might have in Yahoo

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16.04.2016

In a lunch with UBS analyst John Hodulik discussing video and the ad market,
fake handbags, AOL chief Tim Armstrong gave some color to some previously discussed interest that AOL parent Verizon (NYSE:VZ) might have in Yahoo (NASDAQ:YHOO): Certain assets could bring a strong price, but "you don’t want to catch a falling knife." Verizon chief Lowell McAdam has acknowledged that Verizon might be interested in Yahoo, and Armstrong says it could happen at the right price. Morgan and PJT Partners in what may be a clearer signal that some kind of transaction is imminent. have to start a process, share all the data regarding audience, distribution, monetization and talent, Armstrong told Hodulik. at this point is theoretical. Assets with rapidly a growing number of users are very expensive. Even those with a stable number of users are expensive." Yahoo shares finished the day up 2.1%; they’re down 9.7% YTD.

Sequans (NYSE:SQNS) closed up 13.5% after announcing Australian carrier Telstra is testing the use of its chips on a 4G Cat 1 network (10Mbps peak download speeds) meant for IoT/M2M devices. Telstra is said to be "verifying that LTE Cat 1 devices can coexist with higher category device counterparts on Telstras LTE network and is readying its IoT capabilities for deployment across Australia."With larger/better financed chipmakers such as Qualcomm, Intel, and MediaTek dominating the 4G phone/tablet modem market, Sequans has sought to carve out a niche in the IoT/M2M space. A Cat M partnership with Verizon was announced two weeks ago.

Shutterfly (NASDAQ:SFLY) closed up 4.2% on a day the Nasdaq rose just 0.4%. With the exception of the first $2.5M order, WorldVentures has "the option to cancel, defer or increase monthly shipments with 90 days written notice on subsequent orders."NXT ID: "The DreamTrips card is a totally new product for NXT ID and WorldVentures and will make travel, vacationing and even daily purchases simpler and more secure with a number of new and unique features to be announced prior to launch . WorldVentures currently has approximately 500,000 DreamTrips Members, with as many as 80,000 new Members joining every month. The vision of WorldVentures‘ executive team is to make the SmartCard available to every existing member and eventually, a general global consumer market."NXT ID surged over the last 20 minutes of trading in response to the announcement. The company’s market cap stands at $24M.

Analyst Jonathan Bock had upgraded Fifth Street Finance (FSC 4.6%) one month ago on hope activist investor RiverNorth Capital Management could drive meaningful change at the woefully underperforming company. After this morning’s deal to pay off RiverNorth to make it go away, he downgrades. change has occurred, in our view, and the same poorly performing manager (NASDAQ:FSAM) remains in place," says Bock. 8)Previously: NDA resubmitted for Titan Pharma’s subdermal implant for opioid addiction (Aug. 31, 2015)

Whiting Petroleum (WLL 9.9%) is suspending plans to drill at 20 Bakken and Three Forks well sites in North Dakota, as well as a gathering pipeline project it hired Tesoro Logistics to build, Bloomberg reports. WLL, which controls 667K net acres in the Williston Basin that stretches across North Dakota and Montana,
michael kors handbags replica, had not yet begun drilling the wells, according to the report. North Dakota rig count has fallen to just to 41, the lowest since July 2009, according to North Dakota Department of Mineral Resources, and production fell by 30K bbl/day in December from the previous month. 30, and now likely exceeds a 45% loan to value ratio. IEP’s 5.875% bonds maturing in 2022 are trading at 86 cents on the dollar. Carl Icahn owns about 89% of the company. Morgan, based on a core business outlook" reflected in DUK’s Q4 results and guidance, "as growth now appears to need more time to play out than we had anticipated. The firm says DUK’s revised FY 2016 and longer term EPS guidance was lower than it expected,
replica michael kors handbags, despite expectations of major capital deployment over the next three years, zero cost inflation and high customer count growth. JPM says its base case scenario for DUK now requires internal equity of $700M in 2018 20, excluding the $500M $750M this year required to maintain credit ratings for the Piedmont Natural Gas deal. government to hold talks with airlines in Iran about their needs for jetliners, a first step toward entering the country resurgent aircraft market. The news comes nearly three weeks after Airbus (OTCPK:EADSF, OTCPK:EADSY) announced an order from Iran Air for 118 new jets valued at $27B, prompting the chairman of Iran Air to remark that Boeing was "lagging behind a bit." Iran Air fleet reportedly totals 45, with an average age of 26.9 years; the age of the six Boeing 747s in the fleet averages more than 35 years. Boeing will still need a separate license to actually complete any commercial jetliner sales. Likely having more of an effect on today’s stock price is the mere $12.3B in orders tallied at this week Singapore Airshow, little more than a third of the $32B from 2014.

