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April 4, 2014
10:25 EDTSNX, TECD, IMSYNNEX soars to 52-week high after results, guidance top estimates
Shares of business process services company SYNNEX (SNX) are rallying after the company’s first quarter results and second quarter outlook topped analysts’ consensus estimates. WHAT'S NEW: Last night, SYNNEX reported Q1 adjusted earnings per share of $1.25 and revenue of $3.03B, against consensus views of 94c and $2.77B, respectively. The company forecast Q2 adjusted EPS of $1.34-$1.38, easily surpassing the consensus of $1.14. Q2 revenue was seen at $3.1B-$3.2B, compared to the consensus of $3.01B. “We believe the strength we have recently experienced in IT demand will continue in our second quarter,” stated Kevin Murai, President and CEO of SYNNEX. “We are on track with our integration of the combined Concentrix business and expect to close the IBM customer care acquisition in the remaining countries in the coming months.” ANALYST REACTION: This morning, research firm Brean Capital raised its price target on SYNNEX to $85 from $72 following the company’s results and guidance. The firm cited solid demand in the core distribution business complemented by impressive growth in the Concentrix business. Shares were Buy rated. PRICE ACTION: In morning trading, SYNNEX soared $14.36, or about 23%, to $76.78 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week high of $77.98. Including today’s advance, the stock has gained approximately 117% over the past twelve months. OTHERS TO WATCH: Others in the business process services industry include Ingram Micro (IM) and Tech Data (TECD).
News For SNX;IM;TECD From The Last 14 Days
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September 28, 2015
19:11 EDTSNXOn The Fly: After Hours Movers
HIGHER: Yahoo (YHOO), up 3.3% after the board authorized Yahoo to continue to pursue the Aabaco spin-off plan... Cheniere Energy (LNG), up 0.67% after Carl Icahn raised his stake in the company to 11.43%... Republic Airways (RJET), up 7.4% after the company was upgraded to Buy from Hold at Deutsche Bank... Exelon (EXC) and Pepco (POM), higher by 1% and 2.4%, respectively, after the DC Mayor's office released a statement confirming discussions of a settlement agreement with the companies. LOWER AFTER EARNINGS: SYNNEX (SNX), down 2.7% after the company reported Q3 results, gave Q4 guidance, and raised its quarterly dividend. ALSO LOWER: Zosano (ZSAN), down 52.5% after it discontinued development of its Daily ZP-PTH treatment for severe osteoporosis and terminated a collaboration agreement with Eli Lilly (LLY)... OvaScience (OVAS), down 15.9% after the company announced it doesn't expect to meet its previous 2015 goal of 1,000 Augment treatment cycles.
16:29 EDTSNXSYNNEX raises quarterly dividend to 20c from 12c per share
The dividend will be payable on October 30 to stockholders of record as of the close of business on October 16.
16:27 EDTSNXSYNNEX sees Q4 adjusted EPS $1.74-$1.79, consensus $1.78
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16:26 EDTSNXSYNNEX reports Q3 adjusted EPS $1.47, consensus $1.43
Reports Q3 revenue $3.33B, consensus $3.38B.
15:00 EDTSNXNotable companies reporting after market close
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September 25, 2015
07:08 EDTSNXSYNNEX price target raised to $97 from $90 at Brean Capital
Brean Capital raised its price target on SYNNEX to $97 from $90 to reflect its best in breed status. The firm cited expectations for both a revenue and OM benefit in Q2, its demand opportunity for products and its ability to continue with beat and raise quarters. Brean Capital reiterated its Buy rating on SYNNEX shares.
September 22, 2015
05:14 EDTIMIngram Micro to participate in Microsoft Cloud Solution program in India
Ingram Micro (IM) announced its participation in the Microsoft (MSFT) Cloud Solution Provider program in India. The program is designed to strengthen customer relationships and expand cloud sales by allowing channel partners to provision, bundle, invoice, manage and support Microsoft cloud offerings including Microsoft Office 365, Windows Intune, Enterprise Mobility Suite, Azure, and CRM online subscriptions with greater ease and efficiency.

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