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Jul. 15, 2014, 5:35 PM
Jul. 15, 2014, 4:50 PM
- As part of a comprehensive enterprise mobility partnership, Apple (NASDAQ:AAPL) and IBM plan to develop 100+ "industry-specific enterprise solutions," including new iPhone/iPad apps.
- The apps will begin to arrive this fall, and IBM will resell iPhones/iPads containing them to clients worldwide.
- The companies also plan to develop IBM cloud services optimized for iOS. Targeted markets include security, mobile device management (MDM), and big data/analytics. New enterprise-focused AppleCare services will be offered, as will "new packaged offerings from IBM for device activation, supply and management."
- Apple, which maintains an outsized share of enterprise mobile hardware activations, has tried hard to grow its business footprint during the Tim Cook era. Aside from any value provided by the new apps/services, Big Blue's credibility and relationships with Global 2000 firms should provide a shot in the arm for Apple's efforts.
- As for IBM, the deal adds to a mobile software/services push that has already resulted in a string of acquisitions and product launches.
- AAPL +1.4% AH. IBM +2%. BlackBerry (NASDAQ:BBRY) -3.2%, as investors worry about the MDM portion of the alliance. MobileIron (NASDAQ:MOBL) could also be affected by it.
- Update: Tim Cook, discussing the deal with re/code: "We’re good at building a simple experience and in building devices ... The kind of deep industry expertise you would need to really transform the enterprise isn’t in our DNA. But it is in IBM’s."
Jul. 7, 2014, 2:35 PM
- BlackBerry (BBRY +6.4%) is at levels last seen prior to its giant Sep. 2013 warning. With 1/5 of the float shorted as of June 13, short-covering is undoubtedly a factor.
- Also possibly helping: A report from the Economic Times stating BlackBerrry plans to launch a healthcare service that will rely on data from thousands of medical devices to "enable early detection of illnesses." A BlackBerry exec says the company is "running trials with multiple hospitals in India."
- The service is being launched in partnership with NantHealth, developer of a clinical software platform used by ~250 hospitals and connected to 16K+ medical devices. BlackBerry disclosed a stake in NantHealth in April, along with plans to offer a healthcare-optimized smartphone (among other things).
- Citron Research recently talked up BlackBerry's efforts to provide an OS (QNX) and analytics infrastructure (Project Ion) for companies looking to obtain insights from the data produced by embedded devices.
Jun. 30, 2014, 1:43 PM
- Leaked pictures of BlackBerry's (BBRY +4.8%) anticipated Passport phone show a rectangular device with an abbreviated QWERTY keyboard.
- The enterprise-focused device reportedly features a 4.5", 1440x1440, display (1:1 aspect ratio), 32GB of storage, 3GB of RAM, and a hefty 3450mAh battery.
- John Chen recently announced the Passport would launch in September. The leaks come two weeks after BlackBerry announced (in a strategy shift) Amazon's Appstore for Android would be integrated with BlackBerry 10.3 (due this fall), and that it'll work with BlackBerry developers to migrate their apps to the Appstore.
Jun. 23, 2014, 10:43 AM
- Evercore's Mark McKechnie has upgraded BlackBerry (BBRY +2.1%) to Equal Weight, and hiked his PT by $4 to $10.
- McKechnie is pleased with BlackBerry's "stabilizing cash burn." He's also optimistic about BlackBerry's efforts to hold onto its core base with the help of its EZ Pass licensing program (offers incentives to get companies to use BES10 to manage multiple platforms) and BES12.
- BlackBerry promises BES12 (due in November) will offer better multi-platform support and service management tools, and will also support cloud deployment options to go with traditional on-premise installations.
- Shares now +21% since the FQ1 beat, with an assist from Citron Research.
Jun. 20, 2014, 11:21 AM
- Citron Research, which set a $15 target for BlackBerry (BBRY +4.3%) in January, has hiked its PT to $20.
- In a new report (.pdf), Citron gushes (somewhat ironically, given its reputation for throwing cold water on hyped tech trends) over BlackBerry's potential to provide software and services to help enable the proverbial Internet of Things (IoT).
- Citron notes BlackBerry's Project Ion aims to provide an analytics infrastructure for businesses trying to leverage the data produced by millions of embedded devices, and that its QNX OS already makes it a player in the embedded market. It also sees BlackBerry's security reputation helping its cause.
- The firm calls John Chen "one of the strongest and most credible leaders on Wall Street," and thinks a tech giant could be interested in making a bid.
- Shares now +14% since yesterday's FQ1 beat.
- Yesterday's coverage
Jun. 19, 2014, 2:15 PM
- "The short trade is over in this name for now - for now," says BGC's Colin Gillis after taking stock of BlackBerry's (BBRY +11.2%) FQ1 numbers. "They've got enough liquidity, (and) they've given us clear profitability targets."
- Cowen's Timothy Arcuri likes the bottom-line improvement, as well as BlackBerry's gross margin expansion and better-than-expected services numbers. "We still see BES 12 transition as the key to sustained LT growth, but current momentum will certainly resonate with investors."
- Services revenue, affected by BB10-related consumer price cuts, fell to 54% of revenue in FQ1 from 56% in FQ4. Hardware rose to 39% from 37%, and software/other was steady at 7%.
- On the CC, John Chen mentioned early sales of BlackBerry's $200 Z3 phone (5", touch-only, launched in Indonesia) have been strong, and that inventory has run low at times. FQ1 end-user phone purchases of 2.6M were down from FQ4's 3.4M and FQ3's 4.3M.
- Job cuts at work: SG&A spend fell 41% Y/Y to $400M, and R&D spend 34% to $237M. 19% of the float was shorted as of May 30.
- Earlier: FQ1 results, details
Jun. 19, 2014, 9:11 AM
Jun. 19, 2014, 7:30 AM
- FQ1 revenue of $966M slipped 1% from the previous quarter. Breakdown: 39% hardware, 54% services, 7% software and other. Hardware revenue recognized on about 1.6M smartphones, up from 1.3M the previous quarter.
- About 2.6M phones sold to end customers during Q.
- Adjusted gross margin of 48% gains 500 basis points from FQ4.
- Cash on hand rises to $3.1B from $2.7B, boosted by a tax refund and sale of real estate. Excluding those, company burned through $255M in FQ1, down from $784M previously. Management expects break-even cash flow by the end of fiscal 2015.
- Previously: BlackBerry beats by $0.15, beats on revenue
- BBRY +9.8% premarket
- CC begins at 8 ET.
Jun. 19, 2014, 7:02 AM
- BlackBerry (BBRY): Q1 EPS of -$0.11 beats by $0.15.
- Revenue of $966M (-68.5% Y/Y) beats by $2.83M.
- Shares +0.7% PM.
Jun. 18, 2014, 5:30 PM
Jun. 18, 2014, 8:11 AM
- Amazon (AMZN) Appstore will be available with the launch of the BlackBerry (BBRY) 10.3 operating system this fall.
- BlackBerry has about 130K apps, but is missing key ones like Pinterest, Netflix, and Groupon, all of which Amazon - with roughly 240K apps - has access to.
- "I do not have to spend time, energy and money" developing apps Amazon offers, says CEO John Chen. "Given I want to financially turn around the company and focus on the enterprise space, this is perfect for us."
- BBRY +3.5% premarket
Jun. 13, 2014, 3:30 AM
- BlackBerry (BBRY) has reached an agreement with EnStream, a joint venture between Canada's three biggest telecom companies — Bell (BCE), Rogers (RCI) and Telus (TU), to provide the infrastructure for a new mobile payment platform.
- Under the three-year deal, EnStream will use BlackBerry infrastructure so banks and mobile operators can securely keep sensitive payment information on any smartphone able to use near field communication (NFC) tags.
- NFC tags permit smartphones to communicate with other mobile devices or credit payment systems by tapping the two together.
Jun. 12, 2014, 11:26 AM
- After conservatively pricing its 11.1M-share IPO at $9 (the middle of an $8-$10) range, MobileIron (MOBL) opened at $10 and is currently at $10.95, up 21.7%.
- The mobile device/app management software vendor is worth $817M, or 7.7x 2013 sales.
- Rival BlackBerry (BBRY +1.3%) has ticked higher. MobileIron's strong showing could bode well for Good Technology's upcoming offering.
- Prospectus, IPO preview, analysis
- Previous: MobileIron, Good prepare for IPOs amid tough competition
May 31, 2014, 2:37 PM
- Leading mobile device management (MDM) software firm MobileIron (MOBL) has set an $8-$10 IPO price range. At the midpoiint, the range spells a valuation of $672M, or 6.4x 2013 sales.
- MobileIron, which originally filed in April, is looking to raise $89M-$111M by selling 11.1M. shares. Though still growing at a healthy clip, the company's latest S-1 points to a growth slowdown: Billings rose 34% Y/Y in Q1 to $30.3M, notably slower than 2013's 48% clip. Revenue, pressured by a shift to subscription sales from perpetual licenses, only rose 9% to $28.2M.
- Good Technology, another high-profile MDM player, is also getting set to go public ... and its numbers are more worrying. Billings actually fell 2% Y/Y in Q1 to $47.4M, and 1% in 2013 to $194.3M. Revenue still rose 35% in Q1 to $46.6M. Good hasn't yet disclosed a symbol or offering terms. (S-1)
- Each company, along with its peers, faces two big challenges. One is that the MDM market has become intensely competitive, with SAP, IBM, BlackBerry, VMware, Citrix, and (most recently) Microsoft all looking for a piece of it.
- VMware (VMW) made a $1.54B bet on the space in January by acquiring MDM vendor AirWatch. BlackBerry (BBRY), which has added iOS/Android support to its offerings, has made MDM a key part of its enterprise-focused turnaround strategy.
- The other issue, which also affects larger firms, is that many MDM installations haven't gone as planned. GigaOm's talks with CIOs using a "well-known" offering found (among other things) MDM was often "limited to password enforcement and remote wipe," and that e-mail was "the only widely-supported secure app."
- The site adds that while "enterprises have spent millions" on mobile management solutions, most of the software "sits unused because making the pieces work together still proves difficult."
May 28, 2014, 6:28 PM
- "I'm quite confident that we can save the patient," says John Chen (BBRY) during a Code Conference talk. He gives himself an 80% chance.
- Chen also reaffirms BlackBerry's commitment to its struggling phone ops - "I will be able to create a lot of value for our shareholder even without handset business, but I can create more with the handset business." - and says his company is nearing the end of its massive restructuring.
- Interestingly, he declined to comment when asked if BlackBerry would be making Android phones.
- When asked if he's the most qualified person to run BlackBerry, Chen didn't mince words. "Am I the most qualified? No, I'm the only one they could find."
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