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Articles by Eric McCaffrey
Hewlett Packard Enterprise acquiring SimpliVity for $650M cash (NASDAQ:NTNX)
SimpliVity, a hyperconverged infrastructure vendor and Nutanix (NASDAQ:NTNX) competitor, combines with Hewlett Packard Enterprise (NYSE:HPE) as the latter seeks to form a broad set of enterprise data service offerings and create the industry's only "built-for-enterprise" hyperconverged solution. Hewlett Packard Enterprise president and CEO Meg Whitman: "This transaction expands HPE's software-defined capability and fits squarely within our strategy to make Hybrid IT simple for customers.
Piper Jaffray warns on 3D market ahead of upcoming earnings
3D printing has been under pressure of late, with 3D Systems (DDD -3.7%) lower by 18%, Stratasys (SSYS -3.3%) 12%, ExOne (XONE -1.8%) 9% and Materialise (MTLS +5.1%) 3.5% this week alone. Piper Jaffray's Troy Jensen cites continued weakness in prototyping, growing competition and general macro headwinds negatively impacting the sector.
AWS introduces cloud-based contact center service
Based on Amazon's (AMZN ) internal contact center technology, Amazon Connect is intended to enable lesser-cost, improved customer service for any business. Integrations with Salesforce (CRM ), Twilio (TWLO ), Zendesk (ZEN ) and others noted.
Didi Chuxing reported considering $6B SoftBank-funded investment
Under deliberation given Didi Chuxing's (Private:DIDI) need for capital involving self-driving R&D though dilutive prospect for investments in the operation by other major backers including Apple, Alibaba Group, Tencent Holdings, China's sovereign wealth fund and others, a proposed $6B investment supported by SoftBank Group (SFTBY, SFTBF) is cited to mark the single highest funding level for a Chinese technology start-up. Report [Bloomberg]
Zebra Technologies set at Buy at Needham & Company
Firm notes unique positioning amid rapid sensor and connected device expansion across retail, transportation and logistics, manufacturing and healthcare industries propelling ongoing fusion of digital and physical. Price target $102. Zebra Technologies (NASDAQ:ZBRA) $86.54, +0.04% pre-market.
Apple reported to intensify efforts on augmented reality eyewear
An area targeted at Facebook [Oculus] (NASDAQ:FB), Microsoft [HoloLens] (NASDAQ:MSFT), Magic Leap (Private:MLEAP) and elsewhere, AR eyewear is sourced as sharpening in focus at Apple (NASDAQ:AAPL) as the technology is in view as prospectively an eventual major hardware evolution beyond the smartphone.
Airbnb introduces Trips in Sydney
Continuing focus on the entirety (beyond just accommodations) of users' travel as well as international extension, Airbnb (Private:AIRB) launches Trips in Sydney, adding 20 Experiences (34 guidebooks via Places, 22K properties in Sydney also offered) to a growing global list of offerings.
Alphabet's Waymo snow-testing autonomous minivans
An exceedingly complicated condition for self-driving vehicles, snow marks a prime obstacle on the road toward a driverless future, one Waymo's (GOOG, GOOGL) training its autonomous software to address with the aid of data collected in cold-weather scenario.
Alphabet target reduced to $925 at Instinet
From $950, analyst Anthony DiClemente, though noting expectations for YouTube to remedy concerns involving recent ad issues, projects potential impact on revenue at up to $750M, to weigh primarily on Q2 and Q3 of 2017. Further considers cost of formulating a solution to prospectively burden margins. Maintains shares at Buy. (GOOGL) $833.78, -0.16%; (GOOG) $813.62, -0.10%
Dolby Cinema expanding to the Middle East
Entry extends Dolby Cinema's presence beyond the U.S., China and Europe markets it already operates in.
Citi starts TrueCar at Buy
Highlighting a management-led turnaround contributing to 195% gains year-to-date, firm considers further upside likely on continued dealer adoption of TrueCar's platform and forecasted moderately higher accounting for new and used vehicle sales in the U.S. over coming years (2%-3% last year, 3.5% projected for 2019). Price target $18. TrueCar (NASDAQ:TRUE) $15.45.
Lam Research raised to $150 target at Stifel
Reiterating Buy, analyst Patrick Ho factors general industry strength and a heightened multiple. Considers likely modest wafer fabrication equipment spend during H1 2017, though views possible DRAM and foundry spending upside as evening out the bias. Price target from $125. Lam Research (NASDAQ:LRCX) $127.74, +0.21%.
Apple set with $165 December 2018 target at J.P. Morgan
Elevating from a $142 mark prior, firm adds Apple to focus list, citing pent-up demand for replacement iPhones ahead of this year's new device cycle. Models FY 2018 iPhone units at 260M (vs. 245M prior) and CY 2018 EPS at $11.74 factoring increased iPhone unit and ASP projections. Apple (NASDAQ:AAPL) $139.56, -0.77% pre-market.
