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News Breaks
April 26, 2012
Stocks on Wall Street were higher at midday, in spite of jobless claims that were higher than expected and disappointing results from Exxon Mobil (XOM). Stocks began the day quietly following the jobless claims data. The averages were mixed in the opening half hour but spurted higher following the March pending home sales report. The data was much better than expected and pushed the averages to their session highs. The averages have since remained in a narrow range but have drifted higher... ECONOMIC EVENTS: Domestically, 388,000 initial jobless claims were reported, versus expectations of 375,000. Continuing claims came in at 3.31M, versus expectations for 3.29M. The Chicago Fed National Activity Index had a reading of -0.29. Pending home sales for the month of March were up 4.1% from the prior month, versus expectations of an increase of 1.0%... COMPANY NEWS: Exxon Mobil and UPS (UPS) both reported revenues and earnings that missed expectations, sending shares of both tumbling. Exxon slid almost 2% following its report, while UPS fell over 3%... Johnson & Johnson (JNJ) increased its dividend by 7%... Reuters reported that the SEC opened an informal inquiry into Chesapeake Energy's (CHK) well participation program as the company came out separately and said it did not review or approve of specific transactions made by its CEO Aubrey McClendon under that program... Among companies reporting earnings, advancers included Citrix Systems (CTXS), Equinix (EQIX), Xilinx (XLNX), Regeneron (REGN) and Pulte (PHM); decliners included Aetna (AET), Akamai (AKAM), Alcatel-Lucent (ALU) and MetroPCS (PCS)... MAJOR MOVERS: Among the notable gainers were SolarWinds (SWI), up 19%, after guiding to FY12 adjusted earnings that were above consensus at the midpoint, and Brinks (BCO), up over 17%, following results that beat on both the top and bottom line. Noteworthy losers included Leap Wireless (LEAP), down 20%, following downgrades at Raymond James and Guggenheim after its weak Q1 results, and NII Holdings (NIHD), down more than 18%, after its revenues and earnings disappointed... INDICES: Near noon, the Dow was up 63.46, or 0.48%, to 13,154.18; the Nasdaq was up 6.61, or 0.22%, to 3,036.24; and the S&P 500 was up 2.62, or 0.19%, to 1,393.31.
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November 16, 2015
06:08 EDTXOMExxon Mobil, Rosnet partnership is 'long-term,' Reuters reports
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05:42 EDTXLNXXilinx, IBM announce strategic collaboration
IBM (IBM), and Xilinx (XLNX) announced a multi-year strategic collaboration to enable higher performance and energy-efficient data center applications through Xilinx FPGA-enabled workload acceleration on IBM POWER-based systems. IBM and Xilinx, through a private signed agreement and collaboration through the OpenPOWER Foundation, are teaming to develop open acceleration infrastructures, software and middleware to address emerging applications such as machine learning, network functions virtualization, or NFV, genomics, high performance computing, or HPC, and big data analytics. As part of the IBM and Xilinx strategic collaboration, IBM Systems Group developers will create solution stacks for POWER-based servers, storage and middleware systems with Xilinx FPGA accelerators for data center architectures such as OpenStack, Docker, and Spark. IBM will also develop and qualify Xilinx accelerator boards into IBM Power Systems servers. Xilinx is developing and will release POWER-based versions of its leading software defined SDAccel Development Environment and libraries for the OpenPOWER developer community. Additionally, IBM and Xilinx will continue to further utilize IBM's innovative Coherent Accelerator Processor Interface, or CAPI, to deliver accelerated computing value to its clients. CAPI, a unique feature built into the POWER architecture, provides Xilinx and the technology industry at large with the ability to build tightly integrated, coherent solutions right on top of the POWER architecture.
November 13, 2015
10:33 EDTEQIXEquinix obtains European clearance on offer to acquire TelecityGroup
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06:23 EDTXOMExxon Mobil to start drilling in Liberia in 2017, Reuters reports
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05:13 EDTXOMStocks with implied volatility movement; XRT XOM
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November 12, 2015
16:00 EDTXOMOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
12:55 EDTALUNokia notes French stock market approval for Alcatel-Lucent exchange offer
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09:36 EDTCHKActive equity options trading on open
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08:25 EDTXLNXCavium Xilinx should be bought at current levels, says Pacific Crest
After attending ARM TechCon, Pacific crest says Cavium;s (CAVM) Thunderx remains the only viable chip for ARM severs. The firm believes that Xilinx (XLNX) is gaining customers due to Intel's (INTC) acquisition of Altera (ALTR) based on concerns about the latter company's commitment to non-data-center applications.
November 11, 2015
14:34 EDTAETAMA voices 'significant concerns' with insurers' proposed mergers
The American Medical Association, in a letter to the Assistant Attorney General of the Department of Justice's Antitrust Division, stated that its analyses of the proposed health insurance mergers, namely Aetna's (AET) proposed acquisition of Humana (HUM) and Anthem's (ANTM) proposed acquisition of Cigna (CI), "reveal significant concerns with respect to the impact on consumers in terms of health care access, quality, and affordability." Accordingly, the AMA urges the Department of Justice to block the proposed mergers, the group stated.
