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* VSEA $57-$70-$69 beats by $0.03, beat on revs; guides Q3 above consensus; CFO says exploring geographic alternatives (57.00 +0.64) : Reports Q2 (Mar) earnings of $0.69 per share, $0.03 better than the Reuters Estimates consensus of $0.66; revenues rose 41.8% year/year to $241.8 mln vs the $239.1 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.89-0.98 vs. $0.68 consensus; sees Q3 revs of $271-286 mln vs. $240.75 mln consensus. Co CFO commented, saying "We are exploring alternatives with respect to reorganizing the Company to better align our processes with the geographic location of our customers and suppliers. It is expected that over the long-term, the Company will benefit from significant economic efficiencies, however over the next few quarters, our effective tax rate could increase materially depending on the extent and timing of the reorganization."
Stifel Nicolaus upgrades Varian Semiconductor Equipment Associates (VSEA 55.00) to Buy from Hold and sets a $65 tgt, based on their view that a fundamental bottom is near, Varian will outgrow the industry average in '08 and likely beyond, the influx of volume orders from its market share wins over the past few years and an enhanced margin profile... Stifel Nicolaus upgrades KLA-Tencor (KLAC 54.22) to Buy from Hold and sets a $67 tgt, based on their view that a fundamental bottom is near, a sustained order flow to meet the production needs for leading edge manufacturing and an aggressive use of its cash through acquisitions and buybacks.
Weekly Gainers & Losers List
Weekly Gainers List
Stocks over $5 posting the largest percentage gain over the last five sessions include: IDSA +66%, XNPT +51%, MBLX +50%, ALGN +42%, AMZN +39%, TRCR +35%, MTOX +29%, SOMX +28%, VDSI +28%, VSEA +27%, CMI +26%, SNCR +25%, BDSI +25%, IDMI +25%, CVNS +24%, SVN +24%, KRSL +23%, TFSM +22%, KOG +22%, KTO +21%, LBY +21%, WGOV +20%, AATI +20%, DV +20%, CNS +20%, HAR +20%
Stocks over $5 posting the largest percentage loss over the last five sessions include:
SMMX -34%, ISLN -33%, TZOO -26%, DTLK -23%, UCTT -21%, CTHR -19%, RZ -19%, HLIT -17%, IIVI -17%, HTCH -17%, LCC -17%, EXBD -17%, KNSY -17%, ACY -17%, UAUA -16%, BW -16%, RACK -16%, AKAM -16%, AFFX -15%, BLG -15%, OCR -15%, JSDA -15%, IBCP -14%, OPNT -13%, LEE -13%, TAYC -13%, HRH -13%, OPWV -13%, PTT -13%
Airlines: AMR, LCC, ALK, UAUA, CAL, & JBLU downgraded@JPMS
JP Morgan sees few catalysts to drive shares higher and has downgraded the following stocks: AMR & LCC to Neutral from Overweight; ALK & UAUA to Underweight from Overweight; and CAL & JBLU to Underweight from Neutral. :
POT $188-$199-187 earnings of $1.85 per share, $0.13 better than the Reuters Estimates consensus of $1.72; revenues rose 34.0% year/year to $1.15 bln vs the $1 bln consensus. Co issues in-line guidance for Q2, sees EPS of $2.00-2.50 vs. $2.29 consensus. Co issues in-line guidance for FY07, sees EPS of $7.50-8.50, up from previous co guidance of $6.25-7.25, vs. $7.96 consensus. CEO comments, "We believe we are at the front end of a period of significant consumption growth and strong prices for all our products. While nitrogen and phosphate have already made considerable gains, potash is only beginning its climb. With our plan to increase our potash capacity to 15.7 million tonnes by 2015, we have significant gross margin potential. This makes us very positive about the outlook for our company and our ability to deliver strong returns for our shareholders."
KLAC $56-$54 On call, co guides Q4 EPS to $0.84-0.86 on revs of $700-715 mln --- consensus $0.78/$708.21 mln (55.58 +0.78) -Update-
SNDK 45-43 SanDisk Guidance -Update-
SanDisk Guiding total revs at $720-825 mln vs the $838.2 mln(Reuters) $832.9 mln(FC) consensus. Breakdown is $625-725 mln in product revs and $95-$100 mln in license and royalty revs. Also guided non-GAAP product gross margin at 15-20% for Q2. Stock trading $43.40
* AMZN $44-$56-$63 Reports Q1 (Mar) earnings of $0.26 vs 15 per share, first quarter 2007 effective tax rate was 23% compared with an effective tax rate of 47% in first quarter 2006, may not compare to the Reuters Estimates consensus of $0.15; revenues rose 32.3% year/year to $3.02 bln vs the $2.92 bln consensus. Co issues upside guidance for Q2, sees Q2 revs of $2.7-2.85 bln vs. $2.69 bln consensus. Co raises FY07 revenue guidance to $13.4-14.0 bln from $13-13.7 bln vs $13.38 bln consensus.
AFFX $31-$27 misses by $0.04, light on revs, mid-point of guidance below consensus (31.47 +0.13) : Reports Q1 (Mar) loss of $0.01 per share, $0.04 worse than the Reuters Estimates consensus of $0.03; revenues fell 6.9% year/year to $80.4 mln vs the $89 mln consensus. Co issues downside guidance for FY07, sees FY07 revs of $365-385 mln vs. $384.81 mln consensus.
NTRI $66-68-60 beats by $0.13; guides above consensus (58.24 +1.43) : Reports Q1 (Mar) earnings of $1.04 per share, $0.13 better than the Reuters Estimates consensus of $0.91; revenues rose 62.4% year/year to $238.4 mln vs the $213.3 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.82-0.86 vs. $0.71 consensus; sees Q2 revs of $190-200 mln vs. $171.68 mln consensus. Co issues upside guidance for FY07, sees EPS of $3.34-3.46 vs. $3.07 consensus; sees FY07 revs of $790-805 mln vs. $736.00 mln consensus.
