24/7 Wall St. » CHKP

24/7 Wall St. Closing Bell (FDX, BHP, INTC, TSLA, PNRA, MMR, AMTD, WFC, C, CHKP, KUTV, CNVO, VQ, RRD, CCL)

Paul Ausick — Tue, 17 Jan 2012 21:09:27 +0000

The markets opened higher this morning and all three major indexes have managed to hold onto most of their gains of the early morning. The S&P 500 index topped 1,300 for the first time since last summer, but hasn’t been able to remain at that level. The US dollar is trading weaker against the euro, but stronger against both the British pound and the Japanese yen. The dollar index is down a bit more than -0.5% at 81.071. Energy companies have done well today, even though natural gas prices have fallen below $2.50/thousand cubic feet. WTI crude oil is up nearly 2% at $100.62/barrel, while Brent crude is up only fractionally at $111.38/barrel. Gold is up more than 1% at $1,650.70.

The unofficial closing bells put the DJIA up about 60 points to 12,482.22 (0.48%), the NASDAQ rose more than 17 points (0.64%) to 2,728.08, and the S&P 500 rose 0.35% or nearly 5 points to 1,293.66.

There were several analyst upgrades and downgrades today, including FedEx Corp. (NYSE: FDX) cut to ‘hold’ at Jefferies; BHP Billiton Ltd. (NYSE: BHP) started as ‘buy’ at Goldman Sachs; Intel Corp. (NASDAQ: INTC) cut to ‘neutral’ at JPMorgan; Tesla Motors Inc. (NASDAQ: TSLA) raised to ‘buy’ at Wunderlich; and Panera Bread Co. (NASDAQ: PNRA) raised to ‘overweight’ at Morgan Stanley.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: McMoRan Exploration Co. (NYSE: MMR) is up 4.55% at $13.32; TD Ameritrade Holding Corp. (NASDAQ: AMTD) is down -1.72% at $16.02; Wells Fargo & Co. (NYSE: WFC) is up 0.67% at $29.81; Citigroup Inc. (NYSE: C) is down nearly -8% at $28.29; and Check Point Software Technologies Ltd. (NASDAQ: CHKP) is up nearly 8% at $54.93.

Other standouts from today include the following stocks:

Ku6 Media Co., Ltd. (NASDAQ: KUTV) is up nearly 154% at $3.50. The Chinese online video company has signed an agreement with Google Inc. (NASDAQ: GOOG) to offer international viewers a Chinese video channel on YouTube.

Convio Inc. (NASDAQ: CNVO) is up nearly 48% at $15.89, after setting a new 52-week high earlier. The provider of software to non-profit organizations has agreed to be acquired by Blackbaud Inc. (NASDAQ: BLKB) for $16/share, or about $312 million.

Venoco Inc. (NYSE: VQ) is up nearly 31% at $10.05. The independent oil and gas company is being taken private by its CEO. We have more coverage here.

R.R. Donnelly & Sons Co. (NYSE: RRD) is down nearly -16% at $12.12 after posting a new 52-week low of $12.08 earlier. The business services company said revenues for 2011 are going to be lower than expected.

Carnival Corp. (NYSE: CCL) is down nearly -14% at $29.57. The cruise ship operator is sinking following the disaster off the Italian coast that has left 11 dead and 29 missing. We have more coverage here.

Stay tuned for Wednesday. Federal Reserve Bank governor Daniel Tarullo is giving a speech. We have the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association mortgage applications
8:30 a.m. – Producer price index
9:15 a.m. – Federal Reserve report on industrial production
10:00 a.m. – Housing market index

Paul Ausick

Filed under: HI/LOW, Market Close, The Day Tagged: AMTD, BHP, C, CCL, CHKP, CNVO, FDX, INTC, KUTV, MMR, PNRA, RRD, TSLA, VQ, WFC

Top Analyst Upgrades & Downgrades (CECO, CHKP, CHL, CSCO, CVI, DELL, FITB, GNW, GOOG, HOG, HCA, MPEL, NEM, PCLN, TM, URBN)

Administrator — Fri, 15 Apr 2011 12:43:25 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Friday morning.

