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Tuesday, April 29, 2014 9:15:41 PM
From Briefing.com: 4:10 pm : The stock market rallied on Tuesday, with the S&P 500 (+0.5%) posting its second consecutive gain as eight sectors ended in the green. Momentum names, meanwhile, rebounded from yesterday's relative weakness, which allowed the Nasdaq Composite (+0.7%) to finish ahead of the benchmark index.
Equity indices began the session on an upbeat note, slowly building on their early gains throughout the afternoon. The energy sector (+0.4%) powered the opening advance thanks to better than expected earnings from BP (BP 50.29, +1.25) and Valero Energy (VLO 56.84, -1.13). BP surged 2.6%, while Valero displayed early strength, but spent the session in a steady retreat from its opening high, which mirrored the price action of the entire sector.
The solid early gain in the energy sector kept the S&P 500 in the green during the first hour of action, while the Nasdaq briefly dipped into the red. The short-lived weakness in the tech-heavy index resulted from the underperformance of top-weighted components, but those names were able to rebound. For its part, the broader technology sector advanced 0.7%, finishing only behind the financial sector (+1.0%).
The economically-sensitive financial sector drew strength from a slew of top components, with Bank of America (BAC 15.24, +0.29) leading the charge. The stock gained 1.9% following yesterday's 6.3% loss. International financials had an even better showing, with Deutsche Bank (DB 44.45, +0.88) gaining 2.0% after reporting above-consensus results. Also of note, Standard & Poor's lowered the ratings of 15 European banks-including Deutsche Bank-to 'Negative' from 'Stable,' but the stock saw little reaction to the news.
In addition to receiving support from two of its largest sectors, the market was also underpinned by the health care space (+0.6%), where Dow component Merck (MRK 58.72, +2.04) rallied 3.6% in reaction to its bottom-line beat. Biotechnology, meanwhile, played along today as the iShares Nasdaq Biotechnology ETF (IBB 229.09, +6.03) gained 2.7%.
On the downside, consumer staples (-0.4%) and utilities (-0.4%) posted modest losses, with the utilities sector narrowing its 2014 gain to 13.4%.
Treasuries finished the session with slim gains, punctuating their session-long retreat from overnight lows. As a result, the benchmark 10-yr yield slipped one basis point to 2.69%.
Participation was essentially in line with average as 724 million shares changed hands at the NYSE floor.
Today's economic data featured two reports:
The Conference Board's Consumer Confidence Index fell to 82.3 in April from an upwardly revised 83.9 (from 82.3) in March. The Briefing.com consensus pegged the Consumer Confidence Index at 83.5. The Present Situation Index fell to 78.3 in April from 82.5 in March. The Expectations Index increased slightly, from 84.8 in March to 84.9 in April. The overall decline in confidence was a little unusual. Typically, confidence levels trend with employment conditions, equity prices, gasoline costs, and media reports. Extremely low layoff levels coupled with a generally rising stock market in April resulted in a large increase in the University of Michigan Consumer Sentiment Index. Those factors were expected, yet they failed to push the Consumer Confidence Index higher.
The Case-Shiller 20-city Home Price Index for February rose 13.2% while a 13.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 13.2%.
Tomorrow, the weekly MBA Mortgage Applications Index will be released at 7:00 ET and the ADP Employment Change for April (Briefing.com consensus 215,000) will be announced at 8:15 ET. The advance reading of Q1 GDP (Briefing.com consensus 1.0%) will be released at 8:30 ET, while the Chicago PMI report (consensus 56.5) for April will cross the wires at 9:45 ET. Finally, the Federal Open Market Committee will release its latest policy directive at 14:00 ET.
S&P 500 +1.6% YTD
Dow Jones Industrial Average -0.3% YTD
Nasdaq Composite -1.8% YTD
Russell 2000 -3.6% YTD
DJ30 +86.63 NASDAQ +29.14 SP500 +8.90 NASDAQ Adv/Vol/Dec 1385/1.79 bln/1242 NYSE Adv/Vol/Dec 1835/723.8 mln/1226
3:30 pm :
June gold chopped around slightly below the unchanged level for most of today's floor trade as the dollar index traded higher. The FOMC began a two-day meeting on rates and policy and will issue a rate decision tomorrow. The yellow metal lifted from its session low of $1289.20 per ounce set in early morning action and peaked at a session high of $1302.00 per ounce. It eventually settled at $1296.20 per ounce, or 0.2% lower.
