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Stock Market & Financial Investment News

News Breaks
October 24, 2012
15:15 EDTSRCL, RRC, LSI, CLF, AIZ, AKAM, OI, EFX, CTXS, AMP, TER, ORLY, CCI, AVB, WYNN, SYMC, FFIVCompanies reporting After the Market Close on Wednesday, October 24th
Notable companies reporting after the bell include Akamai (AKAM), Ameriprise (AMP), Assurant (AIZ), AvalonBay (AVB), Citrix Systems (CTXS),Cliffs Natural (CLF), Crown Castle (CCI), Equifax (EFX), F5 Networks (FFIV), LSI Corp. (LSI), O'Reilly Automotive (ORLY), Owens-Illinois (OI), Range Resources (RRC), Stericycle (SRCL), Symantec (SYMC), Teradyne (TER), Wynn Resorts (WYNN)
News For SYMC;WYNN;FFIV;AMP;AIZ;AVB;CTXS;CLF;CCI;EFX;LSI;ORLY;OI;RRC;TER;AKAM;SRCL From The Last 14 Days
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January 27, 2016
13:47 EDTCTXSVMware tanks after providing lower guidance amid Cloud transition
Shares of virtualization software maker VMware (VMW) are falling after providing guidance, confirming layoffs and announcing executive changes. WHAT'S NEW: After the close of trading on Tuesday, the software company that is 80% owned by EMC (EMC) and provides software for corporate data centers, announced fourth quarter financial results while confirming earlier reports of layoffs and announcing a new chief financial officer. VMware, along with parent company EMC, is in the midst of a proposed acquisition by Dell. The company's Q4 earnings per share and revenue came in at $1.26 and $1.87B, respectively, slightly better than analysts were expecting; however, the company's view for fiscal year 2016 EPS and revenue of $4.07-$4.16 and $6.8B-$6.9B, respectively, were well below the $4.20 and $7.21B analysts are expecting. VMware also guided first quarter EPS to 83c-85c, also below analysts' 92c consensus. Along with its results, the company confirmed earlier reports that it intended to reduce its workforce by 800 and plans to take a charge of between $55M-$65M related to this action over the course of the first half of 2016. The company also announced that its CFO Jonathan Chadwick is leaving and will be replaced by EMC CFO Zane Rowe. WHAT'S NOTABLE: On its quarterly conference call discussing its earnings, VMware company referred to its growth in "emerging" products and businesses including NSX and User Computing and Virtual SAN, all of which grew strongly over the quarter. The company said it hopes its newer products are picking up the slack due to the declining growth in its mature "compute products." Pat Gelsinger, VMware's chief executive officer, "We recognize that our blockbuster compute products are reaching maturity and will represent a decreasing portion of our business going forward." The company is upgrading its Cloud strategy to better compete with leaders like Amazon (AMZN) and Microsoft (MSFT), which provide Cloud services via the internet and make the corporate data center that VMware focuses on less necessary. ANALYSTS' VIEWS: Summit Research analyst Srini Nandury downgraded VMware to Hold and lowered his price target for the shares to $40 from $80 following the company's quarterly results. The company's business will get worse before it gets better, Nandury told investors in a research note. Another downgrade came from research firm Baird's analyst Jayson Noland, who cut his rating on VMware to Neutral and lowered his price target to $60 from $80. Noland said the core vSphere business is facing incremental public cloud headwinds and substantial uncertainty related to the Class V common stock being issued to finance the EMC acquisition. Providing a more constructive view was UBS who said the current valuation levels of VMware offer a significant opportunity for patient investors. The firm noted the company will temper spending and focus on leveraging public clouds, which should provide a tailwind to both capital and operating expenditures. UBS reiterated its Buy rating and $72 price target on VMware. PRICE ACTION: Shares of VMware are down approximately 40% since the Dell-EMC deal was announced last October and are down over 9% to $44.84 in afternoon trading. OTHERS TO WATCH. Other companies in the cloud computing space include Amazon, Microsoft and Citrix Systems (CTXS).
