From Briefing.com: 4:39 pm Texas Instruments beats by $0.08, beats on revs; guides Q4 EPS in-line, revs in-line (TXN) :
Reports Q3 (Sep) GAAP earnings of $0.94 per share, $0.08 better than the Capital IQ Consensus of $0.86; revenues rose 7.2% year/year to $3.67 bln vs the $3.48 bln Capital IQ Consensus.
"Revenue and earnings per share for the quarter were slightly above our expected range. Compared with a year ago, demand for our products continued to be strong in the automotive market and improved in the industrial market. Demand in the personal electronics market was about even with a year ago. "In our core businesses, Embedded Processing revenue grew 10 percent and Analog revenue grew 6 percent from the same quarter a year ago. Operating margin increased in both businesses. "Gross margin of 62.0 percent reflected the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production.
Co issues in-line guidance for Q4, sees GAAP EPS of $0.76-0.86 vs. $0.79 Capital IQ Consensus Estimate; sees Q4 revs of $3.17-3.43 bln vs. $3.3 bln Capital IQ Consensus Estimate.
TI also increased its quarterly dividend by 32 percent to 50 cents per share, or $2.00 annualized. The increase reflects TI's continued strength in free cash flow generation and its commitment to return excess cash to shareholders. The quarterly dividend was declared and will be payable November 21, 2016, to shareholders of record on November 7, 2016.
4:37 pm MKS Instruments beats by $0.11, beats on revs; guides Q4 EPS above consensus, revs in-line (MKSI) :
Reports Q3 (Sep) earnings of $0.88 per share, $0.11 better than the Capital IQ Consensus of $0.77; revenues rose 81.8% year/year to $380.66 mln vs the $370.13 mln Capital IQ Consensus.
Co issues guidance for Q4, sees EPS of $0.87-1.10 vs. $0.85 Capital IQ Consensus Estimate; sees Q4 revs of $370-410 mln vs. $378.82 mln Capital IQ Consensus Estimate.
"We had a very strong third quarter driven by continued growth in our semiconductor business, which rose 15% sequentially on a pro-forma basis," said Gerald Colella, Chief Executive Officer and President.
4:25 pm Western Digital beats by $0.13, beats on revs (WDC) :
Reports Q1 (Sep) earnings of $1.18 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of $1.05 and above prior guidance of $1.00-1.05; revenues rose 40.3% year/year to $4.71 bln vs the $4.52 bln Capital IQ Consensus and vs prior guidance of $4.45-4.55 bln.
"We are pleased with our performance in [SepQ], the first full quarter as an integrated company following the SanDisk acquisition in May."
"Demand for both hard drive and flash-based products was strong across all customer categories, driven by cloud and mobile applications, as well as better-than-expected PC market trends. We are encouraged by the uniformly positive response to the new Western Digital platform from our broadened customer base."
"We are on track to achieve our synergy goals associated with these integrations and our transition to 3D NAND continues to progress as planned."
Note: WDC typically guides on the call, it starts at the top of the hour.
4:21 pm AXT beats by $0.04, beats on revs (AXTI) :
Reports Q3 (Sep) earnings of $0.07 per share, $0.04 better than the Capital IQ Consensus of $0.03; revenues rose 19.2% year/year to $21.9 mln vs the $21.08 mln Capital IQ Consensus.
Gross margin was 34.6 percent of revenue for the third quarter of 2016, compared with 29.4 percent of revenue in the second quarter of 2016 and 25.0% in the third quarter of 2015.
Operating profit for the third quarter of 2016 was $2.7 million compared with operating profit of $0.9 million in the second quarter of 2016.
4:19 pm Ultra Clean Holdings beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs above consensus (UCTT) :
Reports Q3 (Sep) earnings of $0.17 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.12 and above prior guidance of $0.11-0.14; revenues rose 19.0% year/year to $146.15 mln vs the $134.89 mln Capital IQ Consensus and vs prior guidance of $133-138 mln.
Co issues upside guidance for Q4, sees EPS of $0.17-0.20, excluding non-recurring items, vs. $0.11 Capital IQ Consensus Estimate; sees Q4 revs of $146-151 mln vs. $130.2 mln Capital IQ Consensus Estimate.