Career Education Corporation (NASDAQ: CECO) Reiterated Buy at Argus.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) Reiterated Hold at Argus.
China Mobile Limited (NYSE: CHL) Cut to Neutral at Credit Suisse.
Cisco Systems, Inc. (NASDAQ: CSCO) Cut to Hold with $19 target at Auriga.
CVR Energy, Inc. (NYSE: CVI) Started as Outperform at Credit Suisse.
Dell Inc. (NASDAQ: DELL) Cut to Hold at S&P Equity Research (late Thursday call).
Fifth Third Bancorp (NASDAQ: FITB) Raised to Outperform at Baird.
Genworth Financial (NYSE: GNW) noted as Underperform as Bear of the Day at Zacks.
Google Inc. (NASDAQ: GOOG) Cut to Hold at Citigroup; Maintained Buy at Gabelli; Maintained Outperform but cut target to $700 at Credit Suisse.
Harley-Davidson, Inc. (NYSE: HOG) Raised to Neutral at Goldman Sachs.
HCA Holdings, inc. (NYSE: HCA) Started as Buy at Gleacher & Co.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) Raised to Buy at BofA/ML.
Newmont Mining Corporation (NYSE: NEM) maintained Neutral but raised target to $70 at BofA/ML.
Priceline.com Incorporated (NASDAQ: PCLN) noted as Outperform as Bull of the Day at Zacks.
Toyota Motor Corporation (NYSE: TM) Started as Equal-weight at Barclays.
Urban Outfitters Inc. (NASDAQ: URBN) Cut to Underperform at Jefferies.

You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Filed under: Analyst Calls Tagged: CECO, CHKP, CHL, CSCO, CVI, DELL, FITB, GNW, GOOG, HCA, HOG, MPEL, NEM, PCLN, TM, URBN

Earnings Calendar: Top Earnings To Watch Next Week (AA, JPM, DRWI, CHKP, FCS, HAS, MAT, SVU, CBST, GOOG, JBHT, BAC, SCHW)

Administrator — Fri, 08 Apr 2011 19:10:25 +0000

Next week is supposed to mark the launch of earnings season. It will still be a tad light compared the two weeks that follow, but there are some market-movers and some sector-movers to watch in the coming week. The following reports are the ones we are previewing: Alcoa, Inc. (NYSE: AA); J.P. Morgan Chase & Co. (NYSE: JPM); DragonWave Inc. (NASDAQ: DRWI); Check Point Software Technologies Ltd. (NASDAQ: CHKP); Fairchild Semiconductor International Inc. (NYSE: FCS); Hasbro Inc. (NASDAQ: HAS); Mattel Inc. (NASDAQ: MAT); SUPERVALU Inc. (NYSE: SVU); Cubist Pharmaceuticals Inc. (NASDAQ: CBST); Google Inc. (NASDAQ: GOOG); JB Hunt Transport Services Inc. (NASDAQ: JBHT); Bank of America Corporation (NYSE: BAC); and The Charles Schwab Corporation (NYSE: SCHW).

We have included some color on each if applicable and included Thomson Reuters estimates and price performance metrics.

Alcoa, Inc. (NYSE: AA) is out with earnings Monday after the close, and it is the first DJIA component and the one company that investors, traders, and speculators often try to use as a bogey for determining the strength of earnings season. At a minimum, the company may be used as a tool to judge how other metals companies are doing. Thomson Reuters has consensus estimates of $0.27 EPS and $6.30 billion in revenues; next quarter estimates are $0.35 EPS and $6.29 billion in revenues. Shares are around $18.00 in Friday afternoon trading and shares were trading at $16.49 about 90-days ago.

Wednesday morning we get to see financial powerhouse JPMorgan Chase & Co. (NYSE: JPM). Jamie Dimon and friends will set the tone of how banking and financial firms are doing and how they see the current environment. Thomson Reuters has consensus estimates of $1.16 EPS and $25.6 billion in revenues; next quarter estimates are $1.17 EPS and $25.22 billion in revenues. Shares are around $47.00 in Friday afternoon trading and shares were trading around $44.00 about 90-days ago.

