News For ARMH;AXP;EMC;HUN;IBM;JDSU;MXIM;NOK;ODFL;PXP;RUSHA;SNI;WERN;ARG;HRB;SPWR;VAR;WFC;AON;S;DRQ From The Last 14 Days
|November 12, 2015|
|14:48 EDT||SPWR||SunPower analyst meeting increases optimism, says Raymond James|
Raymond James said SunPower's (SPWR) analyst meeting today was upbeat and increased optimism in the story. Analyst Pavel Molchanov,said SunPower has a solid position in the industry, a supported balance sheet from Total, and leverage to residential leasing. Molchanov said SunPower tends to be the bellwether of the group and is not SunEdison (SUNE), which has the most strained balance sheet in the group. The analyst rates SunPower an Outperform with a $32 price target on shares.
|12:55 EDT||NOK||Nokia notes French stock market approval for Alcatel-Lucent exchange offer|
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|11:07 EDT||EMC||VMware rallies after canceling conference appearances|
Shares of VMware (VMW) are rallying after the company cancelled its appearances at two upcoming industry conferences being held by Credit Suisse and UBS, according to sources. VMware is "following the lead of EMC" by not appearing, a person familiar with the matter told The Fly. VMware rallied on Tuesday after Re/code's Arik Hesseldahl reported that EMC's (EMC) planned merger with Dell could be complicated or derailed by potential tax issues. Wells Fargo analyst Maynard Um wrote yesterday in a research note downgrading EMC that a "wide range of potential outcomes" exist regarding the EMC, Dell merger. He views the ideal scenario as Dell and EMC selling off assets or spinning off Pivotal in early 2016 coupled with a buy-in of VMware.
|10:44 EDT||SPWR||Axiom says sell SunEdison as investor confidence in management wanes|
Research firm Axiom downgraded solar energy company SunEdison (SUNE) to Sell from Neutral in a note to investors today, saying that investors no longer trust the company and that its fundamentals look set to deteriorate further. WHAT'S NEW: Investors no longer believe SunEdison's guidance because a number of the company's previous promises have not materialized, Axiom analyst Gordon Johnson II contended. Specifically, on October 7, SunEdison said it would sell 50 megawatts to 70 megawatts of projects to third parties at gross margins of 18%-19%, but in the third quarter it sold 41 MW of projects to third parties at a gross margin of just 9.6%, according to Johnson. Additionally, SunEdison's yieldco, Terraform Power (TERP), promised that it would provide an estimate of its standalone value but has failed to do so, the analyst stated. Moreover, Terraform Power had said that it had no obligation to invest in SunEdison's existing projects, but it announced that it was investing another $388M in existing projects, the analyst stated. Given SunEdison's $11.7B in debt and its inability to sell projects at a gross margin of 18%-19%, its fundamentals seem poised to worsen, unless it can find cheaper funding sources, predicted Johnson, who set a $2 price target on the stock. WHAT'S NOTABLE: Another major solar energy company, SunPower (SPWR), today provided fiscal 2016 revenue guidance of $3.3B-$3.5B, versus the consensus outlook of $3.03B, in conjunction with its analyst day meeting. A much smaller player in the solar space, Solar3D (SLTD), increased its fiscal year sales guidance, with its CEO pointing to its "success in dominating key solar markets in California and Nevada." PRICE ACTION: In morning trading, SunEdison slipped 1% to $4.86, which is well above its low for the day of $4.06, which is also its 52-week low. Meanwhile, SunPower climbed 3.5% to $26.54 and Solar3D rose nearly 6% to $2.95.
|10:00 EDT||VAR||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: Accuray (ARAY) initiated with a Sell at Citi... Becton Dickinson (BDX) initiated with a Neutral at Citi... Boston Scientific (BSX) initiated with a Buy at Citi... Bruker (BRKR) initiated with a Buy at Stifel... C.R. Bard (BCR) initiated with a Buy at Citi... Cepheid (CPHD) initiated with a Buy at Stifel... CorMedix (CRMD) initiated with a Buy at Rodman & Renshaw... CoreSite Realty (COR) initiated with a Buy at BB&T... Digital Realty (DLR) initiated with a Buy at BB&T... DuPont Fabros (DFT) initiated with a Hold at BB&T... Duke Realty (DRE) initiated with a Hold at BB&T... Edwards Lifesciences (EW) initiated with a Sell at Citi... Electronic Arts (EA) initiated with an Outperform at Oppenheimer... EyeGate (EYEG) initiated with a Buy at Maxim... Glu Mobile (GLUU) initiated with a Perform at Oppenheimer... Integra LifeSciences (IART) initiated with a Buy at Citi... Intuitive Surgical (ISRG) initiated with a Buy at Citi... Mast Therapeutics (MSTX) initiated with a Buy at Maxim... Medgenics (MDGN) initiated with a Buy at Needham... Novocure (NVCR) initiated with a Buy at Evercore ISI... Prologis (PLD) initiated with a Hold at BB&T... QIAGEN (QGEN) initiated with a Hold at Stifel... Rocket Fuel (FUEL) initiated with a Neutral at Boenning & Scattergood... STAG Industrial (STAG) initiated with an Underweight at BB&T... Stryker (SYK) initiated with a Sell at Citi... Tremor Video (TRMR) initiated with an Outperform at Boenning & Scattergood... VOXX (VOXX) initiated with an Outperform at Oppenheimer... Varian Medical (VAR) initiated with a Neutral at Citi... Yahoo (YHOO) initiated with an Outperform at Boenning & Scattergood... YuMe (YUME) initiated with a Neutral at Boenning & Scattergood... Zimmer Biomet (ZBH) initiated with a Sell at Citi.
