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December 5, 2012
18:38 EDTALGN, VRA, AMBA, DCTH, DHIL, ASNA, ELX, MW, GRMN, FNSROn The Fly: After Hours Movers
UP AFTER EARNINGS: Finisar (FNSR), up 6%... Ascena Retail (ASNA), up 2%... Ambarella (AMBA), up 1.5%... ALSO HIGHER: Garmin (GRMN), up 4% after being added to S&P 500, effective December 11 close... Diamond Hill Investment Group (DHIL), up 5% after announcing $8 per share special dividend... DOWN AFTER EARNINGS: Vera Bradley (VRA), down 9%... Men's Warehouse (MW), down 8% after earnings and lowered guidance... ALSO LOWER: Delcath Systems (DCTH), down 11% after announcing a modified NDA with the FDA... Align Technology (ALGN), down 4% after saying it sees EPS, revenue at lower end of previous guidance... Emulex (ELX), down 3% after announcing acquisition, reaffirming previous guidance.
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February 11, 2016
10:01 EDTASNAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Artisan Partners (APAM) upgraded to Neutral from Sell at Citi... Ascena Retail (ASNA) upgraded to Neutral from Sell at Goldman... Becton Dickinson (BDX) upgraded to Buy from Hold at Deutsche BankvCisco (CSCO) upgraded to Buy from Hold at Jefferies... C.H. Robinson (CHRW) upgraded at Buckingham... Crown Castle (CCI) upgraded to Conviction Buy from Buy at Goldman... Euronet (EEFT) upgraded to Outperform from Market Perform at Avondale... FibroGen (FGEN) upgraded to Outperform from Neutral at Credit Suisse... First Data (FDC) has hit 'rock bottom,' shares upgraded to Outperform at Credit Suisse... Horace Mann (HMN) upgraded to Buy from Neutral at Janney Capital... Hortonworks (HDP) upgraded to Neutral at Susquehanna... Level 3 (LVLT) upgraded to Overweight on valuation at Morgan Stanley... NCI, Inc. (NCIT) upgraded to Buy from Neutral at SunTrust... Omega Healthcare (OHI) upgraded on results, valuation at JMP Securities... Sun Life Financial (SLF) upgraded to Outperformer from Sector Performer at CIBC... Tanger Factory (SKT) upgraded to Buy from Neutral at Hilliard Lyons... Team (TISI) upgraded to Overweight from Sector Weight at KeyBanc... Tenneco (TEN) upgraded to Overweight from Equal Weight at Barclays... Time Warner (TWX) upgraded to Conviction Buy at Goldman... Ulta Beauty (ULTA) upgraded to Strong Buy from Outperform at Raymond James... Voya Financial (VOYA) upgraded to Neutral from Underweight at JPMorgan... Western Alliance (WAL) upgraded to Buy from Neutral at DA Davidson.
07:06 EDTGRMNGarmin to acquire DeLorme; financial terms not disclosed
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February 10, 2016
16:35 EDTASNAAscena Retail upgraded to Neutral from Sell at Goldman
Goldman analyst Taposh Bari upgraded Ascena Retail to Neutral from Sell, saying shares are more fairly valued after the stock's roughly 50% decline since October. The firm's estimates and $7 price target are unchanged.
08:37 EDTDCTHDelcath Systems begins patient enrollment in Phase 3 FOCUS trial
Delcath Systems has begun patient enrollment in the company's Phase 3 clinical trial. The FOCUS Trial is evaluating the efficacy, safety and pharmacokinetics of Melphalan/HDS versus best alternative care in 240 patients with ocular melanoma. The primary objective of the study is a comparison of overall survival between the Melphalan/HDS treatment arm and best alternative care comprised of selected therapies; secondary objectives include overall progression-free survival and objective response rate, each as determined by the Investigator, while exploratory objectives include progression-free survival, objective response rate, hepatic progression free survival and hepatic objective response rate all as determined by Independent Central Review, and quality of life measures. The FOCUS Trial is being conducted under a Special Protocol Assessment agreement with the FDA to support marketing approval in the U.S.
