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Stock Market & Financial Investment News

News Breaks
July 17, 2014
12:15 EDTNTAP, HILL, FIO, EMC, SNDKSanDisk plummets after Q3 revenue outlook disappoints
Shares of flash memory manufacturer SanDisk (SNDK) are sinking after the company’s third quarter revenue outlook trailed analysts’ consensus estimates. WHAT'S NEW: Last night, SanDisk reported second quarter adjusted EPS of $1.41 and revenue of $1.63B, beating estimates of $1.39 and $1.6B, respectively. The company said Q2 adjusted gross margin came in at 48%. President and Chief Executive Officer Sanjay Mehrotra commented that SSD solutions comprised 29% of Q2 revenue, compared to 16% in the year ago quarter, "demonstrating strong progress in driving our strategic priorities." Mehrotra said the Q2 results positions the company to deliver a record year in 2014. WHAT’S NOTABLE: SanDisk forecast Q3 revenue of $1.675B-$1.725B, below consensus estimates of $1.74B. The comapny also guided Q3 adjusted gross margin at 47%-49%. On the company's earnings conference call, management said it expects the second half of 2014 to be "somewhat supply constrained." The company expects the Fusion-io (FIO) deal to close in Q3, and sees it being accretive to earnings in the second half of fiscal 2015, though initial synergies will be "modest." SanDisk sees fiscal year 2014 cash capital expenditures of approximately $600M and is still targeting returning 100% of free cash flow to shareholders. ANALYST REACTION: This morning, analyst commentary was mostly positive. Research firm Piper Jaffray said SanDisk’s post-earnings pull back represents a buying opportunity. The firm, which reiterated an Overweight rating with a $110 price target, believes favorable trends for 2015 remain intact. BofA/Merrill reiterated its Buy rating and $125 price target on the shares. Conversely, Summit Research said it believes SanDisk's valuation is stretched and priced to perfection. The firm believes margins have peaked and 3D NAND issues remain a concern. PRICE ACTION: In early afternoon trading, SanDisk fell $13.72 or about 12.64%, to $94.20 on nearly four times its average daily trading volume. Despite today’s pull back, the stock has gained approximately 59% over the past twelve months, and 34% year to date. OTHERS TO WATCH: Other companies that produce memory include NetApp (NTAP), EMC (EMC) and Dot Hill Systems (HILL).
News For SNDK;FIO;NTAP;EMC;HILL From The Last 14 Days
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January 27, 2016
07:06 EDTEMCEMC CEO says progress on closing Dell transaction on track
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07:05 EDTEMCEMC reports Q4 EPS 65c, consensus 65c
Reports Q4 revenue $7B, consensus $7.12B. EMC generated $1.9B in operating cash flow and $1.5B in free cash flow in the fourth quarter, and ended the quarter with $14.8B in cash and investments.
06:41 EDTSNDKSeagate initiated with a Sell at Citi
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06:38 EDTSNDKWestern Digital initiated with a Buy at Citi
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06:37 EDTSNDKSanDisk initiated with a Buy at Citi
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January 26, 2016
16:25 EDTEMCEMC names Denis Cashman CFO
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16:24 EDTEMCVMware appoints Zane Rowe as CFO
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15:59 EDTSNDKUnisplendour has financing for Western Digital-SanDisk deal, dealReporter says
15:20 EDTEMCEarnings Watch: EMC reports as questions linger on Dell deal
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14:32 EDTEMCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
13:41 EDTEMCEMC volatility elevated into Q4 and outlook
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11:42 EDTSNDKOptions with increasing call volume; TEX MTW MTG SEE KBH SNDK WDC VALE VIAB PII
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10:52 EDTSNDKStocks with call strike movement; SNDK FB
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10:32 EDTSNDKOptions with increasing implied volatility: CLDX SNDK GMCR RAD
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09:30 EDTSNDKWestern Digital, SanDisk deal should go through, Summit Research says
Summit Research analyst Srini Sundararajan said he thinks that the Unisplendour investment in Western Digital (WDC) is more than likely to be stalled, if not blocked, given the current political climate, but he also believes Western Digital planned for this contingency and that its deal with SanDisk (SNDK) should still go through. Additionally, Sundararajan said he believes CFIUS stepping in to block Philips' (PHG) sale of its Lumileds LED and automotive lighting unit to GO Scale Capital is a positive development for Cree (CREE), which should be pleased that a "flood the market" Chinese competitor has not been given the green light.
06:00 EDTEMCEU to decide on Dell, EMC deal by February 29, Reuters reports
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January 25, 2016
10:27 EDTSNDKOptions with increasing implied volatility: CLDX INSY SNDK
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10:00 EDTSNDKOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Eagle (AEO) downgraded to Hold from Buy at BB&T... American Express (AXP) downgraded on weak revenue outlook at Argus... Bristol-Myers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Caterpillar (CAT) downgraded to Sell from Neutral at Goldman... Crestwood Equity (CEQP) downgraded to Neutral on potential distribution cut at Baird... Cummins (CMI) downgraded to Neutral from Buy at Citi... Federal Realty (FRT) downgraded to Hold from Buy at Evercore ISI... GKN PLC (GKNLY) downgraded to Neutral from Outperform at Credit Suisse... Galapagos NV (GLPG) downgraded to Neutral from Buy at GoldmanvHortonworks (HDP) downgraded to Perform from Outperform at Oppenheimer... International Flavors (IFF) downgraded on headwinds at Stifel... International Paper (IP) downgraded to Neutral from Buy at Citi... JPMorgan (JPM) downgraded to Neutral from Buy at Nomura... KapStone (KS) downgraded to Underperform from Neutral at Macquarie... Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Equal Weight from Overweight at Stephens... ONEOK Partners (OKS) downgraded to Neutral at Baird... OvaScience (OVAS) downgraded to Perform from Outperform at Oppenheimer... Packaging Corp. (PKG) downgraded to Neutral from Buy at Citi... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... Power Solutions (PSIX) downgraded to Neutral from Overweight at Piper Jaffray... Raymond James (RJF) downgraded to Neutral from Buy at Nomura... Regeneron (REGN) downgraded to Sell from Neutral at Chardan... SanDisk (SNDK) downgraded to Underperform from Outperform at CLSA... Toll Brothers (TOL) downgraded to Market Perform from Outperform at JMP Securities... Twitter (TWTR) downgraded to Hold from Buy at Stifel... WPX Energy (WPX) downgraded to Sector Perform from Outperform at Iberia... WestRock (WRK) downgraded to Neutral from Buy at BofA/Merrill... Whole Foods (WFM) downgraded to Underperform from Market Perform at BMO Capital... Zurich Insurance (ZURVY) downgraded to Neutral from Outperform at Exane BNP Paribas.
07:37 EDTSNDK, SNDKSanDisk downgraded to Underperform from Outperform at CLSA
CLSA analyst Mark Heller downgraded SanDisk (SNDK) to Underperform due to weakening NAND fundamentals and higher deal risk. The analyst does not believe Western Digical (WD) can walk away from the deal due to weakening fundamentals, but is more cautious on Unisplenour's investment in Western Digital and the share pullback. Heller said Western Digital's shareholders would decide on SandDisk if Unisplendour were to step away. Heller lowered his price target to $70 from $86 on SanDisk shares.
07:10 EDTSNDKWestern Digital pricing in 'extreme bear case,' says Jefferies
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