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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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October 21, 2014
14:34 EDTEMCEarnings Preview: EMC reports after HPQ merger talks said to end
EMC Corporation (EMC) is expected to report third quarter earnings before the bell on Wednesday, October 22, with a conference call scheduled for 8:30 am ET. EMC provides software, hardware and IT services to business customers through its three federated businesses: EMC Information Infrastructure, Pivotal and VMware Virtual Infrastructure, which is represented by EMC’s majority equity stake in VMware (VMW). VMware is expected to report on its own third quarter results after the bell on Tuesday, October 21, with a conference call scheduled for 5:00 pm ET. EXPECTATIONS: For EMC, analysts are looking for earnings per share of 46c on revenue of $6.0B. The consensus range is 44c-49c for EPS and $5.91B-$6.16B for revenue, according to First Call. Along with its last earnings report, EMC raised its FY14 adjusted EPS view to $1.91 from $1.90 and guided to FY14 revenues of $24.58B. Analysts consensus for FY14 EPS and revenue currently stand at $1.91 and $24.55B. For VMware, analysts are looking for earnings per share of 83c on revenue of $1.5B. The consensus range is 81c-85c for EPS and $1.48B-$1.52B for revenue, according to First Call. LAST QUARTER: EMC reported Q2 adjusted EPS of 43c, which matched the consensus expectation. EMC's revenue of $5.9B came in slightly ahead of the $5.83B consensus projection. EMC also accelerated its 2014 share buyback plan, stating that it now expects to repurchase an aggregate of $3B of the company's common stock in 2014. VMware reported Q2 EPS of 81c, versus consensus of 79c, on revenue $1.46B, versus consensus of $1.44B. NEWS: VMware held its "VMWorld 2014" conference from August 24-28, during which the company updated its 2015 guidance. VMware's guidance for revenue growth in the mid teens percentage level and margin expansion of up to one percentage point is positive, RBC Capital analyst Matthew Hedberg wrote in a note to investors on August 26. The same day Cowen analyst Gregg Moskowitz wrote that VMware's FY15 revenue guidance would "likely weigh modestly" on the stock, even though he was not surprised by the outlook. Less than two weeks ago, Elliott Management sent a letter to the board of directors of EMC Corporation detailing its recommendations on the right path forward for EMC, in which Elliott holds a stake. Elliott believes that EMC’s Federation structure obscures enormous value at the company and that the board and management should pursue pathways to recognize this value, including a separation of VMware from Core EMC and/or various M&A opportunities, Elliott wrote. In response, EMC said its directors regularly review and evaluate the company's strategy with a view towards enhancing shareholder value. "Over the past few months, EMC's leadership has met with representatives of Elliott several times and has listened carefully to their ideas, as we do with all of our shareholders," the company said. Last week, HP (HPQ) announced the resumption of its share repurchase program after Reuters reported the company's merger talks with EMC had ended. HP had suspended the buyback program due to "possession of material non-public information." The tech giant said that day that it is "no longer in possession of such information." During September, Re/code reported, citing sources familiar with Oracle's plans, that the company was not interested in acquiring EMC. Meanwhile, Cisco (CSCO) CEO John Chambers also said last month at a Wall Street Journal breakfast that his company is not among the potential merger partners for EMC. Chambers said a deal between the two companies would have been done a "year or two ago" were it to happen, according to Reuters. STREET RESEARCH: On the day after its last earnings report, Brean Capital raised its price target on EMC to $33 from $30, citing the company's aggressive capital return strategy, encouraging core Storage dynamics and potential pent up demand. Tigress Financial, however, downgraded EMC to Buy from Strong Buy, citing valuation. Additionally, VMware estimated that its total available market would reach more than $60B in 2017, versus its estimate last year of a $50B+ total addressable market by 2016, Moskowitz noted. PRICE ACTION: In afternoon trading, EMC shares are up 1% to $27.22, while VMware is fractionally higher at $87.79. Over the last three months, EMC shares have declined almost 4%, while VMware's stock is down about 5.5% in that same time frame.
