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Stock Market & Financial Investment News

News Breaks
March 11, 2013
06:42 EDTSTXSeagate initiated with a Neutral at Longbow
News For STX From The Last 14 Days
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February 4, 2016
11:46 EDTSTXOptions with increasing put volume
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February 1, 2016
10:15 EDTSTXOptions with decreasing implied volatility
Options with decreasing implied volatility: INVN SWFT SNDK AMZN NOW COH VMW CTXS STX
10:00 EDTSTXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Air Products (APD) upgraded to Buy from Neutral at UBS... American Airlines (AAL) upgraded to Outperform from Market Perform at Cowen... Axiall (AXLL) upgraded to Overweight from Neutral at JPMorgan... BASF (BASFY) upgraded to Buy from Hold at Societe Generale... CNH Industrial (CNHI) upgraded to Neutral from Underperform at BofA/Merrill... CU Bancorp (CUNB) upgraded to Outperform from Market Perform at Fig Partners... CaixaBank (CAIXY) upgraded to Hold from Sell at Societe Generale... Chipotle (CMG) upgraded to Neutral from Underperform at BofA/Merrill... Concho Resources (CXO) upgraded to Buy from Neutral at SunTrust... Continental Building (CBPX) upgraded to Buy from Hold at BB&T... Eastman Chemical (EMN) upgraded to Buy from Outperform at CLSA... Extreme Networks (EXTR) upgraded to Buy from Hold at Needham... Glacier Bancorp (GBCI) upgraded to Outperform from Market Perform at Fig Partners... IBERIABANK (IBKC) upgraded to Strong Buy from Outperform at Raymond James... Infineon (IFNNY) upgraded to Buy from Neutral at UBS... Jarden (JAH) upgraded to Outperform from Market Perform at Raymond James... Joy Global (JOY) upgraded to Overweight from Equal Weight at Barclays... KT Corporation (KT) upgraded to Overweight from Neutral at JPMorgan... Kennametal (KMT) upgraded to Neutral from Underperform at BofA/Merrill... L-3 Communications (LLL) upgraded to Buy on valuation at BofA/Merrill... Maximus (MMS) upgraded to Outperform from Market Perform at Raymond James... Micron (MU) upgraded to Neutral from Sell at Goldman... Monster Beverage (MNST) upgraded to Outperform from Market Perform at Wells Fargo... Newell Rubbermaid (NWL) upgraded to Outperform from Market Perform at Raymond James... Northrop Grumman (NOC) upgraded to Buy from Neutral at BofA/Merrill... PTC (PTC) upgraded to Buy from Neutral at Sterne Agee CRT... Peoples Bancorp (PEBO) upgraded to Outperform from Neutral at Boenning & Scattergood... Praxair (PX) upgraded to Buy from Neutral at UBS... Proofpoint (PFPT) upgraded to Outperform from In-Line at Imperial Capital... Seagate (STX) upgraded to Hold from Sell at Benchmark... Siemens (SIEGY) upgraded to Buy from Neutral at Nomura... Superior Drilling (SDPI) upgraded to Buy from Hold at Wunderlich... Vertex (VRTX) upgraded to Buy from Hold at Jefferies... Werner (WERN) upgraded to Strong Buy from Outperform at Raymond James... ZAIS Financial (ZFC) upgraded to Overweight from Equal Weight at Barclays.
08:55 EDTSTXSeagate upgraded to Hold from Sell at Benchmark
Benchmark analyst Mark Miller upgraded Seagate Technology to Hold while cutting his price target for the shares to $32 from $35.
07:25 EDTSTXSeagate earnings potential makes shares attractive, says Brean Capital
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January 29, 2016
09:39 EDTSTXSeagate trades higher after earnings
The shares are up over 7.5% to $28.80 following earnings news. At that price next resistance is at $30.15, the session high. Support is at $28.42.
09:21 EDTSTXOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Gigamon (GIMO), up 17.7%... Fortinet (FTNT), up 10%... Flextronics (FLEX), up 10%... Skyworks (SWKS), up 5.7%... Seagate Technology (STX), up 4.9%.. Microsoft (MSFT), up 4.6%. ALSO HIGHER: Inovio Pharmaceuticals (INO), up 8.1% after CEO says Zika vaccine could enter human testing this year... J.C. Penney (JCP), up 2.1% after being upgraded to Neutral from Underperform at Credit Suisse... BRF S.A. (BRFS), up 3.1% after being upgraded to Buy from Hold at Deutsche Bank... Axiall (AXLL), up 83.4% after rejecting $20 per share acquisition proposal from Westlake Chemical (WLK)... Energous (WATT), up 12% after Bloomberg reported that Apple (AAPL) is working with partners in the U.S. and Asia to develop new wireless charging technology. DOWN AFTER EARNINGS: Amazon.com (AMZN), down 10.1%... Electronic Arts (EA), down 6.2%... AbbVie (ABBV), down 4%... American Airlines (AAL), down 1.3%. ALSO LOWER: Gilead Sciences (GILD), down 5.5% after CEO John Martin to assume role of executive chairman and COO John Milligan will be promoted to CEO.