DragonWave Inc. (NASDAQ: DRWI) is after the close of trading on Wednesday, and this one is sometimes used as a proxy for how Sprint Nextel Corporation (NYSE: S) and Clearwire Corporation (NASDAQ: CLWR) are doing. That being said, we’ll leave it there for you to decide how tied these are. Thomson Reuters has consensus estimates for DragonWave of -$0.16 EPS and $15.14 million in revenues; next quarter estimates are -$0.07 EPS and $23.88 million in revenues. Shares are around $8.37 in Friday afternoon trading and shares were trading at $8.06 about 90-days ago.

Thursday morning comes data-security leader Check Point Software Technologies Ltd. (NASDAQ: CHKP). Thomson Reuters has consensus estimates of $0.62 EPS and $276.71 million in revenues; next quarter estimates are $0.65 EPS and $293.17 million in revenues. Shares are around $51.70 in Friday afternoon trading and shares were trading around $47.00 about 90-days ago.

Fairchild Semiconductor International Inc. (NYSE: FCS) reports Thursday morning. After the TI-NSM merger, investors will be paying closer attention than before. Thomson Reuters has consensus estimates of $0.36 EPS and $413.25 million in revenues; next quarter estimates are $0.39 EPS and $422.76 million in revenues. Shares are around $19.00 in Friday afternoon trading and shares were trading at $16.00 about 90-days ago.

Hasbro Inc. (NASDAQ: HAS) is due Thursday morning and it is probably safe to assume that investors will of course bet watching Mattel Inc. (NASDAQ: MAT) on the news ahead of its earnings due Friday… Thomson Reuters has consensus estimates of $0.17 EPS and $661.69 million in revenues; next quarter estimates are $0.38 EPS and $842.07 million in revenues. Shares are around $47.35 in Friday afternoon trading and shares were trading at $46.00 about 90-days ago.

SUPERVALU Inc. (NYSE: SVU) is no market mover, but it has been cut in half over the last year and remains a giant turnaround stock for many investors. Thomson Reuters has consensus estimates of $0.34 EPS and $8.75 billion in revenues; next quarter estimates are $0.32 EPS and $11.35 billion in revenues. Shares are around $9.33 in Friday afternoon trading and shares were trading at $8.91 about 90-days ago before challenging the $7.00 mark thereafter.

Filed under: Calendar, Earnings, Metals, Technology Companies, The Week Tagged: AA, BAC, CBST, CHKP, DRWI, FCS, GOOG, HAS, JBHT, JPM, MAT, SCHW, SVU

Over $40 Billion in Share Buyback Announcements in February (KSS, DOX, DDS, TJX, WLP, WAT, LEA, PLXS, ARG, CVC, KLAC, VAR, COP, MMM, CHKP, ISRG, ALL, CMI, GME, GD, ROST, MHS, ERTS, PFE, TUP)

Administrator — Thu, 24 Feb 2011 15:51:54 +0000

Many shareholders argue that share repurchase and stock buyback plans are generally a waste of shareholder capital aimed solely as a short-term share price targeting mechanism. Many would prefer to see dividends. Still, share buyback plans remain a top method of ‘returning capital to shareholders’ and the share buybacks in February have come at a feverish pace.