|09:21 EDT||SPWR||On The Fly: Pre-market Movers |
UP AFTER EARNINGS: Kohl's (KSS), up 5.4%... NetEase (NTES), up 6.3%... SunPower (SPWR), up 3.4%. ALSO HIGHER: Angie's List (ANGI), up 12.1% after after IAC (IAC) proposes to acquire the company... OHR Pharmaceutical (OHRP), up 7.4% after submitting a Special Protocol Assessment request to the FDA for OHR-102... Galena Biopharma (GALE) up 6.2% after being upgraded to Outperform from Perform at Oppenheimer... MannKind (MNKD), up 5.4% after confirming a planned stock sale. DOWN AFTER EARNINGS: Freshpet (FRPT), down 25%... Advance Auto Parts (AAP), down 11.1%... Viacom (VIAB), down marginally. ALSO LOWER: Derma Sciences (DSCI), down 30.4% after ending its Phase 3 clinical trials with aclerastide, DSC127, for diabetic foot ulcer healing... Sunedison (SUNE), down 11.2% after being downgraded to Sell from Neutral at Axiom.
|09:19 EDT||AXP||PayPal sinks with Apple eyeing peer-to-peer payments|
Shares of PayPal (PYPL) are weak again this morning following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Analysts that were already split about PayPal's prospects are also divided on the potential impact of Apple's entry, with a bull at Citi downplaying the risk and a bear at Piper Jaffray voicing greater concern. APPLE COMPETITION: Apple is in talks with U.S. banks to create a mobile person-to-person payment service, reported The Wall Street Journal yesterday afternoon, citing people familiar with the matter. Apple's service, which would likely be linked to the company's Apple Pay system and could get off the ground next year, would compete with PayPal's Venmo peer-to-peer, or P2P, payment platform, the Journal said. BULLISH TAKE: Citi analyst Ashwin Shirvaikar says his Buy thesis on PayPal is unchanged after the Journal's report regarding Apple's efforts. Apple is a "viable competitor in a crowded field," but its product is unlikely to change the near-term growth trajectory of PayPal's Venmo, Shirvaikar told investors in a research note. He keeps a Buy rating on PayPal with a $44 price target. BEARISH TAKE: Piper Jaffray analyst Gene Munster believes Apple's reported plans for a P2P payment offering sometime in 2016 will have limited to no impact on his model for the iPhone maker, but cautions that more mobile wallets offering P2P will add to the challenges facing PayPal's Venmo. The analyst believes the "real estate for all logos at the point-of-sale will be scarce and cluttered," noting that in addition to new entrants like Apple Pay, Samsung Pay, Google's (GOOG) Android Pay, JPMorgan's (JPM) Chase Pay, MCX/CurrentC and PayPal there are still legacy players such as Visa (V) Checkout, MasterCard (MA) Masterpass, and American Express' (AXP) Express Checkout. Munster thinks Venmo is a strong offering that will keep gaining share, but in addition to competition, he sees low interest rates hindering float income and thinks the value proposition for consumers and merchants remains "uncertain." The analyst keeps an Underweight on PayPal, which is the firm's equivalent of a "sell" rating, with a $30 target for its shares. PRICE ACTION: Shares of PayPal slipped 1.8% to close at $36.33 yesterday following the Journal's report. In pre-market trading, the stock fell another 1% to $36 per share.
|08:15 EDT||ARMH||ARM Holdings royalty growth poised to accelerate, says KeyBanc|
After attending ARM's conference, KeyBanc expects the company's royalty growth to accelerate in 2H15 and 2016. Over the longer term the firm thinks the company could benefit from networking/enterprise share gains and a call option on server market penetration. KeyBanc keeps a $63 price target and Overweight rating o nthe shares.
|07:47 EDT||SPWR||SunPower sees FY16 non-GAAP revenue $3.3B-$3.5B, consensus $3.03B|
Sees FY16 gross margin 13%-15%, EBITDA $515M-$565M, CapEx $210M-$240M, gigawatts deployed 1.7 GW-2.0 GW.