12:11 EDTMUEinhorn says bought some Micron back last week, trimmed at higher levels
David Einhorn of Greenlight Capital is speaking on CNBC.
10:42 EDTMUMicron recommended as long idea by Tilson, Bloomberg reports
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09:07 EDTFLEXFlextronics appoints Michael Mendenhall as Chief Marketing Officer
Flextronics (FLEX) announced that Michael Mendenhall has been appointed to lead the Company's worldwide marketing, branding and communications initiatives. Mendenhall most recently served as the Executive Vice President and Chief Marketing and Communications Officer for Fusion-io. In this role, he was responsible for repositioning the Company's brand and products and played a key role in its successful acquisition by SanDisk (SNDK). Previously, he served as Senior Vice President and Chief Marketing Officer for HP (HPQ) and directed all aspects of corporate marketing operations globally.
October 20, 2014
18:51 EDTMUOn The Fly: After Hours Movers
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16:07 EDTCTXSCitrix acquires RightSignature, terms not disclosed
Citrix announced that it has completed its acquisition of RightSignature. The RightSignature team will join the Citrix organization immediately. The terms of the acquisition were not disclosed.
12:36 EDTMUOptions with decreasing implied volatility
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09:59 EDTEMCEMC weekly volatility elevated into Q3 and outlook
EMC October weekly call option implied volatility is at 52, November is at 29, December is at 26, January is at 25; compared to its 26-week average of 21 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 22.
06:53 EDTMUMicron upgraded to Outperform from Sector Perform at Pacific Crest
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05:58 EDTMUMicron upgraded to Outperform from Sector Perform at Pacific Crest
October 17, 2014
11:51 EDTMUStocks with call strike movement; MU DAL
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10:00 EDTAMDOn The Fly: Analyst Downgrade Summary
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10:00 EDTAMDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AK Steel (AKS) upgraded to Buy from Neutral at Nomura... AMD (AMD) upgraded to Sector Perform from Underperform at Pacific Crest... Atlantic Power (AT) upgraded to Market Perform from Underperform at BMO Capital... Basic Energy (BAS) upgraded to Outperform from Market Perform at Cowen... BorgWarner (BWA) upgraded to Buy from Hold at Deutsche Bank... CA Technologies (CA) upgraded to Overweight from Equal Weight at Barclays... Calumet Specialty Products (CLMT) upgraded to Outperform at Wells Fargo... DHT Holdings (DHT) upgraded to Buy from Hold at Evercore... Exelon (EXC) upgraded to Neutral from Sell at Citigroup... Fifth Third Bancorp (FITB) upgraded to Buy from Neutral at Citigroup... Goldman Sachs (GS) upgraded to Outperform from Market Perform at Keefe Bruyette... Helmerich & Payne (HP) upgraded to Buy from Neutral at UBS... Hilton (HLT) upgraded to Buy from Neutral at SunTrust... Hyatt Hotels (H) upgraded to Outperform from Neutral at Macquarie... IPG Photonics (IPGP) upgraded at Stifel... ITC Holdings (ITC) upgraded to Neutral from Underperform at Credit Suisse... Manpower (MAN) upgraded to Outperform from Market Perform at Avondale... Nabors Industries (NBR) upgraded to Outperform from Market Perform at Cowen... Newpark Resources (NR) upgraded at Cowen... Old Dominion (ODFL) upgraded to Buy from Neutral at Longbow... PDC Energy (PDCE) upgraded at SunTrust... Patterson-UTI (PTEN) upgraded to Buy from Neutral at UBS... PrivateBancorp (PVTB) upgraded to Outperform from Neutral at Macquarie... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... RPC, Inc. (RES) upgraded at Cowen... Sonoco (SON) upgraded to Neutral from Underperform at DA Davidson... Southwestern Energy (SWN) upgraded to Outperform from Market Perform at Raymond James... SunEdison (SUNE) upgraded to Outperform at Cowen... TSMC (TSM) upgraded to Buy from Neutral at Mizuho... Tesco (TESO) upgraded to Outperform from Market Perform at Cowen... UnitedHealth (UNH) upgraded to Outperform from Market Perform at Leerink... Xilinx (XLNX) upgraded to Outperform from Market Perform at Wells Fargo.
