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News Breaks
May 8, 2014
07:23 EDTGIMOGigamon upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded Gigamon to Outperform based on valuation increasing visibility into network management spending, rising levels of activity and a product portfolio that is driving customer penetration. Price target raised to $25 from $20.
News For GIMO From The Last 14 Days
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July 22, 2014
16:12 EDTGIMOGigamon appoints Mike Burns as CFO
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July 9, 2014
16:40 EDTGIMOOn The Fly: Closing Wrap
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13:44 EDTGIMOGigamon plunges after analysts react to lowered Q2 outlook
Shares of traffic visibility and control technology provider Gigamon (GIMO) are crashing after the company lowered its second quarter revenue outlook based on challenges with closing pipeline deals. WHAT'S NEW: Gigamon cut its Q2 revenue view to $34.5M-$35M from $38M-$42M, stating that it experienced challenges with closing deals in its pipeline during the later stages of the quarter as it continued to see longer review and approval cycles. Prior to the revenue warning, analysts' consensus forecast for the company's revenue was a bit over $40M. The company said it was "disappointed" in the preliminary results, but that it remains confident in its market opportunity and technology "We will take steps to improve our execution in order to grow revenue and improve the predictability of our business. On a positive note, we added 84 new customers during the second quarter," said CEO Paul Hooper. Gigamon added that its Q2 gross margins and operating expenses are expected to be consistent with its previously stated guidance. ANALYST REACTION: After the preliminary revenue announcement, Gigamon was downgraded at Goldman, William Blair, Bank of America Merrill Lynch, Needham, and DA Davidson. William Blair analyst Jason Ader said his downgrade was due to a lack of confidence in Gigamon management's capability of forecasting the business, combined with his rising worries that growth obstacles in the visibility fabric market and competitive pressure could have prompted the recent misses. William Blair says that the material reductions to its Gigamon numbers and uncertainty on future growth and profitability make valuation alone not a good reason to stick with the stock. Goldman Sachs analyst Kent Schofield said he was wrong to recommend that investors purchase Gigamon shares in a January 31 upgrade note. The analyst expects shares of the technology company to remain in the "penalty box" until product revenue growth is reignited, which he does not expect to happen in the near-term. Goldman lowered its 12-month price target on Gigamon to $14 from $29. PRICE ACTION: During afternoon trading, shares of Gigamon fell $5.80, or 32%, to $12.38.
12:30 EDTGIMOOn The Fly: Midday Wrap
Stocks on Wall Street were moderately higher at midday, helped in part by better than expected earnings from Alcoa (AA), solid monthly numbers from the airlines sector, and a bounce from the two day losing streak that had seen the S&P lose 1% and the Nasdaq pullback by more than 2%. The market has been unable to gather any upside momentum and has moved in a narrow range throughout the morning, as investors await the release of the Fedís FOMC minutes. ECONOMIC EVENTS: The minutes from the Federal Open Market Committee meeting held June 17-18 are scheduled to be released at 2:00 pm ET. In China, the producer-price index declined 1.1% from a year earlier, compared with a consensus forecast for a 1% drop. China's consumer-price index rose 2.3%, below projections for a 2.4% gain. COMPANY NEWS: Alcoa swung to a second-quarter profit of 18c a share on an adjusted basis, beating the consensus estimate of 7c a share, as its revenue also topped expectations. The aluminum producer, whose report is widely considered to mark the start of an earnings season, said its transformation is in "high gear" and that its cost position continues to improve. The stock rose 5% near midday following its report. MAJOR MOVERS: Among the notable gainers was AeroVironment (AVAV), which develops a portfolio of products and services for unmanned aircraft and efficient energy systems. The stock rallied 14% after the company reported better than expected fourth quarter results. Also higher was Reynolds American (RAI), which rose more than 2.5% after the U.K.'s Daily Mail reported that British American Tobacco (BTI), which currently holds a 42% stake in Reynolds, is speculated to be "on the verge" of buying out the remainder of its U.S. peer that it does not already own. Among the noteworthy losers was IT infrastructure technology provider Gigamon (GIMO), which was downgraded by at least five firms and plunged 32% after the company lowered its Q2 revenue guidance, citing challenges closing deals. Also lower following its earnings reports was specialty storage and organizational product retailer The Container Store (TCS), which fell 10%. INDEXES: Near midday, the Dow was up 36.86, or 0.22%, to 16,943.48, the Nasdaq was up 18.93, or 0.43%, to 4,410.39, and the S&P 500 was up 4.59, or 0.23%, to 1,968.30.
11:24 EDTGIMOHigh option volume stocks
10:02 EDTGIMOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Advanced Energy (AEIS) downgraded to Neutral from Buy at Dougherty... Apollo Global (APO) downgraded to Neutral from Buy at Citigroup... Artisan Partners (APAM) downgraded to Neutral from Buy at Citigroup... Autoliv (ALV) downgraded to Hold from Buy at Nordea... BNP Paribas (BNPQY) downgraded to Neutral from Overweight at JPMorgan... BP (BP) downgraded to Hold from Buy at Deutsche Bank... Carlyle Group (CG) downgraded to Neutral from Buy at Citigroup... Coach (COH) downgraded at Buckingham... Cummins (CMI) downgraded to Buy from Conviction Buy at Goldman... Garmin (GRMN) downgraded to Underperform from Sector Perform at Pacific Crest... Gigamon (GIMO) downgraded to Buy from Strong Buy at Needham... International Paper (IP) downgraded at RBC Capital... Louisiana-Pacific (LPX) downgraded at RBC Capital... Marvell (MRVL) downgraded to Underperform from Perform at Oppenheimer... McGraw Hill Financial (MHFI) downgraded to Market Perform at Raymond James... Moody's (MCO) downgraded to Market Perform from Outperform at Raymond James... Plum Creek Timber (PCL) downgraded at RBC Capital... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... RGS Energy (RGSE) downgraded at Cowen... Taminco (TAM) downgraded to Neutral from Buy at Citigroup... Total (TOT) downgraded to Hold from Buy at Societe Generale... Unilever (UN) downgraded to Reduce from Neutral at Nomura... VMware (VMW) downgraded to Market Perform from Outperform at Wells Fargo... Vectren (VVC) downgraded to Hold from Buy at KeyBanc.
09:13 EDTGIMOOn The Fly: Pre-market Movers
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08:27 EDTGIMOGigamon downgraded to Neutral from Buy at DA Davidson
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08:11 EDTGIMOGigamon price target lowered to $19 from $25 at Credit Suisse
Credit Suisse lowered its price target on Gigamon to $19 from $25 following the company's negative Q2 pre-announcement. However, the firm maintains its Outperform rating on the stock, citing its valuation.
07:56 EDTGIMOGigamon volatility expected to move after lowering Q2 revenue outlook
Gigamon volatility is expected to move after lowering its Q2 revenue outlook. Overall option implied volatility of 59 is above its 26-week average of 52 according to Track Data, suggesting large price movement.
06:29 EDTGIMOGigamon downgraded to Buy from Strong Buy at Needham
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06:16 EDTGIMOGigamon downgraded to Underperform from Neutral at BofA/Merrill
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05:38 EDTGIMOGigamon downgraded to Market Perform from Outperform at William Blair
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05:37 EDTGIMOGigamon downgraded to Neutral from Buy at Goldman
Goldman Sachs downgraded Gigamon to Neutral citing execution issues after the company lowered its Q2 sales outlook. The firm cut its price target for shares to $14 from $29.

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