HomeAdvisor buys UK home services marketplace MyBuilder
MyBuilder operates a marketplace connecting homeowners with builders and tradesmen within the UK. Terms of the deal, the latest by HomeAdvisor (IAC +0.9%) in a continued effort to add international marketplace platforms to its portfolio, remain confidential. Previously (February 9, 2017): IAC subsidiary HomeAdvisor acquires HomeStars
Emaar Malls bids $800M for Amazon-target Souq.com
Over the $650M-$750M range cited by the Financial Times and a $580M figure by Reuters to have been been offered by Amazon (NASDAQ:AMZN) in a bid to acquire Souq.com (Private:SOUQ). Emaar Malls' offer involves an advanced payment of $500M and a guaranteed internal rate of return for shareholders of Souq.com of 15%, though at this point, an exclusivity agreement between Souq.com and Amazon would require breaking as the parties are sourced to have already agreed in principle to a deal.
Decreased ad pricing among requests in remediation of Google ad issues
While assurances regarding brand safety are sought amid YouTube's ongoing ad-placement controversy, so too are discounts on prime advertising inventory. Immediate opportunistic intentions aside, Google's (GOOG, GOOGL) positioning relative to advertisers has undoubtedly fractured, portending a revised balance between the sides with Google diminishing to some degree an advantaged stance it maintained prior.
Internap files resale of 27.2M common stock shares
To be sold by selling stockholders from time to time through a proposed approximate $94.7M maximum aggregate offering at a proposed maximum price of $3.48 per share. Internap (NASDAQ:INAP) $3.65, -3.7% after hours
Citi initiates IAC, Match Group at Buy
For IAC (price target $89), analyst Mark Kelley highlights HomeAdvisor and Vimeo as growth catalysts, and for Match Group (price target $22), anticipates core estimates (excluding The Princeton Review) to revise upward through the current year, led principally by Tinder. IAC (NASDAQ:IAC) $73.95, +1.66%, Match Group (NASDAQ:MTCH) $15.97, +0.57%.
Lattice Semiconductor, Canyon Bridge jointly refile merger with CFIUS for extended review
Withdrawing prior joint voluntary notice, Lattice Semiconductor (NASDAQ:LSCC) and Canyon Bridge Fund I refile with the Committee on Foreign Investment in the United States regarding the parties' proposed $1.3B merger, and pending acceptance, will be granted a 30-day period for review with a 45-day investigation term to follow if warranted. Earlier (March 24, 2017): Canyon Bridge bid for Lattice Semiconductor reportedly re-filed for U.S. review
Canyon Bridge bid for Lattice Semiconductor reportedly refiled for U.S. review
Reuters notes review of the deal by the Committee on Foreign Investment in the United States [CFIUS] has not materialized as of today, the expiry of the 75-day period for assessment of applications. The event, however, is not necessarily an indicator of outcome one way or the other as capacity for expeditious review is cited as potentially impacted given certain vacancies of senior positions at various agencies amid the U.S. administration shift.
Finjan, Avast Software amicably terminate dispute over patents, contract breach
Factoring satisfaction of unspecified terms, Finjan (FNJN +7.1%) intends to dismiss claims regarding its case (3:17-cv-00283-BLF) against Avast Software (Private:AVST) and the latter's recently-acquired unit AVG Technologies. Finjan remains, in various capacities, involved in patent-associated cases against FireEye, Sophos, Symantec, Palo Alto Networks, Blue Coat Systems, ESET (and affiliates) and Cisco Systems.
Adobe upgraded to Outperform at Credit Suisse
From Neutral, analyst Michael Nemeroff forecasts ongoing momentum for Adobe Systems' Creative Cloud, expecting the unit to lead generation of better-than-projected operating cash flows over coming years.
Box restated at Outperform at Oppenheimer & Co.
Firm notes increasing confidence in vision (neutral cloud-to-app broker of content) and enterprise content management [ECM] prospects subsequent investor meetings with Box management.
WSJ: YouTube ad issue persists, PepsiCo, Wal-Mart Stores, General Motors, Starbucks and others suspend ads
PepsiCo (NYSE:PEP), Wal-Mart Stores (NYSE:WMT) and Dish Network (NASDAQ:DISH), halting all but non-search Google ads, General Motors (NYSE:GM) and Starbucks (NASDAQ:SBUX), removing ads from YouTube, and FX Networks (FOX, FOXA), terminating all advertising on Google, are the latest in a growing list of entities to pull or limit ads in some capacity on Google over concerns some are being run alongside objectionable content, an issue The Wall Street Journal reports as still continuing.
