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IBM

IBM

$154.74

0.29 (0.19%)

, IMPV

Imperva

$47.55

-1.48 (-3.02%)

13:21
10/17/16
10/17
13:21
10/17/16
13:21

On The Fly: What to watch in IBM earnings report

IBM (IBM) is scheduled to report results of its third fiscal quarter after the market close on October 17, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. FULL YEAR EPS VIEW UP A TICK: Along with its last report, IBM reaffirmed its fiscal 2016 adjusted earnings per share view of at least $13.50. At the time, analysts expected the company to report FY16 adjusted EPS of $13.49, but that figure has since risen to $13.51. In addition, on its second quarter earnings conference call, the company said that Q3 EPS should land at the mid-to-high end of the 22%-24% of FY16 EPS range. Analysts expect IBM to report Q3 earnings per share of $3.24. 2. M&A ACTIVITY: IBM has been heavily involved in mergers and acquisitions in 2016. In the company's last earnings report, senior vice president and chief financial officer Martin Schroeter said the company closed 11 acquisitions for over $5B in the first half of 2016 and invested nearly $2B in capital expenditures. In early August, Bloomberg reported that IBM was in early discussions to acquire Revel Systems. On September 22, Bloomberg also reported that IBM was among companies interested in acquiring security-software firm Imperva (IMPV). Cisco (CSCO) and Forcepoint, which is jointly owned by Vista Equity Partners and Raytheon (RTN), were also listed as interested parties, the report noted at the time. Last week, however, Bloomberg reported that private equity firms Silver Lake and Thomas Bravo also intend to submit takeover offers for Imperva. The company also announced plans to acquire global risk management and regulatory compliance consulting firm Promontory Financial Group in late September. 3. FOCUS ON STRATEGIC IMPERATIVES: In its last earnings report, IBM chairman, president, and chief executive officer Ginni Rometty commented on how the company "continues to establish itself as the leading cognitive solutions and cloud platform company" and mentioned the company's innovation and focus on strategic imperatives. "In the second quarter we delivered double-digit revenue growth in our strategic imperatives, driven by innovations in areas such as analytics, security, cloud video services and Watson Health, all powered by the IBM Cloud and differentiated by industry," Rometty said. IBM reported Q2 strategic imperatives revenue of $8.3B, up 12% year-over-year.

IBM

IBM

$154.74

0.29 (0.19%)

IMPV

Imperva

$47.55

-1.48 (-3.02%)

CSCO

Cisco

$30.18

0.01 (0.03%)

RTN

Raytheon

$137.73

0.39 (0.28%)

  • 23

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    Nov

  • 14

    Nov

  • 08

    Dec

IBM IBM
$154.74

0.29 (0.19%)

08/16/16
08/16/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. IBM (IBM) initiated with a Perform at Oppenheimer. 2. GrubHub (GRUB) initiated with a Hold at Jefferies. 3. Broadwind Energy (BWEN) initiated with an Outperform at Cowen. 4. TPI Composites (TPIC) initiated with an Overweight at JPMorgan, with an Outperform at Cowen, with a Buy at Canaccord, with an Overweight at Morgan Stanley, and with an Outperform at Raymond James. 5. Tableau (DATA) initiated with an Outperform at Oppenheimer. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/06/16
EVER
09/06/16
UPGRADE
Target $45
EVER
Buy
Intel upgraded to Buy from Hold at Evercore ISI
Evercore ISI analyst C.J. Muse upgraded Intel (INTC) to Buy and raised his price target for the shares to $45 from $38. The chipmaker closed Friday up 6c to $36.08. Fears of a slowdown in its Server business and sustained weakness in PCs have led Intel shares to underperform peers thus far in 2016, Muse tells investors in a research note. The analyst expects the underperformance to change as the company's Data Center Group segment accelerates to 10%+plus growth in the second half of 2016. Further, Muse thinks Intel's "competitive moat remains" despite potential competition from ARM Holdings (ARMH) and IBM's (IBM) Power9 architecture. He sees 25% upside in Intel shares from current levels.
09/23/16
OPCO
09/23/16
NO CHANGE
OPCO
Outperform
Speculation suggests Imperva takeover in 'near sight,' says Oppenheimer
Oppenheimer analyst Shaul Eyal is not surprised to see the list of potential Imperva (IMPV) buyer candidates mentioned in an article from Bloomberg, which includes Cisco (CSCO), IBM (IBM), Fortinet (FTNT), Akamai (AKAM), and privately held Forcepoint. The analyst envisions Imperva's product line aligning particularly well with Cisco's and IBM's given the recent drive by both to expand their security offerings. Eyal sees a potential price target ranging between $55-$60 if the speculation has any merit and sufficient interest from multiple bidders. Oppenheimer has an Outperform rating on Imperva's shares.
09/26/16
SOCG
09/26/16
UPGRADE
SOCG
Hold
IBM upgraded to Hold from Sell at Societe Generale
IMPV Imperva
$47.55

-1.48 (-3.02%)

