Sep. 23, 2014, 10:08 AM| Comment!
Sep. 10, 2014, 11:16 AM
- Digital Realty's (DLR -1.5%) contribution to the JV with Griffin Capital Essential Asset REIT was a 132.3K square foot Turn-Key Flex data center in Ashburn, VA valued at about $185.5M, or $20.6K per kW. The property is expected to generate forward NOI of $13.1M, for a 7.05% cap rate, and DLR will retain a 20% interest, plus continue to manage the property.
- The JV took on a 5-year loan of $102M at Libor plus 225 basis points.
- Proceeds to DLR were about $168.4M.
- Source: Press Release
- In other data center REIT news, Stifel initiated coverage on a number in the sector. Started at Buy: Equinix (EQIX +0.1%), QTS Realty Trust (QTS +1.2%), and InterXion Holding (INXN +0.1%). Started at Hold: CoreSite Realty (COR -0.9%), Digital Realty, and DuPont Fabros (DFT -1.6%).
Aug. 21, 2014, 11:43 AM
- Hedge funds are having a difficult time of it again this year, up 1% vs. a 7.5% gain for the S&P 500, according to Goldman Sachs, which crunched the numbers on 775 funds with $1.9T in AUM.
- Nevertheless, Goldman's list of 50 stocks which "matter most" to hedge funds has outperformed the S&P 500 on a quarterly basis 66% of the time since 2001. The stocks this quarter (posted in order of the number of funds in which a name is a top-10 holding):
- ACT, AAPL, FB, AGN, AAL, GM, TWC, AIG, MSFT, HTZ, CHTR, MU, WMB, LNG, C, DAL, HCA, APC, CBS, ALLY, GOOGL, APD, NRF, BAC, EBAY, LBTYK, PCLN, VRX, BIDU, DTV, DISH, DG, EQIX, MA, WAG, ARCP, GILD, LINTA, MON, FOXA, VC, AMZN, BRK.A, BRK.B, SUNE, CMCSA, JPM, MIC, CCI, HES, LAMR.
- A special call-out to Northstar Realty (NYSE:NRF), Visteon (NYSE:VC), SunEdison (NYSE:SUNE), Macquarie Infrastructure (NYSE:MIC), and Lamar Advertising (NASDAQ:LAMR) for making the list of hedge fund hotels despite their relatively tiny market caps.
Jul. 30, 2014, 6:49 PM
- Equinix (NASDAQ:EQIX) expects Q3 revenue of $614M-$618M, above a $606.3M consensus. Full-year revenue guidance is at $2.425B-$2.435B, better than prior guidance of $2.395B+ and above a $2.41B consensus.
- Full-year adjusted EBITDA guidance has been changed to $1.105B-$1.115B from $1.105B+, and capex guidance to $600M-$650M from $550M-$650M. $485M-$535M of the capex will be directed towards "expansion" activities.
- With capex rising to $159.8M from $122.9M a year ago, Q2 free cash flow was -$60.3M, and adjusted free cash flow only $12.1M.
- MRR churn was 2.7%, up from 2.3% in Q1 but better than guidance. $346.8M has been spent on buybacks from Dec. 5, 2013 to July 25, 2014, up from $127M as of April 25.
- EQIX +1.1% AH. Q2 results, PR.
Jul. 30, 2014, 4:12 PM
Jul. 29, 2014, 5:35 PM
- ABX, AEL, AEM, AKAM, ALB, ALL, ALLE, AMC, ANIK, ARII, ASGN, ATEN, ATW, AUY, AVG, BALT, BGC, BMRN, CATM, CAVM, CBT, CENX, CHDN, CJES, CLUB, CMO, CNL, CNW, CODE, COHR, CTRP, CW, CWT, DDR, DRE, DRIV, EGN, EHTH, ELGX, ENTR, EQIX, EQY, ESRT, ESV, EXL, EXR, FBHS, FEIC, FISH, FMC, FNF, FOE, FORM, FORR, GLUU, HIG, HK, HOLX, HOS, HR, HTH, INT, IPI, ISIL, KBR, KEX, KGC, KRFT, KS, LGCY, LNC, LOCK, LPSN, LRCX, MAA, MANT, MDAS, MEOH, MET, MOBL, MOH, MTGE, MTW, MUR, NANO, NE, NEWP, NOW, OI, OTEX, PDM, PEIX, PGTI, PPC, PVA, QUIK, RKUS, ROVI, RRTS, SAM, SBRA, SCI, SFLY, SIMG, SPN, SPRT, SSS, STAA, STAG, STMP, STR, SU, SZYM, TCO, TGB, TGI, TS, TSO, TTEK, TTMI, TWTC, UNM, VGR, VPRT, WDC, WFM, WLL, WMB, WPZ, WSTL, WTW, YELP
Jul. 15, 2014, 4:04 PM
- NetApp (NTAP +0.8%) is partnering with Microsoft to enable low-latency direct connections between on-premise NetApp storage systems and computing/storage resources found on Microsoft's Azure public cloud infrastructure.
- The solution relies on Azure's recently-launched ExpressRoute hybrid cloud networking service. Equinix (EQIX +0.2%) is the first data center colocation facility provider to enable ExpressRoute links.
- The tie-up follows a deal with Microsoft and Cisco to support Azure private clouds using NetApp storage, and comes ahead of an update to NetApp's Data ONTAP OS that allows on-premise and cloud storage to be jointly managed. The moves aim to mitigate the long-term threat posed by cheap public cloud storage services by partly co-opting them.
- ZDNet observes Equinix's cloud interconnection services are allowing to emerge as a "hybrid cloud linchpin." In addition to Azure, Equinix enables direct links to Amazon's public cloud.
