New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 2, 2014
08:57 EDTRAX, HP, IBM, CTL, CSCO, EMCRackspace may be putting pressure on potential buyers, says Wells Fargo
Wells Fargo finds it possible that Rackspace (RAX) could be considering a move to go private as reported this morning by TechCrunch, but it finds it more likely that the company is trying to put pressure on potential buyers. Wells notes that TechCrunch sources stated Rackspace received bids from HP (HP) and IBM (IBM), and that the article also listed CenturyLink (CTL), Cisco (CSCO), Dell and EMC (EMC) as other potential bidders. The firm says a going private transaction is possible for Rackspace given the strength of its balance sheet. Wells has an Outperform rating on the stock.
News For RAX;HP;IBM;CTL;CSCO;EMC From The Last 14 Days
Check below for free stories on RAX;HP;IBM;CTL;CSCO;EMC the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 | all recent news | >>
July 22, 2014
09:28 EDTEMCEMC spin-off of VMware unlikely at this point, says Janney Capital
Following the report of Elliott taking a stake in EMC (EMC) and pushing for a break-up to unlock value, Janney Capital said it does believe that a spin-off of VMware (VMW) could help improve EMC's multiple but that the firm thinks such a move is not likely at this point. Janney adds that while it views a spin-off as unlikely, other shareholder-friendly responses, such as a dividend boost or increased share buybacks, are possible. The firm keeps its Buy ratings on both EMC and VMware.
09:06 EDTEMCEMC price target raised to $33 from $28 at BofA/Merrill
BofA/Merrill raised EMC's (EMC) price target to $33 following reports that Elliott Management has taken a 2% stake in the company and is targeting a spin-off of the VMware (VMW) stake. The analyst believes EMC is undervalued without VMware and sees potential for 25% upside if a spin-off were to occur. Shares are Buy rated.
08:14 EDTCSCOCisco to establish Global IoE Innovation Center in Barcelona
Cisco and Barcelona City Council announced plans to open a Cisco Global IoE Innovation Center in Barcelona. The Innovation Center will provide a platform for research, technological development and new market opportunities related to the Internet of Everything for smart cities. The new 1,720 SQM Cisco center will be located at Ca l'Alier, a 19th century heritage building at the core of the 22@Barcelona district, as part of the new Smart City Campus. Based on its current plans, from 2015 to 2020, Cisco intends to invest close to $30M in the facilities' restoration, innovation lab, IT equipment, and talent acquisition primarily in engineering, application development and research.
07:05 EDTIBMIBM promotes Frances West to Chief Accessibility Officer
Subscribe for More Information
06:56 EDTEMCElliot Management to consider activist options for EMC, NY Times reports
Elliot Management is expected to consider a push for the breakup of EMC (EMC) and spinoff VMware (VMW), reports the New York Times. Citing people briefed on the matter, the hedge fund is expected to meet with EMC executives this week after the company reports its quarterly earnings to determine whether to undertake a full-bore activist campaign. Reference Link
July 21, 2014
16:22 EDTEMCOn The Fly: Closing Wrap
Stocks on Wall Street began the trading day in negative territory and remained there through nearly the whole session. The market action was influenced more by the geopolitical events in Russia and Israel than by the upcoming avalanche of earnings scheduled for release throughout the week. Despite the weak open and subsequent drop during the first hour of trading, the market drifted off its lows and managed to pare its losses, even turning mixed for a short time. The averages dipped again heading into the bell, though they closed well of their worst levels. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. COMPANY NEWS: Allergan (AGN) rose $3.74, or 2.23%, to $171.14 after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by 13%, or about 1,500 employees, as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." Later in the day, Bill Ackman of Pershing Square, who is partnering with Valeant in its attempt to buy Allergan, called the restructuring a "Valeant light" effort and said Valeant does not need to raise its bid for Allergan. Ackman explained that he believes that shares of Valeant will rise around $10 should the Allergan board engage in takeover talks with the company and that a $10 share rise would boost Valeant's bid for Allergan by $8 per share. MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 69c, or 15.79%, to $5.06 after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of EMC (EMC), which advanced $1.35, or 5.0%, to $28.33 after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up and spin off VMware (VMW), which is 80% owned by EMC. Shares of VMware fell $2.36, or 2.48%, to $92.95 following the Journal's report. Among the other noteworthy losers was Monster Beverage (MNST), which fell $3.07, or 4.53%, to $64.74 after Morgan Stanley downgraded the stock, citing slowing U.S. trends and balanced valuation. Also lower were shares of Yum! Brands (YUM), which fell $3.29, or 4.25%, to $74.13 after Associated Press reported that the company's KFC brand and McDonald's (MCD) were sold expired beef and chicken in China from food supplier Husi Food. Shares of McDonald's, which is scheduled to report on its quarter before tomorrow's market open, slid $1.44, or 1.45%, to $97.55. INDEXES: The Dow fell 48.45, or 0.28%, to 17,051.73, the Nasdaq dropped 7.44, or 0.17%, to 4,424.70, and the S&P 500 declined 4.59, or 0.23%, to 1,973.63.
12:10 EDTEMCOn The Fly: Midday Wrap
Subscribe for More Information
11:31 EDTIBMXerox names Kennedy Chief Marketing Officer
Subscribe for More Information
10:23 EDTEMCEMC rallies, levels to watch
The shares are up 3.6% to $27.95 at time of writing, just off the new 52-week high set at $28.32 today. Resistance above that high is at $29.25. Support is at $27.41.
