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News Breaks
April 12, 2012
Stocks on Wall Street rose significantly on indications from the New York Fed that interest rates will likely remain low. Stock futures were slightly above fair value in early trading but weakened following the slightly disappointing jobless claims data. The futures action led to a relatively quiet open for the market but it soon picked up momentum to the upside. The market moved up roughly 0.5% in early trading, then spurted higher before noon. Investors rallied the market after last night’s comments from Fed president Janet Yellen, who said the Fed should be ready to ease its fiscal stance if the economy weakened while also being willing to raise rates if the economy warranted. Investors grabbed onto the dovish comments and lifted the market for the second day in a row… ECONOMIC EVENTS: In the U.S., 380K initial jobless claims were filed last week, versus the expected 355K. 3.25M continuing claims were reported, versus the expected 3.33M. Producer prices for the month of March were flat, versus the expected increase of 0.3%. The core PPI reading, however, rose 0.3%, versus the expected increase of 0.2%. The trade balance report showed a deficit of $46.0B, versus expectations for a deficit of $51B. In Europe, Italy's short-term borrowing costs rose at auction... COMPANY NEWS: Hewlett-Packard (HPQ) was a beneficiary of two reports from Gartner and IDC, each of which showed that global shipments of personal computers rose in Q1, with HP remaining the top PC maker by volume. On the day, Hewlett-Packard stock was up 7.18% to $25.09… Oaktree Capital (OAK), Forum Energy Technologies (FET) and MRC Global (MRC) all traded for the first time today, though none of the companies' stocks moved much compared to their IPO prices... MAJOR MOVERS: Among the notable gainers were MIPS Technologies (MIPS), which jumped 26.30%, to $6.58, after Bloomberg reported that Goldman Sachs (GS) had been hired to advise it on a possible sale of the company, and Fusion-io (FIO), which rose 14.80%, to $28.31, following a note to investors from Piper Jaffray saying it believes the company is working on a new original equipment manufacturer deal with Cisco (CSCO)… Noteworthy losers included Avid Technology (AVID), which lost 17.32%, to $8.50, after the company announced it expects to post Q1 revenues lower than last year, and Illumina (ILMN), which dropped 5.82%, to $49.51, after Roche Holding’s (RHHBY) CEO said he doesn’t see any reason to raise the current offer for the company… INDICES: The Dow gained 181.19 points, or 1.41%, to 12,986.58; the Nasdaq rose 39.09 points, or 1.30%, to 3,055.55; and the S&P 500 added 18.86 points, or 1.38%, to 1,387.57.
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November 12, 2015
16:06 EDTCSCOCisco reports Q1 EPS 59c, consensus 56c
Reports Q1 revenue $12.7B, consensus $12.65B.
16:00 EDTCSCOOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
14:30 EDTCSCONotable companies reporting after market close
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13:50 EDTCSCOCisco is rangebound ahead of earnings
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13:31 EDTCSCOCisco November weekly 28 straddle priced for 4.6% movement into Q1
13:24 EDTCSCOEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
11:50 EDTRHHBYRoche to restructure manufacturing network for small molecules
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10:58 EDTCSCOCisco volatility elevated into Q1 and outlook
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08:32 EDTHPQHP Inc. declares post-split regular dividend of 12.4c per share
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November 11, 2015
13:32 EDTAVIDAvid Technology price target lowered to $11 from $20 at BWS Financial
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09:09 EDTHPQHP's Marten Mickos leaves to head HackerOne
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08:59 EDTCSCOCisco volatility elevated into Q1 and outlook
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November 10, 2015
13:40 EDTRHHBYExelixis, Roche announce FDA approval of Cotellic
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13:05 EDTRHHBYGenentech: FDA approves Cotellic in combination with Zelboraf for melanoma
Genentech, a member of the Roche Group, announced that the U.S. FDA approved Cotellic for the treatment of people with BRAF V600E or V600K mutation-positive unresectable or metastatic melanoma in combination with Zelboraf. Cotellic and Zelboraf are not used to treat melanoma with a normal BRAF gene. Cotellic is Genentech's seventh new medicine approved by the FDA in the past five years. Today's FDA approval is based on results from the Phase III coBRIM study, which showed Cotellic plus Zelboraf reduced the risk of disease worsening or death by about half in people who received the combination, with a median PFS of 12.3 months for Cotellic plus Zelboraf compared to 7.2 months with Zelboraf alone. An interim analysis also showed the combination of Cotellic and Zelboraf helped people live significantly longer than Zelboraf alone. The objective response rate was higher with Cotellic plus Zelboraf compared to Zelboraf alone, as was the complete response rate. Possible serious side effects with Cotellic include risk of skin cancers, increased risk of bleeding, heart problems that can lead to inadequate pumping of the blood by the heart, rash, eye problems, abnormal liver test or liver injury, increased levels of an enzyme in the blood, and photosensitivity. The most common side effects of Cotellic include diarrhea, sunburn or sun sensitivity, nausea, fever and vomiting. Cotellic can also cause changes in blood test results. In September, the Committee for Medicinal Products for Human Use at the European Medicines Agency issued a positive opinion for Roche's marketing authorization application for Cotellic in the European Union. A decision from the European Commission is expected before the end of 2015. Cotellic was approved in Switzerland by Swissmedic in August 2015.