Jun. 25, 2014, 4:11 PM
- Following favorable private letter rulings from the IRS, Iron Mountain's (IRM) board has approved the company's conversion into a REIT. REIT status is effective for the taxable year starting Jan. 1, 2014.
- The IRS rulings include one related to "the characterization of the company's steel racking structures as real estate for REIT purposes under the Internal Revenue Code." Back in 2013, the IRS said it was "tentatively adverse" to IRM's REIT conversion.
- Equinix (EQIX), awaiting a REIT ruling of its own, has ticked higher AH.
Jun. 10, 2014, 5:55 PM
May 4, 2014, 12:46 PM
- "We believe we have the scale to compete," declares CenturyLink (CTL) cloud SVP Andrew Higginbotham as his company unveils major cloud infrastructure (IaaS) price cuts and new support/service features in response to big price cuts from Amazon, Microsoft, and Google.
- Higginbotham argues CenturyLink's 56 global data centers and massive U.S. and international fiber networks will help it gain enterprise clients - the company claims its network allows it to provide outbound bandwidth pricing that's 50% cheaper than Amazon's (AMZN).
- CenturyLink has 1K+ enterprise customers and is the second-largest U.S. provider of data center colocation services, behind Equinix (EQIX). Its latest moves were enabled in part by recent acquisition Tier 3, an IaaS provider that tries to differentiate by simplifying service management and automation.
- Nonetheless, CenturyLink still has to contend with Amazon's umatched mindshare, feature set, and developer support - Synergy Research estimates Amazon's Q4 cloud IaaS/cloud app platform (PaaS) share was north of 30%, and bigger than that of its top 4 rivals (Microsoft, Google, IBM, and Salesforce) combined. It also competes against other IT and telecom giants (Verizon, H-P, VMware), and independent players such as Rackspace.
- Synergy's John Dinsdale: "The public IaaS market is essentially becoming commoditized ... Companies like CenturyLink have little option but to respond to pricing initiatives from [Amazon] (and Google and Microsoft) if they want to aggressively grow their IaaS revenues."
Apr. 30, 2014, 4:56 PM
- Equinix (EQIX) expects Q2 revenue of $594M-$598M vs. a $588.5M consensus. Full-year guidance is for revenue to be above $2.395B (consensus is at $2.394B), adjusted EBITDA to be above $1.105B, and capex to be in a range of $350M-$450M. Shares +1.4% AH. (Q1 results, PR)
- Ruckus Wireless (RKUS) expects Q2 revenue of $78M-$80M and EPS of $0.04-$0.05 vs. a consensus of $78.3M and $0.05. Shares +2.4% AH. (Q1 results, PR)
- Flextronics (FLEX) expects FQ1 revenue of $6B-$6.5B and EPS of $0.20-$0.24 vs. a consensus of $6.28B and $0.23. Shares +3.5% AH. (FQ4 results, PR)
Apr. 30, 2014, 4:03 PM
Apr. 29, 2014, 5:35 PM
- AEL, ANAD, ARAY, ARII, ASH, ATML, ATW, AXTI, BCOV, BDN, BGC, BMR, BYD, CACI, CAVM, CBG, CBT, CGNX, CHMT, CJES, CMO, CNW, COHR, CRL, CSII, CW, CWT, DOX, DRE, DRIV, EDMC, EGN, ELGX, ELX, EPAM, EQIX, EQR, EXL, FBHS, FLEX, FLTX, FNF, FORM, GDOT, GLUU, HOLX, HOS, HR, INT, IO, IPI, IRF, IRG, ISIL, JDSU, JKHY, KEG, KEX, KONA, KS, KTOS, LNC, LOCK, LOPE, MAA, MANT, MASI, MDAS, MDU, MET, MTGE, MUR, NBIX, NEWP, NGD, OILT, OPLK, PACB, PDM, PEIX, PFPT, POL, PPC, PRAA, QUIK, RKUS, ROVI, RRTS, SAM, SFLY, SGI, SPRT, SSS, STMP, TEX, TSO, TSRO, TTEK, TTMI, UNTD, VNTV, WBMD, WDC, WLL, WMB, WMGI, WPZ, WTW, YELP.
Apr. 16, 2014, 5:26 PM| 2 Comments
Apr. 15, 2014, 9:42 AM
- Pandora (P +2.7%) has been upgraded to Buy by Maxim ahead of its April 24 Q1 report.
- Veeco (VECO +2.9%) has been upgraded to Buy by Berenberg. Q1 results arrive on May 5.
- Qlik (QLIK +1.9%) has been upgraded to Buy by Mizuho ahead of its April 24 Q1 report.
- Equinix (EQIX +1.3%) and Catamaran (CTRX +0.9%) have been upgraded to Outperform by Oppenheimer. Equinix reports on April 30.
- Ingram Micro (IM +2.8%) has been upgraded to Buy by Citi.
- IPO underwriters have given Amber Road (AMBR +2.2%) four bullish ratings, and Borderfree (BRDR -0.6%) five bullish ratings to go with a neutral one.
Feb. 20, 2014, 10:28 AM
- Equinix (EQIX -1.5%) has been cut to Neutral by Piper and Canaccord after providing light guidance to go with a Q4 beat.
- America Movil (AMX -1.6%) has been cut to Underweight by Barclays a week after posting mixed Q4 results.
- Garmin (GRMN -0.9%) has been cut to Market Perform by Wells Fargo a day after surging in response to a Q4 beat and strong top-line guidance.
- Infoblox (BLOX +3.4%) has been upgraded to Buy by Goldman ten days after getting crushed due to an FQ2/FY14 warning. The company's FQ2 report arrives on Feb. 26.
- magicJack (CALL -1.8%) has been cut to Market Perform by Openheimer. Shares have been on a tear thanks to Whitney Tilson's vote of confidence.
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