SIMO $24-$28 reports Q1 EPS 34c vs. consensus of 36c
SIMO reports Q1 revenue $35.5M vs. consensus of $27.9M [1 estimate]. The company expects Q2 sales $37M-$39M vs. consensus of $28.2M [1 estimate]. SIMO raised its 2007 guidance to $1.40-$1.50 from $1.20-$1.30 vs. consensus of $1.33.
SPWR $58 reports Q1 EPS of 29c vs. consensus of 19c
Reports Q1 revenue of $142.3M vs. consensus of $130.66M. Sees Q2 EPS of 18c-22c vs. consensus of 20c, sees Q2 revenue of $150.0M-$160.0M vs. consensus of $146.37M. Sees FY07 EPS of $1.09-$1.18 vs. consensus of 98c, sees FY07 revenue of $680.0M-$700.0M vs. consensus of $654.20M. :theflyonthewall
After Hours Summary: OI up 17.9% on earnings/guidance
Companies moving in after hours trading in reaction to earnings: Trading Up: OI +17.9%; FFIV +16.0%; NTRI +13.1%; WEN +12.6%; GDI +10.3%; DBTK +9.5%; MTH +8.1%; PLXS +7.7%; AAPL +7.5%; RKT +7.4%; TUP +7.3%; SORC +6.7%; SWKS +6.3%; PDFS +6.2%; XLNX +5.0%; SWK +4.9%; ISIG +4.6%; NUVA +4.5%; MRH +4.2%; ZMH +3.9%; MXIM +3.3%; AEIS +2.8%; DAC +2.5%; TGIS +2.4%; GRA +2.3%; GSIC +2.2%; DSCM +2.1%; TEX +2.0%; QI +2.0%; AV +1.8%; LOOP +1.6%; MIPS +1.3%; NANO +1.2%... Trading Down: ISLN -21.2%; DVW -11.8%; SMMX -10.4%; BLDR -7.4%; ARBA -6.5%; HLIT -6.4%; CYBE -6.3%; LSI -5.5%; VAR -5.2%; SKX -5.0%; EMKR -4.1%; SCSS -4.0%; AB -3.7%; RMBS -2.9%; FORM -2.9%; RYL -2.5%; MUR -2.2%; NLS -2.0%; STR -1.9%; RARE -1.9%; IRBT -1.8%; KOMG -1.7%; TSCO -1.5%; PHM -1.4%; CTXS -1.3%; MRVC -1.1%; WSH -1.0%... Companies moving in reaction to news: Trading Up: PSAI +14.0% (to become private company); MATW +5.1% (will replace Swift Transportation in the S&P MidCap 400 index); GGBM +3.0% (complies with NASDAQ requirement regarding disclosure of auditor opinion qualification); HLF +2.4% (raises Q1 guidance; issues Q2 guidance and raises FY07 guidance); DSCM +2.1% (expands product selection with launch of drop ship); ULTR +1.3% (completes successful follow-on offering of common stock priced at $19.00/share); SNDK +1.2% (and Qimonda to jointly develop and manufacture mobile storage solutions for the multichip mkt for mobile handset vendors); NANO +1.2% (announces CFO Douglas J. McCutcheon has resigned)... Trading Down: AFFX -11.2%; EEE -5.1% (Kevin Collins named Interim President and CEO replacing Mark Sexton); LGBT -3.3% (sees Q1 revs of $16-17 mln vs $18.33 mln Reuters consensus); FORM -2.9% (Guiding Q2 EPS at $0.32-35 vs. 0.36 consensus on GAAP basis. Revs at $107-$111 mln vs. $108.6 mln consensus).
FCX Freeport-McMoRan reports Q1 results (69.36 )
Reports Q1 (Mar) earnings of $2.02 per share, includes multiple unusual items, may not be comparable to the Reuters Estimates consensus of $2.08; revenues rose 112.0% year/year to $2.3 bln vs the $2.46 bln consensus.
GLW 23.75 Corning beats by $0.02, beats on revs; guides Q2 in-line
Reports Q1 (Mar) earnings of $0.28 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.26; revenues rose 4.0% year/year to $1.31 bln vs the $1.3 bln consensus. Co issues in-line guidance for Q2, sees EPS of 0.30-0.33 vs. $0.30 consensus; sees Q2 revs of $1.40-1.45 bln vs. $1.43 bln consensus.
BOBJ Business Objects beats by $0.03, ex items; guides in-line (37.61 )
Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.03 better than the Reuters Estimates consensus of $0.38; revenues rose 20.1% year/year to $334.3 mln vs the $331.9 mln consensus. Co guides for Q2, sees EPS of $0.42-0.45 vs. $0.43 consensus; sees Q2 revs of $345-350 mln vs. $341.52 mln consensus. Co issues in-line guidance for FY07, sees EPS of $1.94-2.04 vs. $1.97 consensus; sees FY07 revs of $1.42-1.45 vs. $1.43 bln consensus.
ECA reports Q1 EPS of $1.10 vs. consensus of $1.00
Reports Q1 revenue of $4.43B vs. consensus of $2.7B.
BHI Baker Hughes beats by $0.07 (72.80 )
Reports Q1 (Mar) earnings of $1.17 per share, $0.07 better than the Reuters Estimates consensus of $1.10; revenues rose 19.9% year/year to $2.47 bln vs the $2.42 bln consensus. Outside North America revenue for the year 2007 is expected to be up between 19% and 21% compared to the year 2006. Assuming U.S. drilling activity for the remainder of 2007 remains flat with the first quarter of 2007, U.S. revenue is expected to be up 7% compared to the year 2006.
X $108-103 U.S. Steel beats by $0.44, slight miss on revs, expects lower tubular prices in Q2 (107.00 ) : Reports Q1 (Mar) earnings of $2.32 per share, excluding non-recurring items, $0.44 better than the Reuters Estimates consensus of $1.88; revenues rose 0.8% year/year to $3.76 bln vs the $3.8 bln consensus. Co says that considering market conditions, it had a good quarter with solid results from Flat-rolled and Tubular and a particularly strong performance by its European segment. Q2 Flat-rolled results are expected to improve from Q1 on higher shipment volumes and utilization rates. Avg prices are expected to be comparable to Q1 levels as spot shipments and prices are expected to increase. Prices and shipments for Tubular in Q2 are expected to be lower than Q1 levels as imports and customer inventories remain high.