July silver spent its entire pit session in the red, trading as low as $19.36 per ounce. It settled with a 0.4% loss at $19.54 per ounce, slightly below its session high of $19.57 per ounce.
June crude oil extended yesterday's gains, advancing as high as $102.25 per barrel. Prices pulled back in late morning action and brushed a session low of $100.87 per barrel. The energy component eventually settled with a 0.4% gain at $101.27 per barrel.
June natural gas climbed into positive territory after touching a session low of $4.76 per MMbtu in morning action. It brushed a session high of $4.85 per MMBtu and settled with a 0.8% gain at $4.83 per MMBtu.
5:01PM Brooks Automation announces agreement to acquire DMS, a provider of automated systems to the semiconductor front-end market, for ~$31 mln (BRKS) 10.11 -0.32 : Co announced that it has entered into a definitive agreement to acquire Dynamic Micro Systems Semiconductor Equipment GmbH ("DMS"). DMS, based in Radolfzell, Germany, provides automated cleaner and stocker products for wafer and reticle carrier devices used in the global semiconductor front-end markets. The cash purchase price is approximately $31 million, subject to an adjustment for working capital at closing. The acquisition is expected to close within the next two weeks upon satisfaction of customary closing conditions.
DMS generated approximately $28 million in revenue for calendar 2013 and because of its many synergies with Brooks, management expects it to become accretive to Brooks' earnings by the first half of fiscal 2015. The Company indicated that further details related to the acquisition will be provided on the regularly scheduled second quarter earnings conference call on May 8, 2014.
4:54PM Juniper Networks collaborates with Gainspeed to deliver virtualized converged cable access platform (JNPR) 24.28 +0.25 :
Co announced the Virtual Converged Cable Access Platform, a solution from its collaboration with Gainspeed that will enable cable operators to readily address growing consumer demand for data services over cable networks.
The Juniper Networks and Gainspeed integrated Virtual CCAP solution will allow cable operators to deliver nearly a 10 times increase in scale and data capacity, while enabling new revenue and service models by leveraging advances in modern silicon, systems packaging, cloud computing and software defined networking
4:31PM Cray misses by $0.03, beats on revs; guides Q2 revs below consensus; guides FY14 revs in-line (CRAY) 32.43 +0.93 : Reports Q1 (Mar) loss of $0.46 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of ($0.43); revenues fell 30.7% year/year to $55.11 mln vs the $51.1 mln consensus.
Co issues downside guidance for Q2, sees Q2 revs of $75 mln vs. $98.30 mln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY14, sees FY14 revs of $600 mln vs. $599.40 mln Capital IQ Consensus Estimate.
Revenue is expected to ramp quarterly during 2014, with about $75 mln for the second quarter and somewhat more
than 50% of the year weighted to the fourth quarter
Non-GAAP gross margin for 2014 is anticipated to be in the mid-30% range
Total non-GAAP operating expenses for the year are anticipated to be about $175 mln
Company expects to be profitable on both a GAAP and non-GAAP basis for 2014
4:24PM SolarWinds beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY14 EPS in-line, revs in-line (SWI) 42.51 +0.91 : Reports Q1 (Mar) earnings of $0.41 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 31.5% year/year to $95.91 mln vs the $93.68 mln consensus.
Co issues mixed guidance for Q2, sees EPS of $0.35-0.37 vs. $0.38 Capital IQ Consensus Estimate; sees Q2 revs of $96.5-98.5 vs. $98.71 mln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY14, sees EPS of $1.60-1.70 vs. $1.61 Capital IQ Consensus Estimate; sees FY14 revs of $409-421 mln vs. $415.62 mln Capital IQ Consensus Estimate.
Combined maintenance and subscription revenue for the first quarter of $59.6 million, representing 41% year-over-year growth in recurring revenue.
License revenue for the first quarter of $36.4 million, representing 18% year-over-year growth.