09/26/16
NOMU
09/26/16
DOWNGRADE
NOMU
Neutral
Imperva downgraded to Neutral from Buy at Nomura
Nomura downgraded Imperva to Neutral with a $50 price target saying Friday's share strength reflects a potential acquisition of the company.
10/03/16
BTIG
10/03/16
DOWNGRADE
BTIG
Neutral
Imperva downgraded to Neutral from Buy at BTIG
BTIG analyst Joel Fishbein downgraded Imperva to Neutral saying valuation reflects a potential acquisition of the company.
10/06/16
DADA
10/06/16
DOWNGRADE
DADA
Neutral
Imperva downgraded to Neutral from Buy at DA Davidson
10/06/16
DADA
10/06/16
DOWNGRADE
DADA
Neutral
Imperva downgraded on valuation at DA Davidson
As noted earlier, DA Davidson downgraded Imperva to Neutral from Buy. Analyst Jack Andrews downgraded the stock based on valuation. He thinks that a number of strategic and financial entities could be interested in buying Imperva, and he believes that the company will probably be sold "over the next few months." However, the analyst thinks that the company may not be bought for a price that is significantly higher than its current valuation. Target remains $55.
CSCO Cisco
$30.18

0.01 (0.03%)

10/14/16
MSCO
10/14/16
NO CHANGE
MSCO
Morgan Stanley positive on Arista, Cisco, cautious on F5 Networks, Juniper
Morgan Stanley analyst James Faucette favors Arista Networks (ANET), is positive on Cisco (CSCO) and cautious on F5 Networks (FFIV) and Juniper (JNPR) heading into Q3 results. The analyst expects another beat and raise for Arista and said increasing demand is straining availability but the company is prioritizing inventory to meet demand at hyperscales and the largest data center customers. Faucette expects Cisco to report in line results and said signs of stabilization in campus switch activity gives him confidence the strategy focus towards software and services will drive shares higher. He expects F5 to report an in line report with a modest improvement from new appliances ramp but is hearing crosscurrents on the longevity of the new product cycle. Finally, Faucette said Juniper's business continues to be below plan and is hearing instances of share loss in enterprise routers.
10/10/16
UBSW
10/10/16
NO CHANGE
Target $35
UBSW
Buy
Consensus may be underestimating Cisco security growth, says UBS
UBS analyst Steven Milunovich said Cisco needs to grow its security business by double digits for the stock to outperform. He believes the company can do that and sees the Street underestimating its ability in security, citing the company's opportunity to leverage its network dominance and differentiate by providing a unified offering versus competitors' piecemeal parts. Milunovich reiterated his Buy rating and $35 price target on Cisco shares.
09/19/16
IMPC
09/19/16
NO CHANGE
Target $190
IMPC
Outperform
Palo Alto win rates strong, can keep gaining share, says Imperial Capital
After meeting with Palo Alto Networks (PANW) management, Imperial Capital analyst Michael Kim noted that they highlighted their strong win rates when customers conduct head-to-head evaluations. Kim, who believes the company is gaining share in the network security market at the cost of Cisco (CSCO) and Check Point (CHKP), keeps an Outperform rating and $190 price target on Palo Alto shares.
RTN Raytheon
$137.73

0.39 (0.28%)

04/29/16
04/29/16
NO CHANGE

Raytheon should be bought on weakness, says Sterne Agee CRT
Sterne Agee CRT believes that Raytheon's Q1 results will mark the low point for the year. The firm expects the company to win $25B-$26B in contracts this year.
07/29/16
STFL
07/29/16
NO CHANGE
STFL
Raytheon price target raised to $160 from $140 at Stifel
After Raytheon reported higher than expected Q2 EPS, Stifel analyst Joseph DeNardi continues to believe that the company's 2016 guidance is conservative, while it is benefiting from "rock solid" demand. He keeps a Buy rating on the stock.
10/06/16
BARD
10/06/16
INITIATION
Target $170
BARD
Outperform
Raytheon initiated with an Outperform at Baird
Baird analyst Peter.Arment initiated Raytheon with an Outperform and a $170 price target.
10/06/16
10/06/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Boeing (BA) initiated with an Outperform at Baird. 2. AMC Networks (AMCX) initiated with an Outperform at FBN Securities. 3. CVS Health (CVS) initiated with a Buy at UBS. 4. L-3 Communications (LLL) initiated with an Outperform at Baird. 5. Raytheon (RTN) initiated with an Outperform at Baird. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

VNCE

Vince Holding

$4.55

0.35 (8.33%)

20:25
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20:25
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NWBO

Northwest Biotherapeutics

$0.55

0.0227 (4.33%)

20:17
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Northwest Biotherapeutics to delist from Nasdaq, confirms clinical trial plans »

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AAPL

Apple

$111.03

1.08 (0.98%)

, MSFT

Microsoft

$61.37

1.42 (2.37%)

20:07
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Periodicals
NHL in negotiations to bring Apple devices to team benches, TSN says »

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$111.03

1.08 (0.98%)