U.S. Steel Conference Call Summary (102.96 -4.04) -Update : On conf call, co says it is seeing some strengthening in spot prices for flat-rolled. Q2 shipments should be higher than in Q1. Co says much of the Q2 increase in shipments is for spot market business, and prices are rising. Tubular prices have been stable, but customer inventories are high. Long term outlook for tubulars is very good... Q2 flat-rolled results should improve from Q1 on higher shipments, partially offset by increased raw material costs. Co expects deal with Lone Star (LSS) to close in Q2 or early Q3.
AMGN $64 reports Q1 adjusted EPS $1.08 vs. estimates of $1.08
Reports Q1 revenue $3.69B vs. estimates of$3.723B. Sees 2007 adjusted EPS at low-end of $4.30-$4.50 range vs. estimates of $4.30.
AMGN has near-term upside potential, target lowered to $64-Hold@JEFF
Jefferies believes near-term upside is possible on what is expected to be a benign ODAC panel and the potential for a Micera regulatory setback. Despite the upside potential, Jefferies maintains its Hold rating based on a thin pipeline and valuation. Target lowered to $64 from $76. :theflyonthewall
* ESRX 90-98-97 beats by $0.10; raises FY07 guidance (88.90 +0.09) : Reports Q1 (Mar) earnings of $1.04 per share, excluding non-recurring items, $0.10 better than the Reuters Estimates consensus of $0.94; revenues rose 3.6% year/year to $4.54 bln vs the $4.52 bln consensus. Co raises FY07 (Dec) guidance, sees EPS of 4.29-4.41 vs. $4.22 consensus. The co is also increasing its guidance on cash flow from operations in 2007 to $750-850 mln from a range of $700-800 mln. In assessing the risks and opportunities inherent in its forecast, the co believes there is a potential upside of $0.14 to $0.16 per diluted share to the above earnings guidance range. The biggest item providing this upside would be the reduction of the allowance for the potential impact of the AWP settlement. This potential upside of $0.14 to $0.16 per diluted share would be realized in the second half of 2007, with the majority occurring in the fourth quarter.
Express Scripts: Color on quarter (88.90 ) : Jefferies raises their ESRX tgt to $114 from $102, saying strong Q1 results and improved FY07 earnings outlook underscore both the strong fundamentals underlying the PBM sector and mgmt's success at driving shareholder value... Wachovia notes that ESRX reported very strong Q1 results and raised guidance, with the potential for further upside in 2007. They note that as expected, ESRX announced a $1 bln share buyback, upsized from the prior $500 mln. Firm expects multiple expansion driven by strong secular trends, the share buyback and further upward revisions of 2007E EPS.
Earnings Preview for the week of April 23rd- 27th : Of the hundreds of companies reporting earnings the week of April 23rd-27th some of the bigger names include:
Monday: ACI, GNTX, KMB, LLL, NVS, BSX, ESRX, JNPR, and TXN...
Tuesday: AKS, AL, CDWC, CME, JBLU, LMT, OXY, X, AMZN, CAKE, PNRA, RFMD, STM, TZOO, WEBX, and WBSN...
Wednesday: EYE, ATI, BA, COP, SSP, GENZ, ISE, PEP, UPS, UAUA, XTO, AKAM, AAPL, BOBJ, CTXS, FFIV, KOMG, QCOM, RMBS, and ZMH...
Thursday: MMM, BMY, BYD, CHKP, CFC, DOW, XOM, F, LVLT, MLNM, NYX, ODP, XMSR, BIDU, BRCM, INSP,IM, KLAC, NTGR, RACK, SNDK, SIMO, and WDC...
Friday: AT, BKC, CRDN, CVH, ENDP, FLIR, LZ, SSCC, and WMI.
DXPE $45-$44 reports Q1 EPS of $0.65 vs. $0.61 consensus; revs rose 33.8% to $83.6 mln vs. $80.7 mln consensus (44.11 +1.31)
DXP Enterprises Conference Call Summary (44.23 +1.43) -Update : On conf call, co says its end markets look exciting and that it's a seller's market. Co expects to margins to improve in the coming quarters. Co says its innovative pumping solutions grew 58% organically in the qtr. Co says the oil & gas market and mining sectors are very strong. Overall, business is very good. Co is designing the co to take market share from the mom and pop businesses. Co's goal is to grow the top line by 20% or more even during tough times.
AKS $28~$32~31 Steel reports Q1 above consensus; guides for Q2 (29.78 )
Reports Q1 (Mar) earnings of $0.56 vs 45c per share, including a pre-tax, non-cash pension curtailment charge of $15.1 mln related to a new labor agreement for the company's Mansfield Works, along with higher raw material costs and associated higher LIFO charges, may not be comparable to the Reuters Estimates consensus of $0.45; revenues rose 19.8% year/year to $1.72 bln vs the $1.65 bln consensus. AK Steel said it expects shipments in the second quarter of 2007 to be approximately 1,650,000 tons, reflecting an increase over first-quarter levels of approximately 3%. The company anticipates that its second-quarter 2007 average per-ton selling prices will be 2% to 3% higher compared to the first quarter of 2007. The company will also incur a non-cash, pre-tax pension curtailment charge of $24.7 million in the second quarter related to the new labor agreement covering union employees at the company's Middletown Works. Overall, the higher sequential shipments, coupled with higher average selling prices, are likely to result again in record quarterly revenues, and an operating profit between $80 and $85 per ton.
BNI $95-89-91 reports in-line, ex items (92.60 ) : Reports Q1 (Mar) earnings of $1.10 per share, excluding non-recurring items, in-line with the Reuters Estimates consensus of $1.10; revenues rose 5.3% year/year to $3.65 bln vs the $3.64 bln consensus.