09:16 EDTMUMicron management to meet with MKM Partners
Meetings to be held in New York on October 23 and in the Mid-Atlantic area on October 24 hosted by MKM Partners.
07:31 EDTMUSamsung first to market with new multilayer NAND technology, Nikkei says
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06:37 EDTAMDAMD downgraded downgraded to Hold from Buy at Canaccord
Canaccord downgraded AMD to Hold based on weak guidance and more restructuring initiatives. Price target lowered to $2.75 from $4.50.
06:20 EDTAMDAMD upgraded to Sector Perform from Underperform at Pacific Crest
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05:50 EDTAMDAMD likely still losing share in microprocessors, says Wells Fargo
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October 16, 2014
18:36 EDTAMDOn The Fly: After Hours Movers
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17:48 EDTMUMicron lower by over 1% to $28 after SanDisk Q3 results and guidance
16:21 EDTAMDAMD down 9% following Q3 results, headcount reduction
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16:20 EDTAMDAMD sees Q4 revenue down 13%, plus or minus 3%, consensus $1.48B
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16:19 EDTAMDAMD sees Q4 charge of about $57M from restructuring
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16:17 EDTAMDAMD reports Q3 gross margin 35%
16:16 EDTAMDAMD announces global headcount reduction of 7%
Largely expected to be completed by the end of Q4.
16:15 EDTAMDAMD reports Q3 adjusted EPS 3c, consensus 4c
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15:26 EDTAMDNotable companies reporting after market close
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14:47 EDTMUEarnings Preview: Pacific Crest, RBC positive on SanDisk ahead of report
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14:20 EDTAMDApple introduces 27-inch iMac with Retina 5K display
Apple (AAPL) unveiled the 27-inch iMac with Retina 5K display, with 14.7M pixels. iMac with Retina 5K display has four times more pixels than the standard 27-inch iMac and 67% more pixels than a 4K display. iMac with Retina 5K comes with a 3.5 GHz quad-core Intel (INTC) Core i5 processor with Turbo Boost speeds up to 3.9 GHz. iMac with Retina 5K display begins shipping today with a 3.5 GHz quad-core Intel Core i5 with Turbo Boost speeds up to 3.9 GHz, AMD (AMD) Radeon R9 M290X graphics and a 1TB Fusion Drive for a suggested retail price of $2,499.
14:15 EDTCTXS01 Communique confirms favorable appeals ruling in patent suit with Citrix
01 Communique announced that the U.S. Court of Appeals for the Federal Circuit has issued a Rule 36 Judgment affirming the U.S. Patent and Trademark Office, Patent Trial and Appeal Board's decision that the company's "479 Patent" that is at the center of its patent infringement lawsuit against Citrix Systems is valid. Andrew Cheung, President and CEO for 01 Communique, said, "This is a positive step forward in our lawsuit against Citrix. We remain confident in the merits of our case and have a tight schedule ahead of us as we prepare for the upcoming claim construction and tutorial scheduled for November 12 and 13 and completion of expert discovery shortly thereafter on January 16, 2015 following which we anticipate heading to trial."
14:14 EDTAMDApple says new iMac uses AMD Radeon R9 295 graphics processor
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11:25 EDTCTXS01 Communique patent win in suit with Citrix upheld on appeal
The U.S. Court of Appeals for the Federal Circuit affirmed the Patent and Trademark Office ruling that was appealed by Citrix, according to a decision posted to the court's website.