11:09 EDTRRCOptions with increasing put volume
Options with increasing put volume: RDN MTG HES BKD TAP RRC GG MTW AIG CLR PYPL
10:23 EDTFFIVOptions with decreasing implied volatility
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10:14 EDTRRCRange Resources downgraded to Peer Perform from Outperform at Wolfe Research
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09:12 EDTCLFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
08:07 EDTCLFCliffs Natural sees FY16 CapEx $50M vs. $83M in FY15
For 2016, Cliffs expects full-year sales volume of approximately 17.5 million tons from its U.S. Iron Ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the Company currently plans to produce approximately 16 million tons of iron ore pellets. Cliffs' full-year 2016 U.S. Iron Ore cash production cost per ton expectation is $50 - $55. The Company's cash cost of goods sold per ton expectation is $55 - $60, representing a reduction of $5 from the previously disclosed 2016 cash costs of goods sold per ton expectation of $60 - $65. Cliffs anticipates depreciation, depletion and amortization to be approximately $7 per ton for full-year 2016. The Company remains in active negotiations with the United Steelworkers and is committed to reaching a fair and equitable agreement. The current contract has been extended by mutual agreement of both parties. The contract extension covers approximately 2,200 USW-represented workers at Cliffs' Empire and Tilden mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota. Cliffs' full-year 2016 Asia Pacific Iron Ore expected sales and production volume is approximately 11.5 million tons. The product mix is expected to contain 50 percent lump and 50 percent fines. The Company expects full-year 2016 interest expense to be approximately $240 million, of which approximately $205 million is cash interest. Cliffs expects full-year 2016 capital expenditures to be $50 million, a significant reduction compared to 2015 expenditures of $83 million. The reduction is driven by the divestiture of the remaining coal assets as well as spending discipline exhibited in the U.S. Iron Ore business.
08:06 EDTCLFCliffs Natural reports Q4 US Iron Ore total sales volume 4.5M
U.S. Iron Ore pellet sales volume in the fourth quarter of 2015 was 4.5 million tons, a 42 percent decrease when compared with 7.8 million tons sold in the fourth quarter of 2014. The decrease was driven principally by the termination of a customer contract, lower demand from U.S. mills and higher sales in the comparable quarter in the prior year from the delayed start-up of the 2014 shipping season. Cash production cost per ton in U.S. Iron Ore was $45.36, down 23 percent from $58.96 in the prior year's fourth quarter. The decrease was driven by lower employment costs, reduced maintenance and repair costs, and year-over-year lower energy rates. Reports Q4 US Iron Ore total production volume 4.5M. Fourth-quarter 2015 Asia Pacific Iron Ore sales volume of 2.9 million was flat compared to the fourth quarter of 2014.
08:04 EDTCLFCliffs Natural reports Q4 cont ops EPS (14c), consensus (26c)
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January 26, 2016
14:32 EDTCLFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
14:02 EDTAKAMLimelight Networks seeks Supreme Court review of Circuit's Akami decision
Limelight Networks (LLNW) is seeking review by the Supreme Court of the United States of the Federal Circuit's decision to reinstate the 2008 jury verdict that Limelight infringed an Akamai (AKAM) patent. Limelight filed its petition with the Supreme Court earlier. Limelight believes that the Federal Circuit's newly created conduct-attribution standard improperly expands the scope of liability in a fashion that was neither intended by Congress nor consistent with prior legal precedent. As the petition notes, prior to the August 2015 decision to reinstate the jury verdict, the Federal Circuit repeatedly ruled that the district court had correctly determined that Limelight did not infringe Akamai's patent. The court gave no adequate explanation for its sudden reversal. "The court's decision to abandon longstanding, clear and easy-to-follow rules of engagement in favor of an ambiguous 'particular facts presented' standard for infringement liability deprives parties of fair notice concerning the scope of patent protection and ensures a significant increase in needlessly burdensome litigation throughout the technology world," said Bob Lento, Limelight's chief executive officer. "We are hopeful that the Supreme Court will address this issue of extraordinary importance and reverse the Federal Circuit's rootless and erroneous standard. While we continue to pursue all available options, I want to thank our customers, peers in the industry and employees for their support. We remain focused on improving our operational and financial performance and will report our full year results on February 9th."
