TheChek News Flow

In reaction to strong earnings/guidance: FB +18.8% (several analysts increasing price targets), INFN +15.6%, UA +11.5%, CRR +11.2%, ININ +10.6%, BX +8.5%, ALXN +8.4%, FLEX +7.1%, (also upgraded to Buy from Hold at Craig Hallum), CNQR +6.6%, NOW +5.9%, HAR +5.5%, CSII +5.4% (light volume), PHM +5%, TMO +3.8%, (light volume), CAH +3.8%, (light volume), V +3.6%,QCOM +3.2%, FTNT +2.8%, ATK +2.8%, LRCX +2.4%, RDS.A +2.4%, QLGC +2.3%, (light volume), ERIC +2.1%, MMM +0.6%.

M&A news: ACCL +28.6% (Accelrys to be acquired by Dassault Systèmes for $12.50/share), GOOG +2.4% (Google confirms Lenovo acquiring Motorola Mobility; closing is not subject to any financing condition or vote of Google's or Lenovo's stockholders).

Select oil/gas related names showing strength: YPF +4.2%, DVN +2.2%, NOG +2.7% (announced 4Q2013 production is expected to average ~ 13,900 barrels of oil equivalent (Boe) per day, up 28% y/y), BP +0.5% ( DoJ says BP to remain banned for US contracts, according to reports), GPOR +2.1% ( announces retirement of CEO James Palm), MPO +2% (provides operation update and preliminary 2014 production and capital guidance; sees Q4 adjusted EBITDA of $115-120 mln).

Social/online media related names higher following FB results: GRPN +7.9%, TWTR +5.5%, QIHU +4.7%, ZNGA +3.2%, LNKD +2.9%, YELP +2.7%, SINA +2.5%, SOCL +2.5%, BIDU +2.1%,

Other news: DEJ +5.7% ( extends Letter of Intent on Colorado Assets), NLST +5.6% ( adds new patents to ULLtraDIMM litigation), GERN +5.1% (announces public offering of common stock; size not disclosed), ONVO +4.2% (continued strength), ORMP +4% (announces successful FDA Phase 2a clinical trial results), ARIA +3.4% (still checking), DNDN +3.2% (reaffirms positive immune effects of PROVENGE (sipuleucel-T) in treatment of advanced prostate cancer; prelim phase II Data for DN24-02 demonstrate positive immune response in HER2+ Urothelial Cancer Patients), TS +2.5% (still checking), MA +2.3% (MasterCard: EU Court has rejected MA's card fee appeal, according to reports), CSIQ +1.2% (has shipped a record of 508 MW of solar photovoltaic modules under its own Canadian Solar brand thus becoming the largest foreign PV module brand in the Japanese market ), FTK +0.8% (higher following positive Barron's mention), DB +0.7% (has suspended NY EM Forex desk head, according to reports), WYNN +0.5% and MGM +0.5% (despite LVS results).

Analyst comments: P +5.7% (positive Goldman comments -- sees upside on potential ad load increase), SQNS +5.3% (upgraded to Outperform at Robert W. Baird; tgt raised to $5 ), JBLU +2.4% (JetBlue upgraded to Buy from Hold at Deutsche Bank), STM +2.3% ( tgt raised 5% at Exane BNP Paribas), ADSK +2.1% ( upgraded to Overweight from Neutral at JPMorgan)

• FBR & Co notes that FTNT provided Q1 topline guidance above expectations, with billings guidance essentially in line while a pickup in spending on its sales force initiatives is expected to pressure margins. While it has been a roller coaster ride for FTNT over the past yr, it finally appears FTNT is on a smoother growth path for 2014 and beyond. With the backdrop of a strong cyber security spending environment & a strong product cycle in its back pocket, firm thinks FTNT has now set the stage to capitalize on an expanding total addressable mkt opportunity, given the pronounced threats facing enterprises/governments in the field. Firm maintains Outperform and raises tgt to $27 from $26.

• RBC Capital says FTNT executed well with results ahead of expectations as billings and product revenue growth were the highest since Q4/12. The company feels it has under-invested for growth, however, and intends to invest more, which impacts margins and EPS. Firm believes investors are likely to remain more focused on the growth opportunity, particularly should the investments begin to pay dividends. Firm maintains Sector Perform rating and raises tgt to $25 from $24.

• Needham comments that FTNT reported strong Q4 results, but despite the rebound in Q4, guidance was limited to Q1, indicating limited visibility after a difficult CY13. Management is encouraged by the 2H rebound in FTNT's business, which they attribute directly to Sales & Marketing investments; thus, the company is investing heavily in CY14 for growth, dropping operating margins from nearly 19% in CY13 to 17% in CY14. The combination of limited guidance, an "investment year" and a fair valuation keeps firm with a Hold rating.
  
  
• Stock is trading at about $22.22 in pre-market trade, up about 4% from yesterday's close.