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Stock Market & Financial Investment News

News Breaks
June 13, 2014
11:31 EDTFNSR, OPLK, OCLR, CIEN, JNPRFinisar plummets after profit, gross margin outlook trail estimates
Shares of Finisar (FNSR), which provides optical subsystems and components for telecommunication applications, are sinking after the company’s first quarter profit and gross margin outlook trailed analysts’ consensus estimates. WHAT'S NEW: Last night, Finisar reported fourth quarter earnings per share of 36c and revenue of $306M, compared to the consensus views of 38c and $303.2M, respectively. The company said Q4 adjusted gross margins decreased to 34.2% from 37.2%. Finisar attributed the decline in Q4 adjusted gross margin primarily to the impact of the full three months of the annual price reductions for telecom products, as well as the impact of the u2t acquisition whose products carry a lower gross margin than the corporate average. WHAT’S NOTABLE: Finisar forecast Q1 EPS of 30c-34c, far short of the consensus of 41c. Q1 revenue was seen at $320M-$335M, versus consensus of $316.96M. The company expects its gross margin issue to last beyond the current quarter. It attributes the reduction in gross margin to the product mix with lower margin wireless products, noting that it sold "a lot more" wireless transceivers for wireless applications than originally expected. Finisar noted that the wireless products have lower than average gross margins and that it will continue to pursue the "wireless opportunity" in spite of lower margins. Finisar sees its product mix in the near term to be relatively similar to what it is seeing in this quarter. ANALYST REACTION: This morning, analyst commentary was mixed. Research firms Piper Jaffray and Raymond James both said weakness in Finisar was a buying opportunity, however each lowered their respective price targets on the shares. Another firm, Craig-Hallum, downgraded Finisar to Hold from Buy. PRICE ACTION: In late morning trading, Finisar fell $5.46, or about 21.5%, to $19.80 on nearly eight times its average daily trading volume. Despite today’s pull back, the stock has gained approximately 35% over the past twelve months. OTHERS TO WATCH: Other companies that provide telecommunication components include Oplink Communications (OPLK), Oclaro (OCLR), Ciena (CIEN), and Juniper Networks (JNPR).
News For FNSR;OPLK;OCLR;CIEN;JNPR From The Last 14 Days
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October 13, 2014
10:08 EDTJNPROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
09:23 EDTJNPRHP could buy lower valuation company, says Bernstein
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07:23 EDTJNPRJuniper downgraded to Hold from Buy at Argus
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October 10, 2014
10:09 EDTJNPRJuniper falls after earnings warning, levels to watch
Shares are down over 6% to $19.68 at time of writing. At that price next support is at $19 and then at $18.56. Resistance is at $20.49.
09:00 EDTJNPROn The Fly: Pre-market Movers
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07:47 EDTJNPRJuniper results could rebound in 2015, says Wells Fargo
After Juniper negatively preannounced its Q3 results, Wells Fargo thinks improved carrier spending, continued enterprise share gains and restructuring efforts could enable the company's results to improve in 2015. The firm cut its price target on the stock to $25-$27 from $28-$30. It keeps an Outperform rating on the shares.
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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