MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Monday, May 20
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7:53 PM TiVo (TIVO): Q1 beats across the board on narrower losses as the TV set-top box maker continues to boost its subscriber rolls and rack up stronger revenue. The company has now posted subscriber increases for seven straight quarters, following a four-year streak of declining subscriber numbers. In the latest period, TiVo added a net 255K subscribers, compared with the 206K subscribers gained in the prior year period. Shares +1.1% AH. Comment!
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7:36 PM More on Urban Outfitters (URBN): Q1 beats on a per share basis but comes up short on revenue. Net profit rose 39% Y/Y as the clothing retailer posted record revenue and margins widened to 36.8% from 35.6% on fewer markdowns at Anthropologie. Comp retail sales, including catalog and online businesses, rose 9%, including 6% growth at its namesake brand, 8% at Anthropologie and 44% at Free People. Direct-to-consumer comp net sales were 14% higher, while sales at the company's wholesale business jumped 16%. Shares -4.1% AH. Comment!
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5:38 PM Carnival (CCL) -4.5% AH after warning it expects 2013 EPS of $1.45-$1.65, below prior guidance of $1.80-$2.10 and a consensus of $1.97. The cruise line operator says its net revenue yield will be down 2%-3% in 2013, worse than prior guidance for flat growth, thanks to soft ticket pricing, higher-than-expected trip cancellations, and higher sales/admin costs. It looks as if Hedgeye was right. RCL -1.5% in sympathy. NCLH could also end up falling. Comment!
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5:09 PM Wausau Paper (WPP) sells its specialty paper business to a new company sponsored by KPS Capital Partners, a New York-based private equity firm with significant experience in the paper industry. The new company will be known as Expera Specialty Solutions. Shares +1% AH. Comment!
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4:53 PM TCP Capital (TCPC) commences a 4M share public offering, with a 30-day option to purchase up to an additional 15% of the shares to cover overallotments, if any. The offering of the shares will be made under the company's existing shelf registration. The company intends to use the proceeds to repay amounts outstanding under its $116M revolving credit facility. Deutsche Bank, Keefe, Bruyette and Raymond James are acting as joint book-runners. Shares -45 AH. Comment!
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4:28 PM Marketing and customer service software/services firm SoundBite (SDBT +4.2%) is getting acquired for $5/share by private Genesys (now a unit of P-E firm Permira). The price represents a 67% premium to SoundBite's close today. Shares +52% AH to $4.55. (PR) Comment!
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4:27 PM More on hhgreg (HGG) FQ4 earnings: Comparable store sales off 9.8% Y/Y. FY2014 EPS guidance of $0.75-$0.90, comparable store sales of flat to negative 2.5%, net sales growth of 1-3.5%, 5 new stores to open. CC at 5:30 ET. Shares -8.1% AH. An SA Pro article set to come off embargo at dawn tomorrow says the company's decision to expand rapidly will prove a mistake thanks to cutthroat competition from e-commerce and other bricks-and-mortar stores (Sears, Best Buy) now in survival mode. (PR) Comment!
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4:27 PM Kosmos Energy (KOS) -16.1% AH after announcing its Sipo-1 exploration well on the Ndian River block in Cameroon failed to encounter commercial reservoirs. Due to the well results, KOS will record ~$75M against exploration expenses in its Q2 earnings. 2 Comments
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4:10 PM Permian Basin Royalty Trust (PBT +4.4%) gained after upping the monthly distribution to $0.088/share from $0.06 previously, as higher oil production and prices offset more than offset lower gas prices. Gas production numbers continue to be affected by prior period adjustments, but the underlying level of output is about flat month-to-month. (PR) Comment!
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4:09 PM Affymetrix (AFFX +1.4%) finishes higher after earlier appointing Gavin Wood to the position of Chief Financial Officer. Mr. Wood joined AFFX in 2006, having served most recently as VP Finance, International Controller based in the United Kingdom. Tim Barabe, the current CFO, is expected to retire effective June 28, 2013. Comment!
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3:59 PM EV Energy (EVEP +3.2%) is initiated with a Buy rating and $46 price target at Ladenburg Thalmann. Although there have been delays and any potential Utica Shale acreage monetizations this year are likely to be significantly lower than originally expected, the firm still believes EVEP is likely to sell at least 20K net operated acres in the wet gas window of the play in 2013. Comment!
