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NVIDIA reported Q4 (Jan) earnings of $0.53 per share, which was four cents better than my forecast. Total revenues rose 11.8% year/year to $633.6 mln which also topped my $625.1 mln estimate.
The Company reported Q4 gross margin 40.2% vs. 40.2% street expectation.
The Co sees Q1 revs up 3-6% sequentially, roughly $652.6-671.6 mln (my forecast was $615 mln).
Brocade Comm(BRCD)reported Q1 (Jan) earnings of $0.10 per share, excluding non-recurring items. This was FIVE cents better than my forecast; and revenues rose 16.9% year/year to $170.1 mln vs. my model's $158.6 mln estimate.
Sapient (SAPE)reported Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items. This was $0.02 better than my forecast and revenues rose 27.6% year/year to $84.7 mln vs. my $81.5 mln estimate.
Weight Watchers (WTW), the weight loss company beat my Q4 estimates by a penny, but its net income slipped 10% from last year.
(SIRI) Sirius Satellite posted a wider than expected Q4 loss on a 124% increase in sub acquisition costs
Discovery Partners reported $0.04 worse than my forecast.
(DPII) reported Q4 (Dec) loss of $0.14 per share, excluding non-recurring items; and revenues fell 40.4% year/year to $7.4 mln vs my $8.2 mln rev estimate.
(WMT) : Wal-Mart earnings topped my expectations in the Quarter, but annual guidance fell below my estimate.
For the eighth consecutive quarter, PG&E (PCG) topped my expectations.
I remind you, Home Depot reported record financial results but the news wasn't really a surprise for the market. The Dow (HD) component had an impressive Quarter, when you break it down.
After review, I am cutting (GM) General Motor's rating to B2 on their Senior Unsecured: B2 from B1
Placer Dome (PDG) : Hurt by higher mining costs, Placer Dome's Q4 profits were well below my expectations.
Baidu dotcom beat my estimates by $0.05 and guided up for Q1 (BIDU)
Q4 (Dec) earnings were $0.13 per share, excluding non-recurring items; revenues rose 167.9% year/year to $14.2 mln vs my forecast: $12.7 mln consensus.
The Co issued upside guidance for Q1, seeing Q1 revs of $15.5-16.1 mln vs. my $14.50 mln estimate.
The Co states that the number of active online marketing customers during the fourth quarter grew to over 63,000, an increase of 18.6% from the previous quarter.
(COGO)My Comtech target was raised to $12 from $10 following Q4 results
Semitool (SMTL): My target is upped to $15.50 from $12
Ultratech Stepper earnings call summary (UTEK):
The Company noted they had a book to bill of 1.13 to 1 during the qtr.
Backlog noted to be at a record high.
Company believes they have increased their market share to 90% in 2005.
Co expects Q1 book to bill to be above 1 to 1.
Co expects Q1 revs to be down 10% to 15% sequentially, which implies a range of approximately $30-32 mln vs my forecast for Q1 revs: $32.8 mln. Gross margin in the range of 40% to 42%.
The Co expects EPS in the range of breakeven to a loss of $0.10 vs my EPS forecast of $0.08. For FY06, the Co noted they are being conservative, suggesting they could achieve 10%-20% of rev growth. Gross margins to be around 45% to 46%. For FY06, diluted EPS is expected to be in the range of $0.25 to $0.45 vs my forecast: $0.38. The earnings per share impact of FAS 123 option expense accounting will be about $0.03 for the year.
During Q&A, the Co noted they are taking a different posture of being conservative for guidance, noting they have been optimistic in the past and did not reach the targets.
Co noted they are getting "gun shy" in their forecasting, hence their conservatism.
Co notes it is not reflective of industry trends.
CVS reported 46% EPS growth, excluding items, aided by its pharmacy benefits management business.
Royal Caribbean (RCL) the cruise line operator raised its profit outlook for FY06 based on its strong Q4 results.
Whirlpool (WHR) the appliance maker topped my Q4 forecast and gave an upbeat outlook.
(CLX) Clorox beat my Q2 estimates and provided guidance.
Weatherford (WFT): The oil services company generated the highest annual revenues in the company's history in 2005.
THQ (THQI): The video game software publisher exceeded my Q3 estimates, but warned for Q4.
Ryder (R) : For the first time in 20 quarters, the truck leasing company missed my EPS estimate.
BMI: I noticed Badger reported Q4 (Dec) EPS of $0.24 vs my $0.31 forecast; revs were $50.6 mln vs my $48.99 mln estimate.
The Company said: "We are especially pleased that we were able to generate an earnings increase of over 30% in spite of higher than expected losses in our French subsidiary. Also, interest rates, energy and raw materials costs are affecting Badger Meter as well as other manufacturing companies across the country".
(UNM)my target is raised to $28 from $25
HEW: The consulting services firm beat my estimates by a penny, but its Q1 profit was lower than last year.
BUY ANHEUSER-BUSCH
(BUD)
I noticed Q4 operating EPS was $0.26 vs. $0.42 yr/yr, which falls short of my $0.31 estimate. Retail and wholesale volumes rose, and international volume increased 13.3%, but domestic market share appeared to decline amid wholesaler inventory reductions. Margins suffered on lower pricing and rising input costs.
For the next 6 months, I see stabilizing U.S. beer retail sales, and I think BUD's international segment will benefit from further strength in Modelo brands. I think '06 cash flow will benefit from reduced capex and lower effective tax rates.
I have a 12-month target price of $45.
