Semiconductor Intel Corp.'s shares bounced back during the week ended Sept. 6 against several difficult months after its two highest executives revealed stock purchases.
CEO Bob Swan and CFO George Davis each bought shares of the company on Aug. 28, and Swan made another securities purchase on Aug. 30, according to insider ownership filings with the SEC. Intel shares climbed steadily through the following week, marking a reprieve for investors in the stock that have seen a rocky few months. From April 24 through Aug. 23, shares of the chipmaker were down by 23.4%, despite an improvement in the company's earnings outlook revealed in July.
Swan's purchases amounted to 10,918 common shares and about 110 derivatives, according to the filings. Davis' purchase amounted to 5,458 common shares. The common shares were purchased for $45.70 per share.
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Following those insider deals, Intel shares traded up almost 8% for the week ended Sept. 6, as of midday trading Sept. 6.
Investors had a sharply contrasting reaction to Meredith Corp. after the broadcast and publishing company on Sept. 5 reported earnings results. For the quarter ended June 30, Meredith reported a GAAP earnings loss of 72 cents per share, compared to an expected gain of 72 cents per share, according to S&P Global Market Intelligence consensus EPS estimates. On a non-GAAP adjusted basis, Meredith reported EPS of 85 cents per share, compared to a consensus estimate of $1.58.
CEO Thomas Harty pointed to the integration of Time Inc., an acquisition that made Meredith the largest magazine publisher in the U.S., as driving the beat and some downwardly adjusted expectations.
Investors sold off the name en masse, with Meredith shares cratering by 19.5% for the week, as of midday trading Sept. 6, with its losses concentrated on the day following its earnings report.
Cybersecurity firm Palo Alto Networks Inc. also reported earnings, with an M&A announcement on its heels.
The company on Sept. 4 reported an earnings beat on its adjusted EPS and revenue, even as GAAP EPS came in below expectations. Specifically for the fiscal quarter ended July 31, Palo Alto Networks saw non-GAAP EPS hit $1.47, and unadjusted EPS come in at a loss of 22 cents. That compares to consensus EPS estimates of $1.42 adjusted, or 0 unadjusted. Revenue came to $805.8 million, compared to a consensus revenue estimate of $803.6 million, according to S&P Global Market Intelligence.
Furthermore, the company said it agreed to acquire ZingBox Inc., an internet of things security company, for $75 million in cash.
"The company is playing from a position of strength in cybersecurity as it is laser-focused on building out its cloud platform while benefiting from a firewall refresh that is still alive and well," Wedbush analyst Daniel Ives said in a note following the earnings announcement. "There could be significant cross-selling opportunities on the horizon as evidenced by the solid underlying results delivered last night."
With a jump following the earnings and M&A announcement, Palo Alto shares were up 6.4% for the week, as of midday trading Sept. 6.
Lions Gate Entertainment Corp. saw a boost for the week as it renewed a carriage deal and announced a new studio project.
The company on Aug. 30 announced that it settled its carriage agreement for Starz with AT&T Inc., and in a note following the agreement, SunTrust Robinson Humphrey analyst Matthew Thornton said the deal bodes well for Lions Gate's prospects with Comcast Corp. Reports suggest that Comcast is threatening to drop Starz programming in favor of EPIX / EPIX Drive-In (US).
The company also said on Sept. 4 that it would partner with Great Point Capital Management to build a $100 million studio facility in New York.
Lions Gate shares climbed steadily through the week, up 16.6% as of midday trading Sept. 6.
Lastly, Alphabet Inc. and Facebook Inc. were trading down modestly on Sept. 6 after separate announcement that attorneys general of several states are launching anti-competition probes against the companies.

