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May 16, 2014
13:18 EDTRHT, GOOG, JCP, AMZN, VMW, CHK, DRI, RAX, ARCP, EMC, JWN, CSCOOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday as the market looks set to end the week on a low note and extend its two day losing streak. The major averages opened relatively quietly with options ready to expire and have remained in a narrow range throughout the morning part of the session. The market barely reacted to the dayís economic data, which included housing starts and permits that were well above expectations. The first readout of the University of Michigan consumer confidence index for the month, however, was below expectations. ECONOMIC EVENTS: In the U.S., housing starts rose 13.2% to a 1.07M unit pace in April, which was well above expectations. The number of building permits issued also beat the consensus forecast, rising 8% to a pace of 1.08M. The University of Michigan consumer confidence index fell to 81.8 in the first May release, falling short of expectations for a modest rise to 84.3. COMPANY NEWS: Shares of Rackspace (RAX) surged 20% higher after the cloud computing company disclosed last night that it had been approached by a number of other companies that expressed interest in exploring strategic relationships and that it had hired Morgan Stanley (MS) to help evaluate the proposals and explore its options. In a note to investors earlier today, Credit Suisse wrote that Rackspace's cloud offerings would be attractive to multiple companies, including Cisco (CSCO), Hewlett-Packard (HPQ), and Dell. Piper Jaffray said in its own note that the list of potential buyers for Rackspace is "extensive," also listing Cisco, but adding Google (GOOG), Amazon.com (AMZN), EMC (EMC), VMware (VMW) and Red Hat (RHT) as other potential suitors. MAJOR MOVERS: Among the notable gainers was Nordstrom (JWN), which was up nearly 13% after the company reported first quarter earnings per share that exceeded expectations and said it will seek a partner for credit card receivables. Also rising following its better than expected quarterly sales report was another retailer, J.C. Penney (JCP), whose shares rose 14%. Among the noteworthy losers was Chesapeake Energy (CHK), which fell almost 5% after announcing that it will spin off its Oilfield Services business, among other asset moves, and lowered its FY14 production, operating cash flow and dividend payments outlooks. Also lower were shares of restaurant operator Darden (DRI), which slipped 4% after agreeing to sell its Red Lobster business and certain other assets, such as real estate, to Golden Gate Capital for $2.1B in cash. American Realty (ARCP) then announced an approximate $1.5B sale-leaseback transaction for over 500 Red Lobster restaurant properties to be completed in conjunction with Golden Gate Capital's acquisition. INDEXES: Near midday, the Dow was down 17.40, or 0.11%, to 16,429.41, the Nasdaq was down 13.31, or 0.33%, to 4,055.99, and the S&P 500 was down 1.85, or 0.1%, to 1,869.00.
News For RAX;AMZN;CSCO;DRI;JCP;JWN;CHK;GOOG;EMC;VMW;RHT;ARCP From The Last 14 Days
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December 9, 2014
06:39 EDTCSCOCisco initiated with an Outperform at Wedbush
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06:29 EDTAMZNAmazon warns of moving more drone research abroad, WSJ reports
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06:23 EDTAMZNAmazon.com testing faster deliveries through bikes, drones, WSJ reports
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06:16 EDTAMZNAmazon unveils 'Make an Offer' for customers to negotiate lower prices
Amazon.com has announced the "Make an Offer" experience that allows customers to negotiate even lower prices on thousands of items. Expanding on Amazonís traditional fixed price model, the new pricing feature allows customers to offer to buy items at even lower prices. If agreed upon, customers can then purchase the items at a savings from the listed price. To start, more than 150,000 items from sellers on Amazon are enabled with the "Make an Offer" experience across Sports and Entertainment Collectibles, Collectible Coins and Fine Art. The new feature will expand to hundreds of thousands of items from sellers in 2015. The "Make an Offer" feature is not an auction format. All negotiations are 1:1 and private between individual customers and sellers. A seller is able to accept a customerís offer at any time. The intention is to lower prices, and a customer negotiating with a seller will never pay more than the listed price.
06:14 EDTGOOGGoogle launches Street View in Dubai
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06:00 EDTGOOGSalesforce.com names YouTube CEO Susan Wojcicki to board
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05:34 EDTAMZNChannelAdvisor says Amazon November SSS up 35.7%, eBay up 9.8%
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December 8, 2014
16:00 EDTAMZNOptions Update; December 8, 2014
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12:40 EDTCSCOUS Supreme Court to hear appeal in patent fight with Cisco
The U.S. Supreme Court has agreed to hear an appeal of a controversial appeals court decision that set aside a $63.8M patent infringement verdict won by The Woodlands, Texas-based Commil USA LLC against Cisco
10:00 EDTRHTOn The Fly: Analyst Downgrade Summary
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08:50 EDTAMZNAmazon increasing robot fulfilment use faster than expected, says Janney Capital
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08:40 EDTCSCODeutsche Bank and Cisco to host a conference call
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08:14 EDTRHTRed Hat downgraded at Wells Fargo
As noted earlier, Wells Fargo downgraded Red Hat to Market Perform from Outperform. The firm downgraded the stock based on valuation. Target $64-$68.
08:02 EDTCSCOAruba says NHS replaces Cisco network with Aruba wireless infrastructure
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07:49 EDTCSCOArista Networks lawsuit not as threatening as believed, says SunTrust
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07:32 EDTCSCORaymond James to hold a conference
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07:03 EDTCSCOArista Networks patent resolution likely 2-3 years away, says Citigroup
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06:30 EDTAMZNAmazon's German workers strike again, WSJ reports
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05:54 EDTRHTRed Hat downgraded to Market Perform from Outperform at Wells Fargo
December 7, 2014
13:47 EDTGOOGGoogle could reach $634 in a year, Barron's says
Google shares look attractive at current levels and shares could reach $634.00 in a year, driven by stabilizing ad pricing, Barron's contends in a feature article. Reference Link
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