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Stock Market & Financial Investment News

News Breaks
June 9, 2014
07:19 EDTN, FEYE, EQIX, SPLK, INFAFBN Securities to hold a bus tour
6th Semi-Annual Silicon Valley Technology Bus Tour travels throughout Silicon Valley, California on June 9-11.
News For SPLK;FEYE;INFA;EQIX;N From The Last 14 Days
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April 7, 2015
16:18 EDTINFAOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory, extending their gains from yesterday. The economic calendar was relatively quiet and the volume was light as investors moved to the sidelines ahead of the start of the first quarter earnings season, which kicks off tomorrow after the close with Alcoa's (AA) report. A late day slide saw the major averages give up their gains, leaving the Dow, Nasdaq and S&P 500 a bit below where they had started the day. ECONOMIC EVENTS: In the U.S., the JOLTs report showed job openings rose 168K to 5.13M in February, topping the consensus forecast for about 5M opening. Consumer credit climbed $15.5B in February, versus the expectation for consumers to have added $12.5B in new credit. In Europe, Markit's composite PMI for the eurozone came in at 54.0, which was down slightly from the flash reading of 54.1 but up from 53.3 in February and matched the prior peak seen in April of last year. Elsewhere globally, the central banks of Australia and India left their respective key interest rates unchanged, as expected. COMPANY NEWS: Shares of FedEx (FDX) advanced $4.49, or 2.69%, to $171.16 after the shipper announced a conditional deal to acquire TNT Express (TNTEY) for EUR 8.00 per share in a transaction valuing the Netherlands-based express delivery company at an implied equity value of about $4.8B. The company hopes it is more successful in its acquisition attempt than rival UPS (UPS), which had agreed a number of years ago to buy TNT for EUR 9.50 per share. UPS pulled out of its planned purchase after its proposed deal for TNT was blocked by regulators. MAJOR MOVERS: Among the notable gainers was Axalta Coating Systems (AXTA), which gained $2.78, or 9.81%, to $31.11 after an affiliate of Warren Buffett's Berkshire Hathaway (BRK.A) agreed to buy 20M of Axalta’s common shares for an aggregate purchase price of $560M, or $28.00 per share, from The Carlyle Group (CG). Also higher was Informatica (INFA), which advanced $1.96, or 4.28%, to $47.79 after agreeing to be acquired by the Permira funds and Canada Pension Plan Investment Board for approximately $5.3B, or $48.75 in cash per share. The official announcement follows recent stories from Reuters that the company was working on a deal with a private equity buyer. Among the noteworthy losers was Ocular Therapeutix (OCUL), which dropped $7.25, or 18.93%, to $31.05 after reporting that the company’s second of two Phase 3 clinical trials evaluating the safety and efficacy of its lead product candidate, OTX-DP, met only one of the study’s two primary efficacy endpoints. Also lower were shares of Woodward (WWD), which fell $3.06, or 5.95%, to $48.36 after Jefferies downgraded the stock to Hold from Buy and set a $52 price target on the shares, saying FY15 is another transition year for the company. INDEXES: The Dow slipped 5.43, or 0.03%, to 17,875.42, the Nasdaq lost 7.08, or 0.14%, to 4,910.23, and the S&P 500 declined 4.29, or 0.21%, to 2,076.33.
12:58 EDTINFAOn The Fly: Midday Wrap
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10:47 EDTINFACitrix could be targeted after Informatica deal, says Stifel
Stifel views Citrix (CTXS) as an "interesting name" for the rest of the year and thinks activist investors could get involved if the company's turnaround does not progress quickly enough. The firm calculates that, using a similar take out multiple to what is being paid for peer Informatica (INFA), equates to a $110 price for Citrix. The firm also believes Teradata (TDC) could be viewed as a potential takeout candidate after the deal for Informatica, noting that a takeout premium in line with Informatica’s would yield a price of about $55 per share for Teradata. Stifel has a Buy rating on Citrix and Hold rating on Teradata.
10:43 EDTSPLK, INFAInformatica rises after agreeing to be taken private for $48.75 per share
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10:39 EDTINFAInformatica downgraded to Hold from Buy at Stifel
Stifel downgraded Informatica to Hold after the company agreed to be acquired by Permira Funds and CPPIB for $48.75 per share, or about $5.3B. The firm said it believes a higher bid for Informatica is possible, but likely would not be higher by much if one is made.
10:05 EDTSPLKOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Carnival (CCL) upgraded to Outperform from Market Perform at Wells Fargo... Crown Castle (CCI) upgraded to Buy from Hold at Evercore ISI... Ctrip.com (CTRP) upgraded to Overweight from Neutral at Piper Jaffray... Demandware (DWRE) upgraded to Conviction Buy from Buy at Goldman... FirstEnergy (FE) upgraded at BofA/Merrill... Frontier Communications (FTR) upgraded to Neutral from Underperform at DA Davidson... JPMorgan (JPM) upgraded to Outperform from Market Perform at Bernstein... Pattern Energy (PEGI) upgraded to Outperform from Market Perform at Raymond James... Ralph Lauren (RL) upgraded to Buy from Outperform at CLSA... ResMed (RMD) upgraded to Outperform from Neutral at Credit Suisse... Ryanair (RYAAY) upgraded to Overweight from Neutral at JPMorgan... Splunk (SPLK) upgraded to Overweight from Neutral at Piper Jaffray... Total (TOT) upgraded at RBC Capital... Verifone (PAY) upgraded to Buy from Hold at Stifel... XL Group (XL) upgraded to Buy from Neutral at UBS.
09:23 EDTINFAOn The Fly: Pre-market Movers
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08:01 EDTINFAInformatica to resume trade at 8:20 am EDT after deal to be acquired
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08:00 EDTINFAInformatica volatility elevated into being acquired by Permira Funds for $5.3B
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07:55 EDTINFAInformatica to be acquired by Permira Funds, CPPIB for $48.75 per share
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07:53 EDTINFAInformatica to be acquired by Permira Funds, CPPIB for $48.75 per share
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07:53 EDTINFAInformatica to be taken private for about $5.3B, or $48.75 per share
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07:30 EDTINFAInformatica trading halted, pending news
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06:40 EDTSPLKSplunk upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Katherine Egbert upgraded Splunk (SPLK) to Overweight saying the stock's valuation is more reasonable following the 13% sell-off since the company's Q4 earnings report. Egbert views Splunk's new distribution agreement with Arrow Electronics (ARW) as a sign of improving demand and she sees the potential for upsell of enterprise-wide license agreements. Shares of the provider of big data products closed yesterday up 95c to $60.18 after analysts at Stephens upgraded the stock Monday morning.
April 6, 2015
13:32 EDTINFAInformatica got takeover offers from two private equity groups, Reuters says
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13:26 EDTINFAInformatica receives offers from two private equity consortia, Reuters reports
Sources say a deal could value Informatica at $5B-$6B, Reuters reports.
11:30 EDTFEYEOptions with increasing implied volatility
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10:33 EDTSPLKFollow-up: Splunk upgraded at Stephens
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10:02 EDTSPLKOn The Fly: Analyst Upgrade Summary
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07:15 EDTSPLKSplunk upgraded to Overweight from Equal Weight at Stephens
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