Jefferies notes favorable supply chain indicators for Advanced Micro Devices
Considering checks in the Asia PC supply chain supportive of a "systemic turnaround," analyst Mark Lipacis cites increased responsiveness, improved execution, interest in Zen desktop MPUs and high expectations for Zen server solutions. Buy rating, $16 target reissued. Advanced Micro Devices (NASDAQ:AMD) $13.74, -0.36%. Previously (March 20, 2017): Advanced Micro Devices raised to $16 target at Jefferies
Nutanix, BT involved in bid-rigging case in Hong Kong
Inviting bids last July for implementation of a new server system based on Nutanix Hong Kong (NTNX -0.9%) technology, the Hong Kong Young Women’s Christian Association is asserted to have received bids from BT Hong Kong (BT -1.4%), SiS International, Innovix Distribution and Tech-21 Systems through collusion among the parties. Remedies inclusive of monetary penalties as well as statements affirming breach of competition rules are sought in tribunal by Hong Kong's Competition Commission.
Alteryx -4.6% in trading debut
Alteryx (Pending:AYX) priced late yesterday for offer at $14 per share. Opening 23% over that level at $17.25, shares have at this point retraced near $16.45. Specializing in self-service data analytics, Alteryx (founded 2010, $163M funding raised pre-IPO) records, for the 2016 term, $85.8M in revenues (vs. $53.8M Y/Y), net loss of $24.3M (vs. $21.5M Y/Y) and an $86M accumulated deficit as of December 2016.
Apple target increased to $165 at Instinet
Citing Q1 demand and ASPs that are indicated over consensus, along with the well-anticipated 2017 iPhone refresh cycle, analyst Jeffery Kvaal recalculates from $135, maintains Buy. Apple (NASDAQ:AAPL) $141.25.
Western Digital, Seagate gain after hours post-Micron reporting
Now read: Which Payout Ratio Is Best? »
Pacific Crest Securities initiates Alibaba at Overweight
Potential for growth in core e-commerce monetization, Alibaba Cloud prospects and opportunities involving rural e-commerce are cited. Price target $134. Alibaba (NYSE:BABA) $108.25.
Apple buys automation app Workflow
Workflow enables the melding of functionalities across various applications into custom-built workflows. To remain a standalone offering on the App Store (free), Workflow's technology and team comprise Apple's (NASDAQ:AAPL) gain in the deal, for which terms have not been disclosed.
Tencent leads $350M investment round in Kuaishou
Kuaishou, a China-based operation reportedly targeting a U.S. IPO at some point this year, develops a photo-sharing and live-broadcasting app asserted to claim 40M+ DAUs and 100M MAUs. Valuation has been cited at $3B. Post-investment, Kuaishou notes plans to focus on product, technology and distribution through work with both Tencent Holdings (TCEHY, TCTZD) and Baidu (prior investor, unclear if involved with latest funding), as well as on investments in AI and R&D.
SEC files insider trading charges against two Israeli residents over Mobileye-Intel deal
The SEC notes the involved parties orchestrated "remarkably timed" trades ahead of Intel's (INTC -0.5%) $15.3B bid for Mobileye (MBLY). Mobileye insiders and the accused individuals, claimed to have profited over $4.9M, are cited as connected through the Hebrew University of Jerusalem.
Piper Jaffray initiates Snap at Neutral
Though observing scenarios where valuation upside would be warranted, firm considers these largely best-case situations factoring extended (multi-decade) longevity. Will remain sidelined until ability to defend against competition, specifically from Facebook, is validated. Price target $23. Snap (NYSE:SNAP) $22.55, +3.35%.
Intel raises quarterly dividend to $0.2725 per share
Higher by 5% annualized, the quarterly dividend ($1.09 per share annual) is payable June 1 to Intel (INTC) shareholders of record May 7. Press release
Western Digital reprices €881M of Euro-denominated term B-2 loans at Euribor + 2%
Prior Euro-denominated term B-1 loans are settled through the transaction, which is expected to contribute $12M in annual cash interest savings as a result of a spread reduction of 125 bps. Maturity is set for April 29, 2023. The financing follows Western Digital's (WDC +1.5%) pricing (last week) of roughly $3B of new USD term B-2 loans, which combined with the Euro-denominated loan repricing, is expected to result in total annual cash interest savings of $42M starting in Q4 of the current year.
Fujitsu and Lenovo reportedly delay integration of PC operations
In developed talks and expected prior to have been approaching an arrangement by the end of the current month, Fujitsu (FJTSF, FJTSY) and Lenovo Group (LNVGF, LNVGY) are noted to have postponed integration plans until next month or beyond. Prolonged negotiations are cited, though affect on objective is quoted by Fujitsu as inconsequential.
Apptio -4.15% amid IPO lock-up expiry
On a gradual reduction since going public last September (-48%), Apptio declines to new lows as 31.285M previously lock-up restricted Class B common stock shares, 84% of total shares outstanding, become available for trade. Apptio (NASDAQ:APTI) $11.78.