10:00 EDTSNXSYNNEX management to meet with Needham
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October 15, 2014
12:36 EDTEMCOn The Fly: Midday Wrap
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10:02 EDTMUOn The Fly: Analyst Upgrade Summary
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09:20 EDTEMCOn The Fly: Pre-market Movers
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08:15 EDTEMCHP resumes buyback with EMC merger talks reportedly over
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07:32 EDTDELLUBM Canon to hold a conference
PLASTEC Midwest Conference is being held in Chicago on October 15-16.
06:19 EDTMUMicron upgraded to Overweight from Neutral at JPMorgan
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06:14 EDTEMCHP, EMC halt merger agreement discussions, Reuters says
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October 14, 2014
12:01 EDTAMDAMD volatility elevated into Q3 and outlook
AMD October call option implied volatility is at 200, November is at 85, January is at 70; compared to its 26-week average of 48 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 16.
11:22 EDTFLEXFlextronics initiated with a Buy at Standpoint Research
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10:51 EDTAMDFitch Solutions: Exit of AMD CEO sends CDS to widest level since February
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06:39 EDTAMDAMD, Asustek may be strengthening their partnership, DigiTimes reports
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October 13, 2014
17:47 EDTAMDAMD is trading down 7.7% in the after hours session
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16:55 EDTEMCEMC to acquire cloud-computing firm Cloudscaling, Bloomberg reports
EMC is acquiring cloud-computing startup Cloudscaling, which helps companies manage computers that are tied together by OpenStack, says Bloomberg Businessweek. The purchase price is less than $50M, added Bloomberg Businessweek. Reference Link
07:15 EDTEMCNational Association of Corporate Directors to hold a conference
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06:03 EDTMUStocks with implied volatility above IV index mean; HTZ MU
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October 12, 2014
17:58 EDTMUMicron shares look more attractive, Barron's says
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October 10, 2014
16:22 EDTMUOn The Fly: Closing Wrap
Stocks on Wall Street had a bit of a see-saw trading day, but ended the session in the red once again. The Nasdaq took the brunt of the losses, falling over 2%, while the Dow's slide erased its gains for the year. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. Oil slumped to a four-year low during the session, as brent crude touched $88.11 intra-day, its lowest level since December 2010. COMPANY NEWS: The semiconductor sector was weak across the board after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” Microchip, which also pre-announced weaker than expected second quarter revenue, dropped $5.58, or 12.26%, to $39.96. Intel (INTC) fell $1.71, or 5.09%, to $31.91, Avago (AVGO) declined $9.24, or 11.46%, to $71.36, Texas Instruments (TXN) slipped $3.28, or 7.13%, to $42.74 and Micron (MU) dropped $2.71, or 8.86%, to $27.93. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied $6.48, or 35.76%, to $24.60 after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Also higher was Dave & Buster (PLAY), which gained $1.28 to $17.28 after commencing trading on the Nasdaq following its initial public offering. Among the noteworthy losers was Procera Networks (PKT), which was downgraded by at least four research firms and plunged $2.85, or 33.33%, to $5.70 after the company warned its Q3 revenue will miss expectations. Also lower were shares of Caesars (CZR), which dropped $1.92, or 17.36%, to $9.14 after disclosing in a regulatory filing that its Chief Accounting Officer resigned to accept a position with another company. INDEXES: The Dow fell 115.15, or 0.69%, to 16,544.10, the Nasdaq plunged 102.10, or 2.33%, to 4,276.24, and the S&P 500 dropped 22.08, or 1.15%, to 1,906.13.
13:08 EDTMUOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
11:13 EDTMUMicrochip not relevant to DRAM, NAND, says Summit Research
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10:58 EDTMUMicron falls with peers, levels to watch
The shares are down more than 7.5% to $28.30 at time of writing, just off the lows of the session at $27.59 which is now support. Resistance is at $28.78.