"Strong momentum led to record revenues and significant improvement on the bottom line this quarter...As a result of our strategic focus on the semiconductor capital equipment market, we are expanding our capabilities to cost-effectively meet customers' dynamic needs. As the market continues its upward trajectory, our solid customer relationships and growing market position are enabling us to outpace the broader industry."
4:16 pm Plexus beats by $0.02, misses on revs; guides Q1 EPS in-line, revs below consensus (PLXS) :
Reports Q4 (Sep) earnings of $0.82 per share, $0.02 better than the Capital IQ Consensus of $0.80; revenues fell 2.3% year/year to $653.06 mln vs the $670.28 mln Capital IQ Consensus.
Won 37 programs during the quarter representing approximately $200 million in annualized revenue when fully ramped into production
Trailing four quarter wins total approximately $747 million in annualized revenue
Co issues guidance for Q1, sees EPS of $0.74-0.82 vs. $0.77 Capital IQ Consensus Estimate; sees Q1 revs of $620-650 vs. $673.47 mln Capital IQ Consensus Estimate.
4:15 pm TTM Tech beats by $0.07, reports revs in-line; guides Q4 EPS above consensus, revs in-line (TTMI) :
Reports Q3 (Sep) earnings of $0.39 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.32 and above prior guidance of $0.29-0.35; revenues fell 1.6% year/year to $641.72 mln vs the $641.47 mln Capital IQ Consensus and vs prior guidance of $620-660 mln.
Co issues guidance for Q4, sees EPS of $0.42-0.48, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees Q4 revs of $650-690 mln vs. $664.4 mln Capital IQ Consensus Estimate.
4:11 pm F5 Networks beats by $0.17, reports revs in-line; guides Q1 EPS above consensus, revs in-line (FFIV) :
Reports Q4 (Sep) earnings of $2.11 per share, $0.17 better than the Capital IQ Consensus of $1.94; revenues rose 4.8% year/year to $525.3 mln vs the $520.71 mln Capital IQ Consensus.
Co issues guidance for Q1, sees EPS of $1.92-1.95 vs. $1.86 Capital IQ Consensus Estimate; sees Q1 revs of $510-520 mln vs. $515.25 mln Capital IQ Consensus Estimate.
4:03 pm NETGEAR beats by $0.05, beats on revs; guides Q4 revs in-line (NTGR) :
Reports Q3 (Sep) earnings of $0.76 per share, $0.05 better than the Capital IQ Consensus of $0.71; revenues fell 1.0% year/year to $338.5 mln vs the $323.81 mln Capital IQ Consensus. Co issues in-line guidance for Q4, sees Q4 revs of $340-355 mln vs. $349.69 mln Capital IQ Consensus Estimate. Sees non-GAAP operating margin in the range of 10.5% to 11.5%. Additionally, the Company expects the GAAP tax rate to be approximately 37% and non-GAAP tax rate to be approximately 34%."We were pleased with our financial results for the third quarter of 2016, which came in higher than we had expected in revenue and at the high end of our guidance range for non-GAAP operating margin. The outperformance during the quarter was led by our Nighthawk routers, cable gateways, Arlo cameras and 10 Gig switches. Overall, our financial results reinforce that the Company remains on a strong trajectory."
4:10 pm : The stock market ended the midweek affair on a mixed note as investors mulled over underwhelming quarterly results and guidance from top-weighted Apple (AAPL 115.59, -2.66, -2.3%). Other factors impacting today's action included a fleeting rally in crude oil, rising long-term bond yields, and weakness in the heavyweight technology (-0.5%) and health care (-0.7%) sectors. The Nasdaq Composite (-0.6%) settled behind the S&P 500 (-0.2%) and the Dow Jones Industrial Average (+0.2%).
Influential Apple dragged on the broader market as participants weighed a bottom-line beat against some less than impressive guidance and declining year-over-year revenue. The Dow component fell 4.2% in the opening hour, but narrowed that loss to 2.3% by the end of the session. Apple finished at the bottom of the price-weighted average, but continues to sport an October gain of 2.3%.
The heavyweight dampened risk appetite across the broader market, but particularly weighed on fellow technology (-0.5%) bellwethers.