09:10 EDTEMCOn The Fly: Pre-market Movers
HIGHER: Allergan (AGN), up 0.5% after Q2 results, FY14 outlook beat expectations and the company announces plans to reduce workforce by about 1,500 employees as part of restructuring. Also, Valeant (VRX) announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business"... Extreme Networks (EXTR), up 13% after raising Q4 EPS, revenue view... Gas Natural (EGAS), up 6% after confirming it rejected $13 per share unsolicited offer from Algonquin Power... EMC (EMC), up 4.5% after the WSJ says Elliot Management took a stake of over $1B in the firm and plans to push the company to break itself up... GoPro, (GPRO), up 2.8% after initiated at several firms including Citigroup, Barclays and JPMorgan... Kandi Technologies (KNDI), up 6% after China Daily said China will not to waive a sales tax on electric cars made by foreign companies. Tesla (TSLA) is down 1% following the report. UP AFTER EARNINGS: Halliburton (HAL), up 0.5%... LOWER: Reynolds American (RAI), down 2.3% after a Florida jury hit the company with $23.6B in punitive damages in a lawsuit filed by the widow of a longtime smoker. Shares of fellow tobacco companies also fell after the jury decision, as Lorillard (LO) fell 2% and Altria (MO) slid 1.6%... Yum! Brands (YUM), down 2% after AP reported that a Shanghai TV station said a food supplier sold expired beef and chicken to the company's KFC brand in China along with to McDonald's (MCD), which is down 0.7%. DOWN AFTER EARNINGS: PetMed Express (PETS), down 2.4%... Hasbro (HAS), down 1.3%.
08:35 EDTEMCEMC shares poised to advance, says Cantor
Subscribe for More Information
07:15 EDTRAXO'Reilly to hold a conference
Subscribe for More Information
06:27 EDTEMCElliott Management to push EMC to break up, WSJ reports
Elliott Management has taken a stake of over $1B in EMC (EMC), according to sources, and plans to push the data-storage company to break itself up, the Wall Street Journal reports. Elliott reportedly believes EMC's stock would get a boost from spinning off VMware (VMW), of which it owns an 80% stake. Reference Link
06:02 EDTEMCEMC volatility expected to move on activist investor stake & Q2
Subscribe for More Information
July 18, 2014
16:47 EDTIBMMarket ends week higher as earnings, M&A offset geopolitical tensions
Subscribe for More Information
16:20 EDTIBMOn The Fly: Closing Wrap
Subscribe for More Information
12:42 EDTIBMOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory and have remained there throughout the morning. The averages moved in a narrow range for most of the opening hour of the session but spurted to higher levels during the second hour. Investors appear to be using yesterday’s sell-off as a buying opportunity, despite the ongoing events in Russia and Israel that largely contributed to yesterday’s action. ECONOMIC EVENTS: The first release of the University of Michigan consumer sentiment index for July fell to 81.3 after ending June with an 82.5 reading. The leading economic indicator index rose 0.3% to 102.2, which was a bit below the forecast for an increase of 0.5%. COMPANY NEWS: Class A shares of Google (GOOGL) advanced over 3% after the search giant reported quarterly revenue that beat expectations last night. Following its report, at least three Wall Street research firms raised their price targets on the stock, while noted tech analyst Collin Gillis of BGC Financial upgraded the stock to Buy from Hold... Dow component General Electric (GE) reported second quarter EPS of 39c, matching the consensus forecast, and revenue that just missed the consensus view of analysts. The company also reported that it is targeting the initial public offering of IPO of Synchrony Financial (SYF), its North American Retail Finance business, for July. In the IPO, Synchrony is offering 125M shares of its common stock, which will be listed on the New York Stock Exchange under the symbol “SYF,” and anticipates that the IPO price of the shares will be between $23.00 and $26.00 per share... Another Dow member, IBM (IBM), fell 0.4% after reporting adjusted Q2 earnings per share and revenue that beat expectations. Afterward, Cantor said it thinks the worst is over for the company and reiterated its Buy rating on the shares, though Societe Generale downgraded IBM to Sell from Hold and Credit Suisse said IBM continues to be driven by less revenue growth and kept its Underperform rating and $160 price target on Big Blue's stock. MAJOR MOVERS: Among the notable gainers was Skyworks (SWKS), which gained 14% after reporting third quarter results and fourth quarter guidance above analyst estimates and seeing no less than five analyst firms raise their price targets on its stock. Also higher was Gentiva Health (GTIV), which rose 14% after it announced that its board unanimously determined to reject the partial tender offer from Kindred Healthcare (KND) to acquire 14.9% of the outstanding shares of Gentiva for a price of $16.00 per share in cash and disclosed that it has received a $17.25 per share, all-cash takeover proposal from a "recognized owner, operator and investor in the sector." After the announcement, shares of Kindred fell 2%. Also lower following their earnings reports were RealPage (RP), which fell over 21%, and Advanced Micro Devices (AMD), which dropped nearly 18%. INDEXES: Near midday, the Dow was up 107.05, or 0.63%, to 17,083.86, the Nasdaq was up 57.98, or 1.33%, to 4,421.43, and the S&P 500 was up 17.04, or 0.87%, to 1,975.16.
09:59 EDTIBMIBM downgraded to Sell from Hold at Societe Generale
07:49 EDTIBMIBM concerns remain, says Credit Suisse
Subscribe for More Information
06:56 EDTIBMIBM reported solid Q2 results, says Cantor
Subscribe for More Information
1 | 2 | 3 | 4 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use