The feverish buyback pace we are showing does not even include the many buyback plans of under $200 million. The companies leading the buyback charge with new announcements so far in February are as follows: Kohl’s Corporation (NYSE: KSS); Amdocs Ltd. (NYSE: DOX); Dillard’s Inc. (NYSE: DDS); The TJX Companies, Inc. (NYSE: TJX); Wellpoint, Inc. (NYSE: WLP); Waters Corp. (NYSE: WAT); Lear Corp. (NYSE: LEA); Plexus Corporation (NASDAQ: PLXS); Airgas, Inc. (NYSE: ARG); Cablevision Systems Corporation (NYSE: CVC); KLA-Tencor Corporation (NASDAQ: KLAC); Varian Medical System Inc. (NYSE: VAR); ConocoPhilips (NYSE: COP); 3M Co. (NYSE: MMM); Check Point Software Tecnologies Ltd. (NASDAQ: CHKP); Intuitive Surgical, Inc. (NASDAQ: ISRG); Allstate Corporation (NYSE: ALL); Cummins Inc. (NYSE: CMI); Gamestop Corporation (NYSE: GME); General Dynamics Corporation (NYSE: GD); Ross Stores, Inc. (NASDAQ: ROST); Medco Health Solutions Inc. (NYSE: MHS); Electronic Arts Inc. (NASDAQ: ERTS); Pfizer, inc. (NYSE: PFE); and Tupperware Brands Corporation (NYSE: TUP).

The tally here in just these plans comes to about $41 billion in new buyback announcements so far just in February, and that is after a whopping $34 billion identified in January. We did not break these out by date and these are most recent to farthest back in February.

Kohl’s Corporation (NYSE: KSS) increased its share repurchase authorization under its existing share repurchase program by $2.6 billion to $3.5 billion. That added 2.6 billion compares to a market cap of $15.7 billion today.

Amdocs Ltd. (NYSE: DOX) declared $1 billion over 2 years against a market cap of $5.5 billion.

Dillard’s Inc. (NYSE: DDS) added some $250 million to its prior buyback plan and its market cap is $2.6 billion .

The TJX Companies, Inc. (NYSE: TJX) allocated some $1.2 billion this year and that compares to a market cap of $19.5 billion.

Wellpoint, Inc. (NYSE: WLP) expanded its prior plan by $1.6 billion and that is against a market cap of close to $25 billion.

Filed under: Corporate Governance, Dividend, Editor's Picks, Shareholder Issues, Stock Buybacks Tagged: ALL, ARG, CHKP, CMI, COP, CVC, DDS, DOX, ERTS, GD, GME, ISRG, KLAC, KSS, LEA, MHS, MMM, PFE, PLXS, ROST, TJX, TUP, VAR, WAT, WLP

Top Analyst Upgrades and Downgrades (ANF, ARO, AKS, AEO, AEP, AMLN, CHKP, COH, GPS, JKS, KKR, LTD, TLAB, UBS)

Administrator — Wed, 27 Oct 2010 11:58:54 +0000

These are some of this Wednesday’s key analyst upgrades, downgrades, and initiations seen in Wall Street research calls.

Abercrombie & Fitch Co. (NYSE: ANF) Started as Equal-weight at Morgan Stanley.
Aeropostale, Inc. (NYSE: ARO) Started as Underweight at Morgan Stanley.
AK Steel Holding Corporation (NYSE: AKS) Cut to Hold at S&P Equity Research (late Tuesday call).
American Eagle Outfitters, Inc. (NYSE: AEO) Started as Underweight at Morgan Stanley.
American Electric Power (NYSE: AEP) Raised to Buy at Goldman Sachs.
Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) Raised to Outperform at Leerink Swann.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) Raised to Overweight at HSBC.
Coach Inc. (NYSE: COH) Started as Overweight at Morgan Stanley.
Gap Inc. (NYSE: GPS) Started as Equal-weight at Morgan Stanley.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) Raised to Buy at Auriga.
Kohlberg Kravis Roberts & Co. (NYSE: KKR) Started as Buy at BofA/Merrill Lynch.
Limited Brands, Inc. (NYSE: LTD) Started as Overweight at Morgan Stanley.
Tellabs Inc. (NASDAQ: TLAB) Cut to Neutral at JPMorgan.
UBS AG (NYSE: UBS) Cut to Neutral at Credit Suisse.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Filed under: Analyst Calls Tagged: AEO, AEP, AKS, AMLN, ANF, ARO, CHKP, COH, GPS, JKS, KKR, LTD, TLAB, UBS

Top Analyst Upgrades and Downgrades (ALU, ALL, AMZN, AU, CA, CHKP, COST, GE, HON, KEY, MYGN, PCLN, SIX, SFD, MMM, TYC, UTX)

Administrator — Wed, 13 Oct 2010 12:19:28 +0000

These are some of this Wednesday’s key analyst upgrades, downgrades, and initiations seen in Wall Street research calls.

