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November 26, 2013
12:31 EDTWDAY, TTWO, MW, TIF, BKS, PANW, NUAN, JOSBOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as positive housing industry data appears to be outweighing a worse than expected consumer confidence reading. The averages opened higher, fueled in part by the best building permits report since 2008. The consumer confidence reading, which hit a seven month low, may have dampened the advance, as the averages have moved in a narrow range during the morning. ECONOMIC EVENTS: In the U.S., building permits rose 6.2% in October to a 1.03M annualized rate, meaning more applications for home construction were issued in October than at any time in the past five years. Housing starts figures, which usually accompany the permits data, are delayed until Dec. 18 due to last month’s government shutdown. The 20-city Standard & Poor's/Case-Shiller home price index increased 0.7% in September from August and grew 13.3% from a year ago. The Conference Board consumer confidence index declined again in November to 70.4, versus expectations for it to rise to 72.6. The Richmond Fed manufacturing index rallied to 13 in November from a reading of 1 in October. COMPANY NEWS: Men's Wearhouse (MW), which recently fought off a hostile bid from Jos. A Bank (JOSB), turned the tables and made an offer to buy its smaller rival for $55.00 per share in cash, representing an implied enterprise value of about $1.2B. Shares of both jumped following the offer, with Jos. A Bank rising 11% and the potential buyer advancing nearly 10% as well... Shares of bookseller and the maker of the NOOK e-reader Barnes & Noble (BKS) fell over 6% following its quarterly report, in spite of posting a 15c per share profit when a loss was forecast by analysts. MAJOR MOVERS: Among the notable gainers was jewelry retailer Tiffany (TIF), whose earnings report sent shares up more than 8% and prompted research firm Sterne Agee to increase its price target on the stock to $100 from $86. Also higher following their earnings reports were enterprise cloud services provider Workday (WDAY), which advanced 12%, and security software maker Palo Alto Networks (PANW), which rose 5%. Among the noteworthy losers was Nuance (NUAN), the voice software company that has Carl Icahn as a major shareholder, as its shares dropped 15% and hit a 52-week low following the company's quarterly report and associated guidance. Also lower following news related to Icahn were shares of Take-Two Interactive (TTWO), as the video game maker's stock slid over 4% after the company said it has a deal to buy back a stake worth over $200M from the investor, ending Icahn's board representation and his involvement with the company. INDEXES: Near noon, the Dow was up 32.62, or 0.20%, to 16,105.16; the Nasdaq was up 19.80, or 0.50%, to 4,014.37; and the S&P 500 was up 3.85, or 0.21%, to 1,806.33.
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April 10, 2014
09:09 EDTWDAYWorkday shares should be bought ahead of results, says Pacific Crest
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09:02 EDTPANWPalo Alto completes acquisition of Cyvera for $200M
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08:57 EDTPANWImperva should be bought after negative preannouncement, says Pacific Crest
After Impreva preannounced lower than expected Q1 revenue, Pacific Crest blamed the miss on a lack of sales execution and lengthening sales cycles. However, the firm is still upbeat on Imperva's outlook, as it expects demand for security products to increase. Pacific Crest reduced its price target on Imperva to $48 from $62. It recommends buying other IT security names, including Palo Alto (PANW) and Proofpoint (PFPT), on weakness in the wake of Imperva's guidance. The firm keeps Outperform ratings on all the stocks named.
08:45 EDTPANWPalo Alto upgraded at JMP Securities
As noted earlier, JMP Securities upgraded Palo Alto (PANW) to Outperform from Market Perform. The firm expects the company to benefit from the strength of its Advanced Persistent Threat service and strong demand for next generation firewall technology. JMP Securities also believes that the company's sales are tracking at least in-line with expectations this quarter, and is more confident that it will prevail in its court battle with Juniper (JNPR). Target $80.
07:38 EDTJOSB, MWMen's Wearhouse extends expiration date of Jos. A. Bank offer to April 23
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06:03 EDTPANWPalo Alto upgraded to Outperform from Market Perform at JMP Securities
April 9, 2014
17:49 EDTPANWImperva plummets after lowering Q1 EPS and revenue outlook
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17:32 EDTPANWImperva Q1 miss likely to weigh on Security sector, says Wells Fargo
Wells Fargo believes the magnitude of Imperva's (IMPV) Q1 miss will weigh on the Cyber Security industry since expectations for the group were relatively high going into Q1 earnings. Names in the space include Check Point (CHKP), Fortinet (FTNT), FireEye (FEYE), Palo Alto (PANW) and Symantec (SYMC). Wells notes, however, that it sees little direct fundamental implications for other names in the group as Imperva's issues were likely more company specific. Wells has Outperform ratings on Check Point, FireEye, Palo Alto and Fortinet.
13:45 EDTBKSBarnes & Noble rises after report says Nook spin may now be more feasible
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13:09 EDTBKSBarnes & Noble shares up more than 3% after reports company will spin-off Nook
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09:20 EDTTIFBofA/Merrill's retail analysts hold an analyst/industry conference call
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08:19 EDTPANWPalo Alto shares should be bought after pullback, says Pacific Crest
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April 8, 2014
11:27 EDTWDAYOptions with increasing implied volatility: PBR AKAM WDAY EXPE
11:12 EDTWDAY, PANWFirm recommends buying tech stocks after declines
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08:18 EDTWDAY, PANWDeclines in high growth IT stocks create opportunities, says Pacific Crest
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07:28 EDTPANWSecurity Innovation Network to hold a forum
IT Security Entrepreneurs Forum: ITSEF 2014 is being held in Mountain View, California on April 8-9.
April 7, 2014
10:10 EDTPANW, WDAYAnalyst sees 'golden' opportunity after software stocks decline
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08:49 EDTWDAY, PANWFBR sees 'golden buying opportunity' in enterprise software
FBR Capital says a "'golden buying opportunity" exists in the enterprise software space following the recent sell-off of high-growth names. The firm believes overall software results in Q1 tracked in line to slightly ahead of expectations. It recommends buying Splunk (SPLK), (CRM), Workday (WDAY), FireEye (FEYE), NetSuite (N) and Palo Alto (PANW) on the recent pullbacks.
April 4, 2014
07:54 EDTWDAYWorkday on track to beat FY15 expectations, says FBR Capital
FBR said its recent channel checks indicate that Workday's momentum through the first two months of Q1 "has been as strong as ever." The firm believes Workday is tracking to beat current expectations for FY15 and it reiterates an Outperform rating on the stock with a $150 price target.
07:16 EDTNUANNuance shares should be bought on any weakness, says Oppenheimer
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