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Stock Market & Financial Investment News

News Breaks
July 9, 2014
18:10 EDTHPQ, RAXHP sources deny bid made for Rackspace, Re/code reports
Multiple sources familiar with HP's (HPQ) plans "categorically denied" that the tech giant made an offer to buy Rackspace (RAX), Arik Hesseldahl of Re/code reports. Last week, a report claimed HP had offered $43 per share to buy Rackspace. Hesseldahl also reports that Mark Interrante, Rackspace's senior VP for products and engineering, has joined HP as senior VP of Engineering in the company's cloud business unit. Reference Link
News For RAX;HPQ From The Last 14 Days
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February 11, 2016
10:33 EDTRAXRackspace announces private cloud powered by Red Hat
Rackspace (RAX) announced the release of Rackspace Private Cloud powered by Red Hat (RHT), which delivers OpenStack private clouds as-a-service using the Red Hat Enterprise Linux OpenStack Platform. The new offering expands the Rackspace OpenStack-as-a-Service product portfolio, further extending the company's strategy to deliver the most reliable and easy-to-use OpenStack private and hybrid clouds in the world. "As the leading operator of OpenStack clouds with the most comprehensive OpenStack product portfolio in the industry, Rackspace is excited to expand our managed services and expertise to the Red Hat Enterprise Linux OpenStack Platform," said Darrin Hanson, vice president and general manager of OpenStack Private Cloud at Rackspace. "We help make OpenStack simple by eliminating the complexity and delivering it as-a-service to customers in their data center, a Rackspace data center or in a colocation facility."
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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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.
06:48 EDTHPQHP Inc. esimates and price target lowered at Citi
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