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August 13, 2014
11:27 EDTT, FNSR, INFN, JDSU, DTV, CIENJDSU falls after outlook disappoints, analyst downgrades
Shares of JDSU (JDSU), a provider of equipment to telecommunications service providers, are sharply lower after the company's fourth quarter results and first quarter guidance were reported last night. Following the report, the stock was downgraded this morning at two Street research firms. WHAT'S NEW: Last night, JDSU reported fourth quarter adjusted earnings of 14c per share, beating the consensus forecast by 1c, on revenue of $448.6M, which topped the consensus $436.8M view. However, JDSU expects revenue to be $405M-$425M in its first quarter and sees Q1 EPS of 8c-12c, which fell short of consensus of about $441M and 14c, respectively. JDSU's President and CEO Tom Waechter said, "Looking ahead to fiscal 2015, we believe there are strong market drivers across our three business segments, and that we are well positioned with differentiated products and solutions to support our customers as they transition to Software Defined Networks, Network Function Virtualization and more dependency on cloud infrastructure. We continue to lead in our core network and anti-counterfeiting markets and I am pleased with the momentum we are building in our commercial lasers business on the strength of our highly differentiated fiber laser product line." ANALYST OPINION: Following the company's report, B. Riley analyst Dave Kang cut his rating on JDSU shares to Neutral from a Buy rating, citing near-term uncertainties in the North American telecom market. Kang pointed to two events contributing to that uncertainty, namely an architectural shift to SDN, or Software Defined Networking, and AT&T's (T) planned merger with DirecTV (DTV). The analyst acknowledged previously underestimating the potential impact of the SDN shift on the telecom equipment industry and noted that appears to be impacting JDSU's NSE business more than its optical component unit. Kang prefers Finisar (FNSR) over JDSU given the current environment, noting that about 70% of Finisar's sales come from the datacom sector. Kang lowered his price target on JDS Uniphase shares to $11.75 from $15.50. Piper Jaffray analyst Troy Jensen also downgraded JDSU following its report, lowering his rating on the stock to Neutral from Overweight. Jensen also said the company's worse than expected guidance indicates softer Telco spending and he believes JDSU will have trouble showing significant revenue acceleration even if the optical upgrade cycle starts to ramp up. Piper lowered its price target on the stock to $12 from $14. OTHERS TO WATCH: Other providers of telecom equipment include Ciena (CIEN) and Infinera (INFN). PRICE ACTION: In morning trading, shares of JDSU fell $1.12, or 9.4%, to $10.78. Meanwhile, shares of Finisar were down nearly 2% to $19.58, Ciena slipped 1.5% to $18.92 and Infinera was fractionally higher at $9.09.
News For JDSU;FNSR;CIEN;INFN;T;DTV From The Last 14 Days
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October 8, 2015
10:00 EDTINFNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Actuant (ATU) upgraded to Neutral from Underweight at JPMorgan... Air Products (APD) upgraded to Buy from Neutral at Goldman... BRF S.A. (BRFS) upgraded to Buy from Neutral at Citi... China Lodging (HTHT) upgraded to Buy from Neutral at Goldman... Columbia Pipeline Group (CPGX) upgraded to Buy from Hold at Jefferies... Edgewell Personal Care (EPC) upgraded to Buy from Neutral at BofA/Merrill... Encore Capital (ECPG) upgraded to Buy from Neutral at Citi... Franco-Nevada (FNV) upgraded to Action List Buy from Buy at TD Securities... Genesco (GCO) upgraded to Strong Buy from Buy at CL King... Helmerich & Payne (HP) upgraded to Outperform at Scotia Howard Weil... Infinera (INFN) upgraded to Buy from Hold at Needham... Lufthansa (DLAKY) upgraded to Sector Perform from Underperform at RBC Capital... Medtronic (MDT) upgraded to Buy from Hold at Evercore ISI... Morgan Stanley (MS) upgraded to Outperform from Market Perform at JMP Securities... Navient (NAVI) upgraded to Buy from Neutral at Goldman... Nike (NKE) upgraded to Buy from Neutral at DA Davidson... Qualys (QLYS) upgraded to Outperform from Neutral at Credit Suisse... Standard Chartered (SCBFF) upgraded to Buy from Neutral at Goldman... Summit Materials (SUM) upgraded to Buy from Neutral at BofA/Merrill... Tahoe Resources (TAHO) upgraded to Outperformer from Sector Performer at CIBC... Tilly's (TLYS) upgraded to Buy from Neutral at B. Riley... Verifone (PAY) upgraded to Strong Buy from Outperform at Raymond James... Yum! Brands (YUM) upgraded to Neutral from Underperform at Credit Suisse.