Burl Nrth Santa Fe Conference Call Summary (90.59 -2.01) -Update : On conf call, co says it expects Q2 EPS of approx $1.27 vs Reuters consensus of $1.38. Co says it's reflective of a slower growing economy. Co says it expects Freight revenue growth of around 5-6% with about flat volume. For the full year, co anticipates solid pricing and further improvements in productivity, specifically velocity. However, the co is concerned that the volume growth driven by the economy may continue to be soft in the second half of the year. Co says that's reflected in its decision to reduce capital expenditures by about $100 million. Co says the secular story for the rail industry and for BNI in particular remains very solid.
ADVS, AMZN, ACLI, AMSG, ANAD, CHRW, CKFR, CAKE, CYMI, WIRE, EZPW, HTCH, ILMN, ORLY, PNRA, PFWD, PTP, RFMD, SIE, STM, SUNW, TZOO, VECO, WEBX, WBSN, and WU.
Tomorrow before the open look for the following companies to report: EYE, ATMI, BHI, BDX, BDK, BA, CL,COP, GLW, DBD, SSP, FCX, GD, ISE, KEA, KMT, NSC, OSTK,PEP,RTN, FRZ, RAI, SLAB, SPIL, SMMX, TROW, TASR, UAUA, UGI, UPS,WFT, WLP, and XTO.
TZOO $37-30 misses by $0.07 (36.88 -0.48) : Reports Q1 (Mar) earnings of $0.25 per share, $0.07 worse than the Reuters Estimates consensus of $0.32; revenues rose 16.7% year/year to $19.7 mln vs the $20.4 mln consensus.
CREE $17-$20-$17 misses by $0.01; guides Q4 EPS in-line; guides Q4 revs above consensus (17.94 -0.05) : Reports Q3 (Mar) earnings of $0.04 per share, excluding $0.23 tax gain, $0.01 worse than the Reuters Estimates consensus of $0.05; revenues fell 16.2% year/year to $90.3 mln vs the $89.7 mln consensus. Co issues in-line EPS guidance for Q4, sees EPS of $0.05-0.07, ex-items, vs. $0.06 consensus; sees Q4 revs of $110-115 mln vs. $94.57 mln consensus.
Cree: Earnings conf call summary (17.94 -0.05) -Update : Co did not answer any questions about material in 3Q07 that was not included in the earnings release, due to an ongoing SEC investigation... Co sees $60-80 mln rev increase for FY08 from the acquisition of COTCO; sees $0.04-0.06 EPS increase for FY08 due to transaction, excluding amortization of intangibles. Co is not breaking out what portion of the Q4 guidance (given in earnings release) is from COTCO... Co did not repurchase any stock last quarter and has approx 4 mln shares left in current plan to be repurchased... Co says there has been no significant change in their 10% customers, though they don't break that out until the end of the fiscal year in their 10-K...
COF $78-71-72 misses by $0.35, lowers FY07 guidance (77.34 -0.34) : Reports Q1 (Mar) earnings of $1.62 per share, $0.35 worse than the Reuters Estimates consensus of $1.97; revenues rose 12.0% year/year to $3.43 bln vs the $4.07 bln consensus. Co lowers guidance for FY07, sees EPS of $7.00-7.40 vs. $7.68 consensus. The co said their lowered guidance was to reflect revised expectations for their mortgage banking business, which posted a modest loss in the first quarter. Co also says "...Assuming no improvement in the unusually weak conditions now present in the secondary market for non-conforming prime mortgage loans, including Alt-A, we expect that reduced volumes and margins would result in our mortgage banking business delivering no incremental earnings for the balance of 2007,... Our expectations for consumer credit to return to more normal levels and the yield curve to remain flat are unchanged. The co's core operations remain strong, and infrastructure upgrades completed in the quarter will provide opportunities to generate efficiencies and cost savings benefits in the future."
Capital One downgraded to Market Perform at Friedman Billings - tgt cut to $80 from $100 (77.34 ) : Friedman Billings downgrades COF to Market Perform from Outperform and cuts their tgt to $80 from $100 following earnings. The firm says while troubles in the Alt-A mortgage business pressured earnings, the majority of the miss came from poor revenue and credit performance in the U.S Card and Auto platforms. The firm says while mgmt attributed the reduction in guidance to the Alt-A market, they were surprised by the degree of deterioration in core business performance (credit card and auto), coupled with mgmt's more bearish outlook for the US credit card landscape
* AXP $58-$59-$61 American Express earnings of $0.88 per share, includes three gains and three charges, does not appear comparable to the Reuters Estimates consensus of $0.79; revenues rose 10.2% year/year to $6.67 bln does not appear comparable to the $7.11 bln consensus.
* GOOG $470-495-482 beats by $0.37, beats on revs : Reports Q1 (Mar) earnings of $3.68 per share, excluding non-recurring items, $0.37 better than the Reuters Estimates consensus of $3.31; revenues including Traffic Acquisition Costs fell 99.8% year/year to $3.7 mln vs the $3.57 bln consensus. GOOG revs excluding TAC $2.53 bln vs $2.49 bln First Call consensus. "The global growth of our core search and ads business and our focus on building our partnerships drove our strong results in the quarter," said Eric Schmidt, CEO of Google. "We continued to expand our worldwide footprint, adding important new partners and growing our platform to increase our ability to deliver targeted and measurable ads. The ongoing expansion of our network allows us to improve the user experience through new opportunities and programs." Google Conference Call Summary (471.65 -4.36) -Update : Expects that International sales will eventually be greater than 50% eventually... Says they are showing fewer ads which are worth more because they have been better targeted; says that they have increased their click through rates... Continues to see momentum in their International business... UK was particularly strong... co says they may see additional pressures on TAC rates going forward... says margins may decline as they continue to invest heavily in the business... majority of CapEx is infrastructure... International revenues: Revenues from outside of the United States totaled $1.71 billion, representing 47% of total revenues in the first quarter of 2007, compared to 42% in the first quarter of 2006 and 44% in the fourth quarter of 2006. Had foreign exchange rates remained constant from the fourth quarter of 2006 through the first quarter of 2007, our revenues in the first quarter of 2007 would have been $23 million lower. Had foreign exchange rates remained constant from the first quarter of 2006 through the first quarter of 2007, our revenues in the first quarter of 2007 would have been $115 million lower... stock trading at $481.31 in after hours. So far heading into the conference, minus a few moves, stock has traded between $480-485 and reached an after hour high of approx $492.