10:06 EDTFFIVOptions with decreasing implied volatility
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January 25, 2016
15:36 EDTRRCViking Global Investors reports 6.8% passive stake in Range Resources
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11:24 EDTFFIVOptions with increasing volume
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10:25 EDTRRCRange Resources downgraded to Outperform from Focus List at Scotiabank
Scotiabank downgraded Range Resources to Sector Perform due to raising leverage from a lower commodity price forecast and lower EBITDA.
10:22 EDTFFIVOptions with decreasing implied volatility
Options with decreasing implied volatility: SRPT SPWR NFLX CREE FFIV ISRG TIF MXIM QIHU IBM
10:00 EDTORLYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Express (AXP) upgraded to Perform from Underperform at Oppenheimer... BankMutual (BKMU) upgraded to Outperform from Market Perform at Hovde Group... Black Hills (BKH) upgraded on acquisition at BMO Capital... Bruker (BRKR) upgraded to Buy from Hold at Cantor... Cedar Fair (FUN) upgraded to Conviction Buy from Buy at Goldman... Charles Schwab (SCHW) upgraded to Buy from Neutral at Nomura... Corporate Office Properties (OFC) upgraded to Buy from Neutral at Mizuho... Entegris (ENTG) upgraded on valuation, outlook at Pacific Crest... First Financial upgraded to Outperform from Market Perform at Keefe Bruyette... Goldman Sachs (GS) upgraded to Buy from Neutral at Nomura... Graphic Packaging (GPK) upgraded to Outperform from Neutral at Macquarie... Home Depot (HD) upgraded to Buy from Hold at Deutsche Bank... Intel (INTC) upgraded to Outperform from Neutral at Macquarie... J.B. Hunt (JBHT) upgraded to Buy from Hold at BB&T... Magna (MGA) upgraded to Buy from Neutral at Citi... Masco (MAS) upgraded to Buy from Hold at Evercore ISI... Mattel (MAT) upgraded to Conviction Buy from Buy at Goldman... O'Reilly Automotive (ORLY) upgraded to Buy from Hold at Deutsche Bank... PACCAR (PCAR) upgraded to Buy from Neutral at Citi... People's United (PBCT) upgraded to Neutral from Underweight at Piper Jaffray... Quality Systems (QSII) upgraded to Overweight from Neutral at Piper Jaffray... RadiSys (RSYS) upgraded to Buy from Hold at Needham... Standard Motor (SMP) upgraded to Buy from Neutral at CL King... Swedbank (SWDBY) upgraded to Hold from Underperform at Jefferies... Toll Brothers (TOL) upgraded to Strong Buy from Outperform at Raymond James... Voyager Therapeutics (VYGR) upgraded to Neutral from Sell at Chardan... Yahoo (YHOO) upgraded to Buy from Hold at Pivotal Research.
09:53 EDTWYNNWynn Resorts rises after Steve Wynn buys shares
Shares of Wynn Resorts are rising in early trading after a regulatory filing from late Friday night showed that Chairman and CEO Steve Wynn, via the Wynn Family Limited Partnership, acquired 572,850 shares of the company's common stock at average prices between $53.21 and $59.19 in multiple transactions on January 20-22. In early trading Monday morning, Wynn Resorts shares gained 6.5% to $63.01.
08:51 EDTORLYO'Reilly Automotive upgraded to Buy from Neutral at Sterne Agee CRT
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07:04 EDTFFIVF5 Networks names Mike Convertino as Chief Information Security Officer
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06:17 EDTORLYO'Reilly Automotive upgraded to Buy from Hold at Deutsche Bank
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