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Stock Market & Financial Investment News

News Breaks
July 14, 2014
10:59 EDTCTXS, NTCT, RVBD, LOGMElliot reaffirms $21 Riverbed bid following Q2 warning
Shares of information technology solution developer Riverbed (RVBD) are falling after the company cut its second quarter adjusted EPS and revenue outlook. Afterward, investor Elliot Management announced that it is reaffirming its $21 per share bid for the company. WHAT'S NEW: Riverbed announced this morning that it now sees Q2 adjusted EPS to be at low end of a 26c-28c range, which is in line with analysts' consensus forecast of 27c. The company lowered its Q2 adjusted revenue view to $264M-$265M from $274M-$280M, below analysts' consensus of $277.4M. The company said Q2 sales were below its expectations, principally in North America, as it experienced longer sales cycles on some of its larger and more complex deals. Following the company's announcement, activist investor Elliot Management, one of Riverbedís largest shareholders, said Riverbed's "poor performance this quarter reveals its decision to stonewall prospective buyers to be a serious and costly mistake." Elliot urged the board to "immediately" retain an advisor and announce a review of strategic alternatives, including a sale. Elliot also reaffirmed its previously announced cash bid of $21 per share to buy the company. ANALYST OPINION: Research firm Wells Fargo said after the profit warning that it thinks there are still fundamental reasons to be cautious about Riverbed. However, the firm also believes the company's Q2 miss strengthens Elliot's position that its $21 offer represents fair value and the activist investor's involvement limits downside risk in the stock. The firm keeps its Market Perform rating and $19-21 price target range on Riverbed. OTHERS TO WATCH: Other cloud infrastructure companies include Citrix Systems (CTXS), LogMeIn (LOGM), and NetScout Systems (NTCT). PRICE ACTION: During morning trading, shares of Riverbed were down $1.19, or 5.85%, to $19.16.
News For RVBD;CTXS;LOGM;NTCT From The Last 14 Days
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February 25, 2015
14:03 EDTCTXSCitrix extends collaboration with Google to include Android for Work
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09:25 EDTCTXSCisco, Apple among U.S. names cut from China state buying list, Reuters says
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February 24, 2015
07:19 EDTCTXSSusquehanna to hold a summit
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February 20, 2015
10:09 EDTNTCTNetScout management to meet with B. Riley
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06:26 EDTCTXSCitrix management to meet with FBR Capital
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February 18, 2015
07:08 EDTCTXSEvercore ISI to hold a field trip
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February 17, 2015
17:02 EDTCTXSSoros Fund Management gives quarterly update on stakes
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09:06 EDTCTXSCitrix joins Microsoft Cloud Storage Partner Program
Citrix (CTXS) announced it is an inaugural member of the new Microsoft (MSFT) Cloud Storage Partner Program.

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