Google: Color on quarter (471.65 ) : Stifel notes GOOG reported net revs of $2.55 bln and diluted EPS of $3.68. Firm notes gross margins declined slightly to 60.0%, down from 60.3% last quarter. Net margin was down sequentially from 46.2% to 39.3%. International revs contributed 47% of total revs, compared to 44% in the fourth quarter of 2006 and 42% in the first quarter of 2006. Firm notes they would be aggressive buyers of the stock at current levels... Cantor notes GOOG posted strong 1Q07 results, reinforcing their view that the co is taking considerable share in the rapidly expanding online ad market and solidifying its status as the linchpin to the Internet economy. Firm notes GOOG delivered extraordinary y/y net rev growth in conjunction with impressive EBITDA margins, a unique combination for any co, but particularly so for one of GOOG's size and in comparison to other Internet bellwethers. ThinkEquity raises their tgt on GOOG to $620 from $600 following strong 1Q07 as the co continues to gain global share and drive out-sized advertising yield in its core search business. They believe GOOG has additional rev drivers emerging in offline advertising, video, and mobile-each of which could be $1 bln+ opportunities in several years. Firm notes GOOG also continues to demonstrate strong share gains and monetization trends in the faster-growing international markets and should increasingly expand the reach of its network business to become more relevant for branded advertisers... Bear Stearns believes that while there are plenty of reasons to be pleased with GOOG's results, that the next leg of the stock will be driven by what's on the horizon for GOOG - the cash flows from outside the core business. Firm believes that the mere proving of progress in any of these areas would be enough for investors to give some credit, and hence drive the next leg of the stock closer to their $600 2007 tgt.
* CAT $67-$73-72 beats by $0.15; raises FY07 gudiance (68.62 ) : Reports Q1 (Mar) earnings of $1.23 per share, $0.15 better than the Reuters Estimates consensus of $1.08; revenues excluding financial products rose 6.6% year/year to $9.32 bln vs the $8.91 bln consensus. Co raises guidance for FY07, to EPS of $5.30-5.80 from $5.20-5.70 vs. $5.46 consensus; raises FY07 revenue guidance to $42-44 bln from $41.5-43.6 bln, guidance include revs from financial products, is not comparable to the $40.02 bln consensus. Co notes, "Despite major headwinds in North America related to housing and the sharp drop in demand for on-highway truck engines, Team Caterpillar stepped up to deliver a solid first quarter," said Chairman and Chief Executive Officer Jim Owens. "Our global reach, the breadth of our product line, the wide reach of the industries we serve and the strength of our diversified service businesses all contributed to our success in the first quarter. While we expected a sales decline in on-highway truck engines and U.S. housing-related markets, the continued strength in most of the other industries we serve and exceptional growth outside North America helped us deliver good results in a tough quarter."
Caterpillar: On conference call (71.56 +2.94) -Update : Co lowers their Y07 GDP forecast to 2.0% from 2.5%; expects fed rate cuts at the end of 2007 but notes this will probably be too late to help the economy in 2007. Co sees continued strength outside North America. Co expects y/y comparables to be tougher in Q2 then in 2H07 and says Q1 performance in housing was in line with expectations. Co says pricing in North America is higher than the rest of the World, and they their view of India is improving. (call is ongoing)
SLB $78-74-75 beats by $0.04, beats on revs (58.95 ) : Reports Q1 (Mar) earnings of $0.96 per share, $0.06 better than the Reuters Estimates consensus of $0.90; revenues rose 28.9% year/year to $5.46 bln vs the $5.42 bln consensus. CEO comments, "First-quarter sequential revenue growth was driven by acceleration of international activity in GeoMarkets in Europe, Africa, the Middle East and Asia. In North America moderate sequential seasonal growth in Canada and strong exploration activity in Alaska partly offset slowing activity on land in the US and a change in service mix in the US Gulf Coast".
* LSTR $47-$49 beats by $0.03, ex items; guides in-line (46.92 ) : Reports Q1 (Mar) earnings of $0.43 per share, excluding a $0.05 charge, $0.03 better than the Reuters Estimates consensus of $0.40; revenues fell 5.5% year/year to $576.6 mln vs the $588.2 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.49-0.54 vs. $0.54 consensus.
* Last revs were $610min
* GOOG $470-495-485 prelim $3.68 vs $3.31 Reuters consensus; revs $3.664 mln including TAC vs $3.57 bln Reuters consensus
Google Conference Call Summary (471.65 -4.36) -Update : Expects that International sales will eventually be greater than 50% eventually... Says they are showing fewer ads which are worth more because they have been better targeted; says that they have increased their click through rates... Continues to see momentum in their International business... UK was particularly strong... co says they may see additional pressures on TAC rates going forward... says margins may decline as they continue to invest heavily in the business... majority of CapEx is infrastructure... International revenues: Revenues from outside of the United States totaled $1.71 billion, representing 47% of total revenues in the first quarter of 2007, compared to 42% in the first quarter of 2006 and 44% in the fourth quarter of 2006. Had foreign exchange rates remained constant from the fourth quarter of 2006 through the first quarter of 2007, our revenues in the first quarter of 2007 would have been $23 million lower. Had foreign exchange rates remained constant from the first quarter of 2006 through the first quarter of 2007, our revenues in the first quarter of 2007 would have been $115 million lower... stock trading at $481.31 in after hours. So far heading into the conference, minus a few moves, stock has traded between $480-485 and reached an after hour high of approx $492.
* NUE $64-$66 Nucor beats by $0.02, Q2 outlook remains promising (65.78 )
Reports Q1 (Mar) earnings of $1.26 per share, $0.02 better than the Reuters Estimates consensus of $1.24; revenues rose 6.3% year/year to $3.77 bln vs the $3.61 bln consensus. Co says its Q2 outlook "remains positive with rising prices for most of our products favorably impacting our margins as we work through our higher cost scrap inventories. Overall, end-use demand remains very healthy for long products and plate. While we see improving conditions in our flat-rolled business, these improvements are coming from very soft Q4 market conditions. We expect this improvement to continue through Q2 and Q3."