06:59 EDTGRMNGarmin upgrades Volvo Penta glass cockpit system
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06:56 EDTGRMNGarmin's Marine Electronics selected by Pursuit Boats
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February 8, 2016
09:41 EDTAMBAAmbarella Q1 pricing down due to competition in China, says OTR Global
OTR Global's checks indicate Ambarella's (AMBA) Q1 pricing is down 15%-20% quarter-over-quarter for security, automotive SOCS due to competition in China.
February 5, 2016
09:34 EDTGRMNGarmin estimates lowered at Cleveland Research
Cleveland Research lowered Garmin's 2016 revenue estimates to down 3% year-over-year, versus consensus of a decline of 1%, due to increased concerns regarding competition and a worsening outlook.
February 4, 2016
16:47 EDTAMBAOn The Fly: Top stock stories for Thursday
Stocks had a roller coaster session, moving in a wide range and crossing the flat line several times during the day as the market continues to move in conjunction with the price of oil. Early in the session oil prices met resistance near $34 a barrel and equities were up by triple digits. When the price of crude pulled back, equities followed suit and ultimately turned negative. Oil prices struggled during the afternoon hours and closed down for the day. However, the averages drifted higher into the close and finished in the green. ECONOMIC EVENTS: In the U.S., the Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%. Initial jobless claims rose to 285,000 in the week ended January 30, versus expectations for 277,000 first-time claims. Factory orders declined 2.9% in December, versus expectations for them to be down 2.8% for the month. In Europe, the European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: Shares of GoPro (GPRO) sunk to all-time lows after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided first quarter revenue even further below analyst forecasts. The stock fell as low as $9.01 early in the session before ending the day down 8.68% at $9.78. Ambarella (AMBA), a chip supplier that has often traded in tandem with GoPro in the past, gained 5.13% to $39.35, with several analysts highlighting the company's healthy business outside of GoPro... Sumner Redstone stepped down as executive chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up 0.31% after Leslie Moonves was named the next chair of its board, while Class A shares of Viacom were up 2.33% after Philippe Dauman was selected to succeed Redstone... Mattel (MAT) and Hasbro (HAS) gained a respective 1.67% and 1.2% following Bloomberg's report that the two toymakers have held intermittent merger discussions after Hasbro approached its peer late last year. MAJOR MOVERS: Among the notable gainers was Cascade Microtech (CSCD), which spiked 32.26% to $20.21 after agreeing to be acquired by FormFactor (FORM) for $16 per share. FormFactor declined 12.61% following the news. Also higher was VirnetX (VHC), which soared 46.14% to $7.00 after being awarded $625.6M in a patent dispute against Apple (AAPL). In addition, GrubHub (GRUB), McGraw Hill (MHFI) and Buffalo Wild Wings (BWLD) rose 12.8%, 7.7% and 7.6%, respectively, following their quarterly reports. Among the noteworthy losers were Ralph Lauren (RL) and Kohl's (KSS), which fell a respective 22.2% and 18.8% after reporting quarterly earnings and issuing underwhelming financial outlooks, with the negative signals also dragging down department store operators J.C. Penney (JCP), Macy's (M) and Nordstrom (JWN). Also lower was ConocoPhillips (COP), which declined 8.65% to $35.29 after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but the company believes it is prudent to plan for lower commodity prices for a longer period of time. Meanwhile, AstraZeneca (AZN), Credit Suisse (CS) and MetLife (MET) slipped 5.9%, 10.8% and 5.3%, respectively, following their quarterly reports. INDEXES: The Dow rose 79.92, or 0.49%, to 16,416.58, the Nasdaq gained 5.32, or 0.12%, to 4,509.56, and the S&P 500 advanced 2.92, or 0.15%, to 1,915.45.
