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November 26, 2013
14:48 EDTHPQ, CSCO, IBMEarnings Preview: HP reports after peers cautious on emerging markets
Hewlett-Packard (HPQ) is set to report fourth quarter earnings after the market close on Tuesday, November 26, with a conference call scheduled for 5:00 pm ET. Hewlett-Packard is an IT company that provides hardware, software, and business and enterprise solutions. EXPECTATIONS: Analysts are looking for EPS of $1.00 on revenue of $27.91B, according to First Call. The consensus range for EPS is 98c-$1.02 on revenue of $27.21B-$28.88B. When it reported Q3 earnings, HP narrowed its FY13 EPS view to $3.53-$3.57 from a prior view of $3.50-$3.60, with its outlook comparing to current estimates for $3.55. On its Q3 earnings conference call, the company said it expects FY13 revenue to decline 8%-9% against the prior year, which compared to a prior outlook for an 11%-13% revenue decrease. LAST QUARTER: HP reported Q3 EPS of 86c, matching estimates, on revenue of $27.2B against estimates for $27.29B. HP said its Q3 personal systems revenue fell 11% from the prior year period, with enterprise revenue down 9% and software revenue up 1%. The company also said that it remains on track to cut 26,000 jobs by the end of FY13, saying that 3,800 positions remained under its restructuring plan at the end of its third quarter. NEWS: On September 10, it was announced that HP, along with Bank of America (BAC) and Alcoa (AA), would be removed from the Dow Jones Industrial Average after the close on September 20. At a meeting with analysts on October 9, Hewlett-Packard CEO Meg Whitman said the company sees FY14 EPS $3.55-$3.75, which compares with the current consensus estimate of $3.66. Whitman also said she expects revenue to stabilize in FY14, with the year-over-year revenue decline moderating from FY13, and added that HP expects to return at least 50% of its FY14 free cash flow to shareholders. On November 14, it was reported that the company and Google (GOOG) were halting sales of its Chromebook 11 after some user reported overheating power supplies, sending shares of HP down about 5%. On November 18, the company announced a strategic cloud partnership with (CRM) to develop and market the “Salesforce Superpod” to enterprise customers. STREET RESEARCH: Analyst commentary on HP was generally positive during the quarter. On the day after HP's analyst meeting, Citigroup and Wells Fargo commented in notes to investors that the outlook provided by Hewlett-Packard showed signs that its turnaround its progressing. That same day, HP was upgraded by at least three analyst firms, including RBC Capital, Mizuho, and Needham. In an interview on CNBC after HP’s analyst day meeting, noted short seller Jim Chanos said he was still short the stock, and analysts at Stifel Nicolaus said in a note to investors at that time that the positive reaction to the analyst day was overdone. WHAT'S NOTABLE: HP's enterprise tech peers IBM (IBM) and Cisco Systems (CSCO) have both already reported on their quartter and both referenced worsening Chinese demand for IT products and services. On its third quarter earnings conference call, help October 16, IBM said it does not expect demand in China to pick up until after the first quarter of next year. After Cisco reported its fiscal first quarter results on November 13, CEO John Chambers said in an interview on CNBC that emerging markets were more challenging than anticipated during the quarter. Also, Cisco's second quarter and fiscal-year profit outlooks came in below expectations. PRICE ACTION: On the first day of trading following its Q3 report, shares of HP fell over 12% to $22.22 and the stock hit a quarterly closing low of $20.76 on October 8. Since the day after its Q3 report, shares of HP are down about 0.5%, but even with a lackluster quarter the stock is still up more than 75% year-to-date. Ahead of tonight's report, shares are down fractionally to $25.25.
News For HPQ;IBM;CSCO From The Last 14 Days
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April 10, 2014
08:44 EDTIBMCLSA technology analysts hold an analyst/industry conference call
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08:01 EDTHPQPC market decline 'much less' than feared, says Citigroup
Citigroup says data yesterday from IDC showing a Q1 PC unit decline of 4% was "much less than feared." Citi continues to view HP (HPQ) as its top IT Hardware stock. It has a Buy rating on HP with a $40 price target.
06:56 EDTHPQHP estimates raised above consensus at Morgan Stanley
Morgan Stanley raised Overweight rated HP FY15-16 estimates above consensus to reflect a margin recovery in Enterprise Services. The firm's FY15 EPS estimate goes to $4.05 vs. consensus of $3.84 and price target is raised to $36 from $34.
