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MarketWatch MarketPulseDec 13, 2018
Adobe stock wobbles as earnings miss, revenue beats
Adobe Inc. shares shifted between gains and losses in the extended session Thursday after the software company's revenue results and outlook topped Wall Street estimates but those for earnings did not. Adobe shares, which had been up as much as 3%, were last up 0.4% after hours, following a 1% rise to close the regular session at $248.08. The company reported fiscal fourth-quarter net income of $678.2 million, or $1.37 a share, compared with $501.5 million, or $1.02 a share, in the year-ago period. Adjusted earnings were $1.87 a share. Revenue rose to $2.46 billion from $2.01 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.88 a share on revenue of $2.43 billion. Adobe updated its 2019 outlook to include its acquisition of Marketo. Adobe expects adjusted earnings of about $1.60 a share on revenue of about $2.54 billion for the first quarter, and about $7.75 a share on revenue of about $11.15 billion for the year. Analysts estimate earnings of $1.88 a share on revenue of $2.51 billion for the first quarter, and $7.98 a share on revenue of $10.78 billion for the year.

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MarketWatch MarketPulseDec 13, 2018
Monster Beverages stock slides 6% as UBS advises investors to sell
Monster Beverages Corp. shares fell about 6% Thursday, making the stock the second weakest on the S&P 500, after UBS initiated coverage with a sell rating. Analyst Sean King said he expects sales to fall 3% below Street estimates in fiscal 2019 and 6% below in fiscal 2020. "Recent pricing dynamic creates a favorable event-path to close the year but we believe sets up FY19 for deceleration and subsequent multiple contraction as growth falls below the more than double-digit threshold required to support current fundamental valuation," King wrote in a note. The analyst is expecting global sales growth to slow to the mid single-digits in the fiscal 2019 to fiscal 2021 period, even as categories and markets mature and tailwinds subside. The Monster brand screened as the least elastic energy drink brand in a price analysis of the U.S. category, he said. Other negatives he cited include the view that margins peaked in 2016 and domestic pricing moves will not offset inflationary inputs and geographic/product mix headwinds. Shares have fallen 15% in 2018, while the S&P 500 has fallen 1.2%.

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Reuters BusinessDec 13, 2018
Qualcomm to file suits in Chinese courts to ban iPhone XS, XR sales
Chipmaker Qualcomm Inc is asking courts in China to ban sales of Apple Inc's latest iPhone models XS and XR after winning a preliminary injunction against older models, the company confirmed on Thursday.

UPDATE 1-Qualcomm to file suits in Chinese courts to ban iPhone XS, XR sales (Reuters Company News)
Best Buy shares fall after reports of sluggish holiday season iPhone sales (MarketWatch MarketPulse)

Reuters BusinessDec 13, 2018
YouTube, under pressure for problem content, takes down 58 million videos in quarter
YouTube took down more than 58 million videos and 224 million comments during the third quarter based on violations of its policies, the unit of Alphabet Inc's Google said on Thursday in an effort to demonstrate progress in suppressing problem content.

Reuters Company NewsDec 13, 2018
UPDATE 7-Virgin Galactic completes crewed space test, more flights soon
A Virgin Galactic rocket plane reached space on Thursday and returned safely to the California desert, capping years of testing to become the first U.S. commercial human flight to breach Earth's atmosphere since America's shuttle program ended in 2011. - Financial MarketsDec 13, 2018
Seven dead, dozens injured after train crash in Turkish capital
Incident marks second deadly train accident in the country over last five months

Reuters BusinessDec 13, 2018
Apple plans new $1 billion campus for Austin, Texas
Apple Inc said on Thursday it would spend $1 billion to build a second campus in Austin, Texas, that will house up to 15,000 workers as part of a broader push by U.S. companies to create more domestic jobs.