4:20PM eBay beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs in-line; reaffirms FY14 EPS guidance, revs guidance (EBAY) 54.54 +0.90 : Reports Q1 (Mar) earnings of $0.70 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.67; revenues rose 13.7% year/year to $4.26 bln vs the $4.22 bln consensus.
PayPal net total payment volume (TPV) grew 27% with Merchant Services volume up 32% and on-eBay volume up 15%. Revenue grew to $1.8 billion. PayPal gained 5.8 million new active registered accounts to end the quarter at 148 million, up 16%.
eBay Marketplaces gross merchandise volume (GMV) grew 12%, with the U.S. up 11% and International up 13%. Revenue grew to $2.2 billion. Marketplaces gained 4.7 million new buyers to end the quarter with 145 million active buyers, up 14%.
Co issues mixed guidance for Q2, sees EPS of $0.67-0.69, excluding non-recurring items, vs. $0.70 Capital IQ Consensus Estimate; sees Q2 revs of $4.325-4.425 bln vs. $4.39 bln Capital IQ Consensus Estimate.
Co reaffirms guidance for FY14, sees EPS of $2.95-3.00, excluding non-recurring items, vs. $2.99 Capital IQ Consensus Estimate; sees FY14 revs of $18.0-18.5 bln vs. $18.25 bln Capital IQ Consensus Estimate.
4:16PM FEI misses by $0.08, misses on revs; guides Q2 EPS below consensus, revs below consensus (FEIC) 88.80 -1.20 : Reports Q1 (Mar) earnings of $0.59 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.67; revenues rose 2.3% year/year to $226.3 mln vs the $235.21 mln consensus. The gross margin in the first quarter was 47.0%, compared with 46.4% in the first quarter of 2013 and 47.0% the fourth quarter of 2013. Bookings in the first quarter were $247.3 million, compared with bookings of $230.7 million in the first quarter of 2013 and $256.8 million in the fourth quarter of 2013. The book-to-bill ratio in the quarter was 1.09-to-1 and the backlog at the end of the quarter was $494.6 million.
Co issues downside guidance for Q2, sees EPS of $0.65-0.75 vs. $0.93 Capital IQ Consensus Estimate; sees Q2 revs of $230-240 mln vs. $262.74 mln Capital IQ Consensus Estimate.
4:16PM Nanometrics beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (NANO) 16.16 -0.84 : Reports Q1 (Mar) earnings of $0.09 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 109.8% year/year to $51.6 mln vs the $51.16 mln consensus.
Co issues downside guidance for Q2, sees EPS of (0.03) - $0.08, excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; sees Q2 revs of $47-51 mln vs. $53.95 mln Capital IQ Consensus Estimate.
4:13PM Twitter beats by $0.03, beats on revs; guides Q2 revs in-line; guides FY14 revs in-line (TWTR) 42.62 +1.89 : Reports Q1 (Mar) net of breakeven, $0.03 better than the Capital IQ Consensus Estimate of ($0.03); revenues rose 119.7% year/year to $250.5 mln vs the $241.71 mln consensus.
Revenues
Ad revs $226 mln, up 125% y/y, Q4 ad revs $220 mln
Mobile ad revenue approx 80% of ad revs
International revenue $70 mln, up 183% y/y
TWTR reports Q1 Average Monthly Active Users were 255 mln; Street expectations were 255 mln, Q4 was 241 mln. Mobile MAUs reached 198 mln, an increase of 31% y/y, represents 78% of total MAU
Timeline views reached 157 bln, up 15% y/y, 148 bln in Q4
Advertising Revenue per thousand views was $1.44, up 96% y/y; $1.49 in Q4
Co issues in-line guidance for Q2, sees Q2 revs of $270-280 mln vs. $273.21 mln Capital IQ Consensus Estimate.
Adjusted EBITDA expected to be between $25-30 mln
Co issues in-line guidance for FY14, sees FY14 revs of $1.200-1.250 bln vs. $1.24 bln Capital IQ Consensus Estimate; Prior guidance $1.150-1.200 bln
Adjusted EBITDA expected to be between $180-225 mln, prior guidance $150-180 mln
CapEx expected to be in the range of $330-390 mln, in line with prior guidance
4:09PM Riverbed Technology beats by $0.01, reports revs in-line (RVBD) 19.70 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 7.8% year/year to $265.4 mln vs the $265.83 mln consensus.
