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Stock Market & Financial Investment News

News Breaks
March 13, 2013
08:43 EDTRVBD, CSCOCisco renewed efforts to compete with Riverbed, says Wunderlich
Wunderlich believes Cisco (CSCO) renewed its efforts to compete with the core business of Riverbed (RVBD) when it announced a wide area network optimization as a module on the integrated services router product. The firm points out that the Cisco announcement specifies pricing at 35% below the current market level. Wunderlich lowered its price target for Riverbed shares to $19 from $23, but keeps a Buy rating on the stock.
News For RVBD;CSCO From The Last 14 Days
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October 17, 2014
09:31 EDTCSCOCisco namnes Bernadette Wightman President of Cisco Cananda
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08:06 EDTCSCOCisco, Sensity Systems announce strategic relationship
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October 15, 2014
06:15 EDTCSCOCisco lays off 900 in San Jose area, Silicon Valley Business Journal says
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October 13, 2014
07:12 EDTRVBDRiverbed news already priced into stock, says JMP Securities
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October 12, 2014
17:20 EDTCSCOGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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October 10, 2014
09:06 EDTRVBDF5 Networks checks indicate return to stable growth, says Janney Capital
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October 9, 2014
13:39 EDTCSCOCisco denies rumors that it will stop investing in VCE JV, The Register reports
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13:37 EDTCSCOCisco may end further investment in VCE JV, CRN reports
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12:07 EDTRVBDRiverbed downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Riverbed to Neutral citing the Q3 top-line shortfall.
11:25 EDTCSCOCisco and TCL to set up $80M China cloud joint venture, Reuters reports
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10:44 EDTRVBDRiverbed miss increases likelihood of Elliot deal, says Wells Fargo
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10:19 EDTRVBDFollow-up: Riverbed downgraded at William Blair
As previously reported, William Blair downgraded Riverbed to Market Perform from Outperform. The firm downgraded shares citing disappointing preliminary Q3 results, survey feedback that indicates lack of excitement around Riverbed's non-WAN optimization portfolio of products, and neutral risk/reward.
10:11 EDTRVBDRiverbed downgraded to Market Perform from Outperform at William Blair
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09:43 EDTRVBDElliott 'commends' Riverbed board for initiating strategic review
Elliott Management Corporation commented on Riverbed Technology’s announcement of preliminary earnings and other actions: “We commend the Board for initiating a strategic review and believe that Riverbed is a great company with products customers value,” said Jesse Cohn, portfolio manager at Elliott Management. “We have made a $21 bid for the company, and our team and advisors look forward to completing our confirmatory diligence in an expedited fashion.”
08:32 EDTRVBDRiverbed to undertake comprehensive review of stratetgic, financial alternatives
08:32 EDTRVBDRiverbed initiates restructuring plan to reduce annual costs by $20M-$25M
The company announced that it has initiated a restructuring plan in order to reduce annual costs by $20 million to $25 million and improve annual operating margins by 1% to 2%. The company expects these restructuring efforts to be substantially complete by the end of calendar 2014. “In light of current business conditions, we are taking decisive steps to improve our cost structure in order to drive enhanced operating performance,” said Jerry M. Kennelly, chairman and CEO, Riverbed. “We believe these actions enable us to deliver increased value to our shareholders while continuing to deliver the products and support expected by our customers.” In addition to these restructuring initiatives, Riverbed's Board of Directors has determined to undertake a comprehensive review, with the assistance of its advisors, of strategic and financial alternatives to enhance shareholder value. There is no set timetable for the review process. The company does not intend to disclose or comment on further developments unless and until its Board approves a specific action or it otherwise concludes its review of alternatives.
08:31 EDTRVBDRiverbed narrows Q3 adjusted EPS view to 30c-31c from 30c-32c
Consensus is 31c. Cuts Q3 revenue view to $276M-$277M from $285M-$291M, consensus $286.75M. The revised guidance primarily reflects lower than expected growth in the company’s WAN Optimization and virtual ADC businesses.
06:52 EDTCSCOTechnology producer settles China facility demonstrations, Reuters says
Hon Hai Precision Industry confirmed that it had settled a demonstration which involved close to 1K staff members at its Chongqing plant in China, and noted that manufacturing at the facility was not affected by the strike, according to Reuters, citing a statement from the company. Hon Hai constructs Apple (AAPL) products, as well as HP (HPQ) and Cisco (CSCO) computers and servers. The Chongqing facility isn't listed by Apple as one of its certified suppliers. Reference Link
October 8, 2014
09:38 EDTCSCOCisco breakup would not create much value, says Citigroup
Citigroup says its analysis shows that a breakup of Cisco would not create much more value than the current share price. With CEO John Chambers' likely retirement next year, however, Citi thinks the Cisco board is likely to at least entertain the option of a split. The firm sees a low probability of a breakup taking place and keeps a Sell rating on Cisco shares. Citi upped its price target for the stock to $22 from $20.50. Citi's analysis of Cisco follows breakup decisions by HP (HPQ) and JDSU (JDSU) and Bloomberg's report this morning that Symantec (SYMC) is in advanced talks to split into two separate companies. This report corrects the rating on Cisco shares to Sell.
06:35 EDTCSCOCisco's reorganization affects up to 25,000 employees, Business Insider reports
Cisco's reorganization of its routing and switching engineering business could affect up to 25,000 employees, reports Business Insider. Citing sources in Silicon Valley, the reorganization involves massive changes for the unit, moving from individual teams to two big overarching teams with one group focused on software and the other on hardware. Due to the changes, sources say a lot of senior employees have begun send out resumes. Reference Link
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