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Public Service misses by $0.05; reaffirms FY05 guidance (PEG) 64.30 :Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.05 worse than the Reuters Estimates consensus of $0.53. Co reaffirms for FY05, sees EPS of $3.15-3.35 vs. $3.29 consensus.
Naz100Technically this looks like a strong buy but the major Gann resistance of 1619.95 (100.00%) should be watched as well the major Fibonacci level of 1619.95 (100.00%). The correspondence of the Gann and Fibonacci support levels strengthens this support level.
Nam Tai Electronics beats by $0.03, ex items; guides in-line (NTE) 23.70 :Reports Q2 (Jun) earnings of $0.28 per share, excluding non-recurring items, $0.03 better than the Reuters Estimates consensus of $0.25; revenues rose 25.5% year/year to $185.3 mln vs the $178.6 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.24-0.27, ex items vs. $0.24 consensus; sees Q3 revs of $170-180 mln vs. $174.42 mln consensus.
Bluegreen beats by $0.13, beats on revs (BXG) 17.76 :Reports Q2 (Jun) earnings of $0.46 per share, $0.13 better than the Reuters Estimates consensus of $0.33; revenues rose 21.7% year/year to $185.3 mln vs the $167.7 mln consensus.
Administaff beats by $0.10 (ASF) 25.60 :Reports Q2 (Jun) earnings of $0.28 per share, $0.10 better than the Reuters Estimates consensus of $0.18; revenues rose 20.2% year/year to $279.9 mln vs the $273.7 mln consensus
Lincoln Educational Services reports (LINC) 19.85 :Co reports Q2 (June) EPS of breakeven, revenues rose 15.3% to $68.2 mln. Co sees Q3 EPS of $0.17-0.21 on revs of $79-82 mln; for Y05 co sees EPS of $0.73-0.81 on revs of $305-315 mln
Symbol Tech reports in-line, ex items (SBL) 11.64 :Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, in-line with the Reuters Estimates consensus of $0.02; revenues fell 1.2% year/year to $427.8 mln vs the $426.4 mln consensus.
Procter & Gamble beats by a penny, guides in line (PG) 55.63 :Reports Q4 (Jun) earnings of $0.56 per share, $0.01 better than the Reuters Estimates consensus of $0.55; revenues rose 10.0% year/year to $14.26 bln vs the $14.04 bln consensus. Co issues in-line guidance for Q1, says it is comfortable with analysts' estimates of EPS, Reuters consensus is $0.78; co issues in-line guidance for FY06, says it is comfortable with analysts' estimates of EPS, Reuters consensus is $2.90
Logitech Intl SA (LOGI) Needham & Co upgrades Hold to BUY. Target $42. Needham upgrades LOGI based on the prospect that the co's revenues could accelerate going forward, with two major drivers for acceleration: 1) a new opportunity-portable music players, led by the iPod; 2) the next generation of game consoles. Firm raises their 2006 EPS est as they believe the co should be able to grow its earnings per share faster than revenues because its operating margin should continue to expand.
Mercantile Bank (MBWM) Oppenheimer downgrades Neutral to SELL . Oppenheimer downgrades MBWM following the co's lowered guidance. They think new guidance more than offsets recent 2% increase in consensus EPS. They note mgmt's new EPS guidance represents a 5% decline from this past Friday's consensus EPS level, translating to a level 2% below they were pre-2Q earnings. Thus, firm believes as consensus EPS declines, so will MBWM recently expanded trading multiples.
Hercules Tech (HTGC) JMP Securities initiates STRONG BUY. Target $19. They say the unique niche HTGC fills and the manner in which it chooses and structures its investments, allows it to deliver very strong returns while taking very manageable credit risk. Simultaneously, they say the co is rapidly building a warrant portfolio in a diverse group of technology companies. Firm believes HTGC will deliver a strong current yield while providing investors with equity participations in the technology investments of the nation's top tier venture capital funds.
Premium Standard Farms (PORK) Piper Jaffray initiates MARKET PERFORM. Target $16. Firm says PORK is well positioned to grow and believes internal growth opportunities include increased value added and further processing, and sales to food service, which now only represents 3% of sales. They believe growth through acquisitions is also very likely as consolidation in the industry continues. They think PORK has a strong balance sheet and now a "currency" to acquire, and mgmt has indicated interests in strengthening the pork processing side of the business.