"Our first quarter results are a strong proof point supporting our strategy to bring value to our customers by optimizing the delivery of applications and data on a global scale and to deliver profitable returns to our shareholders...Year-over-year revenue growth was led by WAN optimization and strength in enterprise and international sales. We are also very encouraged by our performance management business with increasing revenue from channel partners and significant growth in Europe."
4:09PM RF Micro Device beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (RFMD) 8.09 -0.02 : Reports Q4 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.09; revenues fell 8.8% year/year to $256 mln vs the $255.61 mln consensus. Non-GAAP Gross Margin was 42%.
Co issues upside guidance for Q1, sees EPS of $0.17 vs. $0.11 Capital IQ Consensus Estimate; sees Q1 revs of $305 mln vs. $277.19 mln Capital IQ Consensus Estimate.
Expects Q1 non-GAAP gross margin to expand sequentially by approximately 150 to 200 basis points
Expects non-GAAP operating expenses to be approximately flat sequentially
Expects a non-GAAP tax rate of approximately 15%
4:06PM Seagate Tech beats by $0.09, reports revs in-line (STX) 53.49 +0.89 : Reports Q3 (Mar) earnings of $1.34 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.25; revenues fell 3.4% year/year to $3.41 bln vs the $3.42 bln consensus and $3.4 bln guidance; non-GAAP margin 28.5%.
4:06PM Lam Research initiates quarterly dividend of $0.18 per share; announces $850 mln share repurchase authorization (LRCX) 56.27 -0.25 : LRCX announced that its Board of Directors has approved a $1.0 billion capital return program with the initiation of co's first ever quarterly dividend and an $850 million share repurchase authorization with execution currently planned over the next two year timeframe.
Co plans to declare a quarterly dividend of $0.18 per share of common stock equivalent to an annual yield of approximately 1.27% based on the April 28, 2014 closing stock price of $56.52. On an annualized basis, this will return approximately $117 million to shareholders based on shares outstanding as of March 30, 2014. The first dividend payment has been declared and will be made on July 2, 2014 to holders of record on June 11, 2014. Future dividend payments are subject to review and approval by the Board.
Additionally, co is authorized to repurchase up to $850 million of common stock, which includes approximately $49 million available under the company's prior authorization in the amount of $250 million. Repurchases may be made through both public market and private transactions, and may include the use of derivative contracts and structured share repurchase agreements. The share repurchase program may be suspended or discontinued at any time and does not have a set expiration.
4:01PM Cray signs $70 mln supercomputer contract with the National Energy Research Scientific Computing Center (CRAY) 32.43 +0.93 : Co announced that it has been awarded a $70 million contract to provide a next-generation Cray XC supercomputer to the U.S. Department of Energy's (DOE) National Energy Research Scientific Computing Center (NERSC).
12:30PM Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
BSBR (6.66 +15.22%): Banco Santander (SAN) announced an offer to acquire 25% of its Brazilian subsidiary, BSBR; SAN will offer a 20% premium over the last closing market price.
S (8.13 +9.42%): Beat on EPS by $0.04, beat on revs; raised FY14 adjusted EBITDA guidance.
MGM (24.83 +7.86%): Beat on EPS by $0.12, beat on revs; Q1 Strip Rev Par topped co's guidance; sees Q2 LV Strip RevPAR +5% vs. 14% in Q1; Gaming Board reported March gaming win +10.9% YoY to $560.8 mln on the Las Vegas Strip; +7.6% YoY to $982.2 mln statewide.
Large Cap Losers
COH (46.14 -8.49%): Beat on EPS by $0.07, missed on revs; Q3 N Am comps of -21%; tgt lowered to $42 at Canaccord Genuity.
ABB (24.15 -8.04%): Missed on EPS by $0.10, missed on revs; downgraded to Hold from Buy at Societe Generale.
ROK (116.76 -6.24%): Missed on EPS by $0.09, reported revs in-line; guided FY14 EPS in-line, revs in-line.
