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Stock Market & Financial Investment News

News For SCSC;FLEX;TECD;MU;EMC;AMD;PLXS;CTXS;SNX;DELL;IM From The Last 14 Days
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April 23, 2015
10:00 EDTCTXSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ADTRAN (ADTN) downgraded to Hold from Buy at Needham... Angie's List (ANGI) downgraded to Underperform from Market Perform at Northland... BG Group (BRGYY) downgraded to Hold from Overweight at HSBC... Brink's (BCO) downgraded to Neutral, sees 'imminent' downside risk, says Macquarie... Citrix (CTXS) downgraded to Hold from Buy at Evercore ISI... Cognex (CGNX) downgraded to Perform from Outperform at Oppenheimer... Cytec Industries (CYT) downgraded to Equal-Weight from Overweight at First Analysis... Enbridge (ENB) downgraded to Neutral from Outperform at Credit Suisse... Ensco (ESV) downgraded to Underweight from Equal Weight at Morgan Stanley... F5 Networks (FFIV) downgraded to Neutral from Buy at MKM Partners... Fulton Financial (FULT) downgraded to Market Perform from Outperform at Keefe Bruyette... Halcon Resources (HK) downgraded to Neutral from Outperform at Baird... Heartland Express (HTLD) downgraded on limited earnings growth at Raymond James... Informatica (INFA) downgraded to Market Perform from Outperform at JMP Securities... Knight Transportation (KNX) downgraded to Outperform from Strong Buy at Raymond James... LegacyTexas Financial (LTXB) downgraded to Outperform from Strong Buy at Raymond James... Masco (MAS) downgraded to Neutral from Buy at Citigroup... MobileIron (MOBL) downgraded to Equal Weight from Overweight at Morgan Stanley... Noble Corp. (NE) downgraded to Underweight from Equal Weight at Morgan Stanley... Omnicare (OCR) downgraded to Neutral from Outperform at Credit Suisse... Owens Corning (OC) downgraded to Sell from Neutral at Citigroup... Qualcomm (QCOM) downgraded to Neutral from Outperform at Exane BNP Paribas... RAM Energy (RAME) downgraded to Neutral from Outperform at Baird... Repsol (REPYY) downgraded to Reduce from Hold at HSBC... Stillwater Mining (SWC) downgraded on lack of catalysts at BB&T... Texas Capital (TCBI) downgraded to Outperform from Strong Buy at Raymond James... Texas Instruments (TXN) downgraded to Neutral from Buy at BofA/Merrill... Total (TOT) downgraded to Hold from Buy at Deutsche Bank... Transocean (RIG) downgraded to Underweight from Equal Weight at Morgan Stanley.
06:33 EDTCTXSCitrix downgraded to Hold from Buy at Evercore ISI
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April 22, 2015
18:27 EDTAMD, MUSemiconductor stocks under pressure after TI, Qualcomm report financial results
Semiconductor stocks are under pressure after earnings reports from Texas Instruments (TXN) and Qualcomm (QCOM). TEXAS INSTRUMENTS: TI reported first quarter results that were lower than analyst expectations, and gave second quarter guidance below consensus estimates. In its Q1 earnings press release, Texas Instruments said its outlook for Q2 is for earnings per share between 60c-70c and revenue in the range of $3.12B-$3.38B. "Our estimates assume continuing weakness in our communications equipment and personal electronics markets, particularly for wireless infrastructure equipment and PCs, respectively. We also do not expect a near-term rebound in foreign currency exchange rates. The annual effective tax rate for 2015 is expected to be about 30%." QUALCOMM: Qualcomm reported Q2 results that were better than analyst's average estimates, but lowered its fiscal year 2015 EPS and revenue views. Qualcomm CEO Steve Mollenkopf said, "While we remain confident in the significant growth opportunities ahead, we are reducing our QCT outlook for fiscal 2015, primarily due to the increased impact of customer share shifts within the premium tier and a decline in our share at a large customer." PRICE ACTION: In after-hours trading, shares of Texas Instruments are down over 6%, while Qualcomm shares are down almost 3%. Other publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), NVIDIA (NVDA), Altera (ALTR), Xilinx (XLNX), and Maxim Integrated (MXIM).
16:15 EDTCTXSCitrix sees FY15 EPS $3.55-$3.60, consensus $3.53
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16:13 EDTCTXSCitrix sees Q2 EPS 80c-83c, consensus 86c
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16:11 EDTCTXSCitrix reports Q1 EPS 65c, consensus 65c
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16:04 EDTPLXSPlexus sees Q3 EPS 71c-79c, consensus 77c
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16:02 EDTPLXSPlexus reports Q2 EPS 69c, consensus 69c
Reports Q2 revenue $651M, consensus $645.45M.
