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August 21, 2014
18:22 EDTROST, ARO, GPS, CRM, HD, OGXI, TFM, GME, INTU, MRVLOn The Fly: After Hours Movers
UP AFTER EARNINGS: GameStop (GME), up 6.3%... (CRM), up 1.4%... Ross Stores (ROST), up 6.3%... The Fresh Market (TFM), up 8.1%... Gap (GPS), up 1.2% after reporting second quarter results above analyst estimates and announcing plans to open the first franchise-operated Gap stores in India in 2015... Marvell Technology (MRVL), up 1.1%. ALSO HIGHER: OncoGenex (OGXI), up 6.4% after Phase 3 ENSPIRIT Trial passes early interim futility analysis. DOWN AFTER EARNINGS: Aeropostale (ARO), down 6.7%... Intuit (INTU), down 1.2%. ALSO LOWER: Home Depot (HD), down fractionally after announcing that Craig Menear will replace Frank Blake as CEO.
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September 25, 2015
12:48 EDTCRMSalesforce says does not support CISA
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10:59 EDTMRVLMarvell plans to lay off 17% of workforce, restructures mobile operations
Shares of Marvell Technology (MRVL) rose in morning trading after the company announced a major restructuring of its mobile platform business that will include a "significant" headcount reduction. WHAT'S NEW: Marvell Technology announced after the bell yesterday that it will cut about 17% of its global workforce as it restructures its mobile platform business. Marvel is seeking to focus its focus its mobile product line on "anticipated more profitable opportunities" and "right-size its expenses in line with corporate targets." The company plans to take a charge of $100M-$130M related to the structuring, which is currently expected to result in annualized operating expense savings of $170M-$220M. Marvell said it plans to "significantly" downsize the mobile platform organization to refocus its technology to emerging opportunities in IoT, automotive and networking. The moves have already started and the company anticipates the major activities to take place through the end of fiscal 2016. WHAT'S NOTABLE: Marvell announced on September 11 that it was conducting an internal investigation of certain accounting and internal control matters. "The investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment," the company stated. Specifically, the company said it was focused on 7%-8% of revenue recognized that would have been received in the third quarter. The company forecast a preliminary second quarter net loss of (74c) on revenue of $711M, which may not compare to analysts' consensus estimates at that time for 11c and $721.9M, respectively. Marvell said the preliminary results reflected weaker-than-expected demand for certain products, particularly in the storage market. STREET RESEARCH: Commenting on Marvel's restructuring move, Craig-Hallum analyst Christian Schwab said that Marvell's exit from its mobile handset business is a positive since the unit struggled to create scale and profits, generating just $122M in revenue and $13M in gross profit in the first half of fiscal 2016. Schwab said the move will drive company-wide gross margins toward the mid-50% range and expects a strengthened product profile following the restructuring efforts. The analyst added that the risk/reward is attractive and upgraded the stock's rating to Buy while maintaining a $14 price target. PRICE ACTION: Marvell shares are up 3.05% to $9.30 in morning trading.
10:00 EDTMRVLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
09:09 EDTMRVLMarvell upgraded to Buy from Hold at Craig-Hallum
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08:58 EDTMRVLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.
08:24 EDTCRMSalesforce checks positive, says Oppenheimer
After attending Salesforce's conference, Oppenheimer says that more enterprises were represented, indicating that the company's share of that market could be increasing, according to the firm. Oppenheimer adds that the company's platform strategy is becoming more popular with customers, and could enable it to monetize its large installed base. The firm reiterates an $80 price target and Outperform rating on the shares.
05:40 EDTCRMSalesforce implied volatility of 32 at lower end of index mean range
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September 24, 2015
19:14 EDTMRVLOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Jabil Circuit (JBL), up 9.6%... Nike (NKE), up 8%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 92% after announcing "positive" data from its interim Phase 2 study of INOpulse... Reynolds American (RAI), up 1% after Bloomberg reported the company may sell $5B in assets to Japan Tobacco... Marvell (MRVL), up 5.15% after announcing a 17% global headcount reduction. LOWER AFTER EARNINGS: Pier 1 Imports (PIR), down 7.5%... Bed Bath & Beyond (BBBY), down 1%. ALSO LOWER: Internap (INAP), down 15.1% after cutting its FY15 revenue forecast... Emerge Energy Services (EMES), down 3.25% after withdrawing its distribution guidance due to "difficult market conditions."
17:10 EDTMRVLMarvell up 8% after announcing 17% global headcount reduction
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16:24 EDTMRVLMarvell to downsize mobile platform business, sees $100M-$130M charge
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12:12 EDTGPSGap management to meet with Jefferies
Meeting to be held in New York on October 1 hosted by Jefferies.
07:44 EDTHDAtlanta Society of Finance & Investmen Professionals holds breakfast meeting
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05:29 EDTCRMSalesforce implied volatility of 32 at lower end of index mean range
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September 23, 2015
09:09 EDTOGXIOn The Fly: Pre-market Movers
HIGHER: Heron Therapeutics (HRTX), up 20% after announcing results from its Phase 2 clinical study of its drug for the management of post-operative pain in patients undergoing bunionectomy... BioMed Realty Trust (BMR), up 10% after Bloomberg reported that the company is in talks to sell itself and has attracted interest from companies including Blackstone (BX) and Canaccord upgraded BioMed Realty to Buy... Citrix Systems (CTXS), up 2.5% after Reuters said the company is making a last-ditch attempt to sell itself as a whole company before beginning asset sales. LOWER: OncoGenex (OGXI), down 19% after the company reported that the addition of apatorsen to Abraxane and gemcitabine did not demonstrate a survival benefit compared to Abraxane and gemcitabine alone in a Phase 2 clinical study... Pacira Pharmaceuticals (PCRX), down 3.7% in the wake of Heron's new data, with several analysts stating that Heron's data compares favorably versus Pacira's Exparel drug.
07:08 EDTOGXIOncoGenex's Phase 2 Rainier study for pancreatic cancer did not show benefit
OncoGenex announced initial results from the Phase 2 Rainier study evaluating apatorsen in combination with Abraxane and gemcitabine compared to Abraxane and gemcitabine alone in patients with untreated metastatic pancreatic cancer. The addition of apatorsen to Abraxane and gemcitabine did not demonstrate a survival benefit compared to Abraxane and gemcitabine alone. The most common grade 3/4 treatment-related toxicities on the apatorsen arm were anemia, neutropenia and fatigue, also consistent with the chemotherapy regimen side effects. These and other adverse events observed on the apatorsen arm were similar to those seen in previous trials, with the exception of an increase in grade 4 or greater AEs and serious AEs in this pancreatic cancer trial.
05:32 EDTCRMSalesforce implied volatility of 32 at lower end of index mean range
September 22, 2015
14:34 EDTCRMVerizon spins out CrunchBase, says AOL to retain significant ownership interest
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10:07 EDTINTUHigh option volume stocks
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06:40 EDTMRVLChip sector deal size up substantially in 2015, WSJ reports
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September 21, 2015
09:04 EDTCRMSymantec appoints Dan Rogers as Chief Marketing Officer
Symantec Corp. (SYMC) announced that it has appointed Dan Rogers to Chief Marketing Officer. Reporting to Symantec CEO Michael A. Brown, Rogers will oversee the company's marketing efforts, including brand awareness, digital marketing, demand generation and events. Since 2013, Rogers has been Chief Marketing Officer of the EMEA-region at Salesforce (CRM).
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