Mid Cap Gainers
WLK (72.75 +13.34%): Announced filing of registration statement for Westlake Chemical Partners LP IPO.
WWW (29.44 +11.1%): Beat on EPS by $0.08, reported revs in-line; reaffirmed FY14 EPS guidance, revs guidance.
SGY (49.35 +10.45%): Announced Cardona South drilling success on the deep water Cardona South well at Mississippi Canyon 29; tgt raised to $53 from $48 at MLV & Co.
Mid Cap Losers
DDD (44.67 -9.32%): Reported EPS in-line, beat on revs; reaffirmed FY14 guidance.
JEC (56.45 -9.24%): Missed on EPS by $0.26, missed on revs.
SLAB (44.97 -8.18%): Reported EPS in-line, beat on revs; guided Q2 EPS below consensus, revs in-line.
11:46AM Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (110) outpacing new lows (68) (SCANX) : Stocks that traded to 52 week highs: AAPL, AAV, ACMP, AEP, AGN, AGRO, AHGP, ALL, AMKR, ANDE, ARLP, ATK, ATO, AVA, AWK, BAH, BRK.A, BRK.B, BTI, BUD, BXE, CHD, CHDX, CHSP, CLR, CM, CMI, CNQ, CNX, COP, DYN, EBR, ECA, EGY, ERF, ESXB, ETR, EXR, FPI, FUR, GAS, GIS, HFC, IMO, IPHS, IRS, ITUB, JNJ, KED, KLIC, KR, LAWS, LO, LSI, MDLZ, MDU, MEMP, MO, MRK, NGG, NORD, NS, NU, NWE, OABC, OILT, OKE, ORAN, ORB, PAC, PAM, PEG, PF, PNM, PNY, POM, POR, PRE, PSA, PSX, RDNT, RDS.B, ROIC, SAN, SE, SGY, SJT, SLB, SOHO, SPIL, SRE, STO, SU, SWHC, SYX, TCP, TFSL, TOT, TSLX, UGI, UTL, VET, VLO, VNO, VTL, VTNR, VVC, WLK, WNR, XOM
Stocks that traded to 52 week lows: ACFN, ACPW, AMBT, AMWD, ANAD, AQXP, ATEA, AVD, AVEO, AXGN, BGC, BHLB, BLFS, BNFT, BNNY, BV, CAS, CCCL, CHOP, CNSI, CTHR, CVLT, CVT, EGRX, ESIO, ESNT, EVRY, FLXN, FSBW, GLMD, GTLS, HEAR, HELI, HWCC, IMPV, IPCM, LEI, MCGC, MGT, MITK, MTH, N, NEWL, NMBL, NSR, OIBR, OIBR.C, OPWR, PTSX, QNST, QTM, QTWO, RMGN, RTEC, SEAC, SIGM, STAY, SUSQ, SWSH, TCS, TECUA, TEU, TGE, TIGR, TOPS, TWMC, TXTR, ZNH
ETFs that traded to 52 week highs: DIG, DVY, EWC, EWK, EWQ, EZU, FXB, IGE, IOO, IXC, IYE, PPH, SDY, XLE, XLU
ETFs that traded to 52 week lows: none
Vicor (VICR) announced that its Intel (INTC) VR12.5-compliant, 48 V direct-to-processor power conversion solution is now shipping in volume to OEMs.
8:32AM Apple announced an updated MacBook Air, now starting at $899 (AAPL) 594.09 : Apple announced an updated MacBook Air with faster processors and lower prices, "making the perfect everyday notebook an even better value."
"Now starting at $899, MacBook Air features powerful processors, fast flash storage, 802.11ac Wi-Fi, up to 12 hours of battery life and Apple's iLife and iWork apps, giving you everything you need to handle all your work, all day long."
The 11-inch MacBook Air comes with a 1.4 GHz processor with Turbo Boost speeds up to 2.7 GHz, 4GB of memory and is available with 128GB of flash storage starting at $899 (US), and 256GB of flash storage starting at $1,099 (US). The 13-inch MacBook Air comes with a 1.4 GHz processor with Turbo Boost speeds up to 2.7 GHz, 4GB of memory and is available with 128GB of flash storage starting at $999 (US), and 256GB of flash storage starting at $1,199 (US).