15:30 EDTCTXS, PLXSNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include eBay (EBAY), consensus 70c... Facebook (FB), consensus 40c... Texas Instruments (TXN), consensus 62c... Las Vegas Sands (LVS), consensus 72c... Qualcomm (QCOM), consensus $1.33... AT&T (T), consensus 62c... F5 Networks (FFIV), consensus $1.50... Plexus (PLXS), consensus 69c... Skechers (SKX), consensus $1.01... Select Comfort (SCSS), consensus 41c... Tractor Supply (TSCO), consensus 41c... Covanta (CVA), consensus (8c)... Crown Castle (CCI), consensus $1.09... Torchmark (TMK), consensus $1.05... Ameriprise (AMP), consensus $2.33... Polycom (PLCM), consensus 21c... Citrix (CTXS), consensus 65c... Core Laboratories (CLB), consensus 85c... Graco (GGG), consensus 78c... Cheesecake Factory (CAKE), consensus 48c... Equifax (EFX), consensus $1.02... SLM (SLM), consensus 7c... Xilinx (XLNX), consensus 50c... O'Reilly Automotive (ORLY), consensus $1.94... Susquehanna (SUSQ), consensus 18c... Raymond James (RJF), consensus 83c... SL Green Realty (SLG), consensus $1.49... CoreLogic (CLGX), consensus 31c... Oceaneering (OII), consensus 62c... Valmont (VMI), consensus $1.49... Brandywine Realty (BDN), consensus 32c... Weatherford (WFT), consensus 1c.
08:35 EDTEMCIron Mountain, EMC enter strategic relationship for cloud services
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07:49 EDTEMCEMC cuts FY15 adjusted EPS view $1.91 from $1.98, consensus $1.97
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06:56 EDTEMCEMC CEO says 'confident' company will meet outlook for year
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06:55 EDTEMCEMC reports Q1 adjusted EPS 31c, consensus 36c
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April 21, 2015
15:28 EDTEMCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 42c... Boeing (BA), consensus $1.81... McDonald's (MCD), consensus $1.06... EMC (EMC), consensus 36c... Abbott Laboratories (ABT), consensus 42c... Thermo Fisher Scientific (TMO), consensus $1.61... Bank of New York Mellon (BK), consensus 59c... TE Connectivity (TEL), consensus $1.01... T. Rowe Price Group (TROW), consensus $1.14... St. Jude Medical (STJ), consensus 91c... Amphenol (APH), consensus 56c... Nielsen (NLSN), consensus 47c... Citizens Financial Group (CFG), consensus 34c... Autoliv (ALV), consensus $1.31... D.R. Horton (DHI), consensus 38c... Westinghouse Air Brake Technologies (WAB), consensus 95c... Huntington Bancshares (HBAN), consensus 19c... SEI Investments (SEIC), consensus 49c... AutoNation (AN), consensus 89c... Gentex (GNTX), consensus 25c... Ryder System (R), consensus $1.00... Owens Corning (OC), consensus 13c... NuStar Energy (NS), consensus 58c... Six Flags (SIX), consensus (67c)... Tupperware Brands (TUP), consensus 98c... MarketAxess Holdings (MKTX), consensus 64c... Lithia Motors (LAD), consensus $1.22... Knight Transportation (KNX), consensus 31c... Evercore Partners (EVR), consensus 58c... Potlatch (PCH), consensus 19c... Natus Medical (BABY), consensus 29c... AZZ (AZZ), consensus 59c... United Community Banks (UCBI), consensus 29c... Sonus Networks (SONS), consensus (31c)... Angie's List (ANGI), consensus 0c... Pacific Premier Bancorp (PPBI), consensus 27c.
14:34 EDTEMCEarnings Watch: EMC to report after several downgrades
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07:11 EDTMUMicron does not have negative read through from Lam results, says RBC Capital
RBC Capital says that Lam Research's (LRCX) beat and raise results do not increase its concern about oversupply in the memory market. RBC believes that the results indicate a market share shift, not an increase in aggregate DRAM spending. RBC says that DRAM prices are stable, and it keeps an Outperform rating on Micron (MU).
