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May 16, 2014
08:33 EDTHPQ, T, EMC, RAX, VMW, IBMRackspace may be worth $54 per share in takeout, says William Blair
William Blair believes Rackspace (RAX) could be a strategic asset to other companies in the OpenStack ecosystem, such as AT&T (T), IBM (IBM), EMC (EMC), HP (HPQ) and VMware (VMW). The firm says recent deals in the data center space would imply a $54 per share valuation for Rackspace in a takeout scenario. William Blair has an Outperform rating on Rackspace.
News For RAX;T;IBM;EMC;HPQ;VMW From The Last 14 Days
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November 12, 2015
10:25 EDTRAXOptions with decreasing implied volatility
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08:32 EDTHPQHP Inc. declares post-split regular dividend of 12.4c per share
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05:40 EDTIBMIBM, HCL Technologies announce strategic partnership
IBM and HCL Technologies announced a strategic partnership to jointly build hybrid cloud solutions to help enterprises drive their digital transformations. HCL will use Bluemix, IBM's Cloud platform to build applications and solutions in the areas of Unified Service Management and Internet of Things. HCL will also use IBM Cloud's Infrastructure as a Service, SoftLayer, to offer cloud-based solutions to its clients.
November 11, 2015
10:17 EDTRAXOptions with decreasing implied volatility
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09:59 EDTEMCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Amedisys (AMED) downgraded to Neutral from Buy at Mizuho... Apple Hospitality REIT (APLE) downgraded to Neutral from Buy at Ladenburg... BioCryst (BCRX) downgraded to Underperform from Neutral at BofA/Merrill... Boot Barn (BOOT) downgraded to Hold from Buy at BB&T... C1 Financial (BNK) downgraded to Market Perform from Outperform at Raymond James... Clarcor (CLC) downgraded to Market Perform from Outperform at Avondale... EMC (EMC) downgraded to Market Perform from Outperform at Wells Fargo... Eaton (ETN) downgraded on near-term challenges at Argus... Keurig Green Mountain (GMCR) downgraded to Negative from Mixed at OTR Global... Lennox (LII) downgraded to Neutral from Overweight at JPMorgan... Mediaset (MDIUY) downgraded to Hold from Buy at HSBC... MetLife (MET) downgraded to Equal Weight from Overweight at Morgan Stanley... Metaldyne Performance (MPG) downgraded to Equal Weight from Overweight at Barclays... Oracle (ORCL) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Hold from Buy at Canaccord... Rex Energy (REXX) downgraded to Market Perform from Outperform at Northland... Rice Energy (RICE) downgraded to Neutral from Buy at Goldman... Rockwell Automation (ROK) downgraded to Underperform from Outperform at CLSA... Sabra Health Care (SBRA) downgraded to Neutral from Buy at SunTrust... SanDisk (SNDK) downgraded to Market Perform from Outperform at Bernstein... Vestas Wind (VWDRY) downgraded to Hold from Buy at HSBC.
09:09 EDTHPQHP's Marten Mickos leaves to head HackerOne
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08:15 EDTVMWExecutives' Club of Chicago to hold a discussion
The Executives' Club of Chicago holds their Business Technology Leadership Forum entitled, "Safeguarding Your Business: The Impact of Growing Cyber Threats" with Kevin Novak, CISO of Northern Trust, Tom Corn, SVP of VMware, Richard Rushing, CIO of Motorola Mobility and Kevin Richards, Managing Director of Accenture in Chicago on November 11 at 7 pm.
07:59 EDTTMorgan Stanley to hold a conference
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07:40 EDTTWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
06:32 EDTEMC, VMWEMC downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Maynard Um downgraded EMC (EMC) to Market Perform and cut his price target range for shares to $25-$28 from $29-$30. The closed yesterday down 58c to $25.25. The analyst says valuing the proposed tracking stock proposed by Dell is a "significant challenge." Um also highlights yesterday's report by Re/code's Arik Hesseldahl which noted EMC's merger with Dell could be complicated or derailed by potential tax issues. Disruption from the deal could have an adverse impact on EMC's business, the analyst argues. Um believes there could still be "wide range of potential outcomes" regarding the planned EMC, Dell merger, and views the ideal scenario as selling off assets or spinning off Pivotal in early 2016 coupled with a buy-in of VMware (VMW).
November 10, 2015
16:19 EDTRAXOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed, with the Dow and S&P notching slight gains and the Nasdaq being weighed on by a slide in Apple (AAPL). ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple, as well as those of a number of its chip suppliers, slid following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. Credit Suisse analyst John Pitzer and his team cut their forecast for iPhone production in next calendar year in the face of apparently reduced supplier orders from Apple for the iPhone 6s, sending shares of the tech giant down 3.15% to $116.77 and weighing on chip makers including Avago (AVGO), Broadcom (BRCM), Skyworks (SWKS) and Qorvo (QRVO)... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% to 89c per share and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings. The fast food giant finished the day up 0.3% at $113.29 per share following the meeting. MAJOR MOVERS: Among the notable gainers was Mallinckrodt (MNK), which rallied $4.55, or 7.84%, to $62.56 after a CNBC appearance by Citron Research's Andrew Left, during which the stock began rebounding. Left's Citron had knocked the stock down sharply yesterday by tweeting that the shares had more downside than Valeant (VRX) amid the pricing debate that has impacted both and others in the specialty drug space. Also higher was Tower International (TOWR), which gained 9% to $29.77 after announcing plans to explore a sale of its European operations. Separately, Rackspace (RAX) advanced $3.24, or 11.96%, to $30.33 after reporting better than expected third quarter results. Among the noteworthy losers was Flotek (FTK), which dropped $5.56, or 38.08%, to $9.04 after it responded to a cautious report by saying an analysis of its FracMax database suggested certain production data was misinterpreted. Also lower was Wayfair (W), which lost 14% to $39.42 after reporting better than expected earnings while also being mentioned by investor Whitney Tilson as his largest short position. Later in the day, Citron's Left called the company's business model "stupid" in a CNBC interview. Additionally, Barrett Business (BBSI) fell 27% to $38.47 after disclosing that its auditor had requested an independent investigation regarding certain expense reserves. INDEXES: The Dow rose 27.73, or 0.16%, to 17,758.21, the Nasdaq lost 12.06, or 0.24%, to 5,083.24, and the S&P 500 advanced 3.14, or 0.15%, to 2,081.72.