13:33 EDTAMBAAmbarella rises as analysts see underappreciated opportunity outside GoPro
Shares of GoPro (GPRO) chip supplier Ambarella (AMBA) jumped Thursday despite the action camera maker's underwhelming quarterly report, with several analysts taking bullish stances on Ambarella and reminding investors of its underappreciated efforts outside of GoPro. UNDESERVED SELLOFF: Canaccord analyst Matthew Ramsay cut his price target on chip supplier Ambarella to $65 from $90 in the wake of GoPro's significantly underwhelming earnings report Wednesday night. However, despite GoPro's "shocking" financial outlook and decision to cancel several mid-tier products featuring Ambarella chips, Ramsay reiterated his Buy rating and long-term conviction on the shares. Ambarella's "highly differentiated" product portfolio looks well positioned to maintain market share amid growth in underappreciated, non-GoPro end markets such as security, drone, automotive, wearables, cameras and other computer vision applications, the analyst explained, arguing that the non-GoPro portions of Ambarella's business deserve a "much higher" multiple. Though he lowered his near-term estimates for the company given its link to the embattled action camera maker, Ramsay argued that the two firms are "too often" tied together, with recent declines in Ambarella now representing a buying opportunity for long-term investors. NEARING BOTTOM: Research firm Dougherty was also bullish on Ambarella following GoPro's report, upgrading the shares to Buy with a $43 price target. GoPro's correction has been known since Ambarella reported earnings in December, said Dougherty, adding that Ambarella shares looked to be near a bottom prior to their pop today. PRICE ACTION: Shares of Ambarella have advanced 8.4% to $40.55, while GoPro has slumped 8% to $9.86 in afternoon trading.
10:00 EDTAMBAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADTRAN (ADTN) upgraded to Market Perform from Underperform at Cowen... Alpha & Omega (AOSL) upgraded to Outperform from Market Perform at Northland... Ambarella (AMBA) upgraded to Buy from Neutral at Dougherty... ArcBest (ARCB) upgraded on valuation at Stifel... Arlington Asset Investment (AI) upgraded to Buy from Neutral at Ladenburg... Atwood Oceanics (ATW) upgraded to Accumulate from Hold at KLR Group... Buffalo Wild Wings (BWLD) upgraded to Outperform from Market Perform at Raymond James... C.H. Robinson (CHRW) upgraded to Outperform from Market Perform at Raymond James... CDK Global (CDK) upgraded to Outperform from Market Perform at Barrington... Cadence Design (CDNS) upgraded on valuation, guidance at DA Davidson... China Unicom (CHU) upgraded to Buy from Hold at HSBC... Cloud Peak (CLD) upgraded to Market Perform from Underperform at FBR Capital... Cree (CREE) upgraded to Outperform from Market Perform at Northland... CrossAmerica (CAPL) upgraded to Outperform from Neutral at Baird... Hub Group (HUBG) upgraded on results at Stifel... Kennametal (KMT) upgraded to Neutral from Underperform at Longbow... Lannett (LCI) upgraded to Buy from Hold at Craig-Hallum... Lowe's (LOW) upgraded to Conviction Buy from Buy at Goldman... Mattel (MAT) upgraded to Buy from Sell at Argus... New Oriental Education (EDU) upgraded to Buy from Neutral at Mizuho... Olin Corp. (OLN) upgraded to Buy from Neutral at Monness Crespi... RONA (RONAF) upgraded to Equal Weight from Underweight at Barclays... Red Hat (RHT) upgraded to Outperform from Market Perform at Cowen... Wayfair (W) upgraded to Buy from Neutral at Goldman... Whirlpool (WHR) upgraded to Buy from Neutral at Goldman... Yahoo (YHOO) upgraded to Buy from Neutral at Citi... Zumiez (ZUMZ) upgraded to Buy from Hold at Brean Capital... adidas (ADDYY) upgraded to Buy from Neutral at Goldman.
08:59 EDTAMBAAmbarella upgraded to Buy from Neutral at Dougherty
Dougherty upgraded Ambarella (AMBA) to Buy with a $43 price target on shares. The firm's analyst said GoPro's (GPRO) correction has been known since Ambarella reported earnings in December and now has removed GoPro out of estimates entirely for the April quarter and lowered estimates overall. Dougherty believes this is the last cut and feels shares are near a bottom.
