Summary: Whiting Petroleum and Splunk have reported their second-quarter results since I initiated coverage on them – and both have easily beaten analyst expectations. Elsewhere, FireEye has climbed on the back of the recent cyber security breaches, while Tata Motors has received an encouraging response from the launch of its new compact sedan. Xilinx has been upgraded to “buy” at Argus Research, Intuitive Surgical has received FDA clearance for its fluorescence imaging system and Schlumberger shares have been drifting on weak oil prices.
Key take-out: As Splunk has rallied more than 30% since its results and has reached my target price, I will be reviewing my valuation and assumptions for the stock. I would still buy the stock at any weakness (low $US50s).