The benchmark index briefly erased its loss near mid-morning as upbeat weekly inventory data from the Department of Energy lifted crude oil futures off their low ($48.88/bbl). The EIA reported that crude oil inventories declined by 0.55 million barrels (consensus: +1.69 million) while gasoline stockpiles fell by 1.95 million barrels (consensus: -0.96 million). However, the energy component was unable to maintain its footing above the $50.00/bbl and soon retraced nearly the entire move. Participants continued to express some misgivings after Iraq indicated earlier in the week that it may seek an exemption from the previously discussed OPEC supply freeze agreement. WTI crude ended lower by 1.4% ($49.17, -$0.70).
Rising long-term bond yields also kept the broader market in check as bond prices fell throughout the complex. The yield on the benchmark 10-yr note settled higher by three basis points at 1.79%. The move corresponded with similar action in the sovereign bond market, but lacked a definitive catalyst. However, it is worth noting that German Finance Minister Wolfgang Schaeuble opined that monetary policy may have reached its limits.
The S&P 500 finished off its worst level of the day as seven sectors ended in the red. Real estate (-1.3%), health care (-0.7%), and technology (-0.5%) finished at the bottom of the leaderboard while financials (+0.6%), industrials (+0.4%), and energy (+0.3%) led the pack.
In the health care space (-0.7%), providers of health equipment and supplies lagged as they moved lower in sympathy with Edwards Lifesciences (EW 94.25, -19.43). The name tumbled 17.1% after missing revenue estimates for the quarter and offering cautious revenue guidance. Dow component Merck (MRK 60.87, -1.08, -1.7%) also weighed, giving back the bulk of yesterday's 2.2% post-earnings gain.
The influential technology sector (-0.5%) displayed relative weakness as quarterly results and guidance from Apple called into question the group's earnings prospects. Alphabet (GOOG 799.07, -8.60) and Facebook (FB 131.04, -1.25) finished lower by 1.0% apiece. On a side note, Alphabet is scheduled to release its quarterly earnings report tomorrow evening.
Some steepening in the yield curve gave a boost to the economically-sensitive financial space (+0.5%). The broader sector's earnings prospects improve with a steeper yield curve since banks borrow in the short-term market and issue longer-term loans. The differential between the 2-yr and 10-yr notes expanded to 92 basis points. In earnings news, Ameriprise Financial (AMP 90.13, -7.70) plunged 7.3% after reporting a mixed quarter.
In the industrial sector (+0.4%), aerospace and defense contractors led as Dow component Boeing (BA 145.54, +6.52) finished at the top of the price-weighted average. The company beat analysts' estimates for the quarter. Conversely, Southwest Airlines (LUV 38.40, -3.55, -8.5%) weighed after issuing cautious passenger revenue guidance.
Today's trading volume was above the average of 853 million as 863 million shares changed hands at the NYSE floor.
Today's economic data included the weekly MBA Mortgage Index, September International Trade in Goods, and New Home Sales for September:
The MBA Mortgage Index indicated that mortgage applications declined 4.1% in the week ending October 22. This followed a 0.6% decrease in the prior week.
The advance report on international trade in goods showed a narrowing in the goods deficit to $56.1 billion in September from a downwardly revised $59.1 billion (from -$58.4) in August.
Sales of new single-family houses jumped 3.1% in September to a seasonally adjusted annual rate of 593,000 (Briefing.com consensus 610k) from a revised August rate of 575,000 (prior 609,000).
Tomorrow's economic data will include weekly initial claims (Briefing.com consensus 259k) and Durable Orders for September (Briefing.com consensus 0.0%), which will both cross the wires at 8:30 ET. Separately, Pending Home Sales for September (Briefing.com consensus 0.6%) will be released at 10:00 ET.
Russell 2000: +6.1% YTD
Nasdaq Composite: +4.9% YTD
S&P 500: +4.7% YTD
Dow Jones: +4.4% YTD
DJ30 +30.06 NASDAQ -33.13 SP500 -3.73 NASDAQ Adv/Vol/Dec 928/1.566 bln/2063 NYSE Adv/Vol/Dec 1040/863.4 mln/1900
3:30 pm :
Commodities, as measured by the Bloomberg Commodity Index, were -0.6% around the 85.54 level
Crude oil ended near 3-week lows despite EIA data showing notable draws on all fronts
December crude oil futures fell $0.70 (-1.4%) to $49.17/barrel
Baker Hughes rig count data will be released Friday at 1 pm ET.