NXP Semiconductors (NXPI) announced that in its recent report, 'Competitive Landscaping Tool -- Annual Detail - 2014 Worldwide Semiconductor Market Share', industry analyst HIS reported that NXP notched a significant increase in total sales. The report also confirmed that NXP has continued to extend its overall leadership in standard products worldwide.
8:07AM SunEdison closes financing to build 60 MW utility solar power plant (SUNE) 18.82 : Co announces that it has closed on construction financing underwritten by Deutsche Bank Securities. The funds will be used to construct the 60 megawatt alternating current Regulus solar power plant located in Kern County.
"Regulus is our largest North America project to date and is evidence of the momentum we are building in the California utility scale solar market. In the past month we've announced completion on the Adobe and Cascade projects which total nearly 40 MW AC. We look forward to participating in the continued growth of the California solar market."
STMicroelectronics (STM 9.46, +0.25): +2.7% after beating earnings estimates on below-consensus revenue.
7:45AM Aixtron misses by EUR0.04, misses on revs; reaffirms FY14 guidance (AIXG) 15.98 : Reports Q1 (Mar) loss of 0.11 per share, 0.04 worse than the Capital IQ Consensus Estimate of ( 0.07); revenues rose 9.2% year/year to 43.9 mln vs the 44.56 mln consensus.
AIXTRON's order intake in Q1/2014 improved by 26% year-on-year to EUR 37.7m. Sequentially, orders remained stable reflecting a slightly more positive market sentiment (Q1/2013: EUR 29.9m; Q4/2013: EUR 37.1m).
Co reaffirms guidance for FY14, sees FY14 revs in-line with last year (EUR 182.9 mln) vs. 215.39 mln Capital IQ Consensus. Management reiterates its guidance made at the end of February for 2014, for this year's revenues to be in line with those of last year. Concurrently, the Company is not expected to be profitable on an EBIT basis over the course of this year. Nevertheless, mgmt expects a year-on-year improvement in earnings due to progress made in cost savings and restructuring.
Microsemi (MSCC) expanded the co's mainstream SmartFusion2 SoC FPGA and IGLOO2 FPGA families with full military temperature-qualified and tested devices (-55 degrees C to +125 degrees C).
7:09AM LKQ reports EPS in-line, beats on revs; guides FY14 EPS in-line (LKQ) 27.22 : Reports Q1 (Mar) earnings of $0.34 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.34; revenues rose 35.9% year/year to $1.63 bln vs the $1.57 bln consensus.
Co issues in-line guidance for FY14, sees EPS of $1.30-1.40 vs. $1.37 Capital IQ Consensus Estimate.
Co sees organic growth of its parts & services to be 8-10%. Sees 2014 cash flow from operations of approx $375 mln.
Sees CapEx in the range of $110-140 mln.
6:57AM Kulicke & Soffa beats by $0.01, reports revs in-line; guides Q3 revs above consensus (KLIC) 12.63 : Reports Q2 (Mar) earnings of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 7.6% year/year to $114.2 mln vs the $115 mln consensus.
Co issues upside guidance for Q3, sees Q3 revs of $165-175 mln vs. $154.42 mln Capital IQ Consensus Estimate.
"Revenue in our second fiscal quarter was in the mid-range of our guidance and represented a 44% sequential increase. Our ability to generate strong gross margins was due, in part, to the strong contributions from wedge bonding, stud bumping, tools, and our service solutions, and the positive impact of our flexible manufacturing model. In addition, efforts in advanced packaging continue to produce outstanding results as the development team continues to innovate and produce deliverables against an aggressive road map."
6:08AM Silicon Labs reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs in-line (SLAB) 48.98 : Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.42; revenues rose 0.2% year/year to $145.7 mln vs the $144.01 mln consensus.
Business Highlights
Gross margin was 60.2%
Broad-based revenue was $72.3 million, essentially flat sequentially, as expected.
Broadcast exceeded expectations with revenue of $50.7 million, including record revenue in video.
Access revenue decreased slightly, as expected, to $22.7 million.
