Day: December 4, 2020

SPLK – Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Splunk Inc. (SPLK) Investors

Written by admin on . Posted in SPLK, Stock Report.

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Splunk Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK) common stock between October 21, 2020 and December 2, 2020, inclusive (the “Class Period”). Splunk investors have until February 2, 2021 to file a lead plaintiff motion.

If you suffered a loss on your Splunk investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/splunk-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On December 2, 2020, after the market closed, Splunk announced its third quarter 2021 financial results in a press release. Therein, the Company reported total revenue of $559 million, down 11% year-over-year. The Company also announced quarterly non-GAAP earnings per share of -$0.07, missing estimates by 15 cents. Also, analysts at JPMorgan were “blindsided by the magnitude of too many large deals slipping in the final days of October.”

On this news, the Company’s stock price fell by $47.88 per share, or approximately 23%, to close at $158.03 per share on December 3, 2020.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Splunk common stock during the Class Period, you may move the Court no later than February 2, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

ATVI – Activision's “Call of Duty” Franchise Breaks the $3 Billion Barrier in 12 Months

Written by Eric Volkman on . Posted in ATVI, Stock Report.

Never underestimate the appeal of simulated combat. It’s producing good business for video game purveyor Activision Blizzard (NASDAQ:ATVI). The company announced Friday that the net bookings of titles in its long-running Call of Duty first-person shooter series have totaled more than $3 billion over the last 12 months.

Activision defines net bookings as “the net amount of products and services sold digitally or sold-in physically in the period, [which] includes license fees, merchandise, and publisher incentives, among others, and is equal to net revenues excluding the impact from deferrals.”

Screenshot from Call of Duty: Black Ops Cold War.

Image source: Activision Blizzard.

The most recent game in the franchise, Call of Duty: Black Ops Cold War, was widely released on all major video gaming platforms last month. The game takes place amid the titular global rivalry, with the player controlling a mysterious character involved in combat and espionage missions against the Soviet Union and its allies.

Cold War has lifted the comparable sales figures for the series. Activision wrote that the franchise as a whole has enjoyed an 80% year-over-year rise in net bookings so far in 2020, and a 40% increase in total units sold. The company added that more than 200 million people have played a title in the series so far this year, a new all-time record.

Activision said that this “is only the beginning.”

“Additional free, post-release content for all Black Ops Cold War players is on the way as new seasons of content will continue to add and transform both the scope and scale of gameplay, with Season One set to debut this month,” the company added. It did not delve into details, nor did it offer any financial projections for these initiatives.

 

LOW – Lowe's Stock Could Blast 40% Higher, According to Analyst

Written by Eric Volkman on . Posted in LOW, Stock Report.

A prominent Lowe’s (NYSE:LOW) bull is charging harder on the company’s stock. Morgan Stanley analyst Simeon Gutman on Friday raised his price target on the home improvement retailer, upping it to $210 per share from the previous $190 while maintaining his overweight (read: buy) recommendation.

The new target is exactly 40% higher than Lowe’s most recent closing stock price.

Gutman made his revision on the belief that the current average analyst earnings projections for the company underestimate a critical factor: demand for home improvement goods and services. The prognosticator feels it’s realistic that Lowe’s will hit its target of a 12% EBIT (earnings before interest and taxes) margin in 2021. 

A Lowe's store parking lot with motorized lawnmowers in front.

Image source: Lowe’s.

“Indeed, we believe [Lowe’s] will nearly reach it in 2020 on a ‘normalized’ [profit and loss]. This is not appreciated by the market,” he wrote in his latest research note on the company.

Gutman believes the broader DIY retail landscape will generally benefit from the anticipated rise in demand. As a result, his per-share earnings estimates for both Lowe’s and its arch-rival Home Depot (NYSE:HD) are notably above the average for prognosticators following those stocks — by 13% for Lowe’s and 6% for Home Depot.

The Morgan Stanley analyst has also raised his price target for Home Depot stock, although not as dramatically. It is now $300, from the former $295. The new level is 14% above Home Depot’s most recent closing stock price.

Neither company had a memorable day in the market on Friday. Lowe’s shares fell by 1.3%, against the 0.9% gain of the S&P 500 index. Home Depot declined by nearly 1.6%.

CERS – Cerus Corporation Announces Presentation of Study Results with INTERCEPT-treated COVID-19 Convalescent Plasma at the American Society of Hematology Annual Meeting

Written by admin on . Posted in CERS, Stock Report.

