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Stock Market & Financial Investment News

News Breaks
February 4, 2014
08:36 EDTSNXSYNNEX division Hyve Solutions partners with DataDirect Networks
DataDirect Networks is joining forces with Hyve Solutions, a division of SYNNEX and a leader in purpose-built server and storage solutions, to help Web 2.0 enterprises and service providers simplify and accelerate large scale cloud storage deployments, reliably and cost effectively. Webscale organizations are seeking an integrated, secure and proven alternative to traditional and home-grown storage solutions that will give them the ability to scale data-intensive applications to cloud proportions.
News For SNX From The Last 14 Days
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April 4, 2014
16:30 EDTSNXOn The Fly: Closing Wrap
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12:09 EDTSNXOn The Fly: Midday Wrap
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10:25 EDTSNXSYNNEX 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).
09:13 EDTSNXOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
09:00 EDTSNXIngram Micro price target raised to $40 from $31 at Brean Capital
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09:00 EDTSNXSYNNEX rises 18.6%
SYNNEX is up 18.6%, or $11.58, to $74.00
07:34 EDTSNXSYNNEX price target raised to $85 from $72 at Brean Capital
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April 3, 2014
18:56 EDTSNXOn The Fly: After Hours Movers
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16:08 EDTSNXSYNNEX sees Q2 adjusted EPS $1.34-$1.38, consensus $1.14
Sees Q2 revenue $3.1B-$3.2B, consensus $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 Corporation. “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.”
16:06 EDTSNXSYNNEX reports Q1 adjusted EPS $1.25, consensus 94c
Reports Q1 revenue $3.03B, consensus $2.77B.

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