Wells Fargo gave bullish starts to several software names after hours but Guidewire (NYSE:GWRE) was initiated at Underweight and a $100 target, a 10% downside.
Last month, Guidewire reported Q1 beats and a downside Q2 forecast.
Earlier this month, the company’s CFO announced his retirement for personal reasons.
Guidewire shares are flat after hours at $111.53. The company has a Bullish average Sell Side rating with Wells as its first bear.
Apple shares hit by China’s coronavirus worries
Apple (AAPL -2.2%) is among the stocks taking a beating from the coronavirus in China.
Wedbush analyst Daniel Ives says the “coronavirus tragedy and the worries around the consumer impact on the highly anticipated Chinese New Year” have Apple under pressure today “with the Street nervous about the China exposure.”
China accounted for about 17% of Apple’s total revenue last year.
Ives notes that Apple didn’t introduce price cuts or Lunar New Year sales this year, suggesting strong demand.
The analyst says that most of the regional iPhone/AirPods purchases already took place ahead of the Chinese New Year, “with a strong December and January likely already in the books.”
Apple will report earnings after the bell tomorrow.
Credit Suisse hits Garmin’s sidelines
Credit Suisse upgrades Garmin (NASDAQ:GRMN) from Underperform to Neutral with a $100 price target.
GRMN will report earnings on February 19. Consensus estimates see $1.01B in revenue and $1.04 EPS.
Garmin shares are flat after hours at $98.43. The company has a Neutral average Sell Side rating.
Iliad closes successful €1.4B capital raise
Iliad (OTCPK:ILIAY) has wrapped a €1.4B capital raise in order to finance a buyback.
The company is issuing 11.7M new shares as a result.
That issuance makes up 19.7% of capital.
Amazon, Deliveroo refute CMA inquiry
Amazon (AMZN -1.2%) and Deliveroo tell regulators that the UK antitrust inquiry is “speculative and not supported by evidence,” according to Sky sources.
Deliveroo reportedly told investors the companies submitted a strong refutation to the Competition and Markets Authority for investigating Amazon’s proposed investment in the food delivery startup.
The rebuttal, which argues that Amazon has no plans to re-enter the sector, could be published this week.
Last month, the CMA announced it would launch a phase 2 investigation after the companies failed to respond to concerns by the December 18 deadline.
In early 2019, Amazon led a $575M funding round for Deliveroo, months after shuttering its own Amazon Restaurants offering in Britain.