CONCORD, Calif.–(BUSINESS WIRE)–Cerus Corporation (Nasdaq: CERS) today announced the oral presentation of a clinical study: “Efficacy of COVID-19 Pathogen Inactivated Convalescent Plasma for Patients with Moderate to Severe Acute COVID-19: A Case Matched Control Study,” presented by Dr. Nina Khanna of the University Hospital of Basel, Switzerland, at the American Society of Hematology Annual Meeting, on Saturday, December 5, 2020, at 2:45 pm/EST. This presentation reviews data on the efficacy of INTERCEPT-treated COVID-19 convalescent plasma (CCP) to treat COVID-19 pneumonia patients.

Initiated in March 2020, the study was conducted in collaboration with Cerus and Vitalant Research Institute, San Francisco; Vaccine Research and Development Laboratory, University of California, Irvine, CA; and Enable Biosciences, San Francisco, CA.

The study of hospitalized patients with documented COVID-19 pneumonia enrolled 15 subjects who received INTERCEPT-treated CCP and 30 matched controls who received standard therapy without CCP transfusion. Of the 15 patients treated with INTERCEPT-treated CCP, 14 (93.3%) responded and were alive at study day 28. Three patients were severely immune-compromised. Among the 30 matched control patients, 6 (20%) died by study day 28.

“The study summarizes the successful collaboration with the University Hospital of Basel, Cerus, and the other California-based research teams, generating important data to define CCP virus-neutralizing efficacy at the onset of the COVID-19 pandemic. We are encouraged by the patients’ responses to INTERCEPT-treated CCP and the preservation of neutralizing antibodies in INTERCEPT-treated CCP. The data from this study demonstrate the ability to identify effective CCP during epidemics that, with pathogen reduction to decrease the risk of transfusion-transmitted disease, can be rapidly introduced into routine practice,” said Dr. Laurence Corash, Cerus’ chief scientific officer.

To view the oral presentation on Saturday, December 5, click here: https://ash.confex.com/ash/2020/webprogram/Paper136180.html

About University Hospital of Basel and the Regional Swiss Red Cross Blood Transfusion Center, Basel, Switzerland.

The University Hospital of Basel is a specialized medical research and patient care facility. The Regional Swiss Red Cross Blood Transfusion Center, located in the University Hospital, conducts research studies in transfusion medicine.

About Cerus

Cerus Corporation is dedicated solely to safeguarding the world’s blood supply and aims to become the preeminent global blood products company. Headquartered in Concord, California, the company develops and supplies vital technologies and pathogen-protected blood components to blood centers, hospitals, and ultimately patients who rely on safe blood. The INTERCEPT Blood System for platelets and plasma is available globally and remains the only pathogen reduction system with both CE mark and FDA approval for these two blood components. The INTERCEPT red blood cell system is under regulatory review in Europe, and in late-stage clinical development in the US. Also in the US, the INTERCEPT Blood System for Cryoprecipitation is approved for production of Pathogen Reduced Cryoprecipitated Fibrinogen Complex, a therapeutic product for the treatment and control of bleeding associated with fibrinogen deficiency, including massive hemorrhage. For more information about Cerus, visit www.cerus.com and follow us on LinkedIn.

INTERCEPT and the INTERCEPT Blood System are trademarks of Cerus Corporation.

PEN – Penumbra, Inc. to Participate in CEO Discussion with Bank of America

Written by admin on . Posted in PEN, Stock Report.

ALAMEDA, Calif., Dec. 4, 2020 /PRNewswire/ — Penumbra, Inc. (NYSE: PEN) today announced that its chief executive officer is scheduled to participate in a discussion with Bank of America on Tuesday, December 8, 2020.

Event: CEO Discussion with Bank of America
Date: Tuesday, December 8, 2020
Time: 8:30am ET / 5:30am PT

An audio webcast of the discussion will be available by visiting the investors’ section of the company’s website at www.penumbrainc.com.  The audio webcast will be available on the company’s website for at least two weeks following the event.

About Penumbra
 Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Penumbra sells its products to hospitals and healthcare providers primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com.

Investor Relations

Penumbra, Inc.

510-995-2461
[email protected]

SOURCE Penumbra, Inc.

Related Links

www.penumbrainc.com

RTX – Kessler Topaz Meltzer & Check, LLP Reminds Raytheon Technologies Corporation f/k/a Raytheon Company Investors of Important Deadline in Securities Fraud Class Action Lawsuit

Written by admin on . Posted in RTX, Stock Report.