11:09 EDTRHHBYExelixis trading halted, news pending
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11:00 EDTRHHBYFDA announces approval of Cotellic for advanced melanoma
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10:06 EDTMRCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AngioDynamics (ANGO) downgraded to Market Perform from Outperform at Raymond James... Arch Coal (ACI) downgraded to Neutral from Buy at Sterne Agee CRT... Autodesk (ADSK) downgraded to Equal Weight from Overweight at Morgan Stanley... Bitauto (BITA) downgraded to Underperform from Outperform at CLSA... Black Knight Financial (BKFS) downgraded to Neutral from Buy at Monness Crespi... CEVA (CEVA) downgraded to Hold from Buy at Wunderlich... CIRCOR (CIR) downgraded to Accumulate from Speculative Buy at Seaport Global... Compania Cervecerias (CCU) downgraded to Hold from Buy at Deutsche Bank... CyberArk (CYBR) downgraded to Neutral at BofA/Merrill... Dean Foods (DF) downgraded to Underperform from Neutral at Credit Suisse... Dollar General (DG) downgraded to Peer Perform from Outperform at Wolfe Research... Dr. Reddy's Labs (RDY) downgraded to Neutral from Buy at Citi... EnerSys (ENS) downgraded to Neutral from Buy at CL King... Ensco (ESV) downgraded to Sell from Neutral at Clarksons Platou... Evercore Partners (EVR) downgraded to Neutral from Positive at Susquehanna... Fidelity & Guaranty Life (FGL) downgraded to Neutral from Outperform at Macquarie... Foot Locker (FL) downgraded to Neutral from Buy at Buckingham... GulfMark Offshore (GLF) downgraded to Sector Perform from Outperform at Iberia... Jamba (JMBA) downgraded to Neutral from Buy at Dougherty... Jazz Pharmaceuticals (JAZZ) downgraded to Neutral from Buy at Mizuho... King Digital (KING) downgraded to Equal Weight from Overweight at Morgan Stanley... MRC Global (MRC) downgraded to Hold from Buy at Maxim... Plum Creek Timber (PCL) downgraded to Neutral from Overweight at JPMorgan... Popeyes (PLKI) downgraded to Neutral following checks at Longbow... Provident Financial (PFS) downgraded to Neutral from Overweight at Piper Jaffray... RigNet (RNET) downgraded to Neutral from Buy at Sidoti... SMART Technologies (SMT) downgraded to Underperformer from Sector Performer at CIBC... Sealed Air (SEE) downgraded to Neutral from Outperform at Macquarie... Tesco (TSCDY) downgraded to Hold from Buy at Deutsche Bank... Textura (TXTR) downgraded on guidance cut, investment profile change at Oppenheimer... WM Morrison (MRWSY) downgraded to Sell from Hold at Deutsche Bank... WidePoint (WYY) downgraded to Hold from Buy at Craig-Hallum.
08:50 EDTCSCOEricsson deal disappointing, says Bernstein
Bernstein says it's disappointed that Ericsson (ERIC) decided to sign a partnership deal with Cisco (CSCO) instead of acquiring Juniper (JNPR). According to Bernstein, the latter transaction would have provided Ericsson with more near-term financial benefits, more favorable capital deployment, and a better long-term outlook. Bernstein is "skeptical" about Ericsson's ability to obtain the long-term strategic benefits it foresees from the Cisco deal. Nonetheless Bernstein keeps a $14.46 price target and Outperform rating on Ericsson.
08:38 EDTMRCMRC Global downgraded to Hold from Buy at Maxim
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07:12 EDTCSCOCisco partnership positive, says SunTrust
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