09:14 EDTSTXSeagate says some cloud service providers in 'hold back mode'
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09:13 EDTSTXSeagate says taking 'aggressive' cost reduction actions
09:13 EDTSTXSeagate sees Q3 revenue approx $2.7B, consensus $2.85B
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08:01 EDTSTXSeagate reports Q2 EPS 82c ex-items, consensus 71c
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January 28, 2016
15:19 EDTSTXEarnings Watch: Hard drive makers report with analysts upbeat on SanDisk deal
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14:29 EDTSTXNotable companies reporting before tomorrow's open
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07:37 EDTSTXSeagate volatility elevated into Q4 and outlook
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January 27, 2016
15:10 EDTSTXEarnings Watch: Western Digital deal update focus of SanDisk report
SanDisk (SNDK) is expected to report fourth quarter earnings after the close on Wednesday, January 27. SanDisk will not hold a conference call to discuss its financial results in light of the pending acquisition by Western Digital (WDC). SanDisk manufactures data storage solutions, including removable and embedded Flash memory and solid-state drives. EXPECTATIONS: Analysts are looking for earnings per share of 89c on revenue of $1.44B. The consensus range is 83c-$1.00 for EPS on revenue of $1.4B-$1.47B, according to First Call. Along with its last earnings report, SanDisk guided to Q4 revenue of $1.4B-$1.475B and a non-GAAP gross margin 40%-43%. LAST QUARTER: On October 21, SanDisk reported third quarter earnings per share of $1.09 and revenue of $1.45B, compared to expectations of 80c and $1.4B, respectively. NEWS: Along with releasing its earnings report, SanDisk announced a definitive agreement under which Western Digital will acquire all of the outstanding shares of SanDisk for a combination of cash and stock that values SanDisk common stock at $86.50 per share, or a total equity value of approximately $19B. If the investment in Western Digital by Unisplendour Corporation closes prior to this acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of Western Digital common stock per share of SanDisk common stock; and if the Unisplendour transaction has not closed or has been terminated, $67.50 in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock. The companies said at the time that the transaction is expected to close in the third quarter of 2016. STREET RESEARCH: On December 28, Brean Capital analyst Ananda Baruah said the combined Western Digital-SanDisk company, post an expected merger close in September of this year, can generate FY17 earnings per share of $13-$15. He kept a $150 standalone Western Digital target price and believes that the combined company's shares should trade in a range of $154-$256 post close. On January 6, Pacific Crest analyst Monika Garg called Western Digital her best idea for 2016, stating that the company's pending acquisition of SanDisk "would create a formidable company" and bring significant earnings and cash flow generation. On January 25, CLSA analyst Mark Heller downgraded SanDisk to Underperform due to weakening NAND fundamentals and higher deal risk. The analyst does not believe Western Digital can walk away from the deal due to weakening fundamentals, but is more cautious on Unisplenour's investment in Western Digital. Heller lowered his price target to $70 from $86 on SanDisk shares. The same day, Jefferies analyst James Kisner lowered his estimates for Western Digital and Seagate (STX), citing the weak results and guidance from Nidec and a more conservative approach following the recent selloff in the shares. Western Digital's current valuation fully prices in an "extreme bear case" for the combined Western Digital and SanDisk, Kisner told investors in his research note. The analyst cut his price target for Western Digital to $82 from $95 but kept a Buy rating on the stock. Noting that the Committee on Foreign Investment in the United States would not grant regulatory clearance for Philips (PHG) to sell an 80.1% interest in Lumileds to China's GO Scale Capital, Summit Research analyst Srini Sundararajan said on January 26 that he thinks that the Unisplendour investment in Western Digital is more than likely to be stalled, if not blocked, given the current political climate. However, he also believes Western Digital planned for this contingency and that its deal with SanDisk should still go through. This morning, Citi analyst Stanley Kovler initiated coverage of Western Digital with a Buy rating, as the firm is relatively bullish on the company's acquisition of SanDisk. Conversely, Citi started coverage of Seagate (STX) with a Sell rating, saying that actions it has taken to cope with the decline of the sector "may only help so much." Kovler set an $82 price target on SanDisk, a $53 price target on Western Digital and a $23 price target on Seagate. PRICE ACTION: In afternoon trading, SanDisk rose 0.75% to $64.57 per share. Since October 21, shares of SanDisk have declined about 14%. Since that same day, Western Digital shares are down over 41%.
11:13 EDTSTXCiti mixed on hard disk drive makers, says sell Seagate, buy Western Digital
Citi initiated coverage of hard disk drive, or HDD, maker Western Digital (WDC) with a Buy rating, as the firm is relatively bullish on the company's acquisition of flash memory developer SanDisk (SNDK). Conversely, Citi started coverage of the other major hard disk drive maker, Seagate (STX), with a Sell rating, saying that actions it has taken to cope with the decline of the sector "may only help so much." Stating that the sector has begun a decline that should last for quite some time, the firm believes that Western Digital's actions to cope with this situation are more effective than those taken by its competitor. WHAT'S NEW: Western Digital's pending acquisition of SanDisk makes the company more stable, and will raise its margins and profits, according to Citi analyst Stanley Kovler. The deal will increase Western Digital's earnings per share by a greater amount than if the company had continued its shares buybacks, the analyst added. Conversely, Seagate is trying to lower its costs and improve its products and execution, Kovler noted. The company also entered the solid state drive market, he stated. Given Seagate's limited exposure to markets other than HDD and the "malaise" in that market, the company may seek to make a "potentially transformative" acquisition, the analyst stated. But in light of its "limited financial flexibility," such a deal could limit its ability to return cash to shareholders, Kovler warned. Moreover, any acquisition made by the company may not be large enough to "fully transform" Seagate, according to Kovler, who set a $53 price target on Western Digital and a $23 price target on Seagate. PRICE ACTION: In late morning trading, Western Digital fell 1% to $44.83 and Seagate lost 1.6% to $27.29.
06:41 EDTSTXSeagate initiated with a Sell at Citi
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January 25, 2016
07:10 EDTSTXWestern Digital pricing in 'extreme bear case,' says Jefferies
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05:21 EDTSTXStocks with implied volatility movement; STX SDRL
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