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Stock Market & Financial Investment News

News Breaks
April 4, 2014
10:25 EDTSNX, IM, TECDSYNNEX 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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July 23, 2014
10:22 EDTIMIngram Micro expands device-recovery operations at Indiana returns center
Ingram Micro division Ingram Micro Mobility is expanding device-recovery service operations at a key returns center in Plainfield, Ind. to support the increasing demand for mobility device repair, refurbishment and recycling. Anticipated growth at this facility alone is expected to reach 15% this month.
July 21, 2014
13:04 EDTIMIngram Micro says Robert Laikin extends contract, expands role
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July 16, 2014
10:00 EDTIM, TECDOn The Fly: Analyst Upgrade Summary
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07:02 EDTTECDTech Data upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill upgraded Tech Data to Neutral citing PC strength.
07:02 EDTIMIngram Micro upgraded to Buy from Neutral at BofA/Merrill
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July 14, 2014
08:34 EDTSNXPC market stability could be short-lived, Reuters says
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