The next official OPEC meeting will take place in Vienna, Austria on November 30.
EIA highlights:
Crude oil inventories had a draw of -0.553 mln (consensus called for a build of about +1.699 mln barrels).
Gasoline inventories had a draw of -1.956 mln (consensus called for a draw of about -0.963 mln barrels).
Distillate inventories had a draw of -3.354 mln.
Natural gas traded lower for the sixth consecutive session ahead of tomorrow's inventory number
December natural gas closed $0.11 lower (-3.5%) at $3.04/MMBtu
Weekly EIA inventory data will be released tomorrow at 10:30 am ET.
Natural gas futures have switched their front month from November to December, as indicated by the active amount of volume in the contracts.
In precious metals, gold's losses are outpaced by the decline in silver despite the dollar trading modestly lower
December gold ended today's session down $6.80 (-0.5%) to $1266.80/oz
December silver closed today's session $0.15 lower (-0.8%) at $17.63/oz
Stocks closed out the middle of the week split as components like BA +4.7%, NKE +1.8%, GS +0.9%, DIS +0.8% and GE +0.8% managed to keep the Dow Jones Industrial Average out of negative territory today as the index gained 30.06 points (+0.17%) to 18199.33. By contrast, shares of CMCSA -3.0%, CTRP -2.7%, MNST -2.5%, PYPL -2.3% and ISRG -2.0% kept the Nasdaq 100 lower, and by extension, the Nasdaq Composite lost 33.13 points (-0.63%) today to end 5250.27. The S&P 500 rounded out the trio lower by 3.73 points (-0.17%) to 2139.43.
The benchmark index briefly erased its loss near mid-morning as upbeat weekly inventory data from the Department of Energy lifted crude oil futures off their low ($48.88/bbl). The EIA reported that crude oil inventories declined by 0.55 million barrels (consensus: +1.69 million) while gasoline stockpiles fell by 1.95 million barrels (consensus: -0.96 million). However, the energy component was unable to maintain its footing above the $50.00/bbl and soon retraced nearly the entire move. Participants continued to express some misgivings after Iraq indicated earlier in the week that it may seek an exemption from the previously discussed OPEC supply freeze agreement. WTI crude ended lower by 1.4% ($49.17, -$0.70).
Rising long-term bond yields also kept the broader market in check as bond prices fell throughout the complex. The yield on the benchmark 10-yr note settled higher by three basis points at 1.79%. The move corresponded with similar action in the sovereign bond market, but lacked a definitive catalyst. However, it is worth noting that German Finance Minister Wolfgang Schaeuble opined that monetary policy may have reached its limits.
Today, market data included the MBA Mortgage Index which indicated that mortgage applications declined 4.1% in the week ending October 22. This followed a 0.6% decrease in the prior week. Also, the advance report on international trade in goods showed a narrowing in the goods deficit to $56.1 billion in September from a downwardly revised $59.1 billion (from -$58.4) in August. Lastly, sales of new single-family houses jumped 3.1% in September to a seasonally adjusted annual rate of 593,000 from a revised August rate of 575,000 (prior 609,000).
On Wednesday, Technology (XLK 47.55, -0.27 -0.56%) finished near the bottom of the list of S&P sectors as heavily weighted component Apple (AAPL 115.59, -2.66 -2.25%) weighed following its latest quarterly report. Component Akamai Tech (AKAM 67.70, +8.63 +14.61%) outperformed all other names in the space today following a better than expected Q3 report. Other sectors as measured by the S&P closed the session XLFS +0.64%, XLF +0.61%, XLI +0.35%, XLU +0.25%, XLE +0.11%, XLP -0.13%, XLB -0.15%, XLY -0.43%, XLV -0.61%, IYZ -0.67%, XLRE -1.30% as Financials led.