DuPont (DD) Fulcrum downgrades Buy to NEUTRAL. Fulcrum downgrades DD saying although DD offers long-term value at current levels, the disappointing earnings along with below consensus near-term outlook with ancillary litigation issues hanging overhead will most likely restrain the stock from outperforming near term.
Amkor (AMKR) Am Tech/JSA Research upgrades Hold to BUY. Target $7.75. Amtech upgrades AMKR on improving business and utilization rates at the Asian subcontractors. Firm says recent data points and checks indicate chip unit growth has been increasing both at the foundry level and at the Asian assembly/test subcontractors. Also, AMKR is trading at about 0.5x Price/CY05 Sales, a notable discount to peers at 1.5x Price/CY05 Sales
Pentair (PNR) Robert W. Baird downgrades Outperform to NEUTRAL. Target $56. Baird downgrades PNR following Q2 results and downside guidance, saying the reduction not only signals that their Street-high ests are no longer feasible, but even that consensus estimates are modestly too high. They note that they are anxious to turn aggressive on the stock again if the stock settles below $40 because the WICOR acquisition remains a powerful and accretive opportunity in 2006.
Sonic Innovations beats by $0.04 (SNCI) :Reports Q2 (Jun) earnings of $0.01 per share, $0.04 better than the Reuters Estimates consensus of ($0.03); revenues rose 24.0% year/year to $30.2 mln vs the $28.7 mln consensus.
BMS Bemis misses by $0.04; guides below consensus (28.10 )
Reports Q2 (Jun) earnings of $0.38 per share, $0.04 worse than the Reuters Estimates consensus of $0.42; revenues rose 23.5% year/year to $879.9 mln vs the $847.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.40-0.43 vs. $0.48 consensus; co issues downside guidance for FY05, sees EPS of $1.50-1.55 vs. $1.68 consensus.
ASPM Aspect Medical beats by $0.02; guides above consensus for Q3 (30.55 )
Reports Q2 (Jun) earnings of $0.07 per share, $0.02 better than the Reuters Estimates consensus of $0.05; revenues rose 39.3% year/year to $18.7 mln vs the $17.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.07-0.08 vs. $0.05 consensus; sees Q3 revs of $18.9-19.4 mln vs. $18.16 mln consensus
Premium Standard Farms (PORK) CSFB initiates NEUTRAL. Target $15. CSFB initiates PORK saying while they see several long-term positives in the pork industry, the futures mkt for hogs indicate declining prices over the next 12 months and the co is even more leveraged toward hog prices than Smithfield Foods. They believe that earnings will regress in FY06 to $144 mln in EBITDA and $1.36 in EPS as hog prices look like they will be declining through the year
Mindspeed (MSPD) Merriman Curhan Ford upgrades Neutral to BUY. Merriman upgrades MSPD saying they are on the heels of the co's fiscal third quarter earnings report based on strengthening business trends in evidence in the company's order activity, strong book to bill and revenue guidance, decreased operating expenses driving a more visible path to profitability and a share price near annual lows yielding an attractive valuation at less than one times revenues. As the company's business model improves, firm also believes downside valuation is supported by the prospect of strategic interest in Mindspeed.
Foundation Coal (FCL) Legg Mason downgrades Buy to HOLD. Firm notes that FCL shares have surged past firm's $28 target price, driven by higher prices in Wyoming's Powder River Basin (PRB) and very low utility coal stockpiles. Legg Mason believe snear-term earnings concerns and Foundation's limited ability to capitalize on higher PRB coal prices in 2006-2007 are enough to warrant a Hold rating after roughly a 24% climb in FCL shares over the past three months.
BMS Bemis misses by $0.04; guides below consensus (28.10 )
Reports Q2 (Jun) earnings of $0.38 per share, $0.04 worse than the Reuters Estimates consensus of $0.42; revenues rose 23.5% year/year to $879.9 mln vs the $847.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.40-0.43 vs. $0.48 consensus; co issues downside guidance for FY05, sees EPS of $1.50-1.55 vs. $1.68 consensus.
FR First Ind. Rlty reports in-line; guides in-line
Reports Q2 (Jun) FFO's of $0.86 per share, in line with the Reuters Estimates consensus of $0.86; revenues rose 16.6% year/year to $86.4 mln vs the $93.6 mln consensus. Co issues in-line guidance for Q4, sees FFO's $0.85-0.95 vs. $0.89 consensus; co issues in-line guidance for FY05, sees FFO's $3.45-3.65 vs. $3.49 consensus.
