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Stock Market & Financial Investment News

News Breaks
March 7, 2014
16:34 EDTFL, BIG, PRGS, JNPR, SWY, FEYE, PANWOn The Fly: Closing Wrap
Stocks on Wall Street were mixed following a U.S. employment report for February that came in better than expected. Despite the economy adding more jobs that expected for February, the unemployment rate edged up to 6.7% from January's 6.6%. Despite continued unrest in Ukraine and mixed economic data, the averages closed the first week of the month with gains. ECONOMIC EVENTS: In the U.S., 175K non-farm jobs were added last month, beating the expected increase of 150K jobs, while the unemployment rate edged up to 6.7% from last month’s 6.6% rate. The trade balance report for January showed a deficit of $39.1B, versus the expected $38.5B deficit. January consumer credit was reported to rise $13.7B, slightly below expectations for growth of $14B. COMPANY NEWS: Grocery store owner Safeway (SWY) agreed to be acquired by Albertsons, owned by private equity firm Cerberus, for a total value estimated at $40 per Safeway share. Safeway shareholders will receive $32.50 per share in cash, will have the right to receive pro-rata distributions of proceeds from primarily non-core assets with an estimated value of $3.65 per share, and Safeway's shares of Blackhawk (HAWK), with a current value of $3.95 per Safeway share, will still be distributed. The deal, which had been roundly telegraphed in recent media reports, received a mixed reaction, with analysts at Deutsche Bank saying it views the offer as too low. Shares of Safeway closed the session down 87c, or 2.2%, to $38.60... Closeout retailer Big Lots (BIG) gained $6.72, or 22.97%, to $35.97 after the company reported fourth results, said the wind-down of its Canadian operations is on schedule, and approved a $125M share repurchase program. MAJOR MOVERS: Among the notable gainers was Palo Alto Networks (PANW), up $7.67, or 11.04%, to $77.12 after a judge declared a mistrial in the company's ongoing patent infringement lawsuit with Juniper Networks (JNPR). Shares of Juniper finished the session little changed. Also higher was Foot Locker (FL), up $3.76, or 8.80%, to $46.49 after the athletic shoe and apparel retailer reported earnings and sales that beat estimates and said its first quarter same-store sales are up low-double digits so far. Among the noteworthy losers was FireEye (FEYE), down $8.51, or 9.50%, to $81.04 after the internet security provider launched a 14M share offering of common stock, which was priced at $82.00 per share. Also lower was Progress Software (PRGS), down $2.87, or 11.31%, to $22.51 after cutting its first quarter profit and sales outlook last night. INDEXES: The Dow was up 30.83, or 0.19%, to 16,452.72, the S&P 500 was up 1.01, or 0.05%, to 1,878.04, the Nasdaq was down 15.90, or 0.37%, to 4,336.22.
News For SWY;BIG;PANW;JNPR;FL;FEYE;PRGS From The Last 14 Days
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February 26, 2015
09:04 EDTJNPRJuniper, Canonical form partnership for OpenStack-based cloud solutions
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07:48 EDTPANWPalo Alto price target raised to $150 from $130 at Oppenheimer
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February 24, 2015
16:20 EDTJNPRVMware appoints Bask Iyer as Chief Information Officer
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15:46 EDTJNPRJuniper CIO leaving company for same role at VMware, Business Insider says
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15:28 EDTJNPRJuniper to hold an analyst and investor update
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10:28 EDTFEYE, PANWAnalyst sees 'massive' IT security upgrade cycle still in early innings
A number of trends are spurring businesses and the government to spend aggressively on cyber security offerings, benefiting companies in the IT security sector, wrote research firm FBR Capital in a note to investors today. In conjunction, the firm raised its price target on a number of stocks in the sector. WHAT'S NEW: After conducting checks, FBR Capital analyst Daniel Ives believes that spending on advanced cyber security products has increased this quarter. The ongoing series of well-publicized cyber attacks on large companies is causing businesses to become more concerned about protecting themselves from this threat, according to Ive, who believes that advanced IT security products have "massive," once in a multi-decade growth potential. Data points indicate that enterprises are looking to buy more advanced firewall/cloud security solutions, while the sizes of purchases by customers in the space have increased. Meanwhile, given the high priority that the Obama administration has placed on cyber security, the federal government's spending on IT security is likely to rise in the coming quarters and years, Ives wrote. Forecasting a 20% increase in overall cyber security spending this year, the analyst believes that the following companies should benefit disproportionately from the positive trends, since they have "the right products at the right time:" Palo Alto (PANW), FireEye (FEYE), Proofpoint (PFPT), Check Point (CHKP), and Fortinet (FTNT). The analyst raised his price target on Fortinet to $39 from $36, on Palo Alto to $160 from $121, on Proofpoint to $67 from $60, and on Check Point to $93 from $85. He kept Outperform ratings on all the stocks named. WHAT'S NOTABLE: In its own note to investors, RBC Capital said it expects Palo Alto to report stronger than expected Q2 results, driven by "impressive" revenue and margin improvements. The firm raised its price target on the shares to $150 from $145 and kept an Outperform rating on the stock. PRICE ACTION:In early trading, Palo Alto added 0.2% to $138.41, FireEye advanced 1.2% to $43.87, Proofpoint lost slipped fractionally to $56.55, Check Point rose 0.5% at $82.77, and Fortinet gained 1.3% to $33.76.
