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Stock Market & Financial Investment News

News For ACAD;CSCO;ORCL;GES;SVU;BX;SCHL;HPQ;DELL From The Last 14 Days
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February 3, 2016
11:33 EDTHPQCiti slashes PC outlook, expresses caution on related stocks
Citi significantly lowered its 2016 PC sales estimates, citing recent negative data points. In conjunction with the call, the firm lowered its estimates for three companies whose results are significantly affected by PC sales: HP Inc. (HPQ), Marvell (MRVL) and Intersil (ISIL). WHAT'S NEW: Citi analyst Jim Silva now expects PC sales to drop 6% this year, down from his previous estimate of a 2% decline. Recent data points indicate that demand for PCs has dropped significantly so far this year, while inventories are above normal, the analyst explained. Constrained budgets and macro concerns are restraining demand for PCs, Silva believes. Meanwhile, "there is not enough evidence" to conclude that the launch of Microsoft's (MSFT) Windows 10 will be a positive catalyst for PC sales this year, Silva said. Citing his view of PC trends, along with increased competition in the printer space, Silva lowered his 2016 EPS estimate for HP to $1.53 from $1.64. Statements by other printer makers, including Xerox (XRX) and Canon (CAJ), suggest that HP's margins on printers will "come under additional pressure," the analyst believes. He lowered his price target on the name to $10.75 from $14.50 and expects the stock to remain range-bound until analysts reduce their estimates further or its end markets improve. Intersil has 20% exposure to the PC market and the sales of its products related to computing are still strongly correlated with PC sales, Citi analyst Atif Malik stated. As a result, the company will face revenue headwinds throughout this year, stated the analyst. Malik, who expects the company's 2016 and 2017 EPS to come in below consensus levels, downgraded the stock to Sell from Neutral and set an $11.50 price target on the shares. Estimating Marvell's PC exposure at about 60%, Malik lowered his 2016 EPS estimate for the company to 42c from 48c and kept a Sell rating on the name. WHAT'S NOTABLE: Hedge fund Starboard Value disclosed this morning that it had bought a 6.7% activist stake in Marvell. The hedge fund said the shares are "undervalued" and The Wall Street Journal, citing sources familiar with the situation, said Starboard is betting the company can its boost margins by cutting costs, perhaps exiting its mobile device business. PRICE ACTION: In late morning trading, HP Inc. fell 3.3% to $9.55, Marvell rose 1.25% to $8.78 and Intersil dropped 4.4% to $11.93.
09:18 EDTHPQCitigroup to hold an analyst/industry conference call
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08:02 EDTSVUSupervalu names Mark Gross to succeed Sam Duncan as president, CEO
Supervalu announced the appointment of Mark Gross as the company's president and CEO, effective February 5, 2016. Gross, age 52, will succeed Sam Duncan who has previously announced he will be retiring. Supervalu also announced that Sam Duncan will be stepping down from the company's 11-person Board of Directors effective with his retirement on February 29, 2016, and that until that time, he will continue with the company as a special advisor to the company's Board of Directors to facilitate a smooth transition. Gross will be appointed to the Board effective March 1, 2016. Additionally, the company said that Bruce Besanko, COO, will report to Gross and continue to oversee the day-to-day operations of the company's Independent Business and Retail Food segments as well as the company's finance organization. From 1997 to 2006, Gross worked at C&S Wholesale Grocers, including serving as Co-President of C&S's overall operations from 2005-2006. Additionally, during his tenure with C&S, Gross served as Chief Financial Officer, General Counsel, and President of its affiliated retail grocery operations.
07:41 EDTHPQCiti lowers 2016 PC estimates to down 6% from down 2%
Citi analyst Jim Suva says recent data points indicate above normal PC inventories and "materially below seasonal demand" in early 2016. The analyst cut his 2016 PC estimates to down 6% from down 2%, well below IDC's estimate of down 3%. Suva believes there is a lack of evidence to suggest that Microsoft's (MSFT) Windows' 10 launch will drive a PC refresh in 2016. The analyst cut his estimates and price target for HP Inc. (HPQ) and kept a Neutral rating on the name.
07:37 EDTCSCOArista Networks infringement 'largely priced into shares,' says Wells Fargo
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07:17 EDTCSCOArista Networks should be bought o nany weakness, says Oppenheimer
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06:48 EDTHPQHP Inc. esimates and price target lowered at Citi
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06:04 EDTCSCOCisco says ITC ruling 'beginning of the end' for Arista's copying
Cisco's (CSCO) Mark Chandler in a blog post last night commented on the International Trade Commission's ruling in the first of their investigations into Arista Networks (ANET). The judge found violations of three Cisco patents, foreshadowed an exclusion order banning imports of all Arista switches and installed a challenging ITC review process for any new designs, Chandler wrote. "The details of the Judge's determination will be published within 30 days, but this notice marks the beginning of the end for Arista's systemic copying of our intellectual property," he added. He listed four options for Arista: Withdraw the products, modify the products so that they no longer infringe, face an exclusion order or evade the ITC exclusion order. Chandler continued, "And this is just the beginning. In April we will see a ruling in the second ITC investigation, which may confirm more violations and import bans. Arista will also face two District Court juries with these rulings on their record. The judges and juries in those trials will note this day as the day that Arista no longer can pretend that its products aren't tainted by misconduct. This will be important as they consider injunctions to remove infringing Arista product from the market." Shares of Arista closed yesterday down $1.56 to $57.70. Cisco closed down 65c to $22.83. Reference Link
February 2, 2016
16:25 EDTCSCOArista responds to initial ruling in Cisco dispute, plans new software in Q2
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15:50 EDTCSCOCisco looks to stop imports of Arista Networks routers, Bloomberg says
Arista (ANET), according to a U.S. trade judge, violates three Cisco (CSCO) patents, adds Bloomberg.
10:26 EDTCSCOFireEye calls active
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10:18 EDTCSCOCisco could be interested in FireEye, dealReporter says citing sources
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08:59 EDTACADLeerink views doc checks as positive for ACADIA, Neurocrine
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05:41 EDTORCLStocks with implied volatility movement; ORCL COP
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February 1, 2016
08:34 EDTBXBlackstone outlook positive, says JMP Securities
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06:49 EDTBXBlackstone reduces stake in ChemChina unit to less than 10%, Reuters says
Blackstone has cut down its stake in a unit of ChemChina by more than half to below 10%, Reuters reports, citing two people with knowledge of the situation. The company spent roughly $600M to purchase a 20% interest in China National Bluestar in 2008, the report says. Reference Link
06:46 EDTBXBlackstone shops IT outsourcing firm in China, WSJ reports
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January 29, 2016
16:07 EDTACADACADIA announces FDA advisory committee to review NUPLAZID
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11:54 EDTGESGuess to implement program to eliminate angora fiber
The company noted, "During 2015, while developing our sustainability practices and publishing our first sustainability report, GUESS evaluated our practices related to the use of angora fibers. As a result of this process, GUESS is implementing a program to eliminate angora fiber from our future collections available in retail stores worldwide." GUESS CEO, Victor Herrero stated, "While in the past, GUESS has worked to ensure the minimal amount of angora used was ethically sourced, we feel the decision to eliminate angora moving forward is just the right thing to do."
10:05 EDTGESGuess says angora fiber 'should not be used' in production of any product
Guess?, Inc. announces that during 2015, while developing our sustainability practices and publishing its first sustainability report, it evaluated our policy related to the use of angora fiber. The company comments: "Effective immediately, angora fiber should not be used in the production of any product going forward or contained in any private label products. This pertains to promotional items as well."
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