Redback Networks Inc. (RBAK) reported a second-quarter net loss of $7.2 million, or 13 cents a share, vs. a net loss of $10.7 million, or 20 cents a share, in the year-ago period. Revenue at the San Jose, Calif.-based provider of broadband networking systems was $34.6 million, compared with $32.3 million a year ago. On a pro forma basis the company reported a loss of 5 cents a share. Analysts polled by Thomson First Call had been looking for a per-share loss of 8 cents.
FormFactor Inc. (FORM)reported second-quarter earnings of $5 million, or 12 cents a share, down 26% from $6.8 million, or 17 cents a share, in the year-ago period. Revenue at the Livermore, Ca.-based maker of semiconductor wafer probe cards was $52.3 million, compared with $43.2 million last year.
estimates were 16c on $52.64 revs
LOGI: LOGITECH CONFIRMS OUTLOOK: SALES, OP INCOME UP 15%
LOGITECH SAYS 1Q BEST EVER
LOGITECH 1Q NET $22.4 MILLION VS. $18.9 MILLION
LOGITECH INTERNATIONAL 1Q EARNS 23C VS. 19C
estimates 21c on $293.15M
There you go. A clean start for next week.
Philips sells entire stake in France's Atos Origin -- Philips Electronics (PHG)said it sold its entire stake in French IT group Atos Origin. The stake brought in proceeds of approximately 550 million euros and represented 15.4% of outstanding shares. Philips said it will book a non-taxable gain of 190 million euros in the third quarter.
Novartis tops forecasts, pipeline projects on track -- Swiss drugmaker Novartis AG (NVS) said second-quarter net income rose 9.2% to $1.65 billion, or 70 cents/U.S.-listed share, with sales climbing 11.8% to $7.8 billion. Analysts were expecting an EPS of 67 cents a share, according to Thomson First Call data. Novartis said sales were boosted by angiotensin-receptor blocker Diovan, combination treatment for hypertension Lotrel and irritable bowel syndrome treatment Zelnorm, as well as its cancer-treating drugs. Novartis said key pipeline projects are on track, with the first Phase III data on its LAF237 diabetes drug, SPP100 hypertension drug and LDT600 hepatitis B drug in the second half of 2005. Novartis, which said 2005 earnings should reach record levels excluding acquisitions, said it expects the Eon Labs (ELAB: news, chart, profile) acquisition to close in the third quarter and expects the consolidation of Hexal and Eon Labs to hit 2005 net income by between $250 million and $350 million.
M.D.C. Holdings quarterly net up 24% -- M.D.C. Holdings Inc. (MDC quarterly net income was $102.6 million, or $2.25 a share, compared with $82.6 million, or $1.87 a share, during the year-ago period. Six analysts polled by Thomson First Call had expected earnings of $2.06 a share. The Denver-based company said quarterly revenue was $1.0 billion versus $875.5 million last year.
National Semi to close Singapore assembly, test plant -- National Semiconductor Corp. (NSM) said that it now plans to close its assembly and test plant in Toa Payoh, Singapore and consolidate the operations into its plants in Melaka, Malaysia, and Suzhou, China. The analog chip company had previously said it would try to sell the Malaysia plant. The closure will affect 950 employees, National Semi said. It expects to take a related charge in the first quarter of fiscal 2006 of $27 million to $30 million and achieve quarterly costs savings of $4 million to $6 million.
RMS cuts estimate of Hurricane Dennis insured losses -- Risk Management Solutions lowered its estimate of insured losses from this weekend's Hurricane Dennis after a team of observers from the catastrophe modeling firm surveyed the damaged area. RMS now expects Dennis to inflict between $1 billion and $3 billion in insured losses, down from a previous range of $1 billion to $5 billion, the company said. Dennis, the first major storm of the U.S. hurricane season, hit the western end of Florida's panhandle on Sunday as a category 3 storm.
