FBR upgrades Pandora to “outperform”
Shares of Pandora (P) rose 10% on February 17, 2016, following an upgrade by FBR Capital. FBR Capital upgraded the stock to “outperform” from “market perform” and maintained its target price of $16. Pandora is expected to invest $345 million in 2016 to scale up infrastructure and build new business lines.
Pandora’s management believes that the company will be able to build a subscription business worth $1.3 billion in the next five years based on a customer conversion rate of 10% and 81.1 million listeners at the end of 4Q15.
Pandora’s shares rose 19.8% in the trailing-five-day period ending February 23, 2016. The stock fell 17% after Pandora announced its 4Q15 results earlier this month.
Impressive 4Q15 results drive shares of Frontier Communications
On February 23, 2016, shares of Frontier Communications (FTR) rose 12.6% to $5.08 as the company reported net income growth of 55.6% YoY (year-over-year). Revenues for FTR rose 6% YoY from $1.3 billion in 4Q14 to $1.4 billion in 4Q15. Net income rose from $36 million in 4Q14 to $56 million in 4Q15, whereas earnings per share rose to $0.05 from $0.04.
FTR has risen 19.5% in the trailing-five-day period ending February 23.
Brocade Communications Systems beat analysts’ estimates
On February 18, 2016, shares of Brocade Communications Systems (BRCD) rose by over 10% as the company beat analysts’ estimates for revenues and earnings in fiscal 1Q16. BRCD reported revenue of $574 million, which was 0.35% lower than revenue in fiscal 1Q15 but $13 million higher than analysts’ estimates. Weak demand for embedded and fixed configuration Fibre Channel switches resulted in a decline of 2% for BRCD’s SAN product revenues.
IP networking product revenue rose 1% YoY to $134 million due to strong demand from enterprise customers. Shares of the firm rose 19.3% in the trailing-five-day period ending February 23.
Pandora accounts for 0.2% of the Vanguard Information Technology ETF (VGT). The top holdings of the ETF include Apple (AAPL), Microsoft (MSFT), and Facebook (FB), which constitute 15.5%, 8.3%, and 4.7%, respectively, of VGT.
In the trailing-five-day period ending February 23, shares of Twitter (TWTR) rose 11.9% to $18.30.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.
The US equity markets have come under pressure this month because of the ongoing US-China trade war.