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January 3, 2014
16:50 EDTS, JBLU, RAD, HMC, HLF, UAL, FEYE, F, AAL, DAL, TM, GMOn The Fly: Closing Wrap
Stocks on Wall Street were mixed in the second trading session of the year, with the Dow climbing, the Nasdaq falling, and the S&P 500 finishing virtually flat. Volume remained light, with snow in the northeast and the fractured holiday week perhaps keeping some market participants home. The averages traded in a modest range for much of the session, with commentary from some Fed members, including outgoing chairman Ben Bernanke, moving the markets in the final hour of trade. ECONOMIC EVENTS: In the U.S., the New York ISM fell to 63.8 in December from a prior reading of 69.5. Crude oil inventories fell by more than projected last week, drawing down by about 7M barrels. COMPANY NEWS: Automakers released their U.S. sales data for December, and among the notable reporters was General Motors (GM), which reported sales fell by over 6% during the month compared to last year and shares of the car-maker fell $1.38, or 3.37%, to $39.57 following the announcement. Ford (F) reported December sales grew by almost 2%, while Japanese manufacturers Honda (HMC) reported sales that rose 1.9% and Toyota (TM) saw sales drop 1.7%. Shares of computer-security firm FireEye (FEYE) gained $15.89, or 38.63%, to $57.02 after the company announced last night that it had bought privately held cybersecurity firm Mandiant in a deal valued at $1 billion. FireEye also raised its revenue outlook and analysts at Bank of America Merrill Lynch and JPMorgan increased their price targets on the stock. MAJOR MOVERS: Among the notable gainers was Rite Aid (RAD), up 43c, or 8.53%, to $5.47 after the company reported December same-store sales that rose 2.9%, with analysts at Deutsche Bank noting that this is the pharmacy's best growth in 21 months. Also higher was Delta (DAL), up $1.53, or 5.52%, to $29.23 after reporting that its Passenger Revenue per Available Seat Mile, or PRASM, was up 10% in December compared to the prior year. Delta's airline peers, including United Continental (UAL), up $2.22, or 5.88%, to $39.95, JetBlue (JBLU), up 45c, or 5.23%, to $9.05, and American Airlines (AAL), up $1.18, or 4.65%, to $26.54 also advanced. Among the noteworthy losers was Herbalife (HLF), down $2.74, or 3.43%, to $77.09 after the Federal Trade Commission announced it will hold a press conference next Tuesday to announce an initiative against "deceptive advertising of weight-loss products," though the FTC did not name the products or manufacturers it will target. Also lower was Sprint (S), down 46c, or 4.42%, to $9.94 after the stock was cut to Sell from Hold at Stifel, which said it is skeptical of the company's near-term M&A prospects. INDEXES: The Dow was up 28.64, or 0.17%, to 16,469.99; the S&P 500 was down 0.61, or 0.03%, to 1,831.37; the Nasdaq was down 11.16, or 0.27%, to 4,131.91.
