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Stock Market & Financial Investment News

News Breaks
May 16, 2014
10:40 EDTRAX, CSCO, AMZN, GOOG, HPQ, EMC, VMW, RHTCisco, Amazon seen as potential acquirers of Rackspace
Several analysts issued upbeat notes to investors on Rackspace (RAX) after the company, which provides cloud computing services, last night announced that it had been approached by a number of other companies that expressed interest in exploring strategic relationships, including partnerships and acquisitions. Rackspace disclosed it had hired Morgan Stanley (MS) to evaluate the proposals and explore other alternatives. ANALYST OPINION: 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. These companies could use Rackspace to expand their cloud offerings, according to the firm, which thinks Rackspace would likely be worth more than $47 per share in a potential deal. Meanwhile, Piper Jaffray said in its own note that the list of potential buyers for Rackspace is "extensive" and includes Cisco, Google (GOOG), Amazon.com (AMZN), EMC (EMC), VMware (VMW) and Red Hat (RHT). Piper believes takeout speculation, coupled with improving fundamentals, limits downside risk in Red Hat shares and the firm keeps an Overweight rating on the stock after the company confirmed being approached by multiple parties. Also upbeat was JMP Securities analyst Patrick Walravens, who recommended investors buy Rackspace shares. The company's business is poised to accelerate, and it could attract interest from multiple bidders, Walravens contended, adding that the stock is "significantly undervalued" and could more than double from current levels. The analyst kept a $67 price target and Outperform rating on the shares. PRICE ACTION: In early trading, Rackspace climbed over 19% to $36.53.
News For RAX;CSCO;AMZN;GOOG;HPQ;EMC;VMW;RHT From The Last 14 Days
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August 14, 2014
17:08 EDTGOOGSoros Fund Management gives quarterly update on stakes
NEW STAKES: CONSOL Energy (CNX), Google (GOOG), Level 3 (LVLT), Time Warner (TWC), and New Oriental (EDU). INCREASED STAKES: YPF SA (YPF), Apple (AAPL), Facebook (FB), AIG (AIG), and American Airlines (AAL). DECREASED STAKES: Teva (TEVA), Liberty Global (LBTYK), Barrick Gold (ABX), EQT (EQT), and Comcast (CMCSA). LIQUIDATED STAKES: FedEx (FDX), Monster Beverage (MNST), Google (GOOGL), Devon Energy (DVN), Marathon Petroleum (MPC).
16:30 EDTCSCOOn The Fly: Closing Wrap
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15:24 EDTHPQHewlett-Packard volatility increases into Q3 and outlook
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12:31 EDTCSCOCisco shares trade lower as company announces 6,000 job cuts
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12:30 EDTCSCOOn The Fly: Midday Wrap
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12:01 EDTRAXThird Point gives quarterly update on stakes
NEW STAKES: Rackspace (RAX), Finisar (FNSR), Amgen (AMGN), Ally Financial (ALLY), and AstraZeneca (AZN). INCREASED STAKES: Dollar General (DG) and Dow Chemical (DOW). DECREASED STAKES: FedEx (FDX), Hertz (HTZ), T-Mobile (TMUS) and Intrexon (XON). LIQUIDATED STAKES: Google Class A (GOOGL), Verizon (VZ) and Mondelez (MDLZ).
11:50 EDTRAXThird Point discloses 7.25M share stake in Rackspace
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11:46 EDTRAXOptions with decreasing implied volatility
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11:45 EDTEMCNetApp rises after earnings beat, Needham upgrade
Shares of storage systems provider NetApp (NTAP) are advancing after the company posted better than expected first quarter results and received positive analyst commentary. WHAT'S NEW: Last night, NetApp reported Q1 adjusted earnings per share of 60c and revenue of $1.49B, beating analysts' consensus estimates of 57c and $1.47B, respectively. Q1 adjusted gross margin was 64.3%. WHAT'S NOTABLE: NetApp forecast second quarter adjusted EPS of 66c-71c and revenue of $1.49B-$1.59B, compared to consensus of 69c and $1.53B, respectively. For fiscal 2015, the company sees EPS growth just under 10% and revenue growth in the mid-single digits. FY15 adjusted gross margin is seen at 63%-64%. On NetApp's Q1 conference call, management said it was seeing a rebound in enterprise spending in the U.S. ANALYST REACTION: This morning, analyst commentary was overwhelmingly positive. Needham upgraded NetApp to Buy from Hold following its strong Q1 report, citing better enterprise spending. Their price target was $49. Two firms, Piper Jaffray and Brean Capital, raised their respective price targets on NetApp and Pacific Crest said NetApp is "'undervalued and underappreciated," noting that the company's Q1 results included 13% earnings growth year-over-year. PRICE ACTION: In late morning trading, NetApp rose $1.47, or 3.7%, to $40.77 on heavy trading volume. Despite today's advance, the stock is down approximately 4% over the past 12 months. OTHERS TO WATCH: Other companies in the storage space include: EMC (EMC), Dot Hill Systems (HILL) and Nimble Storage (NMBL).
11:36 EDTEMCEMC executive say 'Virtual Isilon' coming, IT Wire reports
EMC's Isilon storage product has proved popular in Australia with customers that need large amounts of storage and EMC CTO John Roese told a customer event in Melbourne this month that "Virtual Isilon" is coming this year, reported IT Wire. Reference Link
09:36 EDTAMZN, GOOG, CSCOActive equity options trading on open
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08:48 EDTAMZNAmazon.com plans fifth California fulfillment center in Redlands
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07:57 EDTRAXRackspace partnership potential remains, says Cowen
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07:47 EDTCSCOCisco price target raised to $33 from $30 at Cowen
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07:34 EDTCSCOCisco price target raised to $29 from $26.50 at UBS
UBS raised its price target on Cisco to $29 from $26.50 following its Q4 results. The firm sees continued momentum in several markets and products and strong cash flow and keeps its Buy rating on Cisco shares.
06:23 EDTCSCOCisco multiple prices in growth potential, says Citigroup
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06:09 EDTGOOG, HPQGoogle, HP in talks to collaborate on 'virtual assistant,' The Information says
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05:56 EDTCSCOCisco earnings outlook could prove conservative, says Wells Fargo
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05:52 EDTCSCOOpco sees Cicso results as favorable for supply chain
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05:39 EDTCSCOCisco shares have little downside risk, says Piper Jaffray
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