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News Breaks
February 20, 2013
12:09 EDTFSLR, HPQStocks with call strike movement; FSLR HPQ
First Solar (FSLR) February 33 weekly call volatility increased 10% to 97, Hewlett-Packard (HPQ) February 17 call option implied volatility increased 2% to 107 according to iVolatility.
News For HPQ;FSLR From The Last 14 Days
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November 24, 2015
16:24 EDTHPQHP Inc. Q4 Personal Systems revenue down 14%
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16:11 EDTHPQHP Inc. sees Q1 EPS 33c-38c, consensus 42c
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16:09 EDTHPQHP Inc. reports Q4 EPS 93c, consensus 96c
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15:38 EDTHPQOptions with increasing volume: SUNE HPQ TSM PMCS TSO EPI A DE CREE
15:23 EDTHPQNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include HP Enterprise (HPE), consensus 52c... Hewlett-Packard (HPQ), consensus 45c... Veeva (VEEV), consensus 11c... Guess (GES), consensus 11c... Caleres (CAL), consensus 78c... TiVo (TIVO), consensus 8c.
15:22 EDTHPQEarnings Watch: Analysts more bullish on HP Inc. than HP Enterprise
HP Inc. (HPQ) and HP Enterprise (HPE) are set to report fourth quarter earnings after the market close on Tuesday, November 24, with a joint conference call scheduled for 5:00 pm ET. On November 2, following its separation from HP, Hewlett Packard Enterprise debuted as a separately traded enterprise technology company with $53B in annual revenue. The call will feature HP Enterprise president and CEO Meg Whitman and CFO Tim Stonesifer as well as HP Inc. president and CEO Dion Weisler and CFO Cathie Lesjak. EXPECTATIONS: For HP Inc., analysts are looking for EPS of 45c on revenue of $12.86B, according to First Call. The consensus range for EPS is 39c-53c on revenue of $11.83B-$13.48B. For HP Enterprise, analysts are looking for EPS of 52c on revenue of $13.5B, according to First Call. The consensus range for EPS is 41c-61c on revenue of $13.04B-$13.81B. With its Q3 report, the combined company had expected combined Q4 EPS of 92c-98c. Also at that time, HP had narrowed its combined FY15 EPS forecast to $3.59-$3.65 from $3.53-$3.73. This compares to the current consensus estimate for the combined company of $3.63 per share. LAST QUARTER: On August 20, the combined HP reported Q3 EPS of 88c, topping the consensus estimate of 85c, on revenue of $25.3B, which missed a consensus estimate of $25.44B. HP said its Q3 personal systems revenue was down 13% from the prior year period, with total units down 11%, including Desktops units being down 20% and Notebooks units being down 3%. Enterprise Group revenue was up 2% year over year, with Industry Standard Servers revenue up 8%, Storage revenue down 2%, Business Critical Systems revenue down 21%, Networking revenue up 22% and Technology Services revenue down 9%. STREET RESEARCH: Among 33 analysts that cover HP Inc., 18 have Buy or equivalent ratings, 14 have Hold or equivalent ratings and one has a Sell or equivalent rating, according to Bloomberg data. Among 29 analysts that cover HP Enterprise, five have Buy or equivalent ratings, 23 have Hold or equivalent ratings and one has a Sell or equivalent rating, Bloomberg data shows. On November 3, Citi analyst Jim Suva downgraded HP Inc. to Neutral from Buy following the spin-out of HP Enterprise, the company's infrastructure business. Increasing competition may result in additional revenue and margin pressures and potential for increased investment, said Suva, who had a $14.50 price target on HP Inc. shares at the time of the note. On November 4, JPMorgan analyst Rod Hall downgraded HP Inc. to Neutral, citing the company's exposure to "structurally weak" end-markets following the spinoff of HP Enterprise. Hall would like to see data suggesting stabilization in PC demand before getting more constructive on the stock, he said, while setting a $14 target on the shares. That same day, Barclays analyst Mark Moskowitz upgraded HP Inc. to Equal Weight, saying the company's two main segments are "not disappearing" and can drive a "decent yield asset." He similarly set a $14 price target on HP Inc. shares. Moskowitz also started coverage of HP Enterprise with an Underweight rating, his firm's equivalent of a "sell." The company's revenue is at risk due to the cloud's impact on traditional IT, contends Moskowitz, who set a $13 price target on the stock. HP Enterprise could become more acquisitive, which could bring execution and cash flow risks, the analyst added. PRICE ACTION: Ahead of Tuesday's report, HP Inc. shares rose over 3.5% to $14.74, while HP Enterprise was nearly flat at $13.84.
