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12:05 EDTEuro$ interest rate futures are mixed
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12:01 EDTJMGGabelli raises stake in Journal Media Group to 10.57% from 9.46%
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12:00 EDTThe Q3 U.S. GDP growth boost
The Q3 U.S. GDP growth boost implies a hike in Q3 productivity growth to 2.4% from 1.5%, after Q2 growth of 3.5%, alongside an output growth boost to 2.0% from 1.2% after a 5.1% Q2 clip. Analysts look poised for a similar boost in Q3 compensation growth, to 3.8% from 3.0% after a 1.7% Q2 climb that leaves an unrevised unit labor cost increase of 1.4% in Q3 from -1.8% in Q2. Analysts also saw big upward income revisions for both Q2 and Q3 that sharply raised the savings rate, as will be reinforced in tomorrow's monthly personal income report. The higher savings rate could be seen as evidence of greater household caution, though it also leaves room for a stronger consumption path into 2016. Analysts now have income growth of 5.1% instead of 4.6% in Q3, and 5.3% instead of 3.8% in Q4. The saving rate is now reported to have averaged 5.2% in Q3 instead of 4.7%, following a Q2 rate of 5.0% instead of 4.6%.
11:56 EDTAMBAAmbarella volatility elevated into Q3 and outlook
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11:55 EDTLLLL-3 Communications drops 3.8% after sued by U.S. over defective weapon sights
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11:51 EDTPFGLaw firm says judge approves settlement with Principal Financial
Law firm Bailey & Glasser announced that a U.S. District Judge granted final approval to a settlement negotiated with Principal Financial, which it says had been accused of violating its fiduciary obligations by charging excessive administrative fees to employees investing their retirement plans in Principal funds in violation of the Employee Retirement Income Security Act. The settlement involves a payout of $3M into a settlement fund and an agreement by Principal to redyce such fees going forward by at least $8.1M.
11:50 EDTENOCEnerNOC management to meet with Needham
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11:49 EDTELYCallaway Golf management to meet with Sterne Agee CRT
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11:49 EDTLLLL-3 accused of defrauding DOD in new U.S. civil lawsuit, Reuters reports
11:48 EDTLLYFDA approves Portrazza to treat NSCLC
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11:48 EDTETHEthan Allen preliminary AM results indicate investors elect director nominees
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11:45 EDTTreasury's $13 B 2-year FRN reopening was awarded at 0.216%
Treasury's $13 B 2-year FRN reopening was awarded at 0.216%, a little cheaper than the 0.168% for the October new issue. There were $40.4 B in bids for a 3.11 cover, little changed from the 3.10 for the $15 B new issue. Indirect bidders took 44.4%, a little below last month's 49.6%.
11:39 EDTDTLKDatalink management to meet with Craig Hallum
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11:33 EDTBRCD, CSCO, JNPR, EXTR, QLGCBrocade sinks to 52-week low after Q1 outlook trails estimates
Shares of Brocade (BRCD), a supplier of networking equipment, are sinking after the company's outlook for the first quarter trailed analysts' consensus estimates. WHAT'S NEW: Last night, Brocade reported fourth quarter adjusted earnings per share of 26c and revenue of $588.83M, beating analysts' consensus estimates of 24c and $575.1M, respectively. Adjusted gross margin for the quarter was 67.9%, while adjusted operating margin was 25%. SAN product revenue was $325M in Q4, flat year-over-year and up 5% quarter-over-quarter, while Q4 IP Networking product revenue was $170M, up 12% year-over-year and 10% quarter-over-quarter. GUIDANCE: Looking ahead to Q1, Brocade forecast adjusted EPS of 23c-25c and revenue of $550M-$570M, below analysts' consensus estimates of 26c and $582.17M, respectively. The company also sees Q1 adjusted gross margin of 67%-67.5%, adjusted operating margin of 24%-25.5%, adjusted free cash flow of $30M-$50M, operating cash flow of $50M-$70M and capital expenditures of $15M-$20M. Additionally, the company forecast Q1 SAN product revenue flat to up 3% quarter over quarter, "as we typically see stronger buying patterns from our OEM partners in our fiscal Q1." IP Networking revenue is expected down 16% to down 22% q/q, driven by U.S. federal seasonality and lower router sales. The company sees Q1 Global Services revenue down 2% q/q due to a one-time catch-up benefit realized in Q4 of approximately $3M. Brocade noted that at the end of Q4, OEM inventory was approximately 1.3 weeks of supply based on SAN business revenue and the company expects inventory to be between one to two weeks in Q1. ANALYST REACTION: JPMorgan analyst Rod Hall downgraded Brocade to Neutral from Overweight this morning, saying that enterprise IT spending continues to look weak after the company's guidance missed estimates. Hall also cut his price target for shares to $9 from $14. PRICE ACTION: Brocade fell 82c, or about 8%, to $9.27 in late morning trading on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $9.16. Including today's pull back, the shares have lost approximately 20% over the past 12 months. OTHERS TO WATCH: Other networking equipment suppliers include Cisco Systems (CSCO), down 0.6%, Juniper Networks (JNPR), down 0.4%, Extreme Networks (EXTR), down 0.7%, and QLogic (QLGC), down 1.3%.
11:30 EDTAEZSAeterna Zentaris says no corporate developments to account for stock movement
Aeterna Zentaris, at the request of IIROC on behalf of the Toronto Stock Exchange, confirms that as of the date of this news release there are no corporate developments that would cause the recent movements in the company's share price.
11:30 EDTCCLCarnival announces $1B share repurchase program
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11:27 EDTKBIOKaloBios CEO Shkreli discloses 5,000 share purchase
New KaloBios CEO Martin Shkreli disclosed the purchase of 5,000 shares at $38.15. The shares were purchased today. Shkreli owns over 2M shares of the company. KaloBios is trading down $2.96 to $36.54 in morning trading.
11:24 EDTDPLODiplomat Pharmacy management to meet with Leerink
Meetings to be held in Los Angeles on December 1 and in San Francisco on December 2 hosted by Leerink.
11:23 EDTCLFDClearfield management to meet with Lake Street
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11:17 EDTXRXIcahn investment could be boost Xerox needs, analyst contends
After Carl Icahn disclosed a 7.1% stake in Xerox (XRX), research firm Piper Jaffray believes that investor's involvement in the company can amplify the company's review and boost the stock. WHAT'S NEW: Noting that Icahn said he would look to improve Xerox's operating performance and help the company consider strategic alternatives, Piper analyst George Tong believes that the billionaire investor's move could "amplify" Xerox's own strategic review. Announced during Xerox's third quarter earnings report on October 26, the review includes an assessment of all potential strategic steps excluding a sale of the company, Tong noted. The review is aligned with Icahn's objectives for Xerox, according to Tong. However, Icahn may add new perspectives to the review, or enable the company to more quickly take actions that will increase shareholder value, the analyst contended. The most likely outcome of the review is a decision by Xerox to either sell or de-emphasize businesses that have below average growth, margins, cash flows and financial visibility, Tong believes. Additionally, given Icahn's view that the stock is undervalued, the company could decide to accelerate its stock buyback program, added Tong, who kept a $15 price target and Overweight rating on the shares. PRICE ACTION: In morning trading, Xerox dropped 2.8% to $10.45.
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