Alcatel-Lucent (NYSE: ALU) Raised to Buy at Jefferies.
Allstate Corporation (NYSE: ALL) Started as Outperform at RBC.
Amazon.com Inc. (NASAQ: AMZN) Cut to Hold at Benchmark.
AngloGold Ashanti (NYSE: AU) Raised to Neutral at Goldman Sachs.
CA Inc. (NYSE: CA) Started as Outperform at Wells Fargo.
Check Point Software Technologies (NASDAQ: CHKP) Started as Outperform at Wells Fargo.
Costco Wholesale Corporation (NASDAQ: COST) Cut to Neutral at UBS.
General Electric Co. (NYSE: GE) Started as Buy at Nomura.
Honeywell International (NYSE: HON) Started as Buy at Nomura.
KeyCorp (NYSE: KEY) Cut to Perform at Oppenheimer.
Myriad Genetics inc. (NASDAQ: MYGN) Raised to Outperform at RBC.
Priceline.com Incorporated (NASDAQ: PCLN) Raised to Outperform at Morgan Keegan.
Six Flags Entertainment (NYSE: SIX) Started as Outperform at Oppenheimer.
Smithfield Foods Inc. (NYSE: SFD) Raised to Outperform at BMO.
3M Co. (NYSE: MMM) Started as Reduce at Nomura.
Tyco International (NYSE: TYC) Started as Reduce at Nomura.
United Technologies (NYSE: UTX) Started as Buy at Nomura.

JON C. OGG

Filed under: Analyst Calls Tagged: ALL, ALU, AMZN, AU, CA, CHKP, COST, GE, HON, KEY, MMM, MYGN, PCLN, SFD, SIX, TYC, UTX

Top Day Trader Alerts (SYMC, CHKP, BRCD, BSDM, MNKD, NTAP, PETM, STEM)

Administrator — Thu, 19 Aug 2010 13:03:34 +0000

Day traders and active traders have many movers this Wednesday morning to choose from. The top alerts were seen in Symantec Corporation (NASDAQ: SYMC), Check Point Software Technologies Ltd. (NASDAQ: CHKP), Brocade Communications Systems, Inc. (NASDAQ: BRCD), BSD Medical Corporation (NASDAQ: BSDM), MannKind Corporation (NASDAQ: MNKD), NetApp Inc. (NASDAQ: NTAP), PetSmart, Inc. (NASDAQ: PETM), and StemCells Inc. (NASDAQ: STEM).

The Intel-McAfee deal already has the primary move taken care of, but the data-security peers are the ones to watch. Symantec Corporation (NASDAQ: SYMC) is a very troubled company with data security and storage, and its shares are now up 12% at $14.18 in the pre-market trading. Check Point Software Technologies Ltd. (NASDAQ: CHKP) is also up 5.4% at $36.14 in pre-market trading.

Brocade Communications Systems, Inc. (NASDAQ: BRCD) is getting squeezed this morning and shares are down 6.8% at $4.79 on more than 600,000 shares. This is worse than last night when Brocade went out in the after-hours session down 4.67% at $4.90 on 874,644 shares.

BSD Medical Corporation (NASDAQ: BSDM) is seeing a second day win after yesterday’s news of an FDA Approval that sent shares up about 100%. Shares are up another 6% at $3.15 on over 400,000 shares.

MannKind Corporation (NASDAQ: MNKD) is trading up almost 4% at $6.20 on about 200,000 shares after pricing $100 million in senior convertible notes amd entering into a share sale and share lending agreement. The secondary sale was at $5.55 versus a close of $5.97 yesterday.

NetApp Inc. (NASDAQ: NTAP) is down 3.1% this morning from $39.32 to $38.09 in pre-market trading on active volume after earnings disappointed.