Apple deepens ties with Austin, to spend $1 billion on new campus (Reuters Business)

MarketWatch MarketPulseDec 13, 2018
Tesla stock started at buy at Wedbush
Analysts at Wedbush on Thursday started coverage of Tesla Inc. stock at their equivalent of buy, saying the Silicon Valley car maker "has the most impressive product roadmap out of any technology/auto vendor around." The analysts, led by Dan Ives, have a $440 price target on the shares, representing a 16% upside over Thursday's closing price. Tesla will be a "game changing" driving force for the electric-vehicle transformation over the next decade, the analysts said. Despite potential challenges ahead, including Model 3 production ramp and lingering concerns from regulatory overhang, "overall seeing the forest through the trees we believe Tesla has the most innovative product roadmap in the technology space over the next 5 to 10 years," the Wedbush analysts said. Tesla has a "golden opportunity" to ramp Model 3 sales in 2019 and beyond and translate that into massive free cash flow and profitability, they said. Tesla shares fell 0.4% in the extended session Thursday after ending the regular trading day up 2.8%.

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Reuters BusinessDec 13, 2018
Costco misses quarterly sales estimates, shares fall
Costco Wholesale Corp on Thursday reported quarterly revenue below Wall Street estimates, as the warehouse club operator cut prices and invested more in its online business to compete with Inc and Walmart Inc .

UPDATE 1-Costco misses quarterly sales estimates, shares fall (Reuters Company News)

MarketWatch MarketPulseDec 13, 2018
Mylan upgraded to buy at CFRA on expectations its worst days are over
CFRA upgraded Mylan NV stock on Thursday to buy from hold, and said the company's worst days are over. Mylan stock is trading at a five-year low after a range of struggles in the last two years, including controversy over a price hike for its EpiPen treatment for extreme allergic reactions, generic price deflation and regulatory problems at some manufacturing sites. "We think the worst days are over, however, and forecast improved profit margins in 2019 as competition in the generic industry appears to be mitigating - FDA generic approvals are on track to decrease in 2018, marking the first decline since 2014,": analyst Colin Sarcola wrote in a note. "We think MYL can lead a potential turnaround in industry earnings in 2019 as it has remained focused on R&D through the downturn while many competitors have pulled back." Sarcola is sticking with his 12-month price target of $43, or 43% above its current trading level. Earlier, Mylan said it had won in a patent dispute with France's Sanofi SA over an insulin product. Shares were down 1.2% and have fallen 29% in 2018, while the S&P 500 has fallen 1.1%.

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USA Today MoneyDec 12, 2018
California considers charging residents a tax for sending text messages
California regulators are working on a plan to charge mobile phone users a text messaging fee to fund programs for low-income users.        

MarketWatch MarketPulseDec 12, 2018
Verizon stock falls after Morgan Stanley downgrades on spending, competitive concerns
Shares of Verizon Communications Inc. are down 2% in Wednesday morning trading after Morgan Stanley analyst Simon Flannery downgraded the stock to equal-weight from overweight. The downgrade follows one from J.P. Morgan that came earlier in December. Morgan Stanley's Flannery wrote in a note to clients Wednesday that Verizon may end up spending more than is currently estimated to facilitate its 5G rollout. Though capital expenditures for 2018 have come in better than expected, Flannery said, he sees "more upside risk to capex and spectrum spending going forward." He also worries that the wireless environment could become more "aggressive" going forward, which could hurt the overall industry. Verizon shares have risen 8.6% so far in 2018, while the Dow Jones Industrial Average , of which Verizon is a component, is little changed.

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EBay downgraded at Morgan Stanley on concerns of deterioration (MarketWatch MarketPulse)

MarketWatch MarketPulseDec 10, 2018 management put on notice by activist hedge fund Inc. shares ticked higher in the extended session Monday after one the company's largest investors told it to return to growth or face possible management changes. shares rose 1.6% after hours, following a 1.4% decline to close the regular session at $23.98. Hedge fund Starboard Value, which owns 9.2% of outstanding shares, told in a letter that the company has seen customer losses and revenue declines for nearly two years while operating expenses have risen, all while missing targets. Starboard said that if the business was properly managed it "should easily be able" to achieve about $4 a share of adjusted free cash flow by the end of 2020. "If you believe that the company's true earnings potential is not achievable because recent execution issues will continue in the future, then it is the board's duty to address the source of the problem by making management changes, rather than tolerating results which are unacceptable for shareholders," Starboard said in its letter. Back in March, agreed to install members recommended by Starboard to its board.

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