BUY IAC/INTERACTIVECORP
(IACI): I estimated IACI would report Q4 results of $1.9B and EPS of $0.52, which I thought would be above the Street's forecasts of $1.8B and $0.46. The revenue actuall came in at $1.79 billion. They reported 33 cents per stock but excluding non-recurring items, earnings would have been 52 cents per stock,,, up from last year's 41 cents EPS
I continue to believe IACI is attractively valued, based on relative and intrinsic analyses. Using my '06 EPS forecast of $1.40, which includes stock option expense, IACI's P/E is 21X and its PE-to-growth rate ratio is 1.4, which are well below peer levels.
IACI has what analysts consider to be a strong balance sheet. I also think its increasing focus on media businesses and smaller M&A is constructive.
I am also upping the target on XRTX to $29.00
I am upping my target for ANAD to $8.00
I noticed Boston Scientific exhibited Q4 Profit Growth
(BSX) sales of coronary stent systems were down at BSX, but profits were still up versus last year.
HOLD ON TECO ENERGY
(TE): I noticed Q4 EPS from continuing operations was $0.24 vs. $0.19 Yr/Yr, which was in-line with my estimate.
I am raising my '06 EPS estimate by $0.05, to $1.27. I see Tampa Electric's customer base growing at 2.5%, and sales, assuming normal weather, growing at 2.8%. I estimate 3.5% growth at Peoples Gas, as well as higher usage per customer. I also see '06 results benefiting from the continuing strength at TECO Coal, with higher production costs more than offset by strong coal prices.
My 12-month target price: $18, reflecting a discount-to-peers P/E of 14.2X my '06 estimate.
Adobe Systems reaffirms Q3 guidance (ADBE) :Co expects to achieve Q3 results within the financial target ranges previously provided on June 16, 2005, which are rev of $470-$490 mln, and EPS of $0.25-$0.27 (consensus $486.7 mln and $0.27). Co also indicated it continues to experience solid demand for its Adobe Acrobat and Adobe Creative Suite products in all of its major geographic markets.
Sycamore provides update on internal investigation; guides Q3 revs above consensus (SCMR) :SCMRE announces that its previously announced internal investigation into the accounting for certain stock options and the review of resulting accounting implications, if any, is nearing completion. Co expects that the outcome of the investigation will not result in any material adjustment being required to be made to its historical revs, non-stock option related expenses, or cash positions. Company also reports estimated revenue for the quarter and nine months ended April 30, 2005 of $17.8 mln (consensus $15.6 mln) and $47.0 mln, respectively. Co reported estimated cash, cash equivalents, and investments at April 30, 2005 of $948.9 mln, a decrease of $0.1 mln from the prior quarter.
DTS beats by $0.03 (DTSI) :Reports Q2 (Jun) earnings of $0.10 per share, $0.03 better than the Reuters Estimates consensus of $0.07; revenues rose 33.6% year/year to $17.7 mln vs the $16.3 mln consensus.
Image Entertainment guides fiscal Q1 revs lower (DISK) 3.12 :DISK guides fiscal Q1 revs to $18 mln-$19 mln vs. $20 mln consensus, based on 3 estimates; previous range co provided was $19 mln-$21 mln. DISK maintains annual revs guidance of $110 mln-$120 mln vs. $114.4 mln consensus.
Cutera beats by 9 cents, raises guidance (CUTR) :Reports Q2 (Jun) earnings of $0.20 per share, $0.09 better than the Reuters Estimates consensus of $0.11; revenues rose 43.1% year/year to $17.6 mln vs the $16.2 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.13 vs. $0.10 consensus; sees Q3 revs of 17.5 mln vs. $16.01 mln consensus. Co raises FY05 EPS guidance to $0.62 (consensus $0.48), up from prior guidance of $0.48; raises FY05 rev guidance to $70 mln (consensus $66.96 mln), up from prior guidance of $67 mln.
EZ EM reports MayQ revs up 15% yoy (EZEM) 15.16 +0.36:Co reports Q4 (May) revenue of $32.0 mln, up 15% yoy. EPS came in at $0.12. There are no analyst estimates.
OPNET reports $0.01 below consensus; guides Q2 below consensus (OPNT) :Reports Q1 (Jun) loss of $0.02 per share, $0.01 worse than the Reuters Estimates consensus of ($0.01); revenues fell 1.8% year/year to $16.5 mln vs the $17.4 mln consensus. Co issues downside guidance for Q2, sees EPS at a loss of $0.05-0.01 vs. $0.01 consensus; sees Q2 revs of $16-17.2 mln vs. $17.82 mln consensus.
LECG Corp beats by a penny, ups Y05 rev guidance (XPRT) 21.98 :Reports Q2 (Jun) earnings of $0.24 per share, $0.01 better than the Reuters Estimates consensus of $0.23; revenues rose 35.1% year/year to $72.5 mln vs the $70.4 mln consensus. Co issues upside guidance for FY05, sees EPS of $0.93-0.98, previous co guidance was $0.89-0.94, vs. $0.94 consensus; sees FY05 revs of $280-290, previous co guidance was $270-280 mln vs. $279.75 mln consensus.
Gen-Probe beats by $0.02; raises guidance (GPRO) :Reports Q2 (Jun) earnings of $0.26 per share, $0.02 better than the Reuters Estimates consensus of $0.24; revenues rose 19.1% year/year to $72.9 mln vs the $67.3 mln consensus. Co states that it is raising guidance for FY05, sees EPS of $1.20-1.24 vs. $1.20 consensus; sees FY05 revs of $292-300 mln vs. $292.32 mln consensus. Sees product gross margins approximating 70% to 72% of product sales.