OTR Global has upgraded Workday (WDAY +5.7%) to Positive from Mixed ahead of the cloud HR/financials software vendor’s Feb,
fashion handbags sale. 29 FQ4 report. Checks lead the firm to believe Workday will top FQ4 estimates.

Janney and Credit Suisse have joined the ranks of firms downgrading SunEdison (SUNE 5.6%), with each cutting shares to Neutral. "Put simply, SunEdison has tried to run too quickly seeking hyper growth at the same time capital markets are more challenged constraining their balance sheet,"Janney’s Michael Gaugler cites Hawaiian Electric’s recent decision to cancel contracts to buy 148MW of power from three utility scale SunEdison plants. an earlier outlook for a 7% drop, as it anticipates "another challenging year." DE also trimmed its net income outlook for the year to $1.3B from $1.4B previously, which implies EPS of $4.00 $4.20, below the analyst consensus estimate of $4.24 this year. In its earnings conference call, DE said executing its margin boosting strategies of cutting equipment inventories and overhead costs, raising prices on equipment, and increasing sales of replacement parts and services are becoming more difficult amid steep drops in farm and construction equipment; even with 11% lower overhead costs in FQ1, DE operating profit margin fell to 7.4% from 10.1% a year ago. DE’s FQ1 construction and forestry equipment sales fell 23% Y/Y to $1.2B, and profit from the unit plunged 52% to $70M; the company now expects 2016 construction sales to drop 11% Y/Y, more than double the decline predicted in November. "We give Deere credit for operating well in a challenging time, but there is little reason for optimism in the next couple of years," says William Blair analyst Lawrence De Maria. CEO Sue Swenson: "The disposition of the telematics hardware business will accelerate our Company’s transformation from a hardware centric manufacturer to a true provider of IoT SaaS and Solutions."On the earnings call (transcript), Novatel stated Q1 sales will be hurt by a weak South African rand, which affects sales for Novatel’s recently acquired Ctrack unit. Ctrack is expected to deliver Q1 revenue of $12M $16M vs. Hardware revenue fell 17% Y/Y to $45.5M. AR plans to operate an average of 7 drilling rigs between the Marcellus and Utica Shale plays, 50% fewer than its average 14 drilling rigs operated in 2015; in shifting activity toward the Marcellus from the Utica, AR says 75% of its drilling and completion budget is allocated toward the Marcellus. AR forecasts FY 2016 production to rise 15% Y/Y to 1.715B cf/eday of gas, with net liquids increasing 24% to 60K bbl/day.

Fluor (FLR 2.3%) is downgraded to Market Perform from Outperform with a $46 price target, cut from $57, at FBR Capital, following a big Q4 earnings miss and to reflect weaker revenue and profit margin expectations for 2016 and 2017. FBR says FLR’s 12 month backlog of $17B is down 10% Y/Y, which may make achieving revenue growth difficult since the company’s top line is significantly dependent on the visibility of future orders. The firm also notes that FLR had more than $31M of cost overruns in Q4; combined with signs that consumer demand may be slowing, the analysts at FBR question the ability for margin expansion in 2016.

Lam Research (LRCX +4%), KLA Tencor (KLAC +2.2%), ASML (ASML +2.6%), Axcelis (ACLS +3.9%), Rudolph Technology (RTEC +2.3%) and Xcerra (XCRA +4.9%) have caught sympathy bids after chip equipment giant Applied Materials (AMAT +9.4%) slightly beat FQ1 estimates and (more importantly) issued strong FQ2 guidance. On its earnings call (transcript), Applied forecast the wafer fab equipment market would be roughly flat in 2016 Gartner forecast a 2.5% drop in January, followed by 8.1% growth in 2017 and 9.1% growth in 2018.2016 outlook: NAND flash equipment spend is expected to be up 25% Y/Y in 2016 thanks to 3D NAND investments; DRAM spend is expected to drop 20%, and logic spend be roughly flat. CFO Robert Halliday: "We do believe that the first half is a little bit more weighted to NAND, whereas the second half is more weighted to stronger performance in foundry, logic and DRAM. However,
fashion bags, services orders rose 12% to $773M, and display orders (boosted by OLED equipment demand) rose 71% to $183M. Energy/environmental (solar) orders fell 12% to $44M. (earnings release)Needham’s Edwin Mok has upgraded Applied to Buy, with a $22 target. "We believe AMAT’s strategy and efforts to drive growth in the Silicon, Display and [global services] businesses are finally starting to yield results, even with limited industry growth ahead. With improving gross margins and good cost control ahead, we now expect the model to deliver strong, double digit % earnings growth in 2 3 years, even though it is trading largely in line with other large cap Semi names."Update: In other news, Lam Research and KLA Tencor shareholders have each approved the companies‘ planned merger. The deal is still expected to close in mid 2016.