Avid Tech forecasts sequential quarterly rev decline -- Avid Technology Inc. (AVID)said it expects a sequential revenue decline to $160 million in the second quarter, citing lower video revenues -- primarily due to less broadcast revenue being recognized -- and unfavorable foreign currency translation impacts. The digital media company forecast a net loss for the period of $12 million to $13 million, or 34 cents to 36 cents a share. On a pro forma basis, Avid forecast earnings of $14.5 million to $15.5 million, or 40 cents to 42 cents a share. Analysts polled by Thomson First Call are currently looking for a per-share profit of 58 cents on revenue of $171 million for the quarter.
Americans overwhelmingly oppose CNOOC's bid, poll finds -- A new poll shows that the U.S. public is overwhelmingly opposed to the proposal by China's CNOOC Ltd. (CEO) to acquire California-based Unocal Corp. (UCL) . In The Wall Street Journal/NBC News poll of 1,009 adults, 73% voiced objections to the offer, the Journal reported late Wednesday. Unocal's board, which agreed to a buyout deal with Chevron Corp. (CVX) , could decide as early as Thursday whether to accept CNOOC's higher counter-offer.
Identix cuts 4Q view, reiterates '05; forecasts '06 rev -- Identix Inc. (IDNX) cut its fourth-quarter forecast, citing delays in implementation of two projects awarded to the company earlier in the year and delays in the award of one or more specific ABIS-related programs that were previously expected to occur in the fourth quarter. The multibiometric technology company now expects to post a second-quarter loss of 5 cents a share on revenue of $18 million to $18.5 million vs. its previous forecast of a 1-cent to 3-cents per-share loss on revenue of $20.5 million to $23 million. Gross margins are now seen coming in at 30% compared with Identix's prior 40% to 44% forecast. The company reiterated its 2005 forecast for a per-share loss of 13 cents to 17 cents on revenue of $72 million to $80 million. For 2006, it forecast revenue of $90 million to $98 million.
Equitable Resources board OKs 2-for-1 split;ups buyback -- Natural gas distribution company Equitable Resources Inc. (EQT) said its board approved a 2-for-1 stock split, payable Sept. 1 to shareholders of record as of Aug. 12. It also increased its share repurchase plan by 3.2 million shares on a pre-split basis to 25 million shares.
Dobson Comm shares rise on quarterly forecast -- wireless phone services provider Dobson Communications Corp. (DCEL) said it sees a net subscriber reduction of about 1,100, reflecting a decline in its postpaid customer base of 9,000. Last year, it reported 7,200 net subscriber additions and a reduction of 400 postpaid subscribers. The Oklahoma City, Okla.-based company forecast average revenue per unit of $45.25, compared with $40.03 in the year-ago period. Dobson Communications also expects to report about 517 million roaming minutes of use in the period, down from 384 million roaming minutes last year.
FedEx CEO bonuses reach $6.3 mln -- FedEx Corp. (FDX) Chairman and Chief Executive Officer Frederick Smith is getting a $3.3 million annual bonus for fiscal-year 2005, the company said Wednesday in a filing with the U.S. Securities and Exchange Commission. Smith also received a $3 million cash bonus as part of a long-term compensation program tied to the company's earnings. The head of FedEx Express David Bronczek received a $1.7 million annual bonus for fiscal-year 2005 and a $1.5 million bonus for the long-term compensation program, according to the 8-K filing.
PPD Inc. rev up 22%; increases 3Q, 4Q, FY05 views -- PPD Inc. (PPDI) reported second-quarter net earnings of $23.7 million, or 41 cents a share, compared with $23.3 million, or 41 cents a share, last year. Revenue was $224.9 million vs. $183.2 million a year ago. The Wilmington, N.C. company increased its third-, fourth- and fiscal year 2005 earnings forecasts to a range of 43 cents to 45 cents a share; 49 cents to 51 cents a share; and $1.85 to $1.93 a share, respectively. The company said separately that Takeda Pharmaceutical Co. (TKPHF) has agreed to acquire the development and marketing rights to all dipeptidyl peptidase IV, or DDP4, inhibitors. PPD will receive an upfront payment of $15 million.
Moody's may upgrade D. R. Horton's ratings -- Moody's Investors Service on Wednesday placed the ratings of D.R. Horton Inc. (DHI) under review for possible upgrade, including the Ba1 rating on the company's existing senior notes and Ba2 rating on its senior sub notes. The agency said the review will focus on the homebuilder's commitment to maintaining capital structure discipline in the face of numerous growth opportunities, its larger-than-peer-group-average spec building practices, and its growing earnings concentration within California.