05:48 EDTIMIngram Micro enters partnership with Secure Channels
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April 20, 2015
18:05 EDTFLEXElectronic manufacturing stocks under pressure after Sanmina Q3 results
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April 19, 2015
14:07 EDTMUMicron looks attractive at $28, Barron's says
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April 17, 2015
16:24 EDTAMDOn The Fly: Top stock stories for Friday
Stocks on Wall Street began the session deep in negative territory and remained there throughout the day. The losses were broad based, with the S&P 500 losing 1% and the Dow and Nasdaq each sliding about 1.5%. There was little in the way of buying, as the number of declining stocks dwarfed the number of advancing stocks. Fears about Greece exiting the euro, steps taken by securities regulators in China and inflation data here at home were all pointed to as potential contributors to the down day in the market. The slide also coincided with the expiration of options, which can lead to volatility and heavy volume. ECONOMIC EVENTS: In the U.S., the headline Consumer Price Index rose 0.2% in March, versus expectations for it to be up 0.3%. The "core" rate, excluding food and energy prices, rose 0.2%, as expected. The leading economic index rose 0.2% to 121.4 in March, versus expectations for it to be up 0.3%. The University of Michigan consumer sentiment index jumped 2.9 points to 95.9 in the preliminary print for April, topping expectations for a 94.0 reading. In China, announcements by Chinese securities regulators, the Shanghai and Shenzhen stock exchanges, and related bodies raised fears of a selloff in China. The China Securities Regulatory Commission imposed sanctions to try to control margin buying of stocks with borrowed money and the Securities Association of China said it will allow fund managers to lend stocks for short selling to increase the supply of shares. In Europe, strategists reportedly said a lack of progress in negotiations between Greece and its creditors had substantially increased the risk of Greece defaulting on its debt and even exiting the euro. COMPANY NEWS: Shares of both Comcast (CMCSA) and Time Warner Cable (TWC) dropped after Bloomberg, citing sources, reported that lawyers at the Justice Departmentís antitrust division are leaning toward making a recommendation to file suit to block the companies' proposed merger. Spokespeople for Comcast and TWC reportedly told Bloomberg they see "no basis" for a lawsuit to block the transaction. Comcast ended the day down $1.25, or 2.09%, to $58.42, while Time Warner Cable shares slid $8.59, or 5.43%, to $149.61... First the Wall Street Journal, then Bloomberg, reported that Teva Pharmaceutical (TEVA) is internally discussing a potential takeover bid for Mylan (MYL). Shares of both moved higher following the reports, which Mylan responded to by stating that it is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo (PRGO). Mylan Chairman Robert Coury said that rumors of potential interest from Teva have been "circulating for some time," but that such a combination is "without sound industrial logic or cultural fit" and would be unlikely to receive antitrust regulatory clearances. Coury added that Mylan's board would "carefully consider" a bid if any party makes an "actual offer" to acquire the company. Shares of General Electric (GE) reported a loss of $1.35 per share due to large charges related to its planned exit from the majority of its GE Capital business. Adjusting for special items, GE's operating earnings per share of 31c topped the consensus forecast by 1c. Additionally, GE said it has received "strong inbound interest" in its GE Capital assets following the company's April 10 investor update. MAJOR MOVERS: Among the notable gainers following their earnings reports were Celanese (CE), which rose $9.04, or 15.55%, to $67.18, and Mattel (MAT), which advanced $1.48, or 5.84%, to $26.75. Among the noteworthy losers after their quarterly reports were SerivceNow (NOW), which fell $9.55, or 11.53%, to $73.29, and Advanced Micro Devices (AMD), which dropped 29c, or 10.28%, to $2.58. INDEXES: The Dow declined 279.47, or 1.54%, to 17,826.30, the Nasdaq fell 75.98, or 1.52%, to 4,931.81, and the S&P 500 dropped 23.81, or 1.13%, to 2,081.18.
13:31 EDTEMCSymantec approached NetApp, EMC about potential Veritas sale, Bloomberg says
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12:21 EDTAMDOn The Fly: Top stock stories at midday
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10:19 EDTAMDAnalyst says AMD driving close to cliff after Q1 miss
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10:00 EDTAMDOn The Fly: Analyst Downgrade Summary
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10:00 EDTEMCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: CECO Environmental (CECE) upgraded on several positive catalysts at Roth Capital... EMC (EMC) upgraded to Outperform from Market Perform at Bernstein... Fleetmatics (FLTX) upgraded to Overweight from Neutral at Piper Jaffray... NorthStar Asset Management (NSAM) upgraded to Buy from Hold at MLV & Co.... Penn National (PENN) upgraded to Overweight from Neutral at JPMorgan... Rosetta Genomics (ROSG) upgraded to Buy from Hold at Cantor... Ulta Salon (ULTA) upgraded to Buy from Neutral at Nomura... Xcel Energy (XEL) upgraded to Buy from Hold at Argus.
