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Stock Market & Financial Investment News

News Breaks
February 7, 2014
12:26 EDTIMPV, FEYE, SYMC, BRCD, CHKPIT security names climb after Imperva revenue beats expectations
A number of IT security stocks are rising after one of the companies in the sector, Imperva (IMPV), reported higher than expected fourth quarter revenue. WHAT'S NEW: Imperva, which provides data security products, reported fourth quarter revenue of $42.7 million, versus analysts' consensus estimate of $41.61M. The company's earnings per share, however, came in at 6c, versus the consensus estimate of 11c. Imperva noted that it had continued to accelerate its investments in sales and marketing support, as well as product development infrastructure during the quarter, in order to take advantage of global demand for its products. Imperva said that it had added 237 new customers last quarter, up from 199 during the same period a year earlier. "Customer demand remains solid across all geographies, and our overall bookings growth once again outpaced revenue growth as our investment in sales and marketing infrastructure continues to pay off," said Imperva CEO Shlomo Kramer. Imperva's fiscal 2014 revenue guidance came in above expectations, but its EPS outlook was well below the consensus outlook. The company said that its forecast for a significant fiscal 2014 operating loss reflects expenses from recent acquisitions, as well as ongoing investments in R&D, sales and marketing. PRICE ACTION: In late morning trading, Imperva surged 7.9% to $59.65. Other IT security companies also advanced, with FireEye (FEYE) rising 6.3% to $70.50, Symantec (SYMC) gaining 1.5% to $20.80, Barracuda (BRCD) gaining 2% to $31.20, and Check Point (CHKP) adding 0.7% to $64.70.
News For IMPV;FEYE;SYMC;BRCD;CHKP From The Last 14 Days
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July 23, 2014
15:27 EDTCHKPCheck Point price target raised to $75 from $69 at JPMorgan
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13:28 EDTCHKP, FEYECheck Point advances after results beat expectations
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12:57 EDTCHKPCheck Point Q2 results, guidance solid, says Wells Fargo
Wells Fargo believes that Check Point (CHK) reported solid Q2 results and provided solid guidance, as its large deal metrics were particularly strong, according to Wells. The firm thinks the results show that spending trends in cyber security remain strong, boding well for cyber security companies Palo Alto (PANW), Fortinet (FTNT), and FireEye (FEYE). Wells keeps an Outperform rating on Check Point.
08:46 EDTCHKPCheck Point sees Q3 EPS 88c-92c, consensus 90c
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05:39 EDTCHKPCheck Point reports Q2 EPS 89c, consensus 87c
Reports Q2 revenue $362.6M, consensus $359.45M.
July 22, 2014
10:30 EDTSYMCSymantec accused of false claims by Justice Department
The Justice Department said it has intervened in a lawsuit against Symantec, alleging that Symantec submitted false claims to the United States on a General Services Administration software contract. The case alleges that Symantec knowingly provided the United States with inaccurate and incomplete information about the prices it was offering to its commercial customers during the negotiation and performance of the contract. "The suit contends that Symantec misrepresented its true commercial sales practices, ultimately leading to government customers receiving discounts far inferior to those Symantec gave to its commercial non-government customers," the government stated. The contract at issue was in place from 2007 to 2012 and involved hundreds of millions of dollars in sales, it added.