EP Energy (EPE 21.2%) sinks to a 52 week low as UBS downgrades shares to Neutral from Buy with a $2.75 price target, cut from $4.50, after the company announced lower than expected Q4 volumes and FY 2016 earnings guidance. With the amount of debt on the balance sheet and recent declines in production, UBS believes EPE may not be able to continue to produce enough oil in the near term to remain a strong player in the oil market. UBS also notes that EPE’s capex is expected to fall 25% 60% Y/Y to save cash and maintain company operations, but also ensures that EPE will have a difficult time growing either their top line or profitability.

McClatchy (MNI +2%) has reduced debt by $30.8M through a private note transaction. The publisher bought back $20.8M of its 5.75% notes due 2017, and $10M of its 9% secured notes due 2022, for a total of $28.8M plus accrued and unpaid interest. That leaves the company’s debt balance at $906.5M. "Our next debt maturity date is in 2017 and is approximately $35 million, and we have no other maturities due until the end of 2022," says CFO Elaine Lintecum. It added that it received a delisting warning from the NYSE over its $1 average closing price rule, and says it intends to cure the deficiency.

Valeant Pharmaceuticals (VRX 6.7%) slumps on average volume in early trading,
michael kors cheap. Not helping matters is a report by Wells Fargo that argues that the company’s old way of doing business is kaput and that its "new business model" appears unlikely to be robust enough to return earnings growth to its once lofty heights. The analyst also cited the lack of clarity with the Walgreens deal and high level of debt as reasons for the bearish outlook.

Enbridge (ENB 2.1%) is lower as part of today’s broad energy rout, even after reporting better than expected Q4 earnings as record oil shipments on its main pipeline system shielded the company from the collapse in prices.

FBR has cut estimates on Lions Gate Entertainment (LGF 2.6%) with some concerns about the strength of the studio’s upcoming film slate. Analyst Barton Crockett has reduced the firm’s price target to $23, from $31 implying just 16% upside from today’s reduced price but maintained an Outperform rating, with a lot of the uncertainty reflected in the current price. FBR thinks EBITDA for 2016 looks closer to $200M after trimming $200M off the movie segment EBITDA, and it’s got 2017 EBITDA modeled for $274M, well below a previous range of $350M $400M Last week, B. Riley reiterated its Buy rating and $32 target on the stock.

Weatherford International (WFT 6.8%) and a Swiss inspections group are exchanging blame for the disappearance last year of radioactive material used to test pipes at an oil field in southern Iraq. Reuters reports that Iraq is searching for a "highly dangerous" radioactive source whose theft in November had raised fears among Iraqi officials that it could be used as a weapon if acquired by Islamic State.

Calumet Specialty Products Partners (CLMT 9.9%) sinks to a 52 week low after Credit Suisse downgrades units to Neutral from Outperform with an $18 price target, cut from $32, following weak Q4 results. Credit Suisse says it applauds CLMT’s desire to focus on its core specialties business and away from more commoditized pursuits, but adds it could be a long road ahead before CLMT finds its business on a more stable footing, with balance sheet and dividend path risks not entirely shared by other refiner MLP names. independent refiners, and cuts its price targets for CVR Refining (CVRR 5.9%) to $16 from $23, and for Alon USA Partners (ALDW 2.6%) to $21 from $31.

Ultra Petroleum (UPL 30.3%) is downgraded to Sell from Buy with a $0 price target at KLR Group, a day after President/CEO Mike Watford said he is trying to restructure UPL debt in an attempt to avoid filing for bankruptcy. KLR says the company’s debt capitalization is no longer viable and implies no intrinsic equity value. As of the next covenant measurement date (March 31), UPL likely will breach the net debt to TTM EBITDA covenant and as of its Q1 10 Q filing date in May would be out of compliance with the current terms governing the subsidiary debt, KLR says. 19)

Chembio (NASDAQ:CEMI) is up 11% premarket on increased volume in response to its announcement that it has been awarded a $550K catalyst grant from the Paul G. It also plans to add Zika to its POC DPP Fever Panel that is currently under development through a separate grant under the Paul G. Allen Ebola Program.

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