at MKM Partners
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07:32 EDTJNPRJuniper downgraded at MKM Partners
As noted earlier, MKM Partners downgraded Juniper to Neutral from Buy. The firm thinks that the bull case on the stock is too centered on cost cuts and low valuation, and not enough on the company's growth outlook. MM Partners also believes that the service provider router market faces numerous overhangs. Target $24.
07:10 EDTJNPRJuniper downgraded to Neutral from Buy at MKM Partners
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October 7, 2014
08:18 EDTJNPRJuniper execution could drive 40% upside, says Bernstein
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