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August 11, 2014
17th Annual Technology, Internet & Communications Conference to be held in Boston on August 12-13.
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September 29, 2015
16:21 EDTSCORRentrak, comScore announce stock-for-stock merger agreement
comScore (SCOR) and Rentrak (RENT) announced that the companies have entered into a definitive merger agreement under which the companies will combine in a stock-for-stock merger. Pursuant to the terms of the merger, which has been approved by the boards of both companies, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore. comScore shareholders are expected to own approximately 66.5% and Rentrak shareholders are expected to own approximately 33.5% of the combined company on a fully diluted basis. comScore's current CEO, Serge Matta, will lead the combined company as CEO. Magid Abraham will remain as the executive chairman of the board. Bill Livek, Rentrak's current vice chairman and CEO, will serve as the company's executive vice chairman and president. Mel Wesley will continue as CFO, and David Chemerow, Rentrak's current COO and CFO, will serve as a strategic advisor to the CEO, focused on the integration of the two companies. The combined company's board will consist of twelve directors -- eight from comScore and four from Rentrak. "This merger also recognizes the critical importance of combining digital and TV assets for next generation media measurement, which requires a higher degree of precision at both a national and local market level," remarked Serge Matta. comScore expects the transaction to be mildly dilutive to its adjusted EPS in 2016, and accretive in 2017. The combined company is expected to have total synergies of at least $20M in 2016 and at least $35M in 2017. The company also anticipates a significant portion of the synergies to be revenue related, which it expects to grow over time with an "attractive" contribution margin. The transaction is expected to be completed by early 2016.
16:16 EDTSCORRentrak to merge into wholly-owned subsidiary of comScore
16:14 EDTSCORcomScore, Rentrak to merge in stock-for-stock transaction
September 28, 2015
15:58 EDTNCRNCR Corp. strategic review still ongoing, says JPMorgan
JPMorgan Stanley said the the strategic review at NCR is still ongoing and continues to evaluate ways to create shareholder value, including asset sales, improved allocation of capital, and an outright sale of the complete company.
10:00 EDTOLEDOn The Fly: Analyst Initiation Summary
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06:30 EDTOLEDUniversal Display initiated with a Hold at Summit Research
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September 25, 2015
12:56 EDTINAPOn The Fly: Top stock stories at midday
Stocks on Wall Street opened sharply higher and the Dow has been in a holding pattern since, buoyed by the post-earnings strength in Nike (NKE), while the Nasdaq had given up most of its gains by midday. The strength follows comments by Fed Chair Janet Yellen, who said during a speech at UMass Amherst last night that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but in a way welcomed by the market, since they helped clarify the message the Fed delivered a week ago. Of note, the Fed chair paused multiple times toward the end of her speech and received medical attention afterward, but returned to her regular schedule later in the evening, with the bank explaining that Yellen was dehydrated after a long day but was otherwise fine. ECONOMIC EVENTS: In the U.S., the third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading. COMPANY NEWS: Shares of Dow member Nike (NKE) jumped more than 8.5% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137. Also, Sterne Agee upgraded Nike to Buy from Neutral, saying it thinks the company is benefiting from its "global grass roots engagement with its customers," which enables it to meet its customers' needs and determine to what extent it can raise prices. The firm, which believes that the company is continuing to gain share, has a $150 price target on the athletic gear giant. MAJOR MOVERS: Among the notable gainers was Jabil Circuit (JBL), which advanced 15% after it reported higher than expected earnings and gave guidance for its November quarter that was significantly above expectations. Also higher was Performance Sports Group (PSG), which gained 13% after the New York Post reported that venture capitalist Graeme Roustan plans to make an offer for the Bauer hockey equipment maker. Among the noteworthy losers was Aratana Therapeutics (PETX), which dropped 29% after the company said that, based on "mixed clinical and scientific results," it does not believe that canine lymphoma products AT-004 and AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity. Also lower was Internap (INAP), which fell 18% after the company cut its FY15 revenue forecast, stating that orders are being pushed into 2016 due to customer budget cycles, and the stock was downgraded at Oppenheimer and DA Davidson. INDEXES: Near midday, the Dow was up 202.67, or 1.25%, to 16,403.99, the Nasdaq was up 9.84, or 0.21%, to 4,744.32, and the S&P 500 was up 14.84, or 0.77%, to 1,947.08.