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3:43 PM Talisman Energy (TLM +2.6%) says it produced its first oil from the Hai Su Trang and Hai Su Den development offshore Vietnam, where gross production is expected to reach 15K bbl/day once facilities are fully commissioned. TLM says the debut came in ahead of schedule and under budget, less than 18 months after the project was sanctioned. Comment!
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3:40 PM Intercept Pharmaceuticals (ICPT +2.3%) gains after presenting positive results from ongoing Phase 2a trials of its treatment for primary bile acid diarrhea with obeticholic acid at the Digestive Diseases Week Conference. The initial results demonstrate that treatment with the acid is associated with statistically significant increased levels of fibroblast growth factor 19 and improvement in clinical symptoms in patients with PBAD. Comment!
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3:37 PM Cubist Pharmaceuticals (CBST +11.3%) spikes to session highs. The move appears relates to an apparent Markman ruling on Hospira (HSP +0.7%, which has a generic version of Cubist's drug Cubicin. Seeking Alpha contributor PropThink noted last week that the ruling would likely be a 'clearing event' for the company. Comment!
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3:28 PM Shares of Colombian state oil company Ecopetrol (EC -1.8%), whose earnings continue to disappoint as it struggles to make new discoveries, hit a new 52-week low and fall below 4K pesos for the first time in 18 months. EC has ~2B boe in proven reserves and a $97B market cap, which makes its ratio of market value to reserves much more expensive than neighboring Brazil's Petrobras (PBR). Comment!
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3:10 PM The two-day rally in James River Coal (JRCC +14.3%) reaches 25% after Friday's news that it would exchange $243M of existing debt for $123M in new debt, pushing back the maturity of some of the debt by three years. Sterne Agee reiterates its Buy rating, saying the move buys time for JRCC and increase its financial flexibility. Iberia Capital upgrades shares to Outperform with a $5 price target. Comment!
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3:08 PM Taylor Morrison Home (TMHC +2.5%) gets a lift from a number of companies initiating coverage today. Credit Suisse starts the shares with an Outperform rating and $30 price target, citing a couple of significant factors; above-average growth driven by U.S. margin expansion and volume growth supported by land position and community count growth. Separately, Wells Fargo also initiates coverage with an Outperform, Citi starts it with a Buy, and JPMorgan with an Overweight. Comment!
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2:58 PM PennyMac Financial Services (PFSI +8%) flies after Lee Cooperman's Omega Advisors discloses a 21.6% stake in the just-IPOed mortgager company founded by former Countrywide exec (and PMT CEO) Stan Kurland. 1 Comment
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2:54 PM Tesoro (TSO +4.6%) seems to be benefiting from several favorable analyst notes today, including Barclays' big target price boost to $120 from $92, which the firm says may prove conservative since its calculations did not include any target synergy benefit. UBS and Macquarie also hike their price targets, the latter saying it sees no other U.S. independent refiner posting an equivalent execution track record. 1 Comment
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2:40 PM Real estate site owner Move (MOVE +9.9%) jumps after Citron Research uses less than 140 characters to disclose it's long, argue shares should trade at $17 given the valuations assigned to Zillow (Z) and Trulia (TRLA), and predicts Zillow or InterActiveCorp (IACI) will bid for the company. One big difference between Move and Zillow/Trulia: Move's revenue grew 14% Y/Y in Q1, whereas Zillow and Trulia's respectively grew 71% and 97%. Comment!
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2:25 PM Splunk's (SPLK +2.5%) addressable market is growing and its results should beat estimates, says Pac Crest in a bullish note that's giving shares a lift. The machine data software leader, which has been touting the ability of its products to analyze Web data in addition to corporate data, is now up 60% YTD. Its FQ1 report arrives on May 30. Comment!
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2:16 PM Plains Exploration (PXP +7.5%) shareholders vote to approve Freeport McMoRan’s (FCX -0.2%) acquisition of PXP at today's special meeting. The transaction is expected to close on May 31. Following completion of the transaction, there are expected to be ~1B shares of FCX outstanding. Earlier today, PXP declared a $3/share special dividend conditioned upon the completed merger. Comment!
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2:04 PM Natus Medical (BABY -1.1%) slips after its Q1 beats estimates, but the the company forecast the current quarter to come in at the low end of expectations. For Q2, it now expects to report revenue of $86M to $90M and and an EPS of $0.17 to $0.20. The Street is looking for $90M in revenue and $0.19 per share, respectively. For the full year, the company anticipates revenue of $362M to $367M and an EPS of $0.85 to $0.88. Comment!