06:55 EDTIBMIBM initiated with a Hold at Deutsche Bank
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06:55 EDTHPQHP initiated with a Buy at Deutsche Bank
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06:23 EDTHPQIDC says worldwide PC shipments totaled 73.4M units in Q1, down 4.4% y/y
Worldwide PC shipments totaled 73.4 million units in 1Q14, a decline of -4.4% year on year, according to the International Data Corporation Worldwide Quarterly PC Tracker. Although still in decline and with continuing weakness in consumer and emerging market segments, the preliminary results are slightly better than a projected decline of -5.3%. The U.S. market continued to stabilize with growth near zero – in line with forecasts. With shipments totaling 14.3 million PCs in 1Q14, the U.S. market contracted by -0.6% from the same quarter a year ago. Desktop shipments were slightly stronger, posting 3.5% growth, while portables remained in negative territory. Lenovo (LNVGY) preserved its lead in total worldwide PC shipments despite a seasonal drop due to the Chinese New Year. Growth in other regions continued at a solid pace although Latin America slowed after a dramatic expansion over the past year. HP (HPQ) remained in the number 2 position, with growth rising nicely to nearly 5% year on year. Dell grew over 9% in the first quarter.
April 9, 2014
17:26 EDTHPQGartner says worldwide PC shipments in Q1 fell 1.7%
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12:20 EDTHPQHP announces $108M settlement with DOJ and SEC
HP announced a resolution of a U.S. Department of Justice and U.S. SEC investigation of potential violations of the Foreign Corrupt Practices Act. HP will pay approximately $108M to these two U.S. government agencies. HP also has agreed to undertake certain compliance, reporting and cooperation obligations.
11:40 EDTCSCOCisco to participate in a conference call with Sanford Bernstein
Bernstein Analyst Ferragu hosts a conference call with Cisco's SVP Jiandani to discuss Cisco's Application Centric Infrastructure (ACI) on April 10 at 11 am. Webcast Link
06:48 EDTHPQSienkiewicz says HP to acknowledge 'corrupt' activities in Poland, Reuters says
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05:58 EDTHPQHP implied volatility of 27 at lower end of index mean range
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April 8, 2014
10:28 EDTCSCOHigh option volume stocks: GIMO SOCL SPLK NOK CSOD
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10:03 EDTCSCOOn The Fly: Analyst Downgrade Summary
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09:09 EDTCSCOOn The Fly: Pre-market Movers
HIGHER: BioScrip (BIOS), up 6.7% after stock was named as a stock pick and a potential takeover target by Oscar Schafer while speaking on CNBC... Nokia (NOK), up 5% after deal to sell substantially all of its Devices & Services business to Microsoft (MSFT) receives regulatory approval in China... (CTRP), up 4.6% after Bloomberg said, citing sources, that the company is in talks with Baidu-controlled (BIDU) Qunar (QUNR) about a partnership or a potential merger... Plug Power (PLUG), up 4.6% after CEO discusses plan to expand fuel cells to trucks in interview... FireEye (FEYE), up 2.5% following upgrade at Wedbush... Twitter (TWTR), up 2% following initiation of coverage with a Buy rating at at Janney Capital... Nike (NKE), up 1.75% after upgraded at Stifel. LOWER: Gigamon (GIMO), down 23% after lowering revenue outlook, shares downgraded at Pacific Crest... LivePerson (LPSN), down 3% after announcing resignation of EVP, Worldside Sales, shares downgraded at Benchmark... Cisco (CSCO), down 0.5% following downgrade to Hold from Buy at Wunderlich.
07:28 EDTIBMSecurity Innovation Network to hold a forum
IT Security Entrepreneurs Forum: ITSEF 2014 is being held in Mountain View, California on April 8-9.
06:17 EDTCSCOCisco downgraded to Hold from Buy at Wunderlich
Wunderlich downgraded its rating on Cisco (CSCO) shares to Hold from Buy saying its recent interviews with industry participants show less interest in the company's product suite. Wunderlich believes shares of Cisco are close to fully valued and lowered its price target for shares to $24 from $25. The stock closed yesterday up 14c to $22.85.
April 7, 2014
10:10 EDTIBMAnalyst sees 'golden' opportunity after software stocks decline
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08:15 EDTCSCOCisco, Sony collaborate on live delivery of full-frame rate 4K 60P content
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06:39 EDTHPQTwo HP executives arrested in Pakistan, WSJ reports
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April 5, 2014
11:24 EDTHPQHP could rise 20%, Barron's says
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