15:10 EDTTT-Mobile confirms unlimited streaming initiative 'Binge On'
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11:32 EDTRAXRackspace soars after Q3 results beat analysts' estimates
Shares of managed cloud company Rackspace (RAX) are rising after the firm's third quarter results surpassed analysts' consensus estimates. WHAT'S NEW: Yesterday after the close, Rackspace reported Q3 earnings per share of 26c and revenue of $509M, topping analysts' consensus estimates of 20c and $503.08M, respectively. Adjusted EBITDA for the quarter was $177M, for a margin of 34.9%, up 11.9% from the year ago period. Rackspace previously guided Q3 revenue growth of 2%-3.5% at constant currency and EBITDA margins to be 33%-34%. WHAT'S NOTABLE: Looking ahead to the fourth quarter, the company expects revenue growth of 2%-3% sequentially, on a constant currency basis, and expects adjusted EBITDA margins of 33%-34%. For the full year, Rackspace continues to expect revenue growth of 12%-14% year-over-year, on a constant-currency basis, and expects adjusted EBITDA margins of 33%-34%. The revenue consensus for Q4 and FY15 are $517.57M and $1.99B, respectively. Rackspace also announced yesterday that it intends to issue $350M in senior debt to repay all outstanding amounts under its senior revolving credit facility, with the remaining net proceeds being used for general corporate purposes. ANALYST REACTION: Research firm Pacific Crest kept an Overweight rating and $45 price target on Rackspace following the "strong" Q3 results and "conservative" 2015 guidance. PRICE ACTION: In late morning trading, Rackspace rose $4.58 or about 16.9% to $31.61 on more than twice its average daily trading volume. Despite today's advance, the shares have lost approximately 15.5% over the past 12 months. OTHERS TO WATCH: Other companies in the cloud space include Internap (INAP), down 2.9%, Citrix Systems (CTXS), up fractionally, and Akamai Technologies (AKAM), down fractionally.
11:14 EDTEMC, VMWVMware rises, EMC falls after Re/code says deal faces tax hurdle
Shares of WMware (VMW) rose 2% to $60.66 while EMC (EMC) sunk 2% to $25.31 after Re/code's Arik Hesseldahl reported that Dell insiders are concerned that the company's plan to acquire EMC could cause the company to be responsible for a tax bill of up to $9B.
11:10 EDTVMW, EMCDell's $67B plan to take over EMC could result in $9B tax burden, Re/code says
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10:20 EDTRAXHigh option volume stocks
High option volume stocks: EQM RAX BBG XONE FTK CAG AEGR ZBRA TYC CNI
09:37 EDTRAXActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
09:29 EDTRAXOn The Fly: Pre-market Movers
UP AFTER EARNINGS: SciClone Pharmaceuticals (SCLN), up 22%... Bellicum Pharmaceuticals (BLCM), up 10.4%... Canadian Solar (CSIQ), up 8%... Rackspace Hosting (RAX), up 8.9%... Opko Health (OPK), up 6%. ALSO HIGHER: Ocata Therapeutics (OCAT), up 88.3% after being acquired by Astellas Pharma (ALPMY)... Straight Path (STRP), up 8.1% after Nikos Hecht reports 9.2% passive stake in the company... TETRA Technologies (TTI), up 3.1% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: ExOne (XONE), down 23.3%... Galena Biopharma (GALE), down 12.2%... MannKind (MNKD), down 8%... Jazz Pharmaceuticals (JAZZ), down 8.6%... Wayfair (W), down 1.9%... Gap (GPS), down 5.4%. ALSO LOWER: Magnum Hunter (MHR), down 30.8% after saying that factors raise substantial doubt about the company's ability to continue as a going concern... Barrett Business Services (BBSI), down 35.6% after receiving a letter from its independent auditor... Callon Petroleum (CPE), down 4.6% after its 12M share Spot Secondary priced at $8.40... Cyberark (CYBR), down 3.4% after being downgraded to Neutral from Buy at BofA/Merrill.
09:03 EDTRAXRackspace reported strong Q3 results, says Pacific Crest
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08:07 EDTIBMIBM closes acquisition of Meteorix
IBM (IBM) announced it completed the acquisition of Meteorix LLC, a Workday (WDAY) services partner. Financial terms were not disclosed. The acquisition will aim to enhance IBM's capability to help companies gain new competitive advantage by aligning people with financial performance and redefining work with the speed and simplicity of cloud-delivered finance and HR services.
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