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News Breaks
May 22, 2014
11:56 EDTHPQ, NTAPEarnings Preview: Analysts view HP positively ahead of Q2 earnings report
Hewlett-Packard (HPQ) is set to report second quarter earnings after the market close on Thursday, May 22, 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 88c per share on revenue of $27.41B, according to First Call. The consensus range for EPS is 85c-91c on revenue of $26.94B-$28.17B. In its Q1 earnings release, HP said it sees Q2 adjusted EPS 85c-89c and FY14 adjusted EPS $3.60-$3.75, both of which were in-line with expectations. LAST QUARTER: HP reported Q1 EPS of 90c against estimates for 84c on revenue of $28.2B against estimates for $27.19B. HP reported personal systems revenue rose 4% during the quarter against the prior year, while enterprise Group revenue rose 1% over the prior year. HP also reported $3B in cash flow from operations in the first quarter and exited the quarter with $16.4B in gross cash. COMPANY NEWS: HP raised its quarterly dividend by 10.2% to 16c per share on March 20. The company said that the increase in the dividend would be effective when the company's board declares HP's next dividend, which was expected to occur in May. The U.S. Department of Defense's Defense Manpower Data Center awarded a five-year task order worth up to $548M to HP Enterprise on March 5. On April 9, 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 said it would pay approximately $108M to these two U.S. government agencies and that it agreed to undertake certain compliance, reporting and cooperation obligations. HP Enterprise announced on April 22 that the Colorado Department of Health Care Policy and Financing signed a $116.9M contract for the company to implement a new Medicaid Management system. On May 7, Reuters reported that HP was planning to invest over $1B over the next two years to create and offer cloud-computing products and services and cited statements from the company's Chief Technology Officer Martin Fink. STREET RESEARCH: Wall Street research was generally positive on HP during the quarter, with firms positively receiving the company with upgrades. On February 20, Argus upgraded HP to Buy from Hold based on what it sees as the company's strong cash generation trends and signs that the company's positive top-line and bottom-line comparisons can be sustained going forward. Barclays upgraded HP to Overweight from Equal Weight citing the company's improved free cash flow and expectations it will gain market share in x86 servers over the next several quarters. The firm raised its price target for shares to $38 from $33. On April 29, Pacific Crest upgraded HP to Outperform from Sector Perform citing increased confidence in the company's profit recovery due to expanding margins, enterprise share gains and stabilizing PC trends. The firm set a $37 price target for shares. Brean Capital raised its price target on Hewlett-Packard to $40 from $34 on May 19 as they feel guidance is achievable, the company can find additional cost savings and the company will still use its free cash flow to buy back stock. Brean Capital maintained its Buy rating on the shares. On May 20, however, Citigroup believed that both NetApp (NTAP) and HP "will be challenged" to meet April quarter revenue expectations, but may be able to reach earnings projections due to cost controls. Citi expects HP to reiterate its FY15 earnings outlook and has a Buy rating on HP. PRICE ACTION: Since the first day of trading following HPs first quarter report on February 20, shares have risen approximately 8.5%. Over the past year, shares have increased over 55%. During late morning trading, shares of HP are up 1.57% to $33.03.
News For HPQ;NTAP From The Last 14 Days
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October 28, 2014
07:20 EDTHPQTechAmerica Foundation to hold a conference
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06:25 EDTHPQLenovo, Dell, Asustek eye Chromebook market, DigiTimes reports
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05:57 EDTHPQStocks with implied volatility movement; SLB HPQ
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October 27, 2014
16:03 EDTNTAPNetApp buys Riverbed's SteelStore product line for $80M
NetApp (NTAP) announced the acquisition of Riverbed Technology's (RVBD) SteelStore product line in an all-cash transaction for approximately $80M. he SteelStore product supports leading backup applications and cloud providers so that customers have a choice in how they extend their existing data protection infrastructure into the cloud. NetApp will offer enterprises cloud-integrated storage to securely and efficiently back up their data to both private and public cloud environments. NetApp expects that the SteelStore product will be available during its fiscal third quarter of 2015.
October 24, 2014
16:25 EDTHPQHP seeks buyer for Chinese networking business, WSJ reports
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16:08 EDTHPQHP seeks buyer for Chinese networking business, DJ reports
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10:09 EDTHPQHP calls amid speculation Icahn has taken a stake
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09:48 EDTHPQRumor: HP moves up amid spculation Icahn has taken a stake
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October 22, 2014
13:11 EDTHPQFirm says Chromebook shipments surged 67% in Q2
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11:25 EDTNTAPCisco sale of VCE stake to have limited impact, says Wells Fargo
Wells Fargo thinks Cisco's (CSCO) decision to sell a portion of its stake in VCE is unlikely to have a material near-to-intermediate-term impact on the company's top line since it will continue to sell its networking and compute solutions to the joint venture. Wells says Cisco's "budding" partnerships with NetApp (NTAP), Microsoft (MSFT) and Citrix (CTXS) should more than offset any potential impacts from lessening ties to EMC (EMC) and VMware (VMW).
