Sep. 12, 2013, 10:05 AM
- Zynga (ZNGA +2.5%) has been upgraded to Equal Weight by Evercore. The firm had been bearish on Zynga for some time.
- Netflix (NFLX -1.6%) has been cut to Equal Weight by Morgan Stanley. BTIG downgraded shares yesterday.
- Symantec (SYMC -0.5%) has also been cut to Equal Weight by MS.
- Cognex (CGNX -0.9%) has been cut to Neutral by Citi. Piper upgraded shares yesterday.
- Polycom (PLCM +1.1%) has been upgraded to Outperform by Raymond James a day after the company announced a $400M buyback.
- Constant Contact (CTCT +2.5%) has been upgraded to Buy by Janney.
- ASML (ASML +3.8%) has been started at Conviction Buy by Goldman. Peer ASM International (ASMI +2.5%) has been upgraded to Buy.
Jul. 31, 2013, 9:48 AM
- Riverbed (RVBD -17.2%) has been downgraded by Pac Crest and RBC in response to its Q2 revenue miss and Q3 guidance.
- Alcatel-Lucent (ALU +3.3%) has been upgraded to Buy by Nomura a day after posting a Q2 beat (I, II).
- Nvidia (NVDA -0.1%) has been cut to Market Perform by Wells Fargo.
- Sprint (S -0.8%) has been cut to Perform by FBR a day after delivering Q2 results (I, II).
- Intersil (ISIL +11%) has been upgraded to Buy by Craig-Hallum in response to its Q2 beat.
- Symantec (SYMC +8.8%) has been upgraded to Outperform by Baird in response to its FQ1 beat (I, II).
- Mindspeed (MSPD -1.9%) has been cut to Hold by Craig-Hallum following its FQ3 beat.
- Open Text (OTEX +1.5%) has been upgraded to Buy by Benchmark ahead of this afternoon's FQ4 report.
Jul. 31, 2013, 9:12 AM
Jul. 30, 2013, 4:26 PM
- FQ2 guidance is for revenue of $1.65B-$1.69B and EPS of $0.42-$0.44, below a consensus of $1.71B and $0.45.
- FY14 guidance for 0%-2% rev. growth and 5%-7% EPS growth (implies range of $1.86-$1.89) is reaffirmed. Consensus is for 1% rev. growth and EPS of $1.89.
- Symantec's (SYMC) PC security/mobile software sales (43% of total) -1% Y/Y. Enterprise security (20% of total) +7%, storage software (37% of total) +4%.
- Americas sales (55% of total) +3%, EMEA +8%, Asia-Pac -5%.
- Deferred revenue balance at $3.81B, -5% Q/Q and +2% Y/Y.
- Opex roughly flat Y/Y and -4% Q/Q exc. restructuring costs.
- $125M spent on buybacks, same as FQ4.
- CC at 5PM ET (webcast)
- FQ1 results, PR
Jul. 30, 2013, 4:08 PM
Jul. 30, 2013, 2:39 PM
- CommVault (CVLT +10.3%) is back near its all-time highs after providing FQ1 results and CC remarks that suggest its storage backup/recovery software share gains aren't slowing down.
- CEO Neil Hammer mentioned on the CC "there could be upside" to FY14 estimates on account of a strong deal pipeline and share gains, and healthy interest in the recently-announced Simpana 10 (the latest version of CommVault's flagship backup/restore suite). But he added U.S. federal and European IT spending issues make current estimates "reasonable."
- The FQ1 beat was fueled in part by spending controls and lower-than-expected employee growth (+57 Q/Q). That, in turn, helped EBIT margin grow 30 bps Q/Q and 300 bps Y/Y to 38%.
- Deferred revenue totaled $189.2M at quarter's end, +3% Q/Q and +31% Y/Y.
- Symantec (SYMC +1.7%), which CommVault has taken some share from, is up moderately ahead of today's FQ1 report. Shares +31% YTD on optimism about new CEO Steve Bennett's efforts to cut costs, return cash, and deliver more integrated software solutions.
Jul. 19, 2013, 12:15 PMSymantec (SYMC -1.2%) is buying Spanish security software vendor PasswordBank for a reported $25M. PasswordBank's products support both cloud and on-premise deployments, and enable user authentication and single sign-on across multiple devices/apps. Symantec says the startup will help it "enhance its secure sign on for web or cloud applications and further enhance its identity and context aware security." FQ1 results arrive on July 30. | Jul. 19, 2013, 12:15 PM | 3 Comments
Jul. 8, 2013, 6:23 PMIsraeli data governance/protection software firm Varonis is looking to raise $100M-$150M in a U.S. IPO that will value it at $500M, Globes reports The paper adds was in talks to buy the company for $450M a year ago. Varonis' software sets policies for, controls access to, provides an audit trail for a company's unstructured and semi-structured data (i.e. Office docs, pictures, etc.); rivals include Imperva (IMPV) and Symantec (SYMC). Globes' report comes on a day EMC announced it's buying identity/access management software firm Aveksa, reportedly for $225M+. | Jul. 8, 2013, 6:23 PM | Comment!