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1:44 PM In addition to Qihoo's strong numbers, NetEase (NTES +5.5%) is benefiting from an upgrade to Buy from Citi, and an upgrade to Overweight from HSBC. The upgrades come a few days after the Chinese online game developer posted a Q1 beat and promised to pay out 20%-25% of annual net income via dividends. Comment!
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1:42 PM Elan's (ELN +3.3%) board responds in boilerplate fashion to Royalty Pharma's sweetened offer to acquire the company, saying it will, as before, in line with its obligations under Irish Takeover law, assess the bid and advise its shareholders accordingly. In the meantime, ELN shareholders are strongly advised to take no action. Comment!
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1:34 PM T-Mobile USA (TMUS +2.2%) hits new post-merger highs after catching an upgrade to Buy from Deutsche: the firm thinks the carrier's operating momentum "looks sustainable," and considers its valuation discount relative to peers "too wide" even if adjusting for "accounting differences and some strategic uncertainty." UBS upgraded shares a week ago - they're up 25% since T-Mobile and MetroPCS began trading as a combined entity on May 1. Comment!
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1:25 PM The sell-side is dueling over Pandora (P +3.4%) ahead of Thursday's FQ1 report: Just one trading day after Maxim cut shares to Hold and MKM started coverage with a Sell, Barclays is upgrading the Web radio leader to Equalweight and raising its PT to $17 from $10. Shares now +81% YTD; 33.4% of the float was shorted as of April 30. (Piper) Comment!
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1:20 PM Cavium (CAVM -2.7%) slides thanks to a downgrade to Market Perform from JMP. The network processor vendor has been rallying since delivering a Q1 beat and better-than-feared Q2 guidance on April 30. Comment!
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1:07 PM Nomura downgrades SanDisk (SNDK -2.3%) to hold on valuation grounds, leading shares to take a breather following a 38% YTD gain. Though granting SanDisk is benefiting from "disciplined" NAND flash supply growth and improving product mix, Nomura still sees potential risks, such as capacity additions from rivals, high capex due to technology transitions, and the potential for Samsung (SSNLF.PK) to gain an edge down the line from its lead in developing 3D NAND chips. 1 Comment
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12:57 PM As precious metals prices turn around, share prices of gold (GDX +4.7%) and silver miners (SIL +3.1%) surge: ABX +5.9%, GG +4.5%, KGC +6.4%, NEM +4.7%, SLW +4%. Even South African producers turn mixed, despite the call from the country's mine workers union for big pay increases: AU -0.8%, GFI +1.5%, HMY -0.5%. 2 Comments
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12:49 PM Baird's Jayson Noland downgrades NetApp (NTAP -1.8%) to Underperform ahead of tomorrow's FQ4 report, citing share losses to EMC and others. Noland: "We are not advocating a short position ... due to the possibility of a positive investor reaction to opex rationalization or shareholder friendly use of cash ... We do recommend investors take profits." EMC has "outperformed NetApp" in Baird's reseller checks since Q3 '11, something Nolan attributes to the launch of EMC's VNX mid-range systems, more innovative products, and "increased channel friendliness." He also notes NetApp has been slow to roll out all-flash storage systems. Comment!
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12:40 PM Wall Street cheers Chesapeake's (CHK +4%) appointment of Doug Lawler as CEO as a vote of confidence in CHK after building a strong reputation at Anadarko (APC). While hopeful the move will improve capital discipline and allocation decisions, Tudor Pickering cautions it will be a steep wall to climb "given the balance sheet leverage and need to materially sell assets into a weak [acquisitions] market." 3 Comments
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12:40 PM This just in. Precious metals (GLD +2.2%), (SLV +2.6%) are sharply higher on the session after a panicky Sunday evening plunge brought both to multi-year lows. Other than dollar weakness (UUP -0.5%) across the board, there's no news in particular - perhaps some satiated bears decided to cover and a trend took hold. 33 Comments
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12:38 PM Jefferies raises its price target on Zumiez (ZUMZ +1.8%) to $28 from $22 saying the specialty retail group has likely moved past "the noise in Q1" and faces easier compares going forward. Comment!
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12:31 PM Acorda Therapeutics (ACOR -1%) is issued a patent for Amprya entitled "Methods of Using Sustained Release Aminopyridine Compositions." This patent covers a range of dosage strengths, and is separate from 2 method of use patents issued in 2011 and 2013 that are set to expire in 2027 and 2026, respectively. The drug is approved in the United States as a treatment to improve walking in patients with multiple sclerosis. Comment!