14:09 EDTHPQHP Inc. technical notes ahead of results
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13:49 EDTHPQHewlett-Packard November weekly 14.5 straddle priced for 5.7% movement
Hewlett-Packard (HPQ) November weekly 14.5 straddle priced for 5.7% movement into Q4
11:01 EDTHPQHP Inc. volatility elevated into Q4 and outlook
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November 23, 2015
10:00 EDTHPQOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Peer Perform from Underperform at Wolfe Research... Constellation Brands (STZ) upgraded to Outperform from Market Perform at Cowen... Dick's Sporting (DKS) upgraded to Buy from Hold at Canaccord... Encana (ECA) upgraded to Buy from Hold at Evercore ISI... Genomic Health (GHDX) upgraded to Buy from Neutral at UBS... HP Inc. (HPQ) upgraded to Buy from Hold at Maxim... Heritage Commerce (HTBK) upgraded to Buy from Hold at Sandler O'Neill... James River Group (JRVR) upgraded on improved outlook at BMO Capital... Kellogg (K) upgraded to Outperform from Neutral at Credit Suisse... KeyCorp (KEY) upgraded to Buy from Hold at Jefferies... Och-Ziff Capital (OZM) upgraded to Outperform from Market Perform at Keefe Bruyette... PBF Energy (PBF) upgraded to Buy from Neutral at Goldman... Panera Bread (PNRA) upgraded to Buy from Hold at Maxim... Parkway Properties (PKY) upgraded to Buy from Neutral at Mizuho... PepsiCo (PEP) upgraded to Neutral from Reduce at Nomura... Sanchez Energy (SN) upgraded to Buy from Accumulate at KLR Group... Sonoco (SON) upgraded to Outperform from Neutral at Macquarie... Synchrony (SYF) upgraded to Buy from Neutral at Sterne Agee CRT... Telecom Argentina (TEO) upgraded to Neutral from Sell at Goldman... Teva (TEVA) upgraded to Buy from Neutral at Goldman... TransAlta (TAC) upgraded to Sector Perform from Underperform at RBC Capital... Universal Insurance (UVE) upgraded to Outperform at Keefe Bruyette... Willis Group (WSH) upgraded to Hold from Sell at Deutsche Bank... YPF (YPF) upgraded to Buy from Neutral at Goldman.
08:58 EDTHPQHP Inc. upgraded to Buy, price target raised to $17 at Maxim
As reported previously, Maxim analyst Nehal Chokshi upgraded HP Inc. to Buy from Hold, saying there is room for HP to raise its rate of free cash flow return to about 90% from between 50%-75% now. The analyst also sees potential for HP printing supplies to experience a temporary break amid a secular decline, chances for HP to successfully penetrate the multi-function copier market, and for its PC operating margins to expand. Chokshi raised his price target on HP shares to $17 from $14.50.
08:22 EDTHPQHP Inc. volatility elevated into Q4 and outlook
HP Inc. November weekly call option implied volatility is at 52, December is at 34, January is at 31 compared to its 2-week range of 18 to 41, suggesting large near term price movement into the expected release of Q4 results on November 24.
07:27 EDTHPQHP Inc. upgraded to Buy from Hold at Maxim
06:09 EDTHPQHP Inc. adds Titan to Engineered by HP Program
HP Inc. announced the expansion of its Engineered by HP program, collaborating with the world's fifth largest watchmaker, Titan, to infuse technology seamlessly into the way consumers live, providing them with smart accessories that are productive and responsive, but not intrusive.
