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Stock Market & Financial Investment News

News Breaks
August 21, 2014
11:44 EDTMSFT, IBM, AAPL, HPQ, LNVGYHP hits 52-week high after solid revenue growth, positive analyst commentary
Shares of diversified technology giant Hewlett-Packard (HPQ) are rising after the company delivered year-over-year revenue growth in the third quarter for the first time in three years. The company also received a wealth of positive analyst commentary. WHAT'S NEW: Last night, HP reported Q3 adjusted earnings per share of 89c and revenue of $27.6B, compared to analysts' consensus estimates of 89c and $27.01B, respectively. Cash flow from operations for the quarter was $3.6B, up 36% from the prior-year period. For the quarter, Personal Systems revenue was up 12% year over year, while Printing revenue was down 4% y/y and Enterprise Group revenue was up 2% y/y. Enterprise Services revenue was down 6% y/y and Software revenue was down 5% y/y. Chief Executive Officer Meg Whitman said her confidence in the company's turnaround is growing stronger, adding that she is "very pleased" with the progress the company has made. Looking ahead, HP forecast fourth quarter adjusted EPS of $1.03-$1.07, compared to consensus of $1.05. Fiscal 2014 adjusted EPS was seen at $3.70-$3.74, compared to analysts' consensus estimates of $3.72. WHAT'S NOTABLE: On the company's earnings conference call, Whitman said HP's product line up is the strongest in years with innovation "alive and well." She said the company expects to end FY14 with $9B in cash flow and will resume share repurchases in Q4. Whitman also noted that mergers and acquisitions will be part of the future, but she would prefer to grow the company organically. In an interview with Reuters, Whitman said that the company is in an improved spot at the moment to pursue acquisition opportunities than it has been in the past year since it now has $4.7B in net cash. Whitman also told CNBC that HP is in a position to "comfortably" do acquisitions. ANALYST REACTION: This morning, analyst commentary was decidedly positive. Morgan Stanley raised its price target on HP to $40 from $36 and believes the return to revenue growth in PC, industry standard server and networking is sustainable and will continue to re-rate shares. The firm has as Overweight rating on the stock. Brean Capital believes if the company can become a consistent earnings grower and have positive normalized revenue growth, the stock could ultimately be a $40-$75 stock. Deutsche Bank, which reiterated a Buy rating and $40 price target on the stock, said HP's Q3 results contained more positive than negatives with the return of revenue growth and a strong performance in PCs. Cantor Fitzgerald raised its 12-month price target on HP to $34.50 from $30.00, though the firm says its long-term trajectory for HP "remains in question." PRICE ACTION: In late morning trading, HP rose $1.76, or about 5%, to $36.90 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week high of $36.92. Including today's advance, the stock is up approximately 44% over the past 12 months. OTHERS TO WATCH: Other diversified technology companies include IBM (IBM), Lenovo Group (LNVGY), Apple (AAPL), and Microsoft (MSFT).
News For HPQ;IBM;LNVGY;AAPL;MSFT From The Last 14 Days
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August 21, 2015
12:49 EDTAAPLReport: Apple may be working on smart bands for Watch, Apple Insider says
Apple may be working on "smart bands" for the Apple Watch product in order to add more health tracking functions, reports Apple Insider, citing Czech website Letem Svetem Applem. Citing unnamed sources, the Czech website said Apple is planning to announce new bands that will connect the hidden port of the Apple Watch and add functionality to the device. The smart bands could launch as early as 2016. Reference Link
12:43 EDTAAPL, HPQJim Chanos says still long Apple, short HP
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12:43 EDTHPQJim Chanos says still short shares of HP
Jim Chanos of Kynikos Associates is speaking on CNBC
12:18 EDTMSFTMicrosoft to cut up to 2,300 jobs in Finland, Reuters reports
Microsoft (MSFT) will cut up to 2,300 jobs in Finland and close Nokia's (NOK) former handset product development unit in Salo, Reuters reports. The cuts are part of Microsoft's plans to cut 7,800 jobs globally. Microsoft will keep open sites in Espoo and Tampere. Reference Link
12:13 EDTLNVGY, IBMBrocade soars after Q3 results top estimates
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12:04 EDTHPQOn The Fly: Top stock stories at midday
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10:37 EDTHPQ, MSFTAnalysts upbeat on HP ahead of split after earnings beat
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10:23 EDTAAPLApple falls, levels to watch
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09:34 EDTAAPLActive equity options trading on open
Active equity options trading on open: AAPL FB BAC NFLX DIS TSLA TWTR
09:22 EDTHPQHP CEO says both companies will have over 50% shareholder return
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08:11 EDTAAPLDaimler AG could collaborate with Google, Apple, Reuters says
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07:47 EDTHPQHP should be bought at current levels, says Bernstein
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07:43 EDTHPQHP risk/reward remains favorable, says UBS
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07:32 EDTHPQHP guidance will likely leave stock flattish, says Brean Capital
Brean Capital noted HP beat Q2 earnings estimates but believes its guidance will likely leave the stock flattish. The firm expects ongoing PC consolidation, continued cost savings, and for HP to gain incremental traction in its go-forward Enterprises solutions and Services strategy. Brean Capital reiterated its Buy rating and $45 price target on HP shares.
07:26 EDTHPQHP results 'a net positive,' says Stifel
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07:16 EDTHPQHP didn't deliver bad news for first time in several quarters, says Citi
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06:49 EDTHPQHP enterprise portfolio being underappreciated, says Deutsche Bank
Deutsche Bank analyst Sherri Scribner says HP's Q3 results beat expectations while a shift in some earnings into the quarter from Q4 drove "modestly disappointing" guidance. While PCs are weak, HP's Enterprise Group "significantly outperformed expectations," Scribner tells investors in a post-earnings research note. The analyst believes the company's enterprise portfolio is being underappreciated by investors and that the upcoming split should be a positive for shares. She views HP's valuation as compelling and keeps a Buy rating on the stock with a $45 price target.
06:01 EDTAAPL, LNVGY, MSFT, HPQ, IBMABI Research: Portable PC sales to remain flat in 2015, DigiTimes says
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06:01 EDTMSFTInterDigital sued by Microsoft for violating antitrust law, Reuters reports
Microsoft (MSFT) has filed a lawsuit against InterDigital (IDCC), accusing the company of violating U.S. antitrust law by unfairly licensing its technology, Reuters reports. The suit, filed in federal court in Wilmington, Delaware, is the latest move in the companies' fight over patent licensing. The ITC is set to rule this month on whether Microsoft's smartphones infringe two of InterDigital patents and should be banned from being imported into the U.S. Reference Link
05:51 EDTHPQHP implied volatility of 40 at upper end of index
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