10:15 EDTSYMCDOJ intervenes in whistleblower suit against Symantec alleging false claims
July 16, 2014
13:06 EDTFEYEIT security stocks advance after upbeat Goldman note
Shares of a number of IT security stocks are rallying after Goldman Sachs wrote that it was upbeat on the sector in a note to investors today. WHAT'S NEW: Goldman Sachs analyst Matthew Niknam assumed coverage of the Security Software sector with an Attractive rating. Cyber threats have become larger and more costly, so many companies are increasing the amount of money they spend on IT security, Niknam wrote. Spending on security is increasing by the highest rate since 2010, the analyst estimated. Companies in the sector should see their free cash flow growth accelerate, while cash rich tech companies could become interested in carrying out M&A transactions with security vendors, the analyst predicted. Additionally, more mature companies in the sector should be able to buy back more of their shares going forward, Niknam believes. He identified Palo Alto (PANW) as his top pick in the space, as he believes that the company provides "the most unique blend of disruptive long-term growth and accelerating profitability." The company is poised to gain additional market share, while its growth going forward should beat expectations, Niknam stated. He raised his price target on the shares to $97 from $91 and kept a Conviction List-Buy rating on the stock. Meanwhile, the analyst upgraded another stock in the sector, FireEye (FEYE), to Buy from Neutral after assuming coverage of the shares. The company's status as the market leader in fighting Advanced Persistent Threats, or APTs, leaves it well-positioned in the current market, he contended. An IT survey indicates that most respondents plan to increase their APT-related spending, and 59% of the respondents say they plan to spend more money on solutions from a new vendor, Niknam reported. Furthermore, FireEye's revenue growth likely accelerated in Q2 and its revenue should beat expectations in 2014 and 2015, while the company's free cash flow should come in above consensus levels next year, Niknam predicted. FireEye may eventually be acquired by another company, according to Niknam, who raised his price target on the shares to $42 from $36. WHAT'S NOTABLE: Niknam initiated coverage of Proofpoint (PFPT) with a Buy rating as he predicted that the company's growth and free cash flow would beat expectations in the near-term and he believes that the company could also become a takeover target. The analyst started coverage of Fortinet (FTNT) with a Neutral rating. PRICE ACTION: In early afternoon trading, Palo Alto climbed 3% to $78.36, FireEye rose 3.5% to $34.99, Proofpoint climbed 3.6% to $34.46, and Fortinet rose 1% to $24.24.
09:23 EDTFEYEOn The Fly: Pre-market Movers
HIGHER: Time Warner (TWX), up 15% after company confirmed that it rejected an $80B takeover offer from 21st Century Fox (FOX, FOXA), as had been reported earlier this morning... Apple (AAPL), up 2% after announcing an enterprise mobile partnership with IBM (IBM), which is also up 2%... International Game (IGT), up 9.5% after agreeing to be acquired by GTECH for $4.7B in cash and stock... FireEye (FEYE), up 5% after shares upgraded at Goldman... Precision Drilling (PDS), up 4% after announcing strategic agreement with Schlumberger (SLB), upgraded at Deutsche Bank... Mellanox (MLNX), up 4.7% following upgrade at Jefferies. UP AFTER EARNINGS: Intel (INTC), up 5.4%... HCA Holdings (HCA), up 6%... Textron (TXT), up 3.2%... Abbott (ABT), up 1%. DOWN AFTER EARNINGS: PNC Financial (PNC), down 2.5%... MGIC Investment (MTG), down 3.6%. LOWER: Yahoo (YHOO), down 3% after downgraded at CRT Capital following second quarter earnings report... Ares Capital (ARCC), down 2.5% after filing to sell 11.85M shares of common stock... Nationstar (NSM), down 2.4% after downgraded at Wells Fargo... Walter Investment (WAC), which was also downgraded at Wells Fargo, down 1.6%.
05:52 EDTSYMCSymantec assumed with a Neutral at Goldman
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05:47 EDTFEYEFireEye assumed with a Buy from Neutral at Goldman
Goldman upgraded FireEye to Buy after assuming coverage of the stock and raised its price target for shares to $42 from $36. Goldman believes FireEye is positioned as the market leader in battling Advanced Persistent Threats.
05:44 EDTCHKPCheck Point assumed with a Neutral at Goldman
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July 15, 2014
09:31 EDTSYMCSenate Judiciary Committee to hold a hearing
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July 14, 2014
15:20 EDTSYMCFormer Symantec CEO joins Bain Capital, WSJ reports
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