November 19, 2015
09:00 EDTHPQAerohive sell-off unwarranted, says JMP Securities
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November 17, 2015
13:29 EDTFSLRSunEdison selloff continues, shares down 23%
Shares of SunEdison (SUNE) continue to be weak and are down 23% to $3.49 in afternoon trading. Dan Loeb's Third Point last night disclosed it no longer owns the stock while David Einhorn's Greenlight Capital disclosed a reduced stake. Deutsche Bank analyst Vishal Shah lowered his price target for SunEdison this morning to $16 saying language in Vivint Solar's (VSLR) quarterly filing around SunEdison debt financing could concern some investors. SunEdison's solar peers are also weak, with SunPower (SPWR), First Solar (FSLR) and SolarCity (SCTY) all in the red.
08:03 EDTFSLRSolar module makers outlook positive, says Bernstein
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November 16, 2015
11:30 EDTFSLRLoeb exits SunEdison while Deutsche says liquidity worries overdone
Deutsche Bank said that investors' fears that SunEdison (SUNE) will run out of liquidity are unfounded, as the solar energy company is not poised to suffer any liquidity events. Meanwhile, quarterly filings are showing that several prominent hedge funds have exited or trimmed their stakes in SunEdison and another firm downgraded the shares of a SunEdison subsidiary. LIQUIDITY WORRIES OVERDONE: Investors are worried about SunEdison's liquidity, but these fears are overdone, wrote Deutsche Bank analyst Vishai Shah. Only about $3B of the company's total $12B debt consists of recourse loans, the analyst stated. Additionally, in the near-term, investors are primarily worried about a $510M payment that SunEdison has to make in connection with its acquisition of the company Wind Energy, according to the analyst. Although SunEdison will not be able to sell its wind projects to TerraForm (TERP) due to the "disarray" of alternative energy financing markets, SunEdison will instead drop the projects into one of its warehouses, enabling it to recognize cash margins for the projects, the analyst explained. Additionally, the interest owed by SunEdison's project development company will only amount to about $150M, versus the $210M per quarter shown on its income statement, Shah stated. The discrepancy is due to the consolidation of its subsidiaries and the non-recourse debt it holds, he explained. Shah kept a $28 price target and Buy rating on SunEdison shares. HEDGE FUND UPDATES: Leon Cooperman's Omega Advisors lowered its stake in SunEdison last quarter, while Dan Loeb's Third Point sold its entire stake in the solar energy company last quarter, their quarterly filings disclosing their positions as of September 30 revealed. TERRAFORM DOWNGRADE: There is "substantial doubt" about TeraForm's ability to profitably buy assets from SunEdison or third parties, according to UBS analyst Julien Dumoulin-Smith. The analyst said he reached this conclusion because of TeraForm's 10%+ dividend yield and deteriorating balance sheet. Given the yieldco's recently revealed need to invest significantly more capital in projects than expected, its balance sheet will be more stressed than he had predicted, the analyst explained. Dumoulin-Smith lowered his price target on TerraForm to $14 from $30 and downgraded the stock to Neutral from Buy. ANOTHER TO WATCH: After meeting with First Solar's (FSLR) management last week, Shah wrote today that he was more confident about the company's upcoming products and earnings. Although investors are concerned about the company's 2017 earnings outlook, its 2017 earnings should grow to over $4 per share that year, he believes. Among the factors that will increase First Solar's profits are cost reductions, capacity expansion, and strong backlog growth, he believes. Shah kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison fell 8% to $4.53, TerraForm sank 9% to $12.56 after earlier reaching a 52-week low of $12.51 earlier in the session and First Solar was fractionally higher at $52.90.
November 12, 2015
08:32 EDTHPQHP Inc. declares post-split regular dividend of 12.4c per share
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07:43 EDTFSLRFirst Solar management to meet with Deutsche Bank
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