RADNOR, Pa., Dec. 04, 2020 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the District of Arizona against Raytheon Technologies Corporation f/k/a Raytheon Company (NYSE: RTX, RTN) (“Raytheon”) on behalf of those who purchased or otherwise acquired Raytheon securities between February 10, 2016 and October 27, 2020, inclusive (the “Class Period”).
Important Deadline: Investors who purchased or otherwise acquired Raytheon securities during the Class Period may, no later than December 29, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please click https://www.ktmc.com/new-cases/raytheon-technologies-corporation?utm_source=PR&utm_medium=link&utm_campaign=raytheon.According to the complaint, Raytheon is an aerospace and defense company providing advanced systems and services for commercial, military, and government customers worldwide. On April 3, 2020, United Technologies Corporation and Raytheon Company completed a merger and changed “Raytheon Company” to “Raytheon Technologies Corporation.”The Class Period commences on February 10, 2016, when Raytheon Company published its annual report on a Form 10-K for the year ended December 31, 2015, which stated in relevant part, “we maintain a system of internal control over financial reporting to provide reasonable assurance that assets are safeguarded and that transactions are properly executed and recorded. The system includes policies and procedures, internal audits and our officers’ reviews.”Concerns regarding Raytheon’s financial accounting and internal controls over financial reporting were revealed after market hours on October 27, 2020, when Raytheon filed its quarterly report on a Form 10-Q with the SEC for the quarter ended September 30, 2020. The Form 10-Q reported that “[o]n October 8, 2020, [Raytheon] received a criminal subpoena from the [U.S. Department of Justice (“DOJ”)] seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company’s Missiles & Defense business since 2009.”Following this news, the price of Raytheon shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020.The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs regarding Raytheon Company’s Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon would face a criminal investigation by the DOJ; and (6) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.If you wish to discuss this securities fraud class action lawsuit or have any questions concerning this notice or your rights or interests with respect to this litigation, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 877-9500 (toll free) or (610) 667–7706, or via e-mail at info@ktmc.com.Raytheon investors may, no later than December 29, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.CONTACT:Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 877-9500 (toll free)
(610) 667-7706
info@ktmc.com

ACI – Improving Margins Set Stage For Earnings Growth At Albertsons

Written by Jason Ditz on . Posted in ACI, Stock Report.

This week, America is easing deeper into another round of pandemic shutdowns. It’s a rough situation for many, and a scary time for many more. In this time of uncertainty, we may be looking at some different things to invest in.

Stockpiling was a reality of life early in the pandemic. That was a money-making opportunity for big retailers, especially to the extent that they were able to keep the shelves at least somewhat full. Today, I’d like to look at Albertsons Companies Inc. (NYSE:ACI).

Source: 10-K

Albertsons is a nice target for this, as they are America’s second-largest grocer. The largest grocer, Kroger (NYSE:KR), has been thriving in recent years on improved margins and the increased sales this year have helped all the more. The sales of non-perishables, in particular, seem to benefit during the pandemic.

Albertsons also got approved for federal Covid vaccinations, and while it’s not clear what that will, ultimately, be worth to them, it’s clearly another positive in the next 6-12 months of vaccination roll-out.

Albertsons hasn’t moved a lot in the last year, nothing like other retailers, but the fundamentals may support an increase in price in the years to come that might make them worth looking at now.

2018 2019 2020
Sales $59.9 billion $60.5 billion $62.4 billion
Gross Profit $16.3 billion $16.8 billion $17.6 billion
Gross Margin 27.2% 27.7% 28.2%
Op Income ($56 million) $787 million $1.43 billion
Op Margin 0 1.3% 2.3%
EPS $0.08 $0.23 $0.80

Sales are slowly rising, and the margins are slowly improving. The PE ratio in that most recent year is still almost 20, however, which isn’t exactly a screaming value play. At least, not yet.

Albertsons in a Couple Years

The real story is just beginning. In the most recent 10-Q, we see revenues are up $5.5 billion in the first half of the next year. Analyst estimates put yearly revenue growth at $7 billion. Gross and operating margins are both on the rise.

The estimate for this FY is $2.77 profit on $69.3 billion. As next year gets more back to normal, we’re looking at an estimate of $1.77 and $65 billion. These make the PE Ratios of 5.68 and 9.21, respectively.

In both cases, those are very nice value levels and should support some price appreciation going forward.

Albertsons, in conclusion, is following a very similar track to Kroger, but will be getting there a bit later. Both are very solid choices in this environment, as companies that have the products people really want to buy during the pandemic.

Disclosure: I am/we are long KR. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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