06:58 EDTINFNInfinera upgraded to Buy from Hold at Needham
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06:36 EDTTDISH initiated with a Buy at Deutsche Bank
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October 7, 2015
19:34 EDTTAT&T Mobility CEO says FCC auction unlikely to raise $60B, Re/code reports
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15:14 EDTTAmazon considering possible online service for live TV, Bloomberg says
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09:12 EDTCIENCiena announces expansion of family leave policies
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06:26 EDTTAT&T granted TTY waiver by FCC for Wi-Fi calling, Re/code says
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October 5, 2015
08:07 EDTTAT&T and Viacom reach multi-year distribution agreement
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07:46 EDTTJuniper's Contrail Networking selected by AT&T for Integrated Cloud
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07:45 EDTTJuniper upgraded on positive checks at Stifel
As noted earlier, Stifel upgraded Juniper (JNPR) to Buy from Hold. The firm says that its checks show that the company's routers have "strong traction...with webscale customers." The firm adds that the company's dependency on Verizon (VZ) and AT&T (T) appears to be declining, while its checks on Juniper's new products have been positive. Target $32.
October 2, 2015
13:40 EDTINFNInfinera to host an online briefing
Management holds an Online Briefing: Insight Infinera 2015 is being held on October 6 at 12 pm. Webcast Link
September 30, 2015
13:10 EDTTAT&T says DirecTV's Audence Network now available on U-verse
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11:31 EDTTOn Track Innovations files patent infringement lawsuits against AT&T, Verizon
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10:50 EDTTAT&T, Verizon could find it hard to sell enterprise businesses, CTFN says
The wireline units of AT&T (T) and Verizon (VZ) that serve corporate customers may be viewed as good units to sell if the companies need to raise cash to help defray spectrum acquisition costs, but a small number of potential buyers and low EBITDA multiples for the units could make any such divestitures challenging, contended CTFN. Level 3 (LVLT) could be seen as a potentially interested buyer, but a source within the company told CTFN that purchasing units that are part of other companies, known as a "carve out," doesn't match the company's usual M&A strategy. Reference Link
07:20 EDTTAT&T Q3 wireless adds better than expected, says UBS
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05:38 EDTTAT&T IoT technology used by Maersk
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September 29, 2015
16:52 EDTTAT&T backs FY15 adjusted EPS view $2.62-$2.68, consensus $2.62
Backs FY15 double-digit revenue growth, consensus $153.06B. In a regulatory filing, AT&T reiterated its guidance for full-year adjusted EPS, double-digit revenue growth and continued consolidated margin expansion, even with foreign exchange pressure from the company's international operations. The company also expects capital spending to increase from second-quarter levels and free cash flow to be greater than $4.5B for the quarter. The company also reaffirmed all other full-year guidance. AT&T's wireless performance includes results from both business and consumer customers. AT&T expects more than 2M total net adds in the third quarter with gains in every customer category (postpaid, prepaid, connected devices and reseller). The company also expects positive branded voice net adds in the quarter. As a result, and with a continued focus on efficiency initiatives, the Company expects to maintain momentum in wireless service EBITDA margins. AT&T said its early integration efforts with DIRECTV are going well and are in line or better than expectations. The Company expects to report positive U.S. DIRECTV net adds in the third quarter and positive IP broadband net adds. U-verse TV subscribers are expected to decline as the Company continues to focus on satellite and high-value subscribers. The Company also said that it is changing the methodology DIRECTV used to count commercial subscribers to conform to AT&T practices. Previously, DIRECTV used a method of counting commercial customers that converted commercial accounts to an equivalent number of residential subscribers based on relative revenues per account. Under the new methodology, the Company will simply count each commercial account as one subscriber. This will reduce DIRECTV's total subscriber count by 918,600 at acquisition close on July 24, 2015. This change has no impact on historical or future revenues, EBITDA or cash flows. In International, the Company continues to show great progress in its deployment of 4G LTE in Mexico as the Company invests in that country's wireless network. AT&T is on track with reaching its end-of-year goal of covering 40 million POPs. The Company also continues its work on creating operating efficiencies for its Latin America satellite properties, even with foreign exchange pressure. AT&T will announce its full third-quarter results on Oct. 22.
12:27 EDTTAT&T may take $1.1B charge for DirecTV Venezuela assets, Reuters reports
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10:56 EDTTAT&T may take $1.1B charge for DirecTV Venezuela assets, CNBC says
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08:42 EDTINFNInfinera TM-Series selected by Hanoi Telecom
Infinera announced Hanoi Telecom Corporation's selection of the Infinera TM-Series, via its local partner Nissho Electronics Vietnam, for HTC's metro network in Vietnam connecting Ho Chi Minh City and Vung Tau. By deploying the Infinera TM- Series, HTC can deliver multi-service transport services with low power, high density and scalability. This is the first selection of Infinera's TM-Series by an existing Infinera customer post the acquisition of Transmode, which closed on August 20, 2015. The Infinera TM-Series packet- optical platform provides multi-service capabilities including services such as Ethernet/CE2.0, MPLS-TP and OTN aggregation, which are well suited for mobile fronthaul and backhaul, and metro aggregation applications.
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