10:49 EDTFLEXHigh option volume stocks
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10:29 EDTMUMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTMUSemiconductors defended at Sterne Agee
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10:01 EDTEMCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 2U (TWOU) initiated with an Outperform at Pacific Crest... Bloomin' Brands (BLMN) initiated with an Outperform at BMO Capital... Brinker (EAT) initiated with a Market Perform at BMO Capital... Buffalo Wild Wings (BWLD) initiated with an Outperform at BMO Capital... Chipotle (CMG) initiated with a Market Perform at BMO Capital... Chuy's (CHUY) initiated with a Market Perform at BMO Capital... Darden (DRI) initiated with a Market Perform at BMO Capital... EMC (EMC) initiated with a Buy at Jefferies... EPR Properties (EPR) initiated with a Buy at BofA/Merrill... HP (HPQ) initiated with a Hold at Jefferies... IBM (IBM) initiated with an Underperform at Jefferies... McDermott (MDR) initiated with an In-Line at Imperial Capital... NetApp (NTAP) initiated with a Hold at Jefferies... New Residential (NRZ) initiated with a Neutral at Piper Jaffray... Nimble Storage (NMBL) initiated with a Buy at Jefferies... Noodles & Company (NDLS) initiated with an Outperform at BMO Capital... PDC Energy (PDCE) initiated with an Overweight at Stephens... Panera Bread (PNRA) initiated with a Market Perform at BMO Capital... Pioneer Natural (PXD) initiated with an Outperform at Imperial Capital... Resource America (REXI) initiated with a Buy at MLV & Co.... Rex Energy (REXX) initiated with an Overweight at Stephens... Seagate (STX) initiated with a Buy at Jefferies... Silicon Motion (SIMO) initiated with a Buy at Brean Capital... Texas Roadhouse (TXRH) initiated with a Market Perform at BMO Capital... W.P. Carey (WPC) initiated with a Neutral at BofA/Merrill... Wayfair (W) initiated with a Buy at Janney Capital...Western Digital (WDC) initiated with a Buy at Jefferies... Yelp (YELP) initiated with a Buy at Sterne Agee.
09:38 EDTFLEXActive equity options trading on open
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07:27 EDTFLEXFlextronics is a top Sell idea for the quarter at Goldman
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October 9, 2014
16:59 EDTEMCJefferies initiates IT Hardware space, names Western Digital top pick
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16:26 EDTEMCEMC initiated with a Buy at Jefferies
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14:00 EDTAMDTiming of AMD CEO changes suggest another disappointing quarter, says Argus
After AMD announced last night that its CEO has stepped down, Argus notes that the change in the role is the fourth at the company since 2008 and that its suddenness suggests that its just ended quarter, which will be reported on in a week, will be disappointing. The firm believes executive turnover adds to the view that AMD’s business model is flawed or broken and Argus maintains its Hold rating on the stock.
13:39 EDTEMCCisco denies rumors that it will stop investing in VCE JV, The Register reports
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13:37 EDTEMCCisco may end further investment in VCE JV, CRN reports
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10:59 EDTIMArtisan Partners lowers passive stake in Ingram Micro to 1.2% from 6.5%
10:00 EDTAMDOn The Fly: Analyst Downgrade Summary
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09:20 EDTAMDOn The Fly: Pre-market Movers
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08:08 EDTAMDAMD downgraded at Wedbush
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07:11 EDTAMDAMD downgraded to Neutral from Outperform at Wedbush
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06:55 EDTEMCAnalyst says PC company likely to get much of HP debt, Re/code reports
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October 8, 2014
18:31 EDTAMDOn The Fly: After Hours Movers
UP AFTER EARNINGS: Ruby Tuesday (RT), up 19.6%... Exar (EXAR), up 13.7% after reporting second quarter revenue guidance... Alcoa (AA), up 2.2%. ALSO HIGHER: Nuance (NUAN), up 2.5% following rumors that Carl Icahn will recommend that Apple (AAPL) buy the company... GrubHub (GRUB), up just under 1% after being initiated with a Buy at CRT Capital. DOWN AFTER EARNINGS: Kofax (KFX), down 20.1% after reporting first quarter revenue and fiscal 2015 revenue guidance below analyst estimates... ARC Group (ARCW), down 17%... E2open (EOPN), down 8.9%. ALSO LOWER: Gap (GPS), down 7.6% following September same store sales data and CEO transition... AMD (AMD), down 7% after announcing CEO transition.