In the S&P 500 Information Technology (804.52, -4.30 -0.53%) sector, trading ended off lows but well in the red. Heavily weighted component Juniper Networks (JNPR 26.15, +2.43 +10.24%) bucked the trend and was second best today, only to AKAM, following the company's better than expected Q3 earnings report and guidance. Names in the space which underperformed today included WU -2.80%, PYPL -2.26%, ATVI -1.38%, CTXS -1.18%, YHOO -1.10%, GOOG -1.06%, CSRA -1.02%, ADSK -0.98%, ADBE -0.97%, ADI -0.97%, FB -0.94%.
Other notable news items among sector components:
Microsoft (MSFT 60.63, -0.36 -0.59%) introduced the 28 inch Surface Studio to compete with Apple (AAPL) iMac. Surface Studio will start at $2,999.
In a blog post, Alphabet's (GOOG 799.07, -8.60 -1.06%) Google Fiber confirmed plans to 'pause' operations and 'refine' approaches.
Apigee (APIC 17.37, -0.02 -0.12%) announced that regulatory clearance of the proposed acquisition of Apigee by Alphabet's (GOOG) Google Inc. was obtained from antitrust authorities in Germany on October 20, 2016. It also announced that the regulatory waiting period in Austria of the proposed acquisition of APIC by Google expired on October 22, 2016. As previously announced, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended for the proposed acquisition was terminated early by the United States Federal Trade Commission on October 12, 2016.
IBM (IBM 151.81, +0.93 +0.62%) and Teva Pharmaceutical (TEVA 43.36, -0.49 -1.12%) announced a significant expansion of their existing global e-Health alliance with a focus on two key healthcare challenges: the discovery of new treatment options and improving chronic disease management. Both projects will run on the IBM Watson Health Cloud.
Also, IBM and Slack announced a partnership to bring Watson to Slack's global community of developers and enterprise users.
In addition to reporting quarterly results, Total System (TSS 50.96, +2.73 +5.66%) signed a payments agreement with Optal Financial Limited, one of Europe's leading virtual card issuers. Under the agreement, TSYS will process authorizations for Optal's significant virtual payments card business.
CSRA Inc. (CSRA 25.30, -0.26 -1.02%) received the Enterprise Service Operations Center (ESOC) task order award from the Defense Intelligence Agency (DIA) under the Enhanced Solutions for the Information Technology Enterprise contract. The award is valued at $166.9 million and has a one-year base period and four and a half option years.
Elsewhere in the tech space:
Science Applications (SAIC 69.46, +0.28 +0.40%) received a $700 million fixed-price, single award IDIQ for chemicals, packaged petroleum, oils, and lubricants from the Defense Logistics Agency.
Monster Worldwide's (MWW 3.37, -0.04 -1.17%) Board rejected the 'highly-conditional, partial' tender offer made by an affiliate of MediaNews Group on October 25.
Ericsson (ERIC 5.04, +0.02 +0.40%) appointed Borje Ekholm as President and CEO effective January 16.
Vodafone PLC (VOD 27.96, +0.05 +0.18%) was fined GBP 4.6 million by the UK's Ofcom for 'failing customers.'
Gilat Satellite (GILT 4.50, +0.07 +1.58%) announced that Sprint (S 6.36, -0.14 -2.15%) selected its satellite-based cellular backhaul solution to extend LTE services to metro edge and rural areas in the US.
In reaction to quarterly results:
Apple (AAPL) reported better than expected Q4 EPS of $1.67 on revenues which were in-line and fell 9.0% compared to last year to $46.85 billion. Management guided Q1 revenues better than expected at $76-78 billion on gross margins of 38.0-38.5% versus 40.1% last year.
Akamai Tech (AKAM) reported better than expected Q3 EPS and revenues of $0.68 and $584.1 million, respectively.
Juniper Networks (JNPR) reported better than expected Q3 EPS and revenues of $0.58 and $1.29 billion, respectively. For Q4, the company sees EPS and revenues in-line at $0.59-0.65 and $1.32-1.38 billion, respectively.
Total System (TSS) reported in-line Q3 EPS and revenues of $0.71 and $1.15 billion, respectively. For FY16, TSS also sees EPS and revenues in-line at $2.78-2.85 and $4.15-4.17 billion, respectively.
Vantiv (VNTV 59.59, +2.01 +3.49%) reported better than expected Q3 EPS and revenues of $0.71 and $491 million, respectively. For Q4, VNTV sees EPS and revenues in-line at $0.70-0.72 and $488-498 million, respectively.
