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Today - Thursday, February 23, 2012
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10:20 AM The Street isn't showing any mercy to H-P (HPQ -6.2%) over yesterday's revenue miss and guidance cut, which are stoking fears of significant market share loss in several key businesses. Needham (Underperform) believes H-P is only one quarter into what will probably be a multi-year recovery, and also notes the company's inventory situation is worsening. (transcript) Comment!
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9:59 AM Buyout shops will increasingly zero in on telecom and mobile equipment firms as deal targets as share prices swoon, Silver Lake's Charles Giancarlo tells Bloomberg. Speculated targets include Alcatel-Lucent (ALU +1.2%), seen by some as very cheap after a 50% drop in shares in the past year, and perennial rumor target RIMM. Comment!
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9:49 AM Solar stocks (TAN -5.7%) take a beating after Germany announces it will reduce solar power incentives sooner than expected. The government will cut incentives to 19.5 cents per kw hour for small plants, to 16.5 cents for plants up to 1,000 kw, to 13.5 cents for plants of up to 10 mw. FSLR -6.3%, TSL -9.9%, SOL -7.6%, STP -5.4%, JASO -5.3%, YGE -7.6%, SPWR -3.2%. 1 Comment
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9:40 AM The U.S.-based Business Software Alliance blasts foreign governments for establishing data-transfer rules that prevent local companies from using cloud services, arguing such policies amount to protectionist barriers aimed at reducing the dominance of U.S. firms such as AMZN, RAX, and MSFT in the cloud services space. The EU, China, and Brazil are all seen as major offenders. Comment!
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9:37 AM Liberty Interactive (LINTA +4.7%) unveils a plan to recapitalize its common stock into two tracking stocks: Liberty Interactive, which will include QVC, its eCommerce company, a 34% stake in HSN and $500M in cash; and Liberty Ventures, which will include interests in EXPE, TRIP, TWC, TWX, AOL and $1.3B in cash. Comment!
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9:35 AM Amazon (AMZN -1.4%) agrees to collect and pay sales taxes for purchases made from online retailers with a physical presence in Virginia as part of an agreement with the governor's office. It's been a two-front war from Amazon on the online sales tax issue, as it supports a national online sales tax bill seen as potentially crippling to rival EBAY and fights states one by one on collecting taxes. Comment!
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9:26 AM Universal Display (PANL) +4.7% after KeyBanc lifts its PT to $60 from $45 following checks in Korea (where licensees Samsung and LG operate). The firm is bullish on OLED technology adoption, and thinks Universal could exceed its 2012 sales guidance. It thinks a guidance hike could arrive during Universal's Thursday Q4 report. Comment!
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8:39 AM A coalition of Internet companies including Google (GOOG), Microsoft (MSFT) and Mozilla agrees to support a do-not-track button to be embedded in most Web browsers. The reversal will be announced as part of the White House's call for Congress to pass a "privacy bill of rights" to give people greater control over the personal data collected about them. 2 Comments
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8:28 AM Onvia (ONVI) +35.3% after rejecting an unsolicited takeover proposal from PE firm Symphony Technology Group, calling the $4.25/share bid inadequate. Onvia, which helps businesses secure government contracts and agencies find suppliers online, is in the midst of a turnaround plan to reduce costs and focus on a smaller, targeted market. Comment!
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8:18 AM Media General (MEG) +4.8% premarket after it says it is exploring a sale of its loss-making newspaper operations and has received inquiries from several third parties regarding the potential purchase of some print assets. MEG had a long-term debt of $665M on its books as of Sept. 25, 2011, and has posted a loss in seven of its last eight quarters. Comment!
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8:11 AM Liberty Global (LBTYA) is reportedly considering a bid for Dutch cable firm Ziggo, estimated to be worth €8B ($10.6B). According to Dutch daily De Telegraaf, Liberty Global is the only company capable of buying Ziggo, which is too expensive for strategic buyers because of its advanced network. Comment!
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