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News Breaks
August 20, 2014
13:42 EDTHPQ, AUTNFEarnings Preview: Analysts view HP positively ahead of Q3 earnings report
Hewlett-Packard (HPQ) is set to report third quarter earnings after the market close on Wednesday August 20, with a conference call scheduled for 5:00 pm ET. Hewlett-Packard is a diversified IT company that provides hardware, software, and business and enterprise solutions to personal and corporate customers. EXPECTATIONS: Analysts are looking for earnings of 89c per share on revenue of $27.01B, according to First Call. The consensus range for EPS is 86c-90c on revenue of $26.50B-$27.49B. In its second quarter earnings release, HP said it sees Q3 adjusted EPS 86c-90c and FY14 adjusted EPS $3.63-$3.75, both of which were in-line with expectations. LAST QUARTER: HP reported Q2 EPS of 88c against estimates for 88c on revenue of $27.3B against estimates for $27.4B. Personal Systems revenue was up 7% year-over-year with a 3.5% operating margin. Enterprise Group revenue for the quarter was down 2% year-over-year with a 14.4% operating margin. HP also reported Q2 cash flow from operations of $3.0B. COMPANY NEWS: On May 31, HP announced that it reached an agreement to settle shareholder derivative litigation arising from the acquisition of Autonomy (AUTNF). The company announced on July 15 that its interim chairman, Ralph Whitworth, resigned from its board of directors to focus on his health. The next day, HP named CEO Meg Whitman chairman. The Justice Department announced on August 1 that HP agreed to pay $32.5M to resolve allegations under the False Claims Act that HP overcharged the U.S. Postal Service for products between October 2001 and December 2010. The U.S. alleged that under a contract between HP and the USPS, HP overcharged USPS by "failing to comply with pricing terms of the contract, including a requirement that HP provide prices that were no greater than those offered to HP customers with comparable contracts." STREET RESEARCH: After HP announced more layoffs, Wells Fargo noted on May 23 that HP said it was more confident in its growth outlook, and the firm thought the layoffs could reflect newly discovered cost cutting opportunities, rather than end market pressures. Wells continued to expect the company to grow in FY15 and kept an Outperform rating on the shares. On June 12, Goldman Sachs upgraded its rating on HP to Neutral from Sell saying the company's management executed a turnaround far more effectively than it anticipated. Goldman was more positive on HP's turnaround following the company's Discover event in Las Vegas and it raised its price target for shares to $32 from $25. Deutsche Bank said on July 8 that shares of HP were adequately reflecting the company's innovation and increased R&D investment. Deutsche noted HP's new product introductions were up nearly two times versus three years ago. The firm viewed the stock as attractively valued and reiterated a Buy rating on HP with a $40 price target. Monness Crespi upgraded HP from Buy to Neutral on August 18. PRICE ACTION: Since the first day of trading following HPs Q2 report on May 22, shares have risen approximately 8.5%. Over the past year, shares have increased over 33%. During late morning trading, shares of HP were down 32c, or 0.9%, to $35.16.
News For HPQ;AUTNF From The Last 14 Days
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September 19, 2014
07:19 EDTHPQNew America Foundation to hold a discussion
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September 15, 2014
15:46 EDTHPQCenturyLink said to have lined up financing for Rackspace, says Betaville blog
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10:22 EDTHPQHP management to meet with Oppenheimer
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07:19 EDTHPQSNIA to hold a conference
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September 12, 2014
15:29 EDTHPQHP exploring sale of Snapfish photo service, Reuters reports
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15:26 EDTHPQHP exploring sale of Snapfish photo service, Reuters reports
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September 11, 2014
18:30 EDTHPQHP, Russia plead guilty, sentenced for bribing Russian government officials
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16:10 EDTHPQHP acquires open source cloud software maker Eucalyptus
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11:17 EDTHPQEMC seen as potential target after said to mull VMware stake sale
EMC (EMC) is considering selling its 80% stake in cloud computing infrastructure provider VMware (VMW), The New York Post reported today, citing unnamed sources. Calling The New York Post "surprisingly accurate" on M&A news, UBS said the likelihood of change at EMC has increased and it has become a potential takeover target. WHAT'S NEW: EMC is exploring the possibility of selling its stake in VMware, which could be acquired by HP (HPQ), according to one source, The Post reported. EMC could also look to sell other assets, the newspaper quoted a second unnamed source as saying. ANALYST REACTION: UBS analyst Steven Milunovich wrote that he is more convinced in the wake of the Post story that "something is up" at EMC. Although EMC has denied in the past that it would consider selling or spinning off VMware, the company could change its tune, the analyst stated. HP could buy VMware or all of EMC, while Oracle (ORCL) and Cisco (CSCO) are also potential buyers of EMC, Milunovich believes.The analyst kept a $33 price target and Buy rating on shares of EMC. WHAT'S NOTABLE: Activist investor Elliott Management, a hedge fund, has taken a $1B stake in EMC and wants the company to spin off VMware, The Wall Street Journal reported in July. Early last month, research firm FBR Capital wrote that an EMC spin-off of VMware could enhance shareholder value for both companies and make VMware a top acquisition candidate by a larger technology company. The firm kept an Outperform rating on EMC at that time. PRICE ACTION: In late morning trading, EMC was little changed at $29.50, down from its earlier high of $29.89. VMware fell 0.7% to $96.75, down from its earlier daily high of $97.86.
10:30 EDTHPQUBS sees increasing likelihood of change at EMC
UBS calls the New York Post "surprisingly accurate on M&A" after the paper reported that EMC (EMC) is considering the sale of its stake in VMware (VMW). The firm believes the likelihood for change at the company is rising. In addition, UBS says the industry should consolidate, and it views EMC as a potential target. UBS thinks Cisco (CSCO), Oracle (ORCL) and HP (HPQ) might be interested parties in owning part or all of EMC. The firm believes an HP, EMC merger would make sense. UBS has a Buy rating on EMC with a $33 price target.
07:07 EDTHPQEMC to explore selling VMware stake, NY Post reports
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September 10, 2014
08:31 EDTHPQRiverbed names Mike Nefkens, Steffan Tomlinson to board of directors
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September 9, 2014
14:04 EDTHPQHP price target raised to $43 from $40 at Argus
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07:17 EDTHPQThe Wireless Association to hold a conference
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