* RS $52-$57 Reliance Steel beats by $0.14, beats on revs, issues upside Q2 EPS guidance (51.84 )
Reports Q1 (Mar) earnings of $1.46 per share, $0.14 better than the Reuters Estimates consensus of $1.32; revenues rose 86.4% year/year to $1.84 bln vs the $1.7 bln consensus. Co issues upside guidance for Q2, sees EPS of $1.45-1.55 vs. $1.46 consensus.
RS Reliance Steel Conference Call Summary: co asked a lot about M&A (55.30 +3.46) -Update-
On conf call, co says overall pricing is improving. Inventory levels at customer locations have been declining and are now back to normal levels after higher levels in Q4. Co also says imports are not likely to be a big factor this year as the weak dollar makes it less attractive for foreign competitors to sell into the US.... Co believes its major markets including aerospace, energy, non-residential construction will continue to grow in 2007, but at a slower rate than in 2006. Co does not expect costs and pricing to change significantly as the year progresses... During Q&A, there was quite a bit of merger discussion: In 2006, the co closed 4 deals and 3 so far this year. Co does expect some margin improvment as a result...... Co was asked whether it would makes sense for a domestic steel mill to own a service center like RS. Co responds by saying that most are not big enough to matter much, including RS. Granted, RS has a $7 bln run-rate, but half of this is non-ferrous which is not what the mills make. Also, it might anger other service centers who may decide to take their business elsewhere. RS sounds like the benefits of a deal may not outweigh the potential problems. (BriefingNote: However, stock seems to be moving up on this, perhaps because co did not flat out say it would not be interested in being acquired)... As for deals RS may make, co says there is a lot of opportunity out there. Co says it's looking at a lot of deals. As for pricing, co says its recent deals have been bought at multiples they have historically been able to get, so co not seeing a big increase in prices they have to pay... For financing a deal, co says it could use stock or pay cash then do a follow-on offering.
NE $83-$79 Noble Corp beats by $0.06, beats on revs (79.86 )
Reports Q1 (Mar) earnings of $1.86 per share, $0.06 better than the Reuters Estimates consensus of $1.80; revenues rose 39.9% year/year to $646.4 mln vs the $633.6 mln consensus.
BTU $45 Peabody Energy missses by $0.07; guides in-line for Q2; reaffirms FY07 guidance (46.21 )
Reports Q1 (Mar) earnings of $0.33 per share, $0.07 worse than the Reuters Estimates consensus of $0.40; revenues rose 4.1% year/year to $1.37 bln vs the $1.56 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.35-0.55 vs. $0.50 consensus. Co reaffirms guidance for FY07, sees EPS of $2.10-2.75 vs. $2.58 consensus.
SIRF $28-$26 earnings of $0.21 vs $0.21, excluding $1.1 mln in amortization of acquisition-related intangibles, $7.3 mln in employee stock compensation expense, and $0.8 mln of expenses related to acquisition-related contingent payments, in line with the Reuters Estimates consensus of $0.21 (First Call estimate was $0.22); revenues rose 27.7% year/year to $67.3 mln vs the $67.1 mln consensus.
* CCOI $24-27-25 Cogent Communications beats by $0.03; guides Q1 & FY07 in-line (24.03 )
Reports Q4 (Dec) loss of $0.21 per share, $0.03 better than the Reuters Estimates consensus of ($0.24); revenues rose 21.9% year/year to $40.5 mln vs the $40.4 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $43-44 mln vs. $43.02 mln consensus. Co issues in-line guidance for FY07, sees FY07 revs of $180-190 mln vs. $186.65 mln consensus.
MAR $51~$47-$48 reports Q1 EPS of 40c vs. consensus of 38c
Reports Q1 revenue of $2.9B vs. consensus of $2.75B. :
Marriott Int'l-MAR Q1 beat on non-operational items, maintain Underweight@TWPT
Thomas Weisel believes a miss on RevPAR and reduced RevPAR growth expectations confirm their negative thesis.
UNP $108-114-119 (ob) prelim $1.41 vs $1.28 Reuters consensus; revs $3.85 bln vs $3.83 bln Reuters consensus
AVCI $14-$12 -? reports Q1 EPS of 46c v cons of 11c; declares $2 special div
Reports Q1 revenue of $20.5M versus consensus of $13.6M. Note: The Q1 EPS excludes items and it's unclear if the stat is comparable to the consensus estimate. AVCI also declared a special cash dividend of $2 per share, or approximately $28 million. The dividend will be paid on June 22, 2007 to shareholders of record as of June 11, 2007. AVCI also announced that it will be transitioning away from core router development to focus on its new product initiative, Soapstone Networks
Today after the close look for .... ARNA, CTXS, CBST, ETFC, EBAY, FHN, GILD, ISIL, KNX, KFT, LOGI, MOGN, NVLS, OMI, SOV, SPSN, SRDX, TER, and TMK.
Tomorrow before the open look for
MO, ASD, AVCT, BAX, BLK, BOT, DHR, DHI, FCS, GPC, HSY, HOG, IGT, MRK, MER, NUT, NE, NOK, OXPS, RS, STJ, LUV, UNH, UNP, and WYE.
Google-GOOG April straddle at $21.90 into 4/19 EPS & Outlook; indicates Risk
GOOG will report EPS after the close of trading on 4/19. Piper has a $630 price target on GOOG. GOOG call option volume of 22,964 contracts compares to put volume of 14,716 contracts. GOOG May option implied volatility of 32 is near its 26-week average of 34 according to Track Data, suggesting non-direction risk after EPS.
CSX CSX Corp misses by $0.03, beats on revs (43.33 +0.00)
Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.03 worse than the Reuters Estimates consensus of $0.53; revenues rose 3.9% year/year to $2.42 bln vs the $2.38 bln consensus. The rev increase was driven by continued strong pricing, which also drove revenue-per-unit gains of 8%. Overall volumes were down by 4% compared to the first quarter of 2006, reflecting continued softness in the construction and automotive sectors.