10:00 EDTINAPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Atlas Air (AAWW) downgraded to In-Line from Outperform at Imperial Capital... Caterpillar (CAT) downgraded to Market Perform from Outperform at William Blair... Cummins (CMI) downgraded to Market Perform from Outperform at William Blair... Emerge Energy (EMES) downgraded after guidance withdrawal at Stifel... Exxon Mobil (XOM) downgraded to Underperform from Peer Perform at Wolfe Research... F5 Networks (FFIV) downgraded to Market Perform from Outperform at Raymond James... Internap (INAP) downgraded on earnings miss, negative outlook at Oppenheimer... Semtech (SMTC) downgraded to Neutral from Buy at MKM Partners... Silicon Laboratories (SLAB) downgraded to Neutral from Buy at MKM Partners... Superconductor Technologies (SCON) downgraded to Neutral from Buy at Ladenburg... Virgin America (VA) downgraded to Market Perform from Outperform at Cowen.
09:17 EDTINAPInternap downgraded to Neutral from Buy at DA Davidson
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08:58 EDTINAPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.
08:30 EDTINAPInternap downgraded on earnings miss, negative outlook at Oppenheimer
As noted earlier, Oppenheimer downgraded Internap (INAP) to Perform from Outperform. The firm downgraded the stock after the company significantly lowered its guidance. Oppenheimer says that Internap is not benefiting from strong demand for its prices, while Amazoin (AMZN) is poised to reduce its cloud prices significantly next month, hurting Internap in the process. The firm thinks that if Internap sells the company it will probably obtain less than $10 per share, making the stock's risk/reward unattractive at current levels.
07:56 EDTINAPInternap downgraded to Perform from Outperform at Oppenheimer
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07:34 EDTVECOChinese expansion leads to oversupplied LED chip market, LEDinside says
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September 24, 2015
19:14 EDTINAPOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Jabil Circuit (JBL), up 9.6%... Nike (NKE), up 8%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 92% after announcing "positive" data from its interim Phase 2 study of INOpulse... Reynolds American (RAI), up 1% after Bloomberg reported the company may sell $5B in assets to Japan Tobacco... Marvell (MRVL), up 5.15% after announcing a 17% global headcount reduction. LOWER AFTER EARNINGS: Pier 1 Imports (PIR), down 7.5%... Bed Bath & Beyond (BBBY), down 1%. ALSO LOWER: Internap (INAP), down 15.1% after cutting its FY15 revenue forecast... Emerge Energy Services (EMES), down 3.25% after withdrawing its distribution guidance due to "difficult market conditions."
16:38 EDTINAPInternap cuts FY15 revenue to $320M-$325M from $331M-$337M, consensus $331.78M
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16:36 EDTINAPInternap sees Q3 revenue $77.5M-$79M, consensus $83.92M
Sees Q3 adjusted EBITDA $18M-$19M. Guidance based on preliminary Q3 financial data released by the company.
September 22, 2015
15:15 EDTNCRBlackstone ends pursuit of NCR Corp., NY Post says
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15:08 EDTNCRBlackstone ends talks to buy NCR Corp., NY Post says
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15:03 EDTINAPBankers say potential suitors showing no interest in Internap, dealReporter says
Internap announced in September that it had hired Morgan Stanley to explore strategic alternatives but sector bankers indicate that potential suitors do not seem to have made any move toward buying the company, said dealReporter earlier, according to contacts. Internap shares are down 4% in afternoon trading following the report.
07:01 EDTNICENICE Systems management to meet with JMP Securities
Meetings to be held in the Midwest September 23-24 hosted by JMP Securities.
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