PetSmart, Inc. (NASDAQ: PETM) is trading up after earnings and strong guidance and after Goldman maintained a neutral rating but raised the price target. Shares are seeing thin volume but the first indication was up almost 7% at $32.23. This one went out in the after-hours session last night up 7.2% at $32.33 on 144,000 shares.

StemCells Inc. (NASDAQ: STEM) is on the move after positive stem cell data in paralysis. Shares are up 24% at $1.08 on over 550,000 shares. Average volume is only 723,000 shares and a 52-week range of $0.84 to $1.79.

JON C. OGG

Filed under: Pre-Market Activity, Trading Alert Tagged: BRCD, BSDM, CHKP, MNKD, NTAP, PETM, STEM, SYMC

Intel Changes The Game With McAfee Buyout (INTC, MFE, SYMC, CHKP)

Administrator — Thu, 19 Aug 2010 12:31:16 +0000

Intel Corporation (NASDAQ: INTC) has made a game changing event. It announced that it is acquiring McAfee, Inc. (NYSE: MFE) via a Business Wire press release. The $7.68 billion deal comes to $48.00 per share, which isn’t too bad considering that McAfee shares traded at $29.93 yesterday.

The release noted that both boards of directors have unanimously approved the deal. It is subject to McAfee shareholder approval, regulatory clearances and other customary conditions.

Intel noted that today’s security approach does not fully address the billions of new Internet-ready devices connecting, including mobile and wireless devices, TVs, cars, medical devices and ATM machines as well as the accompanying surge in cyber threats. Intel also noted that it has elevated the priority of security to be on par with its strategic focus areas in energy-efficient performance and Internet connectivity.

McAfee has seen double-digit growth and nearly 80% gross margins last year. , will become a wholly-owned subsidiary of Intel, reporting into Intel’s Software and Services Group. The group is managed by Renée James, Intel senior vice president, and general manager of the group.

McAfee’s 52-week trading range is $29.53 to $45.68.

This is a game-changing deal considering that a hardware company is getting into the security via a software company. It will also highlight a few data security players. Symantec Corporation (NASDAQ: SYMC) is a very troubled company with data security and storage, and its shares are now up 12% at $14.18 in the pre-market trading. Check Point Software Technologies Ltd. (NASDAQ: CHKP) is also up 5.4% at $36.14 in pre-market trading.

JON C. OGG

Filed under: Mergers and Buy Outs, Semiconductor, Software Tagged: CHKP, INTC, MFE, SYMC

The Death of Symantec (SYMC, MFE, CHKP)

Administrator — Thu, 29 Jul 2010 16:41:27 +0000

Symantec Corporation (NASDAQ: SYMC) probably just managed to lose the patience of every last shareholder it has after posting poor earnings. Earnings were in-line with estimates, but revenues were flat and a bit light. More importantly, it guided lower for the quarter ahead saying that orders are being pushed out in a cautious IT spending climate. We have seen downgrades from what feels like every analyst out there. This is acting as a drag on rival McAfee, Inc. (NYSE: MFE) and even on Check Point Software Technologies Ltd. (NASDAQ: CHKP).

Things have been stagnant for so long at Symantec that at the end of 2007 we called for then-CEO John Thompson to bring in a new CEO and just keep the Chairman title which he did. Unfortunately, the Great Recession came and the benefits of new blood were not fully enjoyed by its shareholders.

The $0.35 adjusted EPS on $1.43 billion in revenues compared to estimates of $0.35 EPS and $1.47 billion from Thomson Reuters. The guidance of $0.27 to $0.28 EPS on revenues of $1.44 to $1.46 billion compared to estimates of $0.34 EPS and $1.53 billion in revenues from Thomson Reuters. About half its business is subject to currency fluctuations due to a strong international business. Closing sales and execution are a larger issue than currency.

