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Stock Market & Financial Investment News

News Breaks
July 14, 2014
10:59 EDTNTCT, RVBD, LOGM, CTXSElliot 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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January 28, 2015
08:34 EDTNTCTNetScout management to meet with Needham
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January 22, 2015
07:35 EDTNTCTNetScout raises FY15 adjusted EPS view to $1.87-$1.91 from $1.74-$1.81
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07:33 EDTNTCTNetScout reports Q3 EPS ex-items 59c, consensus 50c
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January 20, 2015
16:54 EDTRVBDRiverbed board recommends holders vote for adoption of merger with Thoma Bravo
On December 15, 2014, Riverbed Technology announced that it entered into a definitive agreement to be acquired by leading private equity investment firm Thoma Bravo, LLC and Teachersí Private Capital, the private investor department of Ontario Teachersí Pension Plan.

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