Google adds Maps feature enabling real-time location sharing
Google's (GOOG, GOOGL) Maps product gets real-time location sharing capabilities, with privacy, timing and other features in place for users to communicate live positioning, an offering of similar utility to Apple's Find My Friends product and services integrated within other Google properties (Waze) and elsewhere. Share your real-time location with the people you want, for exactly as long as you want [YouTube]
Amazon said to have agreed in principle to acquire Souq.com
Amazon's (AMZN +0.2%) interest in the Dubai-headquartered e-commerce operation has been considered variable, though reports today suggest a deal for 100% share of Souq.com (Private:SOUQ) is underway. Details are limited, and although prior deal estimates had been in the $1B range, pricing was noted as a point of contention and indication to this point remains unknown. Previously (November 25, 2016): Amazon reportedly in discussions to acquire Souq.com
Microsoft, Toyota enter licensing partnership for connected car technologies
Expanding on cooperation initiated in April of last year, Microsoft (NASDAQ:MSFT) and Toyota (NYSE:TM), through a broad-ranging agreement, extend focus on connected car solutions, with related Microsoft technology granted for license to Toyota.
AT&T suspending non-search ads on Google platforms
Despite Google's (GOOG, GOOGL) plans to broaden safeguards and controls amid rising concerns ads may appear alongside content on YouTube deemed objectionable, AT&T (NYSE:T) plans to pull ads on all non-search related Google services until "Google can ensure this won’t happen again." McDonald’s, Audi, Honda, Volkswagen, Toyota, L’Oréal, Havas, Marks and Spencer, UK government agencies, banks and other parties have to this point restricted or removed Google ads in some form in recent days over...
Credit Suisse increases Micron Technology target to $35
From $30 ahead of Q2 2017 earnings set for release tomorrow, analyst John Pitzer (Outperform) raises EPS estimates on Micron Technology for FY 2017 and FY 2018 to $3.26 (from $2.64) and $4.03 (from $3.45), respectively, factoring improved business trends and an increasingly sustainable memory cycle.
UniPixel +25% pre-market, enters multi-year arrangement with major U.S. PC manufacturer for XTouch sensor supply
The cooperation stipulates rolling forecasts be provided by the unspecified U.S.-based partner for use by UniPixel in allocating manufacturing capacity. Purchases are agreed to be made, on a best-efforts basis, in line with forecasts supplied. Mutual sharing of product development roadmaps, engagement through meetings and requests by the customer for exclusive early access to select UniPixel technologies are further components of the deal. UniPixel (NASDAQ:UNXL) $0.95.
Bebe Stores exploring strategic alternatives; +16% after hours
Bebe Stores (NASDAQ:BEBE) has retained B. Riley & Co. for financial advising along with a real estate advisor for assistance on options pertaining to lease holdings as its board weighs strategic possibilities. Yesterday (March 21, 2017): Bebe Stores -25%, said to close stores in bid to stave off bankruptcy
Morgan Stanley raises target on Symantec to $37, reiterates Overweight
From $33, analyst Keith Weiss expresses confidence for high single-digit growth in revenues for FY 2018 and 2019, and notes shares, despite a roughly 27% increase over the prior three months, remain undervalued given Symantec's market position and improved profitability. Symantec (NASDAQ:SYMC) $30.54, +1.8%.
Lumentum raised to $57 target at Stifel
From $53, analyst Patrick Newton elevates calculation following discussions with management at the OFC Conference in Los Angeles involving demand in China, ROADM deployments, QSFP28 and CFP2-ACO headway, partnership with Ciena and 3D sensing. Buy rating maintained. Lumentum (NASDAQ:LITE) $49.25, +1.65%.
LinkedIn adds trending stories feature
Trending Storylines, curated through a mix of editor and algorithm involvement, are feeds based on user interest, developed to highlight individually relevant stories and enable greater interaction within LinkedIn's (NASDAQ:MSFT) network. Targeting overall enhanced content engagement across the platform, the initiative represents noteworthy advertising and sponsorship opportunity.
Impinj reissued positively at Morgan Stanley
Reiterating $40 target, analyst Craig Hettenbach maintains confidence on Impinj's capacity to generate growth and margin expansion, citing strong positioning in RFID technology. Impinj (NASDAQ:PI) $28.56, -0.82% (-25% over last three months).
Apple unveils new 9.7-inch iPad, (RED) edition iPhone 7 and 7 Plus
Soon available (Friday, March 24), Apple's (NASDAQ:AAPL) new 9.7-inch iPad prices from $329, the lowest price point ever for the device. Retina display and improved performance mark primary highlights. Similarly live on Friday, iPhone 7 and 7 Plus will gain red aluminum finish options, through partnership with (RED). Pricing is from $749.
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