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Stock Market & Financial Investment News

News Breaks
June 4, 2014
11:27 EDTTIBX, ORCL, SPLK, VMW, EMCTIBCO sinks after weaker than expected second quarter outlook
Shares of TIBCO (TIBX), which supplies middleware and infrastructure software, are sinking after the company issued a weaker than expected outlook for the second quarter and received several analyst downgrades. WHAT'S NEW: Last night, TIBCO forecast Q2 adjusted EPS of 12c-13c and revenue of $250M-$252M, trailing expectations of 21c and $267.48M, respectively. "After a solid first quarter, revenue fell short of expectations in the second quarter, primarily due to lower-than-expected sales of Spotfire," said Vivek Ranadive, TIBCO's founder and CEO. "We again experienced growth this quarter in our core infrastructure and event processing product revenue, but Spotfire sales were less than anticipated. We have several changes under way that we believe will improve Spotfire performance. We also acquired Jaspersoft this quarter, and while not a meaningful contributor to second quarter revenue, it represents an important addition to our analytics strategy going forward," Ranadive added. ANALYST REACTION: This morning, analyst commentary was decidedly negative. Three separate firms - Mizuho, JMP Securities, and Stifel - all downgraded their ratings on TIBCO, citing its guidance. Conversely, Wells Fargo said the stock could recover within 12 months. Wells believes that the company's guidance is achievable and that the company can benefit from increasing its focus on analytics products. The firm cut its price target range on the stock to $25-$27 from $34-$36, but kept an Outperform rating on the shares. PRICE ACTION: In late morning trading, TIBCO fell $1.47, or about 7%, to $19.32 on nearly four times its average daily trading volume. Including today's pull back, the stock is down about 7.5% over the past twelve months. OTHERS TO WATCH: TIBCO competitors include Oracle (ORCL), Splunk (SPLK), VMware (VMW) and EMC (EMC).
News For TIBX;ORCL;SPLK;VMW;EMC From The Last 14 Days
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July 22, 2014
09:06 EDTEMCEMC price target raised to $33 from $28 at BofA/Merrill
BofA/Merrill raised EMC's (EMC) price target to $33 following reports that Elliott Management has taken a 2% stake in the company and is targeting a spin-off of the VMware (VMW) stake. The analyst believes EMC is undervalued without VMware and sees potential for 25% upside if a spin-off were to occur. Shares are Buy rated.
06:56 EDTVMW, EMCElliot Management to consider activist options for EMC, NY Times reports
Elliot Management is expected to consider a push for the breakup of EMC (EMC) and spinoff VMware (VMW), reports the New York Times. Citing people briefed on the matter, the hedge fund is expected to meet with EMC executives this week after the company reports its quarterly earnings to determine whether to undertake a full-bore activist campaign. Reference Link
July 21, 2014
16:22 EDTEMC, VMWOn The Fly: Closing Wrap
Stocks on Wall Street began the trading day in negative territory and remained there through nearly the whole session. The market action was influenced more by the geopolitical events in Russia and Israel than by the upcoming avalanche of earnings scheduled for release throughout the week. Despite the weak open and subsequent drop during the first hour of trading, the market drifted off its lows and managed to pare its losses, even turning mixed for a short time. The averages dipped again heading into the bell, though they closed well of their worst levels. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. COMPANY NEWS: Allergan (AGN) rose $3.74, or 2.23%, to $171.14 after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by 13%, or about 1,500 employees, as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." Later in the day, Bill Ackman of Pershing Square, who is partnering with Valeant in its attempt to buy Allergan, called the restructuring a "Valeant light" effort and said Valeant does not need to raise its bid for Allergan. Ackman explained that he believes that shares of Valeant will rise around $10 should the Allergan board engage in takeover talks with the company and that a $10 share rise would boost Valeant's bid for Allergan by $8 per share. MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 69c, or 15.79%, to $5.06 after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of EMC (EMC), which advanced $1.35, or 5.0%, to $28.33 after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up and spin off VMware (VMW), which is 80% owned by EMC. Shares of VMware fell $2.36, or 2.48%, to $92.95 following the Journal's report. Among the other noteworthy losers was Monster Beverage (MNST), which fell $3.07, or 4.53%, to $64.74 after Morgan Stanley downgraded the stock, citing slowing U.S. trends and balanced valuation. Also lower were shares of Yum! Brands (YUM), which fell $3.29, or 4.25%, to $74.13 after Associated Press reported that the company's KFC brand and McDonald's (MCD) were sold expired beef and chicken in China from food supplier Husi Food. Shares of McDonald's, which is scheduled to report on its quarter before tomorrow's market open, slid $1.44, or 1.45%, to $97.55. INDEXES: The Dow fell 48.45, or 0.28%, to 17,051.73, the Nasdaq dropped 7.44, or 0.17%, to 4,424.70, and the S&P 500 declined 4.59, or 0.23%, to 1,973.63.