07:52 EDTAMBAAmbarella shares remain undervalued, says Canaccord
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February 3, 2016
19:35 EDTAMBAOn The Fly: After Hours Movers
UP AFTER EARNINGS: Glu Mobile (GLUU), up 27.9%... Capstone Turbine (CPST), up 17.2%... Solaredge (SEDG), 12.6%... Take-Two (TTWO), up 8.3%... PennantPark (PNNT), up 5%... Cadence Design (CDNS), up 4.5%... Buffalo Wild Wings (BWLD), up 1%. ALSO HIGHER: VirnetX Holding (VHC), up 90.6% after the company won a $625.6M verdict in favor of in a patent infringement lawsuit against Apple (AAPL)... Viacom (VIAB, VIA), up 9.5% and 7%, respectively, after Viacom issued a brief statement which reads, "The Viacom board of directors is scheduled to meet tomorrow."... CBS (CBS), up 4.7% after Sumner Redstone has resigned as executive chairman of CBS to be replaced by CEO Leslie Moonves. DOWN AFTER EARNINGS: DHT Holdings (DHT), down 5.3%... GoPro (GPRO), down 9.9%... Imperva (IMPV), down 11.7%... Shutterfly (SFLY), down 3.8%... MetLife (MET), down 2.3%. ALSO LOWER: Ambarella (AMBA), down 2.2% after GoPro reported Q4 results.
12:12 EDTFNSROclaro spikes after quarterly results, optical peers follow
Shares of optical networking firm Oclaro (OCLR) are advancing, along with its peers, after Oclaro reported better than expected quarterly results. WHAT'S NEW: After the close on Tuesday, Oclaro reported second quarter adjusted earnings per share of 3c on revenue of $94.1M. Both EPS and revenue were better than consensus estimates of (1c) and $91.5M, respectively. The company's adjusted gross margin rate for the quarter was 28.8%, much better than the 16.5% in the year ago quarter. Oclaro CEO Greg Dougherty pointed out the continuing growth in the company's 100G portfolio and said he expects revenue growth to continue in 2016. According to the CEO, revenue growth in the quarter "drove higher gross margin and net income." The company sees continued "robust" demand for its 100G product portfolio as it expands capacity in Asia. WHAT'S NOTABLE: Along with its Q2 results, Oclaro said it sees Q3 revenue of $97M-$103M, ahead of analyst expectations of $90.7M. On its Q2 earnings call, the company said it sees strong demand from China, with contract awards form China Telecom (CHA) and China Unicom (CHU ), which have deliveries slated for later in calendar year 2016. PRICE ACTION: Shares of Oclaro are up 10% in early afternoon trading. OPTICAL PEERS: Shares of other companies in the optical networking space are also out performing the market, including Finisar (FNSR), Infinera (INFN), Lumentum Holdings (LITE), NeoPhotonics (NPTN), and Ciena (CIEN).
February 2, 2016
14:17 EDTVRAVera Bradley downgraded to Hold from Buy at Standpoint Research
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February 1, 2016
10:31 EDTAMBAGoPro slides after analysts predict guidance this week will disappoint
Research firm Piper Jaffray and Citi predicted that GoPro's (GPRO) revenue guidance would disappoint investors when the company issues its earnings report later this week. GoPro preannounced lower than expected fourth quarter revenue on January 13. The company is expected to announce the remainder of its results, including first quarter guidance, on February 3. STREET LOW TARGET: Piper Jaffray analyst Erinn Murphy cut her price target on GoPro to $7.50 from $9, citing updated spending assumptions. The analyst expects the company's Q1 sales guidance to come in at $272M, below the Street's consensus estimate of $298M. Murphy cut her Q1 EPS estimate for the company to 0c from 10c, and warned that the company could report a Q1 loss if its "sales remain tepid." She kept an Underweight rating, the firm's equivalent of a "Sell," on the shares. GoPro's channel inventory was probably too high at the end of last quarter, and the company likely has about $200M of inventory, Citi analyst Jeremy David estimated. Given the company's "challenging sell-through" and probable inventory reductions by channel sellers, its Q1 guidance will probably come in below expectations, according to David. Specifically, GoPro will provide guidance of a 20c to 25c per share loss and its revenue guidance will come in at $230M-$250M, the analyst believes. The consensus forecast, based on the predictions of sixteen analysts, is for GoPro to report a loss of 5c per share in Q1, according to First Call. David predicted that the shares would be range bound in February and March, but he added that the stock could drop below $9. Later on this year, the stock could rise modestly as the launches of the company's new Karma and HERO5 cameras approach, said the analyst, who kept a $12 price target and Neutral rating on the shares. PRICE ACTION: In early trading, GoPro fell 6% to $10.75. Shares of supplier Ambarella (AMBA), which has often moved in tandem with GoPro in the past, slipped 5%.
January 29, 2016
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07:05 EDTMWMen's Wearhouse to implement new structure named Tailored Brands
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