09:02 EDTJNPRJuniper adds 2 directors to board, announces agreement with Elliott
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08:32 EDTPANW, FEYEFBR checks show strong cybersecurity deal momentum
FBR Capital raised its price targets in the next-generation cybersecurity space after its channel checks showed strong deal momentum so far in the March quarter. The firm believes the "massive upgrade cycle" for next-generation cybersecurity remains in the early days. It raised its price target for Fortinet (FTNT) to $39 from $36, for Palo Alto (PANW) to $160 from $121, for FireEye (FEYE) to $53 from $45, for Proofpoint (PFPT) to $67 from $60 and for Check Point (CHKP) to $93 from $85.
07:41 EDTPANWPalo Alto volatility elevated into Q2 and outlook
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07:18 EDTPANWPalo Alto results likely to beat expectations, says RBC Capital
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07:14 EDTJNPRCantor to hold a conference
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February 23, 2015
10:51 EDTFEYEStocks with call strike movement; FEYE AAL
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10:32 EDTFEYEFireEye falls, levels to watch
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10:15 EDTFEYE, PANWCyberArk sinks after JPMorgan analyst cuts rating to sell
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08:27 EDTPANWPalo Alto price target raised to $150 from $130 at Pacific Crest
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05:52 EDTPANWCyberArk downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded Cyberark Software (CYBR) to Underweight, its sell-equivalent, saying "a lot needs to go right" to justify the current valuation. JPMorgan keeps a $42 price target for the stock, well below Friday's closing price of $70.35. It points out that CyberArk's valuation is in-line with Palo Alto Networks (PANW), despite the latter company's total addressable market being roughly five times larger in its estimation. Cyberark is an Israel-based security company offering protections against cyber attacks.
February 20, 2015
09:08 EDTFEYEFireEye price target raised to $50 from $44 at UBS
UBS raised its price target on FireEye to $50 from $44 following meetings with management. The firm cited improved business trends, new partnerships and higher state and local government spending. UBS reiterated its Buy rating on FireEye shares.
February 18, 2015
16:41 EDTFLFoot Locker approves $220M capital expenditure program for 2015
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16:39 EDTFLFoot Locker raises dividend 14% to 25c, approves $1B share buyback
Foot Locker announced that its board authorized capital allocation initiatives that "simultaneously provide meaningful returns to shareholders and maintain a significant investment in its business operations." The board declared a quarterly cash dividend on the company's common stock of 25c per share, which will be payable on May 1 to shareholders of record on April 17. This dividend declaration represents a 14% increase over the company's previous quarterly per-share amount. The board also approved a new 3-year, $1B common share repurchase program extending through January 2018, replacing the company's previous $600M program. The company spent $305M under the previous program in 2014, and as of yesterday had substantially completed the full program amount, Foot Locker said.
February 17, 2015
07:50 EDTFEYEFireEye price target raised to $49 from $44 at BofA/Merrill
BofA/Merrill raised Buy rated FireEye's price target to $49 to reflect expected improvements in cash flow as investment in international infrastructure and M&A slows. The firm continues to view FireEye as a top pick given technological advantages, upside to billings and revenue growth, execution abilities, and strong sector trends.
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