14:25 EDTAETAMA urges DOJ to block Humana, Aetna deal, Bloomberg says
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07:56 EDTJNJ, REGNBoston Biotech Conferences to hold a conference
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07:41 EDTPHMUBS to hold a conference
Building & Building Products Annual CEO Conference is being held in New York on November 11 with webcasted company presentations to begin at 9:30 am; not all company presentations may be webcasted. Webcast Link
November 10, 2015
18:14 EDTREGNRegeneron, Sanofi announce new Praluent injection analyses
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11:32 EDTCTXS, AKAMRackspace soars after Q3 results beat analysts' estimates
Shares of managed cloud company Rackspace (RAX) are rising after the firm's third quarter results surpassed analysts' consensus estimates. WHAT'S NEW: Yesterday after the close, Rackspace reported Q3 earnings per share of 26c and revenue of $509M, topping analysts' consensus estimates of 20c and $503.08M, respectively. Adjusted EBITDA for the quarter was $177M, for a margin of 34.9%, up 11.9% from the year ago period. Rackspace previously guided Q3 revenue growth of 2%-3.5% at constant currency and EBITDA margins to be 33%-34%. WHAT'S NOTABLE: Looking ahead to the fourth quarter, the company expects revenue growth of 2%-3% sequentially, on a constant currency basis, and expects adjusted EBITDA margins of 33%-34%. For the full year, Rackspace continues to expect revenue growth of 12%-14% year-over-year, on a constant-currency basis, and expects adjusted EBITDA margins of 33%-34%. The revenue consensus for Q4 and FY15 are $517.57M and $1.99B, respectively. Rackspace also announced yesterday that it intends to issue $350M in senior debt to repay all outstanding amounts under its senior revolving credit facility, with the remaining net proceeds being used for general corporate purposes. ANALYST REACTION: Research firm Pacific Crest kept an Overweight rating and $45 price target on Rackspace following the "strong" Q3 results and "conservative" 2015 guidance. PRICE ACTION: In late morning trading, Rackspace rose $4.58 or about 16.9% to $31.61 on more than twice its average daily trading volume. Despite today's advance, the shares have lost approximately 15.5% over the past 12 months. OTHERS TO WATCH: Other companies in the cloud space include Internap (INAP), down 2.9%, Citrix Systems (CTXS), up fractionally, and Akamai Technologies (AKAM), down fractionally.
11:06 EDTUPSBattleground: Wayfair pits noted short sellers against Wall Street analysts
Shares of Wayfair (W), which describes itself as "one of the world's largest online destinations for home furnishings and decor," are sharply lower following its report last night of its third quarter results. The company posted a loss that was not as bad as forecast, reported better than expected revenues and guided to higher than expected sales in its upcoming quarter, but its stock is falling as bears and bulls debate its prospects for future profitability. BEARS: Whitney Tilson of Kase Capital Management, who previously accused Lumber Liquidators (LL) of selling wood with dangerous levels of formaldehyde, is making the same claims against Ark Floors, a California importer that has sold its products via Wayfair and through (WMT), reported The New York Times. Jane Carpenter, a spokeswoman for Wayfair, said the company had previously removed all of Ark's laminate from its website and said it had sold just 10 orders for Ark products since December 2014, including one order through, the report noted. According to a letter that Tilson sent to investors last night, published on Seeking Alpha, he stated that Wayfair is currently his largest short position "by far." Tilson noted that Wayfair competes head-to-head versus Amazon (AMZN), Home Depot (HD), Target (TGT), and Williams-Sonoma (WSM) and he believes the company's chances of "ever reaching breakeven, much less earning a profit, much less earning enough of a profit to justify a $4B market cap are close to zero," he wrote. Tilson predicts the stock will be below $10 within a year. Short-selling blog Citron Research, which has also previously disclosed a short position in Wayfair, linked to a Wall Street Journal article in an October 20 tweet, saying UPS (UPS) "destroys" Wayfair's core model of free shipping on oversized items. The Journal article detailed the shipping giant's plans to charge websites that share "generous shipping discounts with vendors." BULLS: Piper Jaffray analyst Neely Tamminga raised her price target for Wayfair to $73 from $60 this morning, saying the company posted "exceptional" growth in Q3 amid an otherwise "lackluster" retail environment. After the New York Times article citing Wayfair's association with a vendor viewed as at-risk given a short-seller's testing of laminate flooring, Tamminga points out that all laminate flooring accounts for 0.2% of the company's sales. She continues to recommend Wayfair as a top pick for 2015. Analysts at Wells Fargo previously said in September that reports on Wayfair by short sellers included many inaccuracies. For example, Wells said that shorts' view that Wayfair loses money on every transaction relies on a "flawed view" of the company's customer acquisition costs and payback. Shorts compare Wayfair with Overstock (OSTK), but Wayfair is growing much more quickly that the latter company, Wells stated. According to the firm, which kept an Outperform rating on the shares, Wayfair has by far the highest organic revenue growth rate among U.S. consumer companies. PRICE ACTION: In morning trading, Wayfair fell $5.08, or 11.2%, to $40.50 per share.
09:37 EDTPHMActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
07:12 EDTALUCisco partnership positive, says SunTrust
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06:15 EDTXOMExxon, Total partner to drill Uruguay offshore well, Reuters reports
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05:14 EDTALUAlcatel-Lucent signs channel partner agreement with 3C Information Solutions
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