Earn's for rest of the week
SOLF $12-$18 (3/7) Q4 earnings of $0.17 per ADS vs $0.12 single estimate; revs $31.4 mln vs $34.7 single estimate (13.57 ) :
($250milcap here on 14mil OS)
STLD $46-$44-? beats by $0.05; of $1.01 per shareCo issues guidance for Q2, sees EPS of $0.95-1.00,
Reports Q1 (Mar) earnings of $1.01 per share, $0.05 better than the Reuters Estimates consensus of $0.96; revenues rose 30.0% year/year to $866 mln vs the $859.8 mln consensus. Co issues guidance for Q2, sees EPS of $0.95-1.00, incl $0.08 expense, may not be comparabel to $1.00 consensus. Co announced the creation of a new corporate strategic planning and business development office, also headed by an executive vice president. Under the new structure, Keith E. Busse, formerly President and CEO, is appointed Chairman and CEO
BDK $84-$89-? provides Q1 guidance sees Q1 EPS of $1.60 versus consensus of $1.26. BDK also sees Q1 sales growth of 3%, primarily from currency translation and the 2006 acquisition of Vector Products.
SECTORS :
Alternative Energy
http://finance.yahoo.com/q/cq?d=v1&s=adm+asti+ande+bcond+bldp+cpst+csiq+ener+eslr+fcel+fslr+hoku+
Solar Energy
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Cigarettes
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Computer/Hardware
http://finance.yahoo.com/q/cq?d=v1&s=HPQ,DELL,WDC,%20AAPL,%20IBM,%20STX,%20XRTX,%20SNDK,%20STEC,%20SYNA,%20KTCC,%20TACT,%20SMCI
Chinese Majors
(and minors)
http://finance.yahoo.com/quotes/asia+ach+apwr+bidu+caas+cvvt+chln+chl+csun+ceo+chgs+ctrp+cric+dang+efut+fmcn+jaso+kong+ntes+nep+ptr+sina+snda+snp+ssw+sohu+watg+xing+yong+yoku+zstn/view/v1
Airlines/Air Freight/RAILS
http://finance.yahoo.com/quotes/%5Edjt+aai+amr+bab+csx+cni+dal+drys+gbx+jblu+ksu+fdx+lcc+luv+nsc+rail+unp+ual/view/v1
InterNets
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Druggie/Bios
http://finance.yahoo.com/q/cq?d=v1&s=^btk+amgn+amln+amag+alny+arna+affx+biib+celg+ceph+cra+eln+genz+gild+mdr+nktr+nvax+onxx+pdli+rigl+vrtx+vvus+vrus
Defense
http://finance.yahoo.com/q/cq?d=v1&s=^dxs+ba+beav+col+dpm+gd+ge+frpt+flir+lmt+noc+rtn+utx+txt+
Gamer Software http://finance.yahoo.com/q/cq?d=v1&s=atvi+erts+thqi+ttwo
Home Builders
http://finance.yahoo.com/q/cq?d=v1&s=BZH+DHI+DXPE+HOV+HD+KBH+BHS+LEN+LOW+MDC+MTH+NVR+PHM+PCL+RYL+TOL+USG+WY
Health Care
http://finance.yahoo.com/q/cq?d=v1&s=+aet+bol+cah+ci+cvh+cern+hlth+hcr+hway+hum+lpnt+sunh+thc+un...
Hotel/Casinos/Cruise/Gambling http://finance.yahoo.com/q/cq?d=v1&s=byd+chh+ccl+cryp+ihg+gmtc+isle+lvs+mar+mgm+mntg+rcl+wynn+
Fibre Optics:
http://finance.yahoo.com/q/cq?d=v1&s=A+AFOP+AVGO+BRCD+csco+CIEN+CSCO+EXFO+emkr+EMC+exfo+FFIV+FNSR+glw+iivi+molx+newp+jdsu+JNPR+oclr+occf+OPTX.pk+oplk+osis+rvbd++zigo
Financial Services
/Brokers/Exchanges http://finance.yahoo.com/q/cq?d=v1&s=XLF+C+BAC+BK+COF+cit+amtd+axp+ben+cof+cme+etfc+E+fii+fig+fii+grow+ice+jpm+ma+ms+ndaq+oxps+gs+schw+sws+trow+v+wfc
Fertilizer/Agri
http://finance.yahoo.com/q/cq?d=v1&s=agu+cf+mon+mos+pot+tnh+smg+
Oil Drillers /Services
http://finance.yahoo.com/quotes/oih+xle+bhi+do+esv+hal+hp+fwlt+gsf+ne+nov+pten+rdc+rig+shaw++slb/view/v1
Oil Refiners
http://finance.yahoo.com/quotes/OIH+XLE+ALJ+APA+APC+ASH+BPT+bdco+CHK+CNQ+COP+EONC+ETP+FTO+HOC+MRO+royl+su+xom
Precious Metals/Miners
http://finance.yahoo.com/q/cq?d=v1&s=^XAU+SLV+GLD+agq+AA++AU+ABX+AG+AT+AUY+BVN+DROOY+exp+FCX+GFI+GG+GSS+GOL+mmg+NEM+paas+rio+svm+slw
More Oils Nat Gas & Energy
http://finance.yahoo.com/q/cq?d=v1&s=xle+bexp+bdco+chk+clr+crzo+dvn+DYN+hes+hero+kog+lei+lng+mhr+oas+nep+nog+royl+rrc+swn+wll+XOM
RAILS
http://finance.yahoo.com/quotes/+cni+csx+cnw+ksu+unp+nsc
Restaurants
http://finance.yahoo.com/quotes/bwld+cmg+cpki+dri+eat+gis+kkd+open+mcd+pbj+txrh+xly+yum
Retailers http://finance.yahoo.com/q/cq?d=v1&s=^rlx+amzn+aapl+anf+aeo+ann+azo+bby+bbby+big+bks+coh+cost+ctrn+chs+cost+colm+deck+dell+dks+dds+odp+fdo+fast+gme+hott+psun+jwn+jcp+ltd+low+hd+nke+rsh+rost+spls+shld+tgt+tif+tjx+wmt
Steels Fabricators
http://finance.yahoo.com/q/cq?d=v1&s=AKS+AA+BOOM+BHP+CGA+CPSL+CENX+CMC+CRS+FRD+IPS+IIIN+MT+NUE+TIE+x
SEMIS http://finance.yahoo.com/quotes/adi+amd+amat+altr++amkr+asml+brcm+cree+crus+ccmp+cy+csco+cree+cymi+for+intc+issi+klac+lamr+lscc+lrcx+qcom+mrvl+nvls+nok+nvda+silc+sndk+slab+stm++tsm+veco+ter+txn+tqnt+vsea+wfr+xlnx+zran/view/v1
Sofware
http://finance.yahoo.com/q/cq?d=v1&s=adsk+adbe+arba+bbbb+blkb+cnqr+cern+chkp+cpwr+ctsh+epay+jdas+intu+infy+manh+msft+mrge+mstr+ntct+orcl+opnt+sap+sape+snps+symc+tibx+vrsn
Storage
http://finance.yahoo.com/q/cq?d=v1&s=adpt+brcd+ca+dell+elx+emc+hpq+ibm+ivac+ntap+qlgc+rack+sndk+...
