Active Stock Watch: Activision, True Religion, Linkedin, Nuance, Cobalt
Activision Blizzard, Inc. (NASDAQ:ATVI): Cowen said Activision Blizzard is well positioned for 2012 and beyond citing its robust pipeline, stabilized sales trends, and potential for an emerging franchise in “Skylanders”. Shares are Outperform rated. Shares of Activision Blizzard, Inc. are trading 2.76% lower today.
True Religion Apparel, Inc. (NASDAQ:TRLG): Caris downgraded True Religion and lowered its price target for shares to $37 from $40 following the company’s weaker than expected Q4 results. Note True Religion shares were also downgraded this morning at Brean Murray, Citigroup and Benchmark Co., while Needham recommended using the post-earnings weakness as a buying opportunity. Shares of True Religion Apparel, Inc. are trading 24.06% lower today.
Linkedin Corporation (NYSE:LNKD): The company Sees FY12 adjusted EBITDA of $155M-$165M and expects depreciation and amortization in the range of $70M-$80M, and stock-based compensation in the range of $65M-$75M. Shares of Linkedin Corporation are trading 11.64% higher today.
Nuance Communications Inc. (NASDAQ:NUAN): Nuance (NASDAQ:NUAN), which provides of voice and language solutions, reported Q1 EPS of 34c, compared with analysts’ consensus estimate of 36c. The company’s revenue also came in lower than expected. Nuance said that its relationship with mobile customers has “become more… complex, which has resulted in delayed revenues in some cases.” Conversely, the company noted that its revenue rose 20% and its operating cash flow jumped 41% during the quarter, as a result of what it called strong performances by its health care, mobile and consumer, and imaging businesses. In a note to investors, FBR Capital said that Nuance’s miss appears to have been caused solely by the delay of several large, complex mobile deals. The firm sees the stock’s weakness as “a golden buying opportunity,” and believes Nuance’s fundamental outlook for FY12 is still very strong. In mid-morning trading, Nuance dropped $3.71, or 12.19%, to $26.74. Shares of Nuance Communications Inc. are trading 13.79% lower today.
Cobalt International Energy, Inc. (NYSE:CIE): Cobalt International Energy provided additional data confirming the significance of its Cameia Pre-salt oil discovery in Block 21 offshore Angola. The Cameia-1 Well was drilled in 5,518 feet of water to a total depth of 16,030 feet, at which point an extensive wire line evaluation program was conducted. The results of this wire line evaluation program confirmed the presence of a 1,180 foot gross continuous oil column with over a 75% net to gross pay estimate. No gas/oil nor oil/water contact was evident on the wire line logs. An extended Drill Stem Test, or DST, has now been performed on Cameia-1 to provide additional information. The DST flowed at an un-stimulated sustained rate of 5,010 barrels per day of 44-degree API gravity oil and 14.3M cubic feet per day of associated gas – approximately 7,400 BOEPD – with limited drawdown. The flow rate, which was restricted by surface equipment, facility and safety precautions, confirmed the presence of a very thick, continuous, high quality reservoir saturated with light oil. Shares of Cobalt International Energy, Inc. are trading 51.59% higher today.
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