FLIR Systems (FLIR 32.33, +2.96 +10.08%) reported better than expected Q3 EPS of $0.44 on in-line revenues which rose 6.1% compared to last year to $405.2 million. FLIR also reaffirmed FY16 EPS and revenue guidance of $1.60-1.65 and $1.6-1.65 billion, respectively.
NCR Corp (NCR 34.64, +4.39 +14.51%) reported better than expected Q3 EPS and revenues of $0.87 and $1.68 billion, respectively. For Q4, NCR sees in-line EPS of $1.01-1.06 and revenues ahead of market expectations at $1.729-1.759 billion.
Logitech Intl SA (LOGI 25.22, +3.72 +17.30%) reported better than expected Q2 EPS and revenues of $0.35 and $564 million, respectively. Gave FY17 guidance of revenue growth of 8-10% year-over-year in constant currency to $2.18-2.22 billion.
GrubHub (GRUB 37.88, -5.51 -12.70%) reported better than expected Q3 EPS and revenues of $0.23 and $123.5 million, respectively. For Q4, GRUB sees revenues in-line at $136-138 million.
Pandora Media (P 11.77, -0.41 -3.37%) reported in-line Q3 EPS of a loss per share of $0.07 on worse than expected revenues of $351.9 million. P also sees worse than expected Q4 revenues of $362-374 million, and lowered FY16 revenue guidance to $1.354-1.366 billion from $1.385-1.405 billion.
Companies scheduled to report earnings tonight/tomorrow morning: EGHT ARRS AXTI CACI CMPR DLB ECHO FFIV FISV FORR GRPN INFN LLNW MB MKSI NCIT NTGR NTRI NXPI PLXS PTC QTM NOW SPRT TER TXN TTMI TYL UCTT VMW WDC/EGHT ARRS AXTI CACI CMPR DLB ECHO FFIV FISV FORR GRPN INFN LLNW MB MKSI NCIT NTGR NTRI NXPI PLXS PTC QTM NOW SPRT TER TXN TTMI TYL UCTT VMW WDC
Analyst actions:
AKAM was upgraded to Mkt Perform from Underperform at FBR & Co.,
QCOM was upgraded to Positive from Neutral at Arete Capital;
AAPL was downgraded to Hold from Buy at Stifel,
P was downgraded to Underweight at Albert Fried and to Mkt Perform from Outperform at FBR & Co.,
T was downgraded to Equal Weight from Overweight at Barclays,
CAJ was downgraded to Underweight from Neutral at JP Morgan
7:11 am Silicon Labs beats by $0.13, beats on revs; guides Q4 EPS in-line, revs above consensus (SLAB) :
Reports Q3 (Sep) earnings of $0.77 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of $0.64; revenues rose 14.0% year/year to $178.1 mln vs the $173.69 mln Capital IQ ConsensusIoT revenue established a new record, increasing to $81.5 million, or 6.2% sequentiallyInfrastructure revenue established a new record, increasing to $38.3 million, or 7.5% sequentially, exclusive of $5 million of patent sale revenue in the second quarterCo issues guidance for Q4, sees EPS of $0.62-0.68, excluding non-recurring items, vs. $0.64 Capital IQ Consensus Estimate; sees Q4 revs of $176-181 mln vs. $175.68 mln Capital IQ Consensus Estimate.
7:04 am Entegris reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs in-line (ENTG) :
Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.24; revenues rose 9.8% year/year to $296.7 mln vs the $292.69 mln Capital IQ Consensus. Co issues in-line guidance for Q4, sees EPS of $0.19-0.23, excluding non-recurring items, vs. $0.22 Capital IQ Consensus Estimate; sees Q4 revs of $275-290 mln vs. $279.90 mln Capital IQ Consensus Estimate."We are on track to achieve our multiyear objective to outpace our markets and to deliver both record sales and profits in 2016. Our strong quarter reflected record sales of liquid filtration products and solid performance across most of our businesses, as well as the favorable impact of the stronger yen."
ASML Holding NV (ASML) announced that it has obtained all necessary regulatory approvals to complete the acquisition of Hermes Microvision, as announced on 16 June 2016.