$TRAN
http://finance.yahoo.com/q/cq?d=v1&s=^DJT+alk+alex+alk+aaww+amr+arii+bab+chrw+cni+csx+cnw+dal+expd+fro+gwr+htld+htz+jblu+jbht+r+rlog+swft+ups+wern
Uranium Stocks
http://finance.yahoo.com/q/cq?d=v1&s=^uraxpd+ura+ccj+cxz+cvvt+dnn+frg+holi+ge+palaf.pk+shaw+sxrzf.pk+usg+uec+urre+useg+usu
Truckers
http://finance.yahoo.com/q/cq?d=v1&s=ABFS+CVTI+CMI+HTLD+JBHT+KNX+LSTR+ODFL+SWFT+USAK+WERN
Water Infrastructure
http://finance.yahoo.com/q/cq?d=v1&s=FLO+FLS+LAYN+MWA+PNR+PICO+SBS+SZE+SJW+ITT+VE+
Wireless
http://finance.yahoo.com/q/cq?d=v1&s=amt+brcm+cci+chl+grmn+idcc+ftr+leap+mrvl+nok+pwav+pmcs+qcom+q+rfmd+swir+t+tlab+vz+win
Big TEN
Majors http://finance.yahoo.com/q/cq?d=v1&s=+^dji+ba+de+cat+cmi+dow+ir+flr+hees+mon+nue+tm+utx+xom+
US Index ETFS
http://finance.yahoo.com/quotes/DIA+DOG+DXD+QQQQ+QLD+PSQ+QID+OEF+SPY+SSO+SH+SDS+IVV+IWV+IVE+MDY+IJH+MVV+MYY+MZZ+IJK+IJJ+IJR+SDD+IJT+IJS+IWB+IWF+SFK+IWD+SJF+IWM+UWM+RWM+TWM+IWO+SKK+IWN+SJH+IWV+IWZ+IWC+IWR+IWP+SDK+IWS+SJL+VTI+VUG+VTV+VV+VO+VB+VBK+VBR+PWB+PWJ+DVY+RSP
World Contry ETFs
http://finance.yahoo.com/quotes/EWA+EWO+EWK+EWZ+BIK+EWC+FXI+GXC+PGJ+FXP+EEB+EWG+EWH+INP+EPI+EWI+EWJ+EWV+EWM+EWW+RSX+EWS+EZA+EWY+EWP+EWD+EWL+EWT+EWU+ILF+EPP+VGK+FEZ+IEV+VEA+VEU+VPL+IOO+EEM+VWO+ADRE+EUM+EEV+PID
Commodity ETF's List
http://finance.yahoo.com/quotes/XLB+IYM+MXI+UYM+SMN+VAW+SMN+GSG+RJI+DBC+RJA+DBA+GDX+GLD+IAU+DGP+DZZ+SLV+XME+IGE+SLX+KOL+DBB+PHO+IYE+XLE+OIH+XOP+DIG+DUG+USO+IEO+UNG
World Currency ETF
http://finance.yahoo.com/quotes/FXA+FXB+FXC+FXE+FXY+FXM+FXS+FXF
Health BioTech
http://finance.yahoo.com/quotes/BBH+FXH+FBT+IHF+IYH+IHI+IHE+IBB+IXJ+PPH+PBE+PTH+PTH+PJP+PRFH+RXL+RYH+XLV+XBI+XPH+VHT
Natural Resource
http://finance.yahoo.com/quotes/CGW+ENY+FXN+FIW+FCG+QCLN+IYM+IYE+IEO+IEZ+IXC+IGE+KOL+GEX+OIH+XLE+XLB+XME+XES+XOP+UNG+USO+VDE+VAW+DKA+NLR
Real Estate ETF
http://finance.yahoo.com/quotes/TAO+RWR+FFR+FRI+ICF+IYR+IFAS+IFEU+IFGL+IFNA+FTY+FIO+REM+RTL+REZ+WPS+URE+ACK+RWX+VNQ+DRW
RARE EARTHs
http://finance.yahoo.com/quotes/REMX,REE,MCP,TC
Science technology
http://finance.yahoo.com/quotes/BBH+FAN+FXL+FDN+QTEC+IAH+HHH+IIH+IYW+IXN+IGV+IGM+MTK+NLR+PXQ+PSJ+PSI+PTF+PRFQ+PXN+USD+ROM+RYT+TAN+XLK+SMH+SWH+XSD+VGT
Telecom ETF
http://finance.yahoo.com/quotes/BDH+IYZ+IXP+IGN+TTH+VOX+WMH
Utility
http://finance.yahoo.com/quotes/FXU+IDU+JXI+PUI+PRFU+UPW+RYU+XLU+UTH+VPU+DBU
All ETF Samplings
http://finance.yahoo.com/quotes/dia+rth+spy+slv+smh+iwv+iyt+iyr+ign+iwm+bbh+ewz+fxi+gdx+gld+xle+xlb+xlf+xlv+xlu+oih+ioc+uso+ung+fxy+
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