Jun. 13, 2013, 12:26 PMSymantec (SYMC +0.4%) is set to cut up to 1.7K jobs (~8% of its workforce) as soon as today, AllThingsD reports; Bloomberg reported in January Symantec plans to cut at least 1K jobs in its restructuring, which is part of new CEO Steve Bennett's efforts to eliminate redundant products and focus on integrated software solutions. Symantec stated in its FY13 10-K it expects to record restructuring charges of $200M-$250M in FY14 (ends March '14). | Jun. 13, 2013, 12:26 PM | Comment!
Jun. 10, 2013, 7:16 PMStorage hardware sales are holding up only a little better than server sales: IDC estimates sales of standalone arrays fell 0.9% Y/Y in Q1, a reversal from growth of 2.3% and 4.7% in Q4 and 2012. Total storage sales (inc. server-attached gear) fell 3.2% after rising 0.7% in Q4. In the standalone market, IDC thinks #1 EMC had a 30.4% share (+140 bps Y/Y), #2 NetApp (NTAP) 14.9% (+80 bps), #3 IBM 10.9% (-50 bps thanks to a rough quarter), and #4 H-P (HPQ) 9.3% (-100 bps and also not faring well). Also: IDC thinks storage software sales rose 3.2% Y/Y in Q1. #1 EMC's share is pegged at 23.9%, #2 IBM's at 16.8%, and #3 Symantec's (SYMC) at 14.7%. CommVault (CVLT) and Veeam gained more share, growing 23% and 35% Y/Y. | Jun. 10, 2013, 7:16 PM | 5 Comments
May 28, 2013, 2:22 PMWith new CEO Steve Bennett set on narrowing Symantec's (SYMC) product line and eliminating redundant offerings, Symantec has quietly shuttered its PC Tools low-end consumer security software line. PC Tools, acquired in '08, was pitched as a no-frills alternative to Symantec's Norton brand. | May 28, 2013, 2:22 PM | Comment!
May 11, 2013, 2:22 PMEMC showed off plenty of new software at its EMC World conference, but was light on hardware news. In addition to its ViPR storage management platform, EMC unveiled: 1) An OS update for its Isilon scale-out NAS systems (competes with NTAP) that adds support for data deduplication and the Hadoop big data framework. 2) A Data Protection Suite (competes with SYMC and CVLT) that ties together existing backup/archive software, while allowing for more flexible licensing. 3) The addition of hybrid cloud support for its Syncplicity cloud file-syncing platform. EMC wants to make clear it won't get left behind as a growing amount of storage industry value shifts to software, with much of it residing on servers rather than storage arrays. | May 11, 2013, 2:22 PM | 1 Comment
May 8, 2013, 9:17 AM
May 7, 2013, 6:38 PMSymantec (SYMC) -6.2% AH after guiding on its FQ4 call for FQ1 revenue of $1.61B-$1.65B and EPS of $0.35-$0.36, below a consensus of $1.7B and $0.44. Symantec is also forecasting FY14 EPS growth of 5%-7%, below a consensus of 8.5%. Are share losses to upstarts such as CommVault (CVLT) and Veeam taking a toll? Today, CommVault posted an FQ4 beat on the back of 21% Y/Y rev. growth, and stated on its earnings call it's comfortable with the Street's revenue forecasts (consensus is for 15% growth). Of course, CommVault also said it's worried about an "apparent near-term slowdown in tech spending" (many peers would concur). | May 7, 2013, 6:38 PM | Comment!
May 7, 2013, 4:12 PM
May 7, 2013, 12:10 AMNotable earnings after Tuesday’s close: ANDE, ARAY, AWK, AXLL, BIO, BIOL, BMC, BWC, CA, CDXS, CHRW, CODI, DGI, DGIT, DIS, DVA, EA, ENPH, EXEL, GA, GPOR, HTA, IAG, JAZZ, KGC, LYV, MAKO, MCEP, MCK, MDLZ, MITK, MRO, MYGN, NVTL, OAS, OCLR, OHI, ONXX, ORA, PRI, RBCN, SD, SGEN, SYMC, SYNC, TRIP, TWO, URS, VCLK, WBMD, WFM, WMB, WPZ, WTI, Z | May 7, 2013, 12:10 AM | 1 Comment
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Symantec Corp provides security, backup and availability solutions. Its products and services protect people and information in any environment, from the smallest mobile device, to the enterprise data center, to cloud-based systems.
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