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12:29 PM Priceline (PCLN +3%) is the "clear global winner" in the online travel agency space, writes Deutche's Ross Sandler, who is upgrading shares to Buy and raising his PT to $900. Sandler touts Priceline's "unique supply footprint, industry-high growth rates and margins, and over-exposure to ... international hotel bookings." He thinks margins (recently pressured by heavy search ad spend) will begin stabilizing in 2H, sees upside to consensus forecasts, and predicts earnings will "grow at a 20% CAGR over the next 3 years." Sandler is also raising his PTs for Expedia (EXPE unchanged) and TripAdvisor (TRIP +3.8%), while reiterating Buys. Comment!
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12:15 PM Facebook (FB -2.1%) slides after Yahoo (YHOO +1.3%) confirms it's buying social blogging leader Tumblr, which (like Twitter) is arguably a threat to Facebook's engagement levels. In spite of its focus on personal networks, Facebook has been trying to encroach on Tumblr's turf via its support for "public" posts that can be followed by anyone. However, uptake has largely been driven by media figures, rather than regular users. In paying $1.1B for Tumblr, Yahoo is betting the platform's social features and network effects will let it become the Twitter of longer-form material. If this happens, and Tumblr isn't simply viewed as another blogging platform, the price tag could look cheap. (previous) Comment!
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12:07 PM Caterpillar (CAT +1.2%) says its global machinery retail sales fell 9% in April, with a 20% drop in its Asia/Pacific segment and 18% drop in North America. Latin America was a bright spot in April, rising 28%. The surge in LatAm is encouraging, says Wells Fargo's Andrew Casey, especially when compared to last Aprils 12% increase. But, with demand in the other regions still contracting as heavily as they are, near-term hopes for CAT look dim regardless of how gangbusters the company is doing in South America. 3 Comments
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12:03 PM Range Resources (RRC +1%) and Rex Energy (REXX +3.5%) are both downgraded (I, II) to Hold from Buy at Stifel Nicolaus on valuation and a more cautious outlook on near-term natural gas markets. On RRC, while the firm says the strong set of Marcellus drilling locations, solid execution, and improving financial position warrant its highest premium valuation, it would not be aggressive buyers now. 1 Comment
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11:54 AM Maybe the best synthetic way to play the dramatic changes in Japan (yen down, stocks up) is U.S. ETF provider WisdomTree (WETF). It's up 2.5% today - pushing its YTD gain to nearly 125% - as its Japan Hedged Equity Fund (DXJ) moves past $10B in AUM. The once-tiny fund has received about $7B in inflows this year and now threatens EWJ ($12.26B AUM) for dominance in the Japan ETF space. 2 Comments
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11:54 AM Leap Wireless (LEAP -2%) slumps after Deutsche cuts shares to Sell while reiterating its $4 PT. The firm is worried about tougher prepaid competition from T-Mobile (via MetroPCS) and AT&T (via its new Aio prepaid brand), and a relatively high valuation (7.4x 2014E EV/EBITDA vs. 4.7x-7x for peers) in spite of "inferior growth prospects." Barclays launched coverage with an Underweight last Friday. Comment!
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11:48 AM Edap (EDAP +5.3%) posts solid gains after saying minimally invasive, high-intensity focused ultrasound (HIFU) therapy demonstrates "encouraging cancer-specific survival rates in patients with localized prostate cancer." The company cites data culled from a large, long-term study of "mobility and oncologic outcomes" conducted by two doctors at Edouard Herriot Hospital in France. (PR) Comment!
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11:27 AM Silver's (SLV -0.6%) 9% plunge in the first minutes of trading overnight is being linked to hawkish talk from Japanese Economy Minister Akira Amari who warned the yen's (FXY +0.7%) fast decline may be hurting the economy. One fails to see the connection but dollar/yen did dive along with silver and Andrew Wilkinson suggests hedge funds short the yen were forced to raise cash by bailing on stale silver longs. 11 Comments
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11:22 AM Shares of WPX Energy (WPX +6.8%) surge after hedge fund Taconic Capital discloses a 6.39% stake in the company and says it "may engage in communications with relevant parties [on] ways to enhance shareholder value." WPX has been strong in recent weeks after being cleared by Pennsylvania regulators, which said it was not responsible for water contamination in the state. Comment!