There has been a slew of analysts throwing in the towel today. Bank of America/Merrill Lynch, FBR Capital, Morgan Keegan, Pacific Crest, and Raymond James are among those who cut their ratings on the stock. Morgan Keegan was disgusted enough that its fair value was put at $12.00, and the new consensus target is likely going to be down around $15 or $16 from large firms that cover the stock.

McAfee, Inc. (NYSE: MFE) is viewed as the closest direct competitor of Symantec by Wall Street as far as groupings within the data security sector. After today’s price drop, McAfee is almost half of the size by market cap and still one-third of the size in sales. The news from the larger is hurting the smaller. McAfee shares are down 2.6% at $30.30 and its 52-week range is $29.75 to $45.68.

Check Point Software Technologies Ltd. (NASDAQ: CHKP) is in a different boat as it is deemed solely as an enterprise player in network and gateway security solutions. The onset of low-tide is dragging all ships out to sea. It is weak with the market and the data security sector, but at $33.21 its 52-week range is $25.64 to $36.40.

Symantec has been a range-bound stock and that acquisition of Veritas marked the end of the multi-year run higher. It has been the case for several years now that you wanted to be a buyer under $15.00 and a seller every time the stock went close-to or above $20.00. Unfortunately, today’s action is well under $15.00 and the chart looks like a repeat of that death-spiral we saw during late-2008. Shares almost violated $10.00 during that period of weakness.

The field here just went from those still with hope to a field full of despair. The lows in January-2009 were $12.63 before the market recover took all stocks far higher from their lows. With shares down 11.4% at $12.98 and the stock putting in a new 52-week low today with a new 52-week range of $12.90 to $19.16. You know the take on 52-week trading ranges: companies that hit new 52-week lows are viewed as doomed to keep hitting new 52-week lows.

The stock will likely come back at some point. The company just better hope a double-dip recession does not enter the equation beyond theory. It now seems that it is going to take another raging bull market surge to help this dog and its owners any time in the immediate future.

Maybe the company can try to lure investors in on a “value investing” approach now, something that technology companies have had a hard time with when trying to find investors. Maybe Symantec should consider changing its name to Semantic.

JON C. OGG

Filed under: Earnings, Earnings Warning, Software, Technology Companies, Value Investing Tagged: CHKP, MFE, SYMC

Top Analyst Upgrades and Downgrades (ADBE, CHKP, CTXS, OFC, DWA, MAT, MSFT, SNDK, TRA, VMW, VRSN, WFMI)

247wallst — Wed, 17 Feb 2010 13:17:04 +0000

These are some of the top Wall Street research calls from analyst upgrades, downgrades, and initiations seen early this Wednesday morning:

Adobe Systems (NASDAQ: ADBE) Started as Buy at Citigroup.
Check Point Software (NASDAQ: CHKP) Started as Buy at Citigroup.
Citrix Systems (NASDAQ: CTXS) Started as Sell at Citigroup.
Corporate Office Properties (NYSE: OFC) Raised to Top Pick at RBC.
Dreamworks Animation (NYSE: DWA) Raised to Overweight at Thomas Weisel.
Mattel Inc. (NYSE: MAT) Raised to Buy at UBS.
Microsoft (NASDAQ: MSFT) Started as Buy at Citigroup.
SanDisk Corp. (NASDAQ: SNDK) Raised to Overweight at Morgan Stanley.
Terra Industries (NYSE: TRA) Cut to Neutral at JPMorgan.
VMware (NYSE: VMW) Started as Hold at Citigroup.
VeriSign (NASDAQ: VRSN) Started as Buy at Citigroup.
Whole Foods (NASDAQ: WFMI) Raised to Overweight at JPMorgan.

You are invited to join our free daily email distribution list to hear about top analyst upgrades and downgrades, IPOs and secondary offerings, ongoing day trader and options trader alerts, stock and market rumors, Buffett and guru investor news, M&A and more.

JON C. OGG
FEBRUARY 17, 2010

Filed under: Analyst Calls Tagged: ADBE, CHKP, CTXS, DWA, MAT, MSFT, OFC, SNDK, TRA, VMW, VRSN, WFMI