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November 13, 2015
09:43 EDTFEYERumor: FireEye active on renewed takeover chatter
09:08 EDTRADRite Aid downgraded to Neutral from Overweight at JPMorgan
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06:30 EDTFFord testing autonomous vehicles at Mcity
Ford said it is the first automaker to test autonomous vehicles at Mcity - the full-scale simulated real-world urban environment at the University of Michigan. The 32-acre facility is part of the university's Mobility Transformation Center. Ford has been testing autonomous vehicles for more than 10 years and is now expanding testing on the diversity of roads and realistic neighborhoods of Mcity near the North Campus Research Complex to accelerate research of advanced sensing technologies. Reference Link
November 12, 2015
13:24 EDTFEYEEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
12:41 EDTGMGM preparing to sell Chinese-made Buick in the U.S., WSJ reports
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12:00 EDTFBank of America names David Leitch as general counsel, effective January 1
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10:50 EDTRADOptions with increasing implied volatility
Options with increasing implied volatility: FTK MW NLNK MNK GOGO LULU RAD FL
06:43 EDTGMGM to build fuel cell vehicle for U.S. Army, Automotive News says
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November 11, 2015
16:06 EDTJBLUJetBlue reports October traffic up 11.8%
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12:34 EDTTMToyota to build RAV4s in Cambridge, Ontario plant
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07:40 EDTSWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
06:24 EDTGM, TMNissan testing driverless cars in Japan, Business Insider reports
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November 10, 2015
11:43 EDTDAL, UALDoJ files suit to block United, Delta deal for Newark slots
The Department of Justice filed a civil antitrust lawsuit seeking to block a proposed transaction between United Continental Holdings (UAL) and Delta Air Lines (DAL) in order to preserve competition at Newark Liberty International Airport. The Antitrust Division's lawsuit, filed in the U.S. District Court for the District of New Jersey in Newark, New Jersey, alleges that United's planned acquisition of 24 takeoff and landing slots at Newark would increase United's already dominant position at the airport, and would strengthen a barrier that diminishes the ability of other airlines to challenge United at the airport. As a result, the 35M air passengers who fly into and out of Newark every year likely would face higher fares and fewer choices. According to the department's complaint, United already controls 73 percent of the slots the FAA has allocated to carriers at the airport - over 10 times more slots than its closest competitor. No other airline has more than 70 slots. The complaint also alleges that United "grounds" as many as 82 slots each day at Newark, depriving Newark passengers of flight options that would exist if the slots were flown. The complaint also details how consumers benefit when slots are held by United's airline rivals. In response to the department's concerns expressed during its review of the United/Continental merger in 2010, United divested its 36 slots at Newark to Southwest Airlines. United's then-CEO, Jeff Smisek, lauded the settlement as a "fair solution that would allow Continental and United to create an airline that will provide customers with an unparalleled global network and top-quality products and services, while enhancing domestic competition at Newark." Nevertheless, as alleged in the complaint, United's proposed acquisition of slots from Delta is United's third attempt to reverse the benefits of the 2010 divestiture by buying slots from its competitors at Newark. Reference Link
11:04 EDTDAL, UALDOJ seeks to block Delta, United deal for Newark slots, Bloomberg reports
10:14 EDTFEYECyberark retreats after BofA downgrades on slowing growth
Bank of America Merrill Lynch downgraded IT security provider Cyberark (CYBR) in the wake of the company's results, citing valuation, tough comparisons, and the company's decelerating growth. Cyberark's stock is falling in the wake of its results and the downgrade. BACKGROUND: Cyberark reported third quarter earnings per share of 26c, versus analysts' consensus estimate of 13c. The company's revenue came in at $40M versus the consensus outlook of $37M. Cyberark provided fiscal 2015 EPS guidance of 80c-82c, against the consensus outlook of 65c. ANALYST REACTION: In a note to investors today, BofA Merrill analyst Tal Liani downgraded Cyberark to Neutral from Buy, stating that the company reported "solid results," but is facing high expectations and tough year-over-year comparisons for the next few quarters. Although Cyberark beat Q3 expectations, the amount by which it surpassed consensus estimates has dropped over the last few quarters, the analyst pointed out. Additionally, its growth has decelerated and the shares of other IT security companies in similar situations have dropped sharply, according to Liani. The analyst lowered his price target on the stock to $48 from $80. OTHERS TO WATCH: Other publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Cyberark fell 6% to $42.07.
09:11 EDTF, GM, TM, HMCCARB chair says VW the only automaker found cheating, Reuters reports
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08:06 EDTAALAmerican Airlines reaffirms Q4 PRASM view down 5%-7% YoY
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08:04 EDTAALAmerican Airlines reports October RPMs up 5.8% vs last year
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05:43 EDTUALUnited Continental implied volatility of 34 at lower end of index mean range
05:18 EDTSStocks with implied volatility movement; S FIT
Stocks with implied volatility movement; Sprint (S) 72, Fitbit (FIT) 73 according to iVolatility.
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