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11:19 AM Raven Industries (RAVN -9.4%) takes a hit this morning after its Q1 misses estimates. The company reported an EPS of $0.38 per share, versus estimates of $0.44, missing by $0.06 and down 27% Y/Y. Revenue came in at $103.7M versus expectations of $112.64M. Sales were down 12% from the same period last year. Looking forward, the company warns that "delivering year-over-year sales and earnings growth in the second quarter of fiscal 2014 will be challenging." Comment!
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11:04 AM Sangamo BioSciences (SGMO -4.5%) takes a bit of a hit this morning, despite the presentation of new data demonstrating the successful application of its In Vivo Protein Replacement Platform in a mouse model. The company, in partnership with Shire (SHPG +1.8%), is developing ZFP Therapeutics for both hemophilia A and B using this approach. The data was presented late last week at the 16th Annual Meeting of the American Society of Gene and Cell Therapy in Salt Lake City. 3 Comments
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11:03 AM OCZ (OCZ +7.2%) bounces after announcing NetGear (NTGR +0.1%) has qualified its relatively costly Deneva 2 enterprise SSDs for use on NetGear's ReadyDATA 516 NAS storage systems for SMBs. Shares still -34% YTD thanks to investor frustration with SEC filing delays. (PR) Comment!
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10:59 AM Valero Energy (VLO +2.4%) pushes higher as a Friday story makes the rounds discussing the possible timing of a potential MLP for VLO's logistics assets. VLO has said it was evaluating an MLP, but the article seems more focused on the when rather than the if an MLP would happen. VLO has not yet made a commitment, but a spokesman says it is “leaning toward a positive decision." 3 Comments
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10:53 AM Plug Power (PLUG +6.2%) gains saying earlier that the preferred stock investment made by Air Liquide closed on May 16. The company issued 10,431 shares of 8% convertible Series C Preferred Stock to Air Liquide, garnering $2.6M from the sale as part of a $6.5M strategic investment that PLUG says is a significant part of its strategy to grow its hydrogen fuel cell business for forklift trucks and other horizontal markets. 1 Comment
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10:45 AM JA Solar (JASO +34.4%) is now skying higher following its Q1 beat and full-year shipment guidance reiteration, and is providing fresh fuel for the colossal solar stock rally that started last fall (TAN +4.4%). TSL +13.3%. DQ +20%. LDK +9.9%. JKS +10.3%. SCTY +11.6%. SOL +9.4%. CSUN +8.9%. SPWR +4.9%. ASTI +9.4%. YGE +8.4%. CSIQ +6.6%. The fact 38% of JA's Q1 module shipments went to Japan (a market with higher ASPs/margins than China) is likely going over well with investors. 6 Comments
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10:40 AM OSI Systems (OSIS -8.2%) slips after saying its security division, Rapiscan Systems - which makes body scanning machines used in U.S. airports - expects to receive a proposed debarment notice from the Department of Homeland Security in connection with a Show Cause letter issued by agency regarding the termination of their software deal several months ago. The notice opens the first phase of formal proceedings that will allow Rapiscan to provide information and communicate directly with DHS officials. Comment!
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10:27 AM A number of auto supplier stocks trade higher again as enthusiasm from last week on global demand spills over to early trading this week. A Goldman Sachs upgrade on Meritor (MTOR +6.7%) to a Buy rating is also helping to lift sentiment. Advancers: Federal-Mogul (FDML) +1.9%, Oshkosk (OSK) +1.4%, Icahn Enterprises (IEP) +2.8%, Stoneridge (SRI) +3.8%. Comment!
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10:25 AM UniPixel (UNXL +4.8%) announces the receipt of a $5M milestone payment related to its deal with an unnamed "major touchscreen ecosystem partner;" the payment will be recognized as deferred revenue in Q2. The company adds the installation of equipment for touchscreen film printing lines at its new Kodak facility will start this quarter, and equipment for 6 plating lines will arrive at its Kodak and Lufkin, TX facilities in June/July. Shares are recouping a portion of Friday's huge losses. 8 Comments
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10:07 AM Paulson & Co., whose funds own ~9.9% of the outstanding shares (12.8M) of Plains Exploration (PXP +7%), says it will vote in favor of Freeport McMoRan's (FCX -0.9%) proposed takeover of PXP and McMoRan Exploration (MMR) as it "adds another avenue for growth, diversifies its cash flows, and increases the proportion of earnings from the United States." Comment!
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10:04 AM A downgrade to Market Perform from BMO takes a toll on Red Hat (RHT -4.1%). Shares had been rallying this month after a rough start to the year, thanks to weak top-line numbers from both the company and enterprise software peers. Comment!
