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Fly News Breaks for May 9, 2017
ITRI
May 9, 2017 | 07:26 EDT
Oppenheimer analyst Noah Kaye believes Itron's deal to acquire Comverge adds demand response and energy efficiency adjacencies to its platform and increasing total software/services revenue closer to 50% of its long-term $500M target. Further, the analyst says it also may suggest that organic development of new software/services business for utilities remains challenging, with partner ecosystems and selective acquisitions the most practical growth path. Kaye sees the possibility of further M&A given low leverage, and reiterates an Outperform rating and $71 price target on the shares.
News For ITRI From the Last 2 Days
ITRI
Sep 19, 2017 | 07:30 EDT
As previously reported, Canaccord downgraded Itron (ITRI) to Hold from Buy. Analyst John Quealy said Itron's acquisition of Silver Spring (SSNI) to accelerate the technology roadmap is a "bold move," but expects shares to stay more range-bound as investors await deal closure and integration efforts to take hold.
ITRI
Sep 18, 2017 | 16:18 EDT
Stocks opened higher, adding to the records recently set by the major averages. While the Dow was able to hold onto most of its early gains, the S&P and Nasdaq dipped in the afternoon but still closed out with small advances. The news flow was fairly quiet as the biggest events expected this week, the rate decisions due from the Federal Reserve and the Bank of Japan, are still ahead. ECONOMIC EVENTS: In the U.S., the NAHB homebuilder sentiment index for September fell to 64, missing expectations for a reading of 67. COMPANY NEWS: About two weeks after United Technologies (UTX) announced an agreement to acquire Rockwell Collins (COL) in a big deal in the Aerospace and Defense sector, another nearly $10B deal was inked in the space as Northrop Grumman (NOC) agreed to buy Orbital ATK (OA) for approximately $7.8B in cash, plus the assumption of $1.4B in net debt. Orbital shares jumped 20% to close at $132.25 following the announcement, while Northrop added 3.4% as investors seemed pleased in their initial take on the deal... Shares of Ubiquiti Networks (UBNT) dropped nearly 8% to $50.62 after Andrew Left of Citron Research called the company a "total fraud" in a new report. Ubiquiti CEO Robert Pera took to Twitter in the afternoon to answer questions about his company. Scott Wapner of CNBC asked Pera via Twitter, "1. Left says your numbers 'are a farce' What's your response? 2. Why are there only four people on the board? 3. Why doesn't co have a CFO?" In a series of tweets, Pera responded with, "1. Ask KPMG (our auditors). Also, we have bought back $100mm's in stock...where did that cash come from? Not the tooth fairy...2. Why does Buffet only have ~20 people in his office?...3. CFO's self interest are in pleasing Wall St. to prop up their stock options and setup their next job...We have a CAO focused on accounting." MAJOR MOVERS: Among the notable gainers was Silver Spring Networks (SSNI), which jumped 24% to $16.10 after the company agreed to be acquired by Itron (ITRI) for approximately $830M net of cash, or $16.25 per share, a premium of 25% to Silver Spring's closing share price on Sept. 15. Also higher was Cohu (COHU), which gained 16% after Needham analyst Y. Edwin Mok upgraded the stock to Buy from Hold, citing the company's exposure to the growing auto infotainment space. Among the noteworthy losers was Super Micro Computer (SMCI), which dropped 9% after DA Davidson analyst Mark Kelleher downgraded the stock to Neutral, saying the company's delay in filing last year's 10K creates too much uncertainty. Also lower was Mattel (MAT), which fell 6% following media reports that retailer Toys 'R Us could file could file for bankruptcy as soon as today. INDEXES: The Dow rose 63.01, or 0.28%, to 22,331.35, the Nasdaq gained 6.17, or 0.1%, to 6,454.64, and the S&P 500 advanced 3.64, or 0.15%, to 2,503.87.
ITRI
Sep 18, 2017 | 12:24 EDT
Stocks opened higher this morning, adding to the records recently set by the major averages, and settled into a narrow trading range after finding a level about an hour into the session. The news flow was quiet over the weekend and the headlines of most note that crossed this morning were concerned with M&A, highlighted by Northrop Grumman's (NOC) confirmation of a deal to buy missile defense system and commercial satellite maker Orbital ATK (OA) for $9.2B. ECONOMIC EVENTS: In the U.S., the NAHB homebuilder sentiment index for September fell to 64, missing expectations for a reading of 67. COMPANY NEWS: About two weeks after United Technologies (UTX) announced an agreement to acquire Rockwell Collins (COL) in a deal that implies a total equity value of $23B and a total transaction value of $30B, another nearly $10B deal was agreed to in the Aerospace and Defense sector as Northrop Grumman agreed to buy Orbital ATK for approximately $7.8B in cash, plus the assumption of $1.4B in net debt. Orbital shares have jumped over 20% to trade above $132 following the deal announcement, while Northrop is up 2% near noon. MAJOR MOVERS: Another notable gainer after its own takeover deal was Silver Spring Networks (SSNI), which gained 24% after the company reported that it has agreed to be acquired by Itron (ITRI) for $16.25 per share in a transaction valued at approximately $830M, net of Silver Spring's cash. Also higher was small-cap Nabriva Therapeutics (NBRV), which jumped 35% after the first of two pivotal Phase 3 clinical trials of lefamulin in patients with community-acquired bacterial pneumonia, or CABP, met the FDA primary endpoint. Among the noteworthy losers was Aaron's (AAN), which dropped 8% after Off Wall Street initiated the stock with a Sell rating and $30 price target, saying it sees business at Aaron's brick-and-mortar stores deteriorating over the longer term. Also lower was Teladoc (TDOC), which slid about 7% after Baird analyst Matthew Gillmor downgraded the stock to Neutral citing valuation and maintained a $36 price target on the shares. INDEXES: Near midday, the Dow was up 78.29, or 0.35%, to 22,346.63, the Nasdaq was up 28.31, or 0.44%, to 6,476.78, and the S&P 500 was up 5.97, or 0.24%, to 2,506.20.
ITRI
Sep 18, 2017 | 11:51 EDT
Guggenheim analyst Sophie Karp downgraded Silver Spring Networks (SSNI) to Neutral and raised her price target for the shares to $16 from $13. The company this morning announced an agreement to be acquired by Itron (ITRI) for $16.25 per share in cash.
ITRI
Sep 18, 2017 | 08:55 EDT
Says $50M in annualized cost synergies to be "scattered across" R&D, SG&A, other areas. Comments from conference call to discuss Silver Spring acquisition.
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