MSFT

Microsoft

$61.37

1.42 (2.37%)

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ATKR

Atkore

$19.71

-0.11 (-0.55%)

19:59
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19:59
Syndicate
Atkore 8M share Secondary priced at $19.00 »

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  • 08

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BPMC

Blueprint Medicines

$26.20

-2.23 (-7.84%)

19:58
12/07/16
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19:58
Syndicate
Blueprint Medicines 5M share Secondary priced at $25.00 »

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  • 08

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LULU

lululemon

$59.84

2.6 (4.54%)

19:50
12/07/16
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19:50
Hot Stocks
lululemon CFO says early Q4 trends strengthened into December »

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LULU

lululemon

$59.84

2.6 (4.54%)

19:50
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19:50
Hot Stocks
lululemon CEO highlights Q3 gross margin, reports 11% comp growth in pants »

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  • 07

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CVX

Chevron

$114.44

1.68 (1.49%)

19:20
12/07/16
12/07
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Hot Stocks
Chevron announces $19.8B capital, exploratory budget for 2017 »

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  • 13

    Dec

X

U.S. Steel

$37.49

1.54 (4.28%)

18:49
12/07/16
12/07
18:49
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18:49
Periodicals
U.S. Steel CEO: Company may bring back 10,000 U.S. jobs, CNBC says »

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VNDA

Vanda

$15.40

-0.6 (-3.75%)

18:47
12/07/16
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18:47
Hot Stocks
Vanda settles Fanapt patent litigation with Apotex »

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AE

Adams Resources

$42.31

-0.68 (-1.58%)

, SWN

Southwestern Energy

$12.37

-0.08 (-0.64%)

18:46
12/07/16
12/07
18:46
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18:46
Hot Stocks
Adams Resources appoints Josh Anders as CFO »

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AE

Adams Resources

$42.31

-0.68 (-1.58%)

SWN

Southwestern Energy

$12.37

-0.08 (-0.64%)

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EZPW

EZCORP

$11.80

0.05 (0.43%)

18:42
12/07/16
12/07
18:42
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18:42
Earnings
EZCORP reports Q4 EPS with items (31c), may not compare to consensus 6c »

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  • 08

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RICE

Rice Energy

$24.59

-0.16 (-0.65%)

18:33
12/07/16
12/07
18:33
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18:33
Initiation
Rice Energy initiated  »

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AMZN

Amazon.com

$770.42

5.7 (0.75%)

18:30
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Periodicals
Amazon spokesperson denies 2,000 grocery stores report, CNET says »

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ICON

Iconix Brand

$9.26

0.14 (1.54%)

18:23
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Iconix Brand reports employment termination of Chief Strategy Officer Blumberg »

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PBYI

Puma Biotechnology

$39.80

-2 (-4.78%)

18:23
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Puma Biotechnology 'pleased' to complete biomarker analysis of neratinib »

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FTK

Flotek

$11.10

-2.01 (-15.33%)

18:17
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Flotek: Reviewing FourWorld Capital short report, remain confident in product »

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PBYI

Puma Biotechnology

$39.80

-2 (-4.78%)

18:09
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Puma Biotechnology 'pleased' with preliminary neratinib activity »

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PNM

PNM Resources

$32.05

0.45 (1.42%)

18:09
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PNM Resources requests an electric rate increase of $99M in New Mexico »

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  • 14

    Dec

BK

BNY Mellon

$48.55

0.56 (1.17%)

18:03
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18:03
Periodicals
BNY Mellon outage led to certain Swift payment failures, WSJ reports »

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TLRD

Tailored Brands

$18.93

0.62 (3.39%)

17:52
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17:52
Hot Stocks
Tailored Brands up 22% to $23.20 after Q3 results beat estimates »

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  • 08

    Dec

FLXS

Flexsteel Industries

$59.12

2.92 (5.20%)

, UNH

UnitedHealth

$159.40

2.08 (1.32%)

17:50
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Flexsteel names Eric Rangen chair of the board »

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FLXS

Flexsteel Industries

$59.12

2.92 (5.20%)

UNH

UnitedHealth

$159.40

2.08 (1.32%)

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NKE

Nike

$52.10

1.53 (3.03%)

, UA

Under Armour

$27.03

1.62 (6.38%)

17:49
12/07/16
12/07
17:49
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17:49
Periodicals
Nike losing market share to faster-growing rivals, Barron's reports »

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NKE

Nike

$52.10

1.53 (3.03%)

UA

Under Armour

$27.03

1.62 (6.38%)

ADDYY

adidas

$76.96

1.225 (1.62%)

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  • 20

    Dec

T

AT&T

$40.45

1.1 (2.80%)

17:45
12/07/16
12/07
17:45
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17:45
Conference/Events
AT&T management to meet with Jefferies »

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EFC

Ellington Financial

$16.30

0.2 (1.24%)

17:41
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12/07
17:41
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17:41
Hot Stocks
Ellington Financial reports estimated book value per share $19.80 as of Nov 30 »

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