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9:52 AM 3D Systems (DDD +4.2%) jumps out of the gate after Needham and Maxim raise their PTs in bullish notes. Needham thinks "the industry environment for DDD's products and services remains healthy," and that recent software acquisitions Rapidform and Geomagic provide a new high-margin revenue stream. The firm also sees "upside earnings potential driven by increased operating leverage in the model over the next year." (previous) Comment!
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9:41 AM Qihoo (QIHU +8.1%) shoots to new highs following its Q1 beat. A big reason: Q2 guidance is for revenue of $142M-$144M, far above a $121.5M consensus and evidence search monetization is ramping. Ad revenue +40% Y/Y (+49% in Q4) to $63.4M, value-added services (largely games) +119% to $45.8M (+105% prior). Monthly active users +11% Y/Y, to 457M, but up just 1M Q/Q (high penetration). Browser MAUs +7% Q/Q and +22% Y/Y to 332M. Mobile security users +33% Q/Q and +272% Y/Y to 275M. Home page daily visitors +3% Q/Q and +22% Y/Y to 94M. Home page daily clicks +9% Q/Q and +66% Y/Y to 489M. Opex +89% Y/Y due to search investments. CC at 10:30AM ET (webcast). (PR) Comment!
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9:26 AM Rosetta Genomics (ROSG) jumps 11.76% before the bell after executing a credentialing agreement with managed care company Prime Health Services under which the company's miRview mets2 test "will be included in Prime's covered products and services." The agreement is ROSG's first with a U.S. PPO. (PR) Comment!
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8:50 AM Given Imaging (GIVN) rises 2.34% premarket after saying several studies presented at Digestive Disease Week highlight the value of the company's SmartPill for the "evaluation and diagnosis of different motility conditions." The studies suggest "an expanded role" for the device, the company says. (PR) Comment!
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8:29 AM Sweetening the pot ahead of today's shareholder vote deciding the fate of Freeport McMoRan's (FCX) proposed takeover of Plains Exploration (PXP), PXP declares a special $3/share dividend and FCX announces a $1/share supplemental dividend to be paid upon closing the acquisition. With a close vote expected, the moves may well tip support in favor of the deal. PXP +6.2%, FCX +0.8% premarket. 5 Comments
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8:27 AM Synovus Financial (SNV) slides 3.2% premarket after Goldman downgrades to Sell with $2.50 price target. The stock is pricing in M&A speculation, says analyst Ryan Nash, but standing alone, earnings don't justify such a level. Comment!
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8:07 AM It's shaping up as a big day for ING U.S. (VOYA) as a bullish Barron's piece on the undervalued and misunderstood insurer/asset manager combines with BTIG's Mark Palmer initiating with a Buy and $31 price target. "We believe there is a very good reason why ING management expressed dismay" at being forced to sell the unit. Shares +4.3% premarket. Comment!
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8:04 AM Xenoport (XNPT) plummets 19.26% premarket after saying data from a Phase 3 clinical trial of arbaclofen placarbil did not demonstrate that the treatment provides statistically significant improvement versus a placebo in patients with spasticity due to multiple sclerosis. The company will "terminate further investment in the program." (PR) Comment!
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7:57 AM Yahoo (YHOO) +1.4% premarket following its reported deal to buy Tumblr for $1.1B in cash. It's hard to justify at the current price, opinies Jefferies, noting Tumblr barely generates any revenue. Meanwhile, WordPress CEO Matt Mullenweg says defections from Tumblr to his site have soared, maybe thanks to Yahoo's history of shutting down past acquisitions like Geocities, Broadcast.com, and Del.icio.us. Comment!
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7:48 AM More on JA Solar's (JASO) Q1 results: Lower prices for PV panels led to an eighth straight quarterly loss, although less than expected. Total shipments were 442.7 MW, -11.5% Q/Q and +20.9% Y/Y, vs. 410-430 MW company guidance. Full-year guidance of 1.7-1.9 GW unchanged. Gross margin +6% in Q1 vs. -4.6% in Q4 2012 and +2.1% in the year-ago quarter. Shares +5.5% premarket. Comment!
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7:07 AM Silver (SLV) plunged to its lowest level in nearly 3 years overnight before a bounce brought it to its current price of $21.60, -3.3%. As with gold, silver ETP holdings have dropped to the lowest levels this year, and speculative short positions are on the rise, according to CFTC data. Gold (GLD) took out its April lows earlier - dropping as low as $1,338. A bounce has brought the metal back to $1,351, -1%. 17 Comments
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