12:10 EDTEMC, VMWOn The Fly: Midday Wrap
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10:23 EDTEMCEMC rallies, levels to watch
The shares are up 3.6% to $27.95 at time of writing, just off the new 52-week high set at $28.32 today. Resistance above that high is at $29.25. Support is at $27.41.
09:10 EDTEMCOn The Fly: Pre-market Movers
HIGHER: Allergan (AGN), up 0.5% after Q2 results, FY14 outlook beat expectations and the company announces plans to reduce workforce by about 1,500 employees as part of restructuring. Also, Valeant (VRX) announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business"... Extreme Networks (EXTR), up 13% after raising Q4 EPS, revenue view... Gas Natural (EGAS), up 6% after confirming it rejected $13 per share unsolicited offer from Algonquin Power... EMC (EMC), up 4.5% after the WSJ says Elliot Management took a stake of over $1B in the firm and plans to push the company to break itself up... GoPro, (GPRO), up 2.8% after initiated at several firms including Citigroup, Barclays and JPMorgan... Kandi Technologies (KNDI), up 6% after China Daily said China will not to waive a sales tax on electric cars made by foreign companies. Tesla (TSLA) is down 1% following the report. UP AFTER EARNINGS: Halliburton (HAL), up 0.5%... LOWER: Reynolds American (RAI), down 2.3% after a Florida jury hit the company with $23.6B in punitive damages in a lawsuit filed by the widow of a longtime smoker. Shares of fellow tobacco companies also fell after the jury decision, as Lorillard (LO) fell 2% and Altria (MO) slid 1.6%... Yum! Brands (YUM), down 2% after AP reported that a Shanghai TV station said a food supplier sold expired beef and chicken to the company's KFC brand in China along with to McDonald's (MCD), which is down 0.7%. DOWN AFTER EARNINGS: PetMed Express (PETS), down 2.4%... Hasbro (HAS), down 1.3%.
08:35 EDTEMCEMC shares poised to advance, says Cantor
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06:27 EDTVMW, EMCElliott Management to push EMC to break up, WSJ reports
Elliott Management has taken a stake of over $1B in EMC (EMC), according to sources, and plans to push the data-storage company to break itself up, the Wall Street Journal reports. Elliott reportedly believes EMC's stock would get a boost from spinning off VMware (VMW), of which it owns an 80% stake. Reference Link
06:02 EDTEMCEMC volatility expected to move on activist investor stake & Q2
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July 18, 2014
10:03 EDTSPLKOn The Fly: Analyst Initiation Summary
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July 17, 2014
19:22 EDTSPLKSplunk initiated with a Market Perform at BMO Capital
Target $51.
12:15 EDTEMCSanDisk plummets after Q3 revenue outlook disappoints
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July 16, 2014
08:08 EDTORCLOracle Social Cloud announces LinkedIn support for SRM platform
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July 15, 2014
08:53 EDTVMWVMware announces partnerships with China Telecom, Softbank
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07:23 EDTSPLKFortune to hold a conference
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July 14, 2014
12:49 EDTORCLOracle hosts an educational webcast
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July 11, 2014
08:12 EDTVMWVMware shares should be bought ahead of results, says Pacific Crest
After conducting checks, Pacific Crest believes that the performance of the company's stand-alone vSphere seems solid, while it is gaining traction in suites and end-user computing. The firm identifies VMware as its top pick heading into Q2 results.
July 10, 2014
16:15 EDTORCLKEYW, Oracle collaborate on advanced security solutions
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10:46 EDTSPLKSplunk mentioned cautiously at Deutsche Bank
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07:20 EDTORCLIridium completes implementation of Oracle's management and billing solution
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