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Craig-Hallum said Ruckus Wireless (RKUS) remains a likely takeout target following reports Hewlett-Packard (HPQ) may acquire competitor Aruba Networks (ARUN). Analyst Tony Stoss said if Hewlett is looking at Aruba, it should absolutely look at Buy rated Ruckus, which would also pressure Cisco (CSCO) to take a hard look at the company. Stoss says Ruckus has superior technology and exposure to the high growth service provider market with numerous catalysts ahead to drive shares higher.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.

Ferrari (RACE) announces that Ferrari S.p.A. has signed a multiyear partnership agreement with HP Inc. (HPQ), through which its brand will appear on racing properties of Scuderia Ferrari.