Guidance:
Co issues guidance for Q2, sees EPS of $0.43-0.47, excluding non-recurring items, vs. $0.49 Capital IQ Consensus Estimate; sees Q2 revs of $147-151 mln vs. $149.91 mln Capital IQ Consensus Estimate.
5:40AM Nokia reports EPS in-line, misses on revs (NOK) 7.03 : Reports Q1 (Mar) earnings of EUR0.03 per share, in-line with the Capital IQ Consensus Estimate consensus of EUR0.03; revenues fell 54.5% year/year to EUR2.66 bln vs the EUR2.84 bln consensus.
Outlook:
Co Reaffirms FY14 Networks' non-IFRS operating margin to the higher end of 5-10% target, now expects net sales to grow YoY
Co Reaffirms FY14 capex EUR200M
Continues to expect the Technologies annualized net sales run rate to expand to approximately EUR 600 million during 2014, now that Microsoft has become a more significant intellectual property licensee in conjunction with the sale of substantially all of our Devices & Services business.
Expects software sales to comprise a lower proportion of Networks' second quarter 2014 net sales compared to the first quarter 2014, which is expected to negatively affect Networks' second quarter 2014 non-IFRS operating margin
3:47AM Jacobs misses by $0.26, misses on revs (JEC) 62.20 : Reports Q2 (Mar) earnings of $0.63 per share, $0.26 worse than the Capital IQ Consensus Estimate of $0.89; revenues rose 12.0% year/year to $3.18 bln vs the $3.33 bln consensus.
Backlog:
Jacobs also announced total backlog of $18.4 billion at March 28, 2014, including a technical professional services component of $12.6 billion. This is up approximately 10% from total backlog and up approximately 15% from technical professional services backlog of $16.8 billion and $10.9 billion, respectively, at March 29, 2013.
Designed to enable the best user experience on today's most popular and innovative PCs, AMD (AMD) announced its 3rd-generation Mainstream and Low-Power Mobile Accelerated Processing Units.
2:15AM Cirrus Logic agrees to acquire Wolfson Microelectronics; expected to be accretive in first full Q after closing (CRUS) 22.01 : Cirrus Logic and Wolfson Microelectronics announce the terms of a recommended transaction under which Cirrus Logic would acquire Wolfson at a price of 2.35 per share in cash, implying an enterprise value of 278 million, or ~$467 million. The transaction, if approved, is expected to strengthen Cirrus Logic's ability to expand its customer base with highly differentiated, end-to-end audio solutions for portable audio applications. The transaction will be financed by a combination of existing cash on Cirrus Logic's balance sheet and $225 million in debt funding.
The acquisition is expected to be completed in the second half of 2014.
Cirrus Logic expects the acquisition to be accretive to non-GAAP earnings per share in the first full quarter after the transaction closes
1:56AM Nokia appoints Rajeev Suri as President and CEO and announces new strategy, program to optimize capital structure, and leadership team (NOK) 7.03 : Having completed the sale of substantially all of its Devices & Services business to Microsoft on April 25, 2014, Nokia today announced the following:
The appointment of Rajeev Suri as President and Chief Executive Officer, effective May 1, 2014
A vision to be a leader in technologies important in a connected world
A strategy to realize that vision by building on Nokia's three strong businesses in networks, location and technologies
Plans for a EUR 5 billion program to optimize its capital structure, including the Nokia Board's proposal to the Annual General Meeting 2014 for the dividend and for an authorization for the Board to repurchase shares
A new governance structure and the appointment of a new leadership team, effective May 1, 2014.
To improve the efficiency of Nokia's capital structure, the Nokia Board is announcing plans for a EUR 5 billion capital structure optimization program which focuses on recommencing ordinary dividends, distributing deemed excess capital to shareholders, and reducing interest bearing debt. This comprehensive program consists of the following components:
Recommencement of ordinary dividend payments, with at least EUR 800 million of ordinary dividends in total planned for 2013 and 2014, as follows:
An ordinary dividend for 2013 of EUR 0.11 per share (~EUR 400 million), subject to shareholder approval in 2014
A planned ordinary dividend for 2014 of at least EUR 0.11 per share (at least ~EUR 400 million), subject to shareholