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July 9, 2014
12:54 EDTGRMN, AAPL, GPROGarmin tumbles after analyst sees risk from GoPro, Apple products
Shares of portable device maker Garmin (GRMN) are sinking after research firm Pacific Crest downgraded the stock to Underperform from Sector Perform, saying that the company is facing a number of challenges. WHAT'S NEW: Sales of the company's fitness tracker, vivofit, are unlikely to surpass expectations this year or propel the company's EPS above the current consensus outlook, Pacific Crest analyst Brad Erickson wrote. Meanwhile, Erickson said Garmin's action camera, VIRB, is being crushed by a competing product from newly-public GoPro (GRPO), which is showing no signs of slowing down. Additionally, Apple (AAPL) is widely expected to launch a larger screen iPhone later this year and such a device could create challenges for Garmin's personal navigation devices, the analyst warned. Also, the watch that Apple is reportedly developing would create some competitive risk for Garmin and create a negative catalyst, according to Erickson. The analyst added that with the potential headwinds facing the company, its stock multiple could compress, pushing its fair value to "the mid-$40 range." PRICE ACTION: In early afternoon trading, Garmin sank $3.59, or 6%, to $57.04.
News For GRMN;GPRO;AAPL From The Last 14 Days
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February 17, 2015
12:17 EDTGPROGoPro rises as lock-up expires
Shares of action camera maker GoPro (GPRO) are climbing as about 76M shares of the company's stock become available for sale today. WHAT'S NEW: About 76M shares of GoPro's stock became available for sale today as a lock-up related to a recent secondary offering of the company's stock expired. Lock-up agreements, a typical feature of company stock offerings, prevent certain shareholders from selling for a set amount of time after the offering. GoPro CEO Nicholas Woodman said in a regulatory filing that the company had carried out the secondary offering partly as a means of facilitating a more gradual, orderly sale of shares when the company's IPO lock-up ended last December 22. A number of larger shareholders agreed to hold onto their shares for another 90 days in order to further that goal, Woodman explained. WHAT'S NOTABLE: In a note to investors today, research firm Northland Securities initiated coverage of GoPro with an Outperform rating, saying that the company's new HERO4 camera is "demonstrating strong...momentum." Sales of the product are causing the company's gross margins and average selling price to rise, added the firm. GoPro is also poised to benefit significantly from the proliferation of its images on digital media, and from the deployment of its cameras in additional venues such as helmets and drones, according to Northland. The firm set a $70 price target on the shares. PRICE ACTION: In early afternoon trading, GoPro climbed $4.04, or 8.8%, to $49.24.
12:15 EDTGPROGoPro rallies sharply, levels to watch
The shares were initiated at Outperform at Northland with a $70 price target. This is also another lock-up expiration day, which are often volatile trading days but not necessarily consistent indicators of future performance. At the current price of $48.93, next resistance is at $50.29. Support is at $48.40.
10:31 EDTAAPLApple rises as analysts applaud reported auto ambitions
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10:00 EDTGPROOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Box, Inc. (BOX) initiated with a Hold at Canaccord... Euronav NV (EURN) initiated with an Overweight at Morgan Stanley... GoPro (GPRO) initiated with an Outperform at Northland... M/A-COM (MTSI) initiated with a Neutral at BofA/Merrill... Macy's (M) initiated with an Underweight at Barclays... NetSuite (N) initiated with an Underperform at Exane BNP Paribas... Omega Healthcare (OHI) initiated with a Neutral at BofA/Merrill... Pandora (P) initiated with a Neutral at Macquarie... Pattern Energy (PEGI) coverage resumed with an Outperform at BMO Capital... Regeneron (REGN) initiated with an Outperform at Bernstein... Trovagene (TROV) initiated with an Overweight at Piper Jaffray... Vista Outdoor (VSTO) initiated with a Market Perform at Cowen.
09:40 EDTAAPLActive equity options trading on open
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07:32 EDTAAPLApple asking suppliers to make 5M-6M Apple Watches in Q1, WSJ says
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07:28 EDTAAPLApple design chief working on store redesign ahead of Watch, New Yorker says
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07:22 EDTGPRO, AAPLMitsubishi UFJ to hold a tour
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07:15 EDTAAPLApple foray into autos would be logical, says Barclays
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07:08 EDTAAPLAuto market could be meaningful for Apple, says Cantor
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07:03 EDTGPROGoPro initiated with an Outperform at Northland
Target $70.
February 15, 2015
16:45 EDTGPROFAA proposes new rules for commercial operation of drones in U.S
The Department of Transportationís Federal Aviation Administration proposed a framework of regulations that would allow routine use of certain small unmanned aircraft systems, UAS, in todayís aviation system, while maintaining flexibility to accommodate future technological innovations. The FAA proposal offers safety rules for small UAS, under 55 pounds, conducting non-recreational operations. The rule would limit flights to daylight and visual-line-of-sight operations. It also addresses height restrictions, operator certification, optional use of a visual observer, aircraft registration and marking, and operational limits. Publicly traded companies in the space include General Dynamics (GD), Lockheed Martin (LMT), Northrop Grumman (NOC), AeroVironment (AVAV), SAIC (SAIC), Textron (TXT), (AMZN) and GoPro (GPRO). Reference Link
16:44 EDTAAPLApple Watch could increase revenue by 10% next year, Barron's says
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07:47 EDTAAPLHope of car positive for Apple shares, says Piper Jaffray
Piper Jaffray analyst Gene Munster said in a note to investors yesterday that the potential for a car gives investors something to look at as "the next big thing" for Apple. Munster believes the Wall Street Journal's report that Apple is building an electric car will help support the stock over the next six months. He believes it is unlikely that the company launches anything in the next five years, however. Munster reiterated an Overweight rating on Apple with a $160 price target. The stock closed Friday up 62c to $127.08.
07:46 EDTAAPLApple working on minivan-like electric vehicle, WSJ reports
Apple has "several hundred" employees working secretly toward creating an Apple-branded electric vehicle, Wall Street Journal reported yesterday, citing people familiar with the matter. The project is known internally as "Titan" and has a design that resembles a minivan, the Journal added. The Financial Times reported yesterday that the iPhone maker is recruiting experts in automotive technology and vehicle design. Reference Link
February 13, 2015
14:48 EDTGPROLarge amount of GoPro shares available for sale on Tuesday
Action camera maker GoPro (GPRO) may see additional trading volatility this Tuesday when a lock-up expires on a large number of shares of its stock. Lock-up agreements, a typical feature of company stock offerings, prevent certain shareholders from selling for a set amount of time after the offering. WHAT'S COMING: Around 76M shares of GoPro stock will become available for sale Tuesday, February 17, as a lock-up related to a recent secondary offering of the company's stock expires. BACKGROUND: Initially, many shares of GoPro were going to be eligible for sale on Tuesday, December 23, as a lock-up tied to its initial public offering was set to expire. However, on November 10 of last year, GoPro filed to sell shares in a secondary offering of stock and its CEO acknowledged he planned to sell some of his stake as part of that offering. The company disclosed in a regulatory filing that GoPro CEO Nicholas Woodman sent an email message to company employees related to the offering, in which he wrote that such a "follow-on and secondary" offering is a "relatively common occurrence following an IPO" that allows a company to raise additional capital while providing early investors and employees with vested options the opportunity to realize a financial return. Woodman also said the offering was meant to facilitate a "more orderly and gradual sale of shares than what might otherwise occur when the IPO lock-up ends on December 22," noting that larger shareholders that participated in that secondary offering were signing a new 90-day lock-up agreement to help further that goal. Woodman acknowledged he planned to sell a portion of his holdings in GoPro, but said "no one should misunderstand my commitment to the company or our vision" and that he plans to be a "significant shareholder in GoPro for a long time." WHAT'S NOTABLE: On February 6, the day after GoPro's Q4 earnings report, analysts at Citigroup lowered their price target on the stock to $48 from $59. Citi attributed the company's expected decrease in Q1 margins to the low-end HERO gaining traction. Citigroup had previously cut its price target for GoPro shares to $59 from $94 ahead of the camera maker's Q4 report. The firm has said it expects shares to see "seesaw volatility" over the next few months given the February 17 lock-up expiration and deceleration in revenue growth in the first half of 2015. PRICE ACTION: In afternoon trading ahead of the long weekend, GoPro shares slid about 2% to $44.35. Over the last three months the stock has declined about 42%.
13:56 EDTAAPLApple working on car technology in secretive lab, FT says
Apple, which often investigates wide ranging product areas, has been recruiting automotive technology and vehicle design experts who are at work in a confidential Silicon Valley location near the companyís Cupertino campus, Financial Times reported, citing people familiar with the matter. Reference Link
08:43 EDTAAPLApple price target raised to $135 from $130 at BMO Capital
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06:14 EDTAAPLTSMC transfers more peripheral IC orders to Vanguard, DigiTimes reports
TSMC (TSM) has transferred more orders for peripheral ICs for use in Apple's (AAPL) mobile devices to Vanguard International, reports DigiTimes. According to industry sources, Vanguard has already entered Apple's supply chain by providing TSMC 8-inch production capacity for power management IC orders placed by Dialog Semiconductor. Reference Link
05:53 EDTAAPLApple price target raised to $150 from $130 at UBS
UBS analyst Steven Milunovich raised his price target for Apple shares to $150 from $130 citing the tech giant's "expanding ecosystem." Milunovich believes services based on Apple's operating system, such as Apple Pay, Car Play, HomeKit, and HealthKit, will play key role in extending Apple's reach. He believes Apple is evolving into a "platform company" from a "device company" and that this transition may bring the iPhone maker's market capitalization to $1T. Milunovich has a Buy rating on Apple. The stock closed yesterday up $1.58 to $126.46, representing a market cap of $739B.
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