|06:31 EDT||VAR||Varian Medical initiated with a Neutral at Citi|
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|06:12 EDT||WFC||Morgan Stanley to offer wealth management clients savings accounts, Reuters says|
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|05:40 EDT||IBM||IBM, HCL Technologies announce strategic partnership |
IBM and HCL Technologies announced a strategic partnership to jointly build hybrid cloud solutions to help enterprises drive their digital transformations. HCL will use Bluemix, IBM's Cloud platform to build applications and solutions in the areas of Unified Service Management and Internet of Things. HCL will also use IBM Cloud's Infrastructure as a Service, SoftLayer, to offer cloud-based solutions to its clients.
|November 11, 2015|
|15:00 EDT||SPWR||SunPower to host analyst day|
Analyst Day to be held on November 12 at 9 am. Webcast Link
|11:31 EDT||SPWR||SunEdison sinks after UBS cuts price target to $6|
Shares of SunEdison (SUNE) are selling off for a second straight day after UBS cut its price target on the stock to $6. The seller of photovoltaic energy solutions declined yesterday after reporting a larger than expected quarterly loss. UBS analyst Julien Dumoulin-Smith attributed the post-earnings share selloff to "five key factors," including lower than expected margins on retained projects, management's confidence on the pending Vivint Solar (VSLR) acquisition while a renegotiation of the deal would be perceived positively, and LAP Holdings seeking no less than $150M in damages after SunEdison cancelled its acquisition of the Latin America hydropower and wind development maintenance company. Dumoulin-Smith cut his price target for SunEdison this morning to $6 from $9 and kept a Neutral rating on the name. SunEdison is down 15%, or 88c, to $4.89 in late morning trading. Following the stock lower are peers SolarCity (SCTY), SunPower (SPWR) and First Solar (FSLR).
|09:59 EDT||EMC||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: Amedisys (AMED) downgraded to Neutral from Buy at Mizuho... Apple Hospitality REIT (APLE) downgraded to Neutral from Buy at Ladenburg... BioCryst (BCRX) downgraded to Underperform from Neutral at BofA/Merrill... Boot Barn (BOOT) downgraded to Hold from Buy at BB&T... C1 Financial (BNK) downgraded to Market Perform from Outperform at Raymond James... Clarcor (CLC) downgraded to Market Perform from Outperform at Avondale... EMC (EMC) downgraded to Market Perform from Outperform at Wells Fargo... Eaton (ETN) downgraded on near-term challenges at Argus... Keurig Green Mountain (GMCR) downgraded to Negative from Mixed at OTR Global... Lennox (LII) downgraded to Neutral from Overweight at JPMorgan... Mediaset (MDIUY) downgraded to Hold from Buy at HSBC... MetLife (MET) downgraded to Equal Weight from Overweight at Morgan Stanley... Metaldyne Performance (MPG) downgraded to Equal Weight from Overweight at Barclays... Oracle (ORCL) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Hold from Buy at Canaccord... Rex Energy (REXX) downgraded to Market Perform from Outperform at Northland... Rice Energy (RICE) downgraded to Neutral from Buy at Goldman... Rockwell Automation (ROK) downgraded to Underperform from Outperform at CLSA... Sabra Health Care (SBRA) downgraded to Neutral from Buy at SunTrust... SanDisk (SNDK) downgraded to Market Perform from Outperform at Bernstein... Vestas Wind (VWDRY) downgraded to Hold from Buy at HSBC.
|08:03 EDT||SPWR||Turlock Irrigation and SunPower announce 20-year power purchase agreement|
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|07:40 EDT||S||Wells Fargo to hold a conference|
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
|06:49 EDT||WFC||Wells Fargo 'pleased' with status of Credit Suisse recruitment deal, WSJ says|
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|06:43 EDT||AON||Towers Watson, Willis merger is 'highly strategic,' says Piper Jaffray|
Piper Jaffray analyst George Tong calls the planned merger of Towers Watson (TW) and Willis Group (WSH) "highly strategic." The merger, scheduled to go to a shareholder vote on November 18, will drive earnings growth acceleration and valuation multiple expansion, Tong tells investors in a research note. He believes the combined company would compete more effectively against AON Corp. (AON). Tong reiterates an Overweight rating on Towers with a $152 price target.
|06:32 EDT||EMC||EMC downgraded to Market Perform from Outperform at Wells Fargo|
Wells Fargo analyst Maynard Um downgraded EMC (EMC) to Market Perform and cut his price target range for shares to $25-$28 from $29-$30. The closed yesterday down 58c to $25.25. The analyst says valuing the proposed tracking stock proposed by Dell is a "significant challenge." Um also highlights yesterday's report by Re/code's Arik Hesseldahl which noted EMC's merger with Dell could be complicated or derailed by potential tax issues. Disruption from the deal could have an adverse impact on EMC's business, the analyst argues. Um believes there could still be "wide range of potential outcomes" regarding the planned EMC, Dell merger, and views the ideal scenario as selling off assets or spinning off Pivotal in early 2016 coupled with a buy-in of VMware (VMW).