18:21 EDTAMDAMD down 6.7% in after hours trading following departure of Rory Read as CEO
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16:17 EDTAMDAMD appoints Dr. Lisa Su as CEO
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14:46 EDTEMCEMC comments on letter issued by Elliott Management
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11:42 EDTMUStocks with call strike movement; AA MU
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11:04 EDTEMCEMC advances after activist letter, report on HP merger talks
Shares of EMC (EMC) are rising slightly in a down market after activist investor Elliott Management disclosed that it wrote in a letter to the company's board that it had heard of "acquisition interest in EMC's assets on the part of several large companies." The firm called on EMC to pursue M&A opportunities and spin off its VMware (VMW) subsidiary. WHAT'S NEW: Since July, several large companies have expressed "acquisition interest" in EMC's assets, Eliiott wrote. Acquisitions of EMC's assets by these companies would be logical from a strategic perspective, the firm added. The parties that have expressed interest could afford to buy all of EMC or a number of its assets, according to Elliott. EMC should look to spin off VMware because owning VMware is holding down the value of EMC's stock and damaging its relationship with its customers, the investor stated. VMware is hurting EMC by competing with EMC's customers, Elliott explained. Elliott Management noted that is affiliates collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC. WHAT'S NOTABLE: HP (HPQ) and EMC are still conducting due diligence on a potential merger, CNBC's David Faber reported this morning, citing sources. A deal is unlikely, but still possible, and would include a buy-in of VMware, Faber added. PRICE ACTION: In mid-morning trading, EMC rose 0.3% to $28.20, VMware slid 0.9% to $90.59 and HP dropped 1.2% to $34.80.
10:00 EDTMUOn The Fly: Analyst Initiation Summary
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09:53 EDTEMCHP, EMC still doing due diligence on potential deal, CNBC reports
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09:49 EDTEMCHP, EMC merger unlikely but still possible, CNBC's Faber says
09:48 EDTEMCHP, EMC still doing work on potential deal, CNBC reports
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08:55 EDTEMCEMC rises after VMware separation urged by Elliott Management
Shares of EMC Corp. (EMC) are higher in pre-market trading after investor Elliott Management, affiliates of which collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC, sent a letter to the company's board detailing the firm's recommendations, including a separation of VMware (VMW) from Core EMC. Shares of EMC are up about 1% to $28.39 following Elliott's public disclosure of its letter to the company's board.
08:54 EDTEMCElliott Management urges separation of VMware from EMC
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08:31 EDTEMCElliott Management sends letter to EMC board
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07:43 EDTMUMicron initiated with a Neutral at Ladenburg
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05:58 EDTAMDStocks with implied volatility above IV index mean; AVP AMD
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October 7, 2014
10:02 EDTCTXSOn The Fly: Analyst Downgrade Summary
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08:09 EDTEMCHP undisclosed info seen pointing to life in EMC talks, Bloomberg reports
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07:43 EDTCTXSCitrix downgraded to Neutral from Buy at Nomura
Nomura downgraded Citrix to Neutral due to valuation and expects in-line results and guidance. Price target is $70.
07:03 EDTEMCEMC valuation of $39 per share achievable, says RBC Capital
RBC Capital valued each of EMC's business lines separately following recent spin-offs in the tech space and concluded that fair valuation of $39 per share is achievable. RBC believes shares are positioned to break out of a long held trading range and that now is an appropriate time for the company to look at strategic alternatives with CEO Joe Tucci retiring in February 2015. The firm has an Outperform rating on EMC with a $33 price target.
06:18 EDTAMDAMD to release next-generation notebook APUs, DigiTimes reports
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