09:14 EDTAMDOn The Fly: Pre-market Movers
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08:59 EDTAMDAMD downgraded to Hold from Buy at Ascendiant
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08:18 EDTAMDAMD model appears to be breaking, sauys Bernstein
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07:50 EDTAMDAMD price target lowered to $3-$3.50 from $3.50-$4 at Wells Fargo
Wells Fargo cut its price target on AMD after the company reported weaker than expected revenue and guidance. The firm sharply cut its estimates and now believes that it is important to emphasize the significant risks that the company faces given its continuing drop in sales and ongoing losses. Nonetheless the firm believe that AMD has valuable expertise in microprocessor and graphics circuit design from which, in time, it should be able to generate a profit. Wells keeps an Outperform rating.
06:06 EDTEMCEMC upgraded to Outperform from Market Perform at Bernstein
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April 16, 2015
19:00 EDTAMDOn The Fly: After Hours Movers
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16:43 EDTAMDAMD sees FY15 non-GAAP operating expense roughly $340M-$370M per quarter
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16:41 EDTAMDAMD sees Q2 non-GAAP gross margin roughly 32%
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16:25 EDTAMDAMD exits 'dense' server systems sector, effective immediately
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16:24 EDTAMDAMD CEO says focusing on delivering stronger second half of year
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16:23 EDTAMDAMD reports Q1 Computing and Graphics segment revenue down 20% sequentially
Reports Q1 Computing and Graphics segment revenue down 38% y/y. Decrease was primarily due to lower desktop and notebook processor sales and the annual decrease was driven by lower desktop processor sales and GPU channel sales. Reports operating loss $75M compared with $56M last quarter. Decrease primarily driven by lower desktop and notebook processor sales, partially offset by lower operating expenses. Client average selling price decreased sequentially and increased year-over-year primarily driven by processor product sales mix. GPU ASP increased sequentially primarily due to higher channel GPU and Professional Graphics ASPs and decreased year-over-year primarily due to a lower channel ASP. Enterprise, Embedded and Semi-Custom segment revenue decreased 14% sequentially, primarily driven by seasonally lower sales of semi-custom SoCs. Reports y/y decrease of 7%, primarily driven by lower server processor sales. Reports operating income $45M compared with $109M last quarter and $85M last year, primarily due to lower game console royalties, product mix and higher R&D spending. Reports All Other category operating loss $107M compared with $383M loss sequentially and $39M y/y. Sequential decrease primarily due to the absence of 4Q14 goodwill impairment of $233M and lower of cost or market inventory adjustment of $58M. Year-over-year increase primarily due to $87M restructuring and special charges, consisting primarily of $75M related to the exiting of the dense server systems business.
16:19 EDTAMDAMD expects to purchase roughly $1B in wafers in 2015
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16:17 EDTAMDAMD sees Q2 revenue decreasing 3%, plus or minus 3%, consensus 1.13B
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16:16 EDTAMDAMD reports Q1 gross margin 32%, non-GAAP gross margin 32%
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16:16 EDTAMDAMD reports Q1 adjusted EPS (9c), consensus (5c)
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15:23 EDTAMDNotable companies reporting after market close
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08:00 EDTCTXSCitrix will use part of GoTo sales proceeds to buy back shares, says Bernstein
After CRN reported that Citrix is considering a divestiture of its Online Services businesses, Bernstein expects the company to sell its GoTo businesses for $2.1B and use a portion of the proceeds to repurchase shares, possibly shrinking its share count by 10%-20%. The firm says it would view the move positively and keeps an Outperform rating on the stock.
April 15, 2015
17:36 EDTMUMicron shares trade lower by 1% after SanDisk Q1 results
15:05 EDTMUEarnings Watch: SanDisk to report Q1 results after lowering revenue guidance
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10:03 EDTCTXSHigh option volume stocks
High option volume stocks: SKS NSAM AMP CTXS KS WUBA CIT OC ASML SLM
09:39 EDTCTXSCitrix weighing sale of online services subsidiary, CRN reports
Citrix Systems (CTXS) is weighing the sale of spinoff of its online services subsidiary, CRN reported last night, citing sources familiar with the matter. The unit includes GoToMeeting Web conferencing and GoToMyPC remote access apps, the website pointed out. Shares of Citrix are up $1.58 to $65.59 in early trading. Reference Link
07:51 EDTFLEXFlextronics in advanced talks for part of Chinese jv of Alcatel, Reuters says
Flextronics (FLEX) is in advanced talks to acquire the manufacturing unit of Alcatel-Lucent's (ALU) Shanghai Bell joint venture, reported Reuters, citing two people with knowledge of the deal. Nokia (NOK) and Alcatel-Lucent have announced their intention to combine in all-share transaction. Reference Link
April 14, 2015
17:34 EDTEMCGuidance Software appoints Patrick Dennis as CEO
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09:19 EDTMUMicron management to meet with Brean Capital
Meeting to be held in Chicago on April 21 hosted by Brean Capital.
09:13 EDTTECDTech Data CFO Jeffery Howells to retire June 5, Charles Dannewitz to succeed
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April 13, 2015
07:08 EDTEMCSources: Symantec exploring Veritas sale 'for months,' Reuters reports
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April 10, 2015
13:35 EDTCTXSCitrix falls after guidance cut, but analyst says M&A potential may limit slide
The shares of Citrix (CTXS) are falling after the company lowered its first quarter guidance, but RBC Capital wrote that the miss could increase investors' focus on potential activism or M&A scenarios. The company provides virtualization and cloud infrastructure solutions. WHAT'S NEW: Citrix last night lowered its first quarter earnings per share guidance to 63c-65c from its previous outlook of 70c-72c. Analysts' consensus estimate was 72c. Citrix reduced its Q1 revenue view to $755M-$760M from $780M-$790M. Analysts' consensus estimate was $787M. The company said that it had underestimated the impact of its restructuring and changes to its field and channel strategies. Those changes had been made in order to prepare the business for its next phase of growth, Citrix added. Foreign exchange fluctuations and customer buying behavior also impacted the results, the company stated. ANALYST REACTION: In a note to investors earlier today, RBC Capital analyst Matthew Hedberg wrote that the preannouncement could increase investors' focus on potential activism or M&A scenarios. As a result, the stock is unlikely to drop much further, the analyst stated. In an M&A scenario, the stock would be worth $79-$83 per share, estimated Hedberg after analyzing recent sizable transactions involving software companies. However, he warned that the company may need to implement additional restructuring measures in order to obtain the one percentage point of leverage from restructuring that it is seeking. Hedberg trimmed his price target on the shares to $67 from $69 and kept a Sector Perform rating on the shares. WHAT'S NOTABLE: Another firm, William Blair, downgraded Citrix Systems to Market Perform from Outperform after the company preannounced weaker than expected Q1 results. On April 7, Stifel said it viewed Citrix as an "interesting name" for the rest of the year and thinks activist investors could get involved if the company's turnaround does not progress quickly enough. The firm calculated that, using a similar take out multiple to what is being paid for peer Informatica (INFA), equates to a $110 price for Citrix. Earlier that day, Informatica announced it has entered into an agreement to be acquired by a company controlled by the Permira funds and Canada Pension Plan Investment Board, or CPPIB, for approximately $5.3B, or $48.75 per share. PRICE ACTION: In mid-afternoon trading, Citrix fell 2% to $63.35.
10:07 EDTCTXSHigh option volume stocks
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10:00 EDTCTXSOn The Fly: Analyst Downgrade Summary
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09:16 EDTCTXSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Quantum (QTM), up 22.2%. ALSO HIGHER: General Electric (GE), up 6.6% after announcing that it will sell most of GE Capital assets for approximately $26.5B... Horizon Pharma (HZNP), up 3.7% after receiving fast track designation for Actimmune... Tekmira Pharmaceuticals (TKMR), up 2.3% after FDA modifies partial clinical hold on Tekmira TKM-Ebola IND... Netflix (NFLX), up 2.9% after being upgraded to Buy from Neutral at Citigroup... Blackstone Mortgage Trust (BXMT), up 3.6% after acquiring $4.6B loan portfolio from GE Capital. LOWER: Citrix Systems (CTXS), down 5.8% after lowering first quarter guidance... Uniqure (QURE), down 2.4% after 3M share Secondary priced at $29.50... FIS (FIS), down 2.5% after lowering first quarter guidance... Golub Capital (GBDC), down 2.3% after 3.5M share Spot Secondary priced at $17.42.
09:02 EDTCTXSCitrix news may increase focus on activism/M&A scenarios, says RBC Capital
After Citrix lowered its Q1 EPS guidance, RBC Capital thinks the preannouncement could increase investors' focus on potential activism and/or M&A scenarios. As a result, the firm thinks the stock can reach $71-$83. However, it keeps a Sector Perform rating on the shares.
05:46 EDTCTXSCitrix downgraded to Market Perform from Outperform at William Blair
William Blair downgraded Citrix Systems to Market Perform after the company preannounced weaker than expected Q1 results.
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