09:15 EDTHPQEMC says will not comment on 'speculation, rumors' of talks with Hewlett-Packard
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October 21, 2014
14:39 EDTHPQHP to unveil 'Sprout' computer with projector, 3D scanner, Re/code reports
HP (HPQ) will unveil a new computing product it is calling "Sprout," which combines a large display with a flat touch-enabled work surface and an overhead assembly combining a projector and a 3-D scanner, at an event next week, reported Re/code, citing sources familiar with the plans. Sprout will be one of several products demonstrated at the event, the report added. Microvision (MVIS) develops high-resolution miniature laser display and imaging engines, though the company is not mentioned anywhere within Re/Code's report. Reference Link
14:34 EDTHPQEarnings Preview: EMC reports after HPQ merger talks said to end
EMC Corporation (EMC) is expected to report third quarter earnings before the bell on Wednesday, October 22, with a conference call scheduled for 8:30 am ET. EMC provides software, hardware and IT services to business customers through its three federated businesses: EMC Information Infrastructure, Pivotal and VMware Virtual Infrastructure, which is represented by EMCs majority equity stake in VMware (VMW). VMware is expected to report on its own third quarter results after the bell on Tuesday, October 21, with a conference call scheduled for 5:00 pm ET. EXPECTATIONS: For EMC, analysts are looking for earnings per share of 46c on revenue of $6.0B. The consensus range is 44c-49c for EPS and $5.91B-$6.16B for revenue, according to First Call. Along with its last earnings report, EMC raised its FY14 adjusted EPS view to $1.91 from $1.90 and guided to FY14 revenues of $24.58B. Analysts consensus for FY14 EPS and revenue currently stand at $1.91 and $24.55B. For VMware, analysts are looking for earnings per share of 83c on revenue of $1.5B. The consensus range is 81c-85c for EPS and $1.48B-$1.52B for revenue, according to First Call. LAST QUARTER: EMC reported Q2 adjusted EPS of 43c, which matched the consensus expectation. EMC's revenue of $5.9B came in slightly ahead of the $5.83B consensus projection. EMC also accelerated its 2014 share buyback plan, stating that it now expects to repurchase an aggregate of $3B of the company's common stock in 2014. VMware reported Q2 EPS of 81c, versus consensus of 79c, on revenue $1.46B, versus consensus of $1.44B. NEWS: VMware held its "VMWorld 2014" conference from August 24-28, during which the company updated its 2015 guidance. VMware's guidance for revenue growth in the mid teens percentage level and margin expansion of up to one percentage point is positive, RBC Capital analyst Matthew Hedberg wrote in a note to investors on August 26. The same day Cowen analyst Gregg Moskowitz wrote that VMware's FY15 revenue guidance would "likely weigh modestly" on the stock, even though he was not surprised by the outlook. Less than two weeks ago, Elliott Management sent a letter to the board of directors of EMC Corporation detailing its recommendations on the right path forward for EMC, in which Elliott holds a stake. Elliott believes that EMCs Federation structure obscures enormous value at the company and that the board and management should pursue pathways to recognize this value, including a separation of VMware from Core EMC and/or various M&A opportunities, Elliott wrote. In response, EMC said its directors regularly review and evaluate the company's strategy with a view towards enhancing shareholder value. "Over the past few months, EMC's leadership has met with representatives of Elliott several times and has listened carefully to their ideas, as we do with all of our shareholders," the company said. Last week, HP (HPQ) announced the resumption of its share repurchase program after Reuters reported the company's merger talks with EMC had ended. HP had suspended the buyback program due to "possession of material non-public information." The tech giant said that day that it is "no longer in possession of such information." During September, Re/code reported, citing sources familiar with Oracle's plans, that the company was not interested in acquiring EMC. Meanwhile, Cisco (CSCO) CEO John Chambers also said last month at a Wall Street Journal breakfast that his company is not among the potential merger partners for EMC. Chambers said a deal between the two companies would have been done a "year or two ago" were it to happen, according to Reuters. STREET RESEARCH: On the day after its last earnings report, Brean Capital raised its price target on EMC to $33 from $30, citing the company's aggressive capital return strategy, encouraging core Storage dynamics and potential pent up demand. Tigress Financial, however, downgraded EMC to Buy from Strong Buy, citing valuation. Additionally, VMware estimated that its total available market would reach more than $60B in 2017, versus its estimate last year of a $50B+ total addressable market by 2016, Moskowitz noted. PRICE ACTION: In afternoon trading, EMC shares are up 1% to $27.22, while VMware is fractionally higher at $87.79. Over the last three months, EMC shares have declined almost 4%, while VMware's stock is down about 5.5% in that same time frame.
09:07 EDTHPQFlextronics appoints Michael Mendenhall as Chief Marketing Officer
Flextronics (FLEX) announced that Michael Mendenhall has been appointed to lead the Company's worldwide marketing, branding and communications initiatives. Mendenhall most recently served as the Executive Vice President and Chief Marketing and Communications Officer for Fusion-io. In this role, he was responsible for repositioning the Company's brand and products and played a key role in its successful acquisition by SanDisk (SNDK). Previously, he served as Senior Vice President and Chief Marketing Officer for HP (HPQ) and directed all aspects of corporate marketing operations globally.
October 20, 2014
12:09 EDTHPQIBM hits 52 week low after earnings miss, 2015 profit target dropped
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10:25 EDTHPQIBM CEO says company already has been aggressive on changing
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October 17, 2014
06:24 EDTHPQStocks with implied volatility below IV index mean; HPQ NFLX
Stocks with implied volatility below IV index mean; HP (HPQ) 31, Netflix (NFLX) 40 according to iVolatility.
06:24 EDTHPQGlobal notebook shipments estimated at over 45M units, Digitimes Research says
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06:21 EDTHPQHP dismisses concerns about drop in global notebook market share, DigiTimes says
HP has dismissed concerns from Taiwan supply chain makers that say the company's global notebook market share may drop significantly following the split, reports DigiTimes. According to makers, HP said it will maintain notebook operations with 2015 target shipments of at least 31M units. Reference Link
October 16, 2014
07:21 EDTHPQHP split-up speaks to value of businesses, says Brean Capital
Brean Capital thinks the HP plan to split into two companies speaks to the inherent value of its businesses. The firm believes the split could be a beginning, with the next phase consisting of M&A activity. Brean Capital maintains its Buy rating and $45 price target on HP shares.
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