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Oct. 8, 2014, 9:53 AM
- Citing weak carrier demand and broader concerns about the company's growth potential, MKM has downgraded Juniper (JNPR -2.7%) to Neutral. Its target is $24.
- Juniper's Q3 report is expected later this month. Shares tumbled in July due to the disappointing Q3 guidance (blamed on soft North American carrier demand) Juniper provided with its Q2 beat.
- MKM upgraded Juniper in Oct. 2013, before the company's job cut and dividend/buyback announcements.
Aug. 14, 2014, 12:40 PM
- Six firms have hiked their Cisco (CSCO -2.8%) targets after the company beat FQ4 estimates, issued mixed FQ1 guidance, and announced plans to cut another 6K jobs. But that isn't stopping shares from selling off due to worries about weak demand from carriers (orders -11% Y/Y) and emerging markets (orders -9%).
- "Notwithstanding the fact that capex will be fairly weak in [2H14], Cisco's [carrier] order performance in the first calendar half of 2014 demonstrates meaningful share loss in addition to soft carrier spending," says MKM (Neutral).
- Nonetheless, the firm thinks Cisco's total orders will rise at or near a low double-digit % in FQ1 (favorable comps will help). "We still believe it is profitable to own Cisco when orders and revenue growth are accelerating."
- Bulls are focusing on healthy enterprise orders and strong early uptake for the Nexus 9000/ACI SDN and networking virtualization platform. John Chambers mentioned on the CC (transcript) the platform's customer count more than tripled in FQ4 to 580+, and that there are over 60 customers for the related APIC software controller (just launched).
- Several peers and suppliers with strong carrier exposure are selling off. Cisco's numbers follow a soft outlook from JDS Uniphase, and coincide with light guidance from Oclaro. ALU -1.6%. JNPR -1.8%. FN -7.4%. ZHNE -2.1%. EZCH -3.8%.
- Prior Cisco earnings coverage
Jul. 23, 2014, 1:45 PM
- Juniper's (JNPR -9.8%) soft Q3 guidance, along with its related commentary on U.S. telco demand, is taking a toll on fellow telecom equipment suppliers Cisco (CSCO -1.2%), Ciena (CIEN -3.2%), Cyan (CYNI -2.5%), Zhone (ZHNE -6.5%) Ruckus (RKUS -1.6%), and Sonus (SONS -3.8%).
- Optical component vendors JDS Uniphase (JDSU -2.9%) and Finisar (FNSR -2%) are also off, as are several chipmakers (previous) with heavy networking/telecom exposure.
- On its CC (transcript), Juniper stated "market dynamics including M&A activity" are affecting the "sequencing and timing" of U.S. carrier projects. Jefferies reported in June AT&T has significantly cut its wireline capex in the wake of the DirecTV deal.
- There has been speculation AT&T is keeping a lid on wireline capex ahead of the full rollout of its ambitious Domain 2.0 initiative, which will feature the launch of software-defined networking (SDN) and network functions virtualization (NFV) platforms.
- Juniper insists it remains well-positioned with the aforementioned U.S. carriers, and that it has "major design wins" for next-gen projects. The company adds demand remains healthy with U.S. federal, cable, and Internet clients.
- The company's router revenue rose 7% Y/Y in Q2 to $617.8M, and its switch revenue rose 25% to $199.8M. Security product revenue fell 8% to $111.6M. The Junos Pulse VPN software ops (about to be sold for $250M) contributed $31.4M in revenue ($15.9M product, $15.5M service).
Jul. 23, 2014, 12:47 PM
Jul. 23, 2014, 9:11 AM
Jul. 22, 2014, 5:35 PM
Jul. 22, 2014, 4:26 PM
- Though it beat Q2 estimates, Juniper (NYSE:JNPR) expects Q3 revenue of $1.15B-$1.2B and EPS of $0.35-$0.40, below a consensus of $1.26B and $0.44. The company says it's dealing with "some customer-specific dynamics" that are weighing on results.
- Juniper also announces it's selling its Junos Pulse security software unit to P-E firm Siris Capital for $250M.
- Shares -6.1% AH. Q2 results, PR.
Jul. 22, 2014, 4:08 PM
- Juniper Networks (NYSE:JNPR): Q2 EPS of $0.40 beats by $0.02.
- Revenue of $1.23B (+7% Y/Y) beats by $10M.
- Shares -7.33% AH.
Jul. 21, 2014, 5:35 PM
Jun. 19, 2014, 9:56 AM
- Mizuho has downgraded Juniper (JNPR -2.6%) to Neutral, and cut its PT by $6 to $26. The firm is worried about Juniper's exposure to softening wireless capex.
- The downgrade comes as Juniper's restructuring and capital return efforts continue apace under new CEO Shaygan Kheradpir.
- The company's Platform Systems Division (routers/switches) and Software Solutions Division (security/software) have been merged, a move that EVP Rami Rahim recently predicted will "crush operational expense" and help Juniper "combine products together" into end-to-end solutions.
Jun. 2, 2014, 4:43 PM
- Jefferies reports AT&T (T -0.1%) significantly cut its wireline capex starting last month.
- It thinks many companies could be affected, including equipment vendors Alcatel-Lucent (ALU -2.2%), Ciena (CIEN -3.9%), Juniper (JNPR +0.2%), and Adtran (ADTN -5.1%), and component vendors JDS Uniphase (JDSU -2%) and Finisar (FNSR -0.7%).
- As its is, AT&T's 2014 capex budget ($21B) is down $200M from 2013's spending level. Moreover, the carrier's huge mobile infrastructure needs and the DirecTV deal could be motivating it to cut wireline spend.
- Also: AT&T may be looking to keep capex down ahead of the full rollout of Domain 2.0, an initiative meant to improve network flexibility, lower costs, and cut provisioning times through the embrace of software-defined networking (SDN) and network functions virtualization (NFV).
- MKM has argued Domain 2.0 will be a negative for Cisco, but a positive for Ciena and Finisar, among others.
May 28, 2014, 4:11 PM
- Palo Alto Networks (PANW) will pay Juniper (JNPR) $75M in cash and $100M in stock/warrants to end a long-running infringement dispute related to IP developed by Palo Alto's founders while working at Juniper-acquired NetScreen.
- The announcement comes in tandem with Palo Alto's FQ3 results, and two months after a mistrial was declared in Juniper's Delaware suit against Palo Alto.
- PANW +7.5% AH. JNPR +1.3%.
May 14, 2014, 5:44 PM
- Cisco's FQ3 beat, above-consensus FQ4 guidance,, and positive CC commentary are providing a lift to networking equipment rivals and component suppliers.
- Up AH: ALU +1%. JNPR +1.6%. FFIV +0.8%. FNSR +2%. JDSU +1.5%. RVBD +0.9%. JBL (a major Cisco contract manufacturer) +0.8%.
- Cisco's product orders were nearly flat Y/Y in FQ3 after falling 4% in FQ2. U.S. orders (+7%, with 10%+ increases in enterprise/SMB orders) provided a boost, as did a 4% increase in Northern European orders.
- The company's service provider orders fell another 5% Y/Y (router/set-top share loss), but that was better than FQ2's 12% drop. Emerging markets (-7% vs -3% in FQ2) also remained weak.
Apr. 22, 2014, 6:47 PM
- Juniper (JNPR) expects Q2 revenue of $1.2B-$1.23B and EPS of $0.36-$0.39 vs. a consensus of $1.21B and $0.36. Gross margin is expected to be in a range of 63.5%-64.5% vs. 63.7% a year ago.
- Juniper's aggressive buybacks should boost Q2 EPS: The company delivered $900M worth of shares in Q1 for its $1.2B ASR, and has promised to buy back over $2B worth of shares by Q1 2015.
- Product revenue +12% Y/Y in Q1 to $876M, service revenue +6% to $294.1M. Routing sales rose 7% to $549.8M (share gains against Cisco), and switch sales jumped 47% to $192M.
- Security sales fell 2% to $134.2M, but that's a smaller decline than seen in recent quarters. Service provider revenue rose 10% to $782.7M, and enterprise revenue 12% to $387.4M.
- JNPR -0.8% AH. Q1 results, PR.
Apr. 22, 2014, 4:08 PM
- Juniper Networks (JNPR): Q1 EPS of $0.29 in-line.
- Revenue of $1.17B (+10.4% Y/Y) beats by $20M.
Apr. 22, 2014, 12:10 AM
Juniper Networks Inc designs, develops & sells products & services that provide its customers with network infrastructure built on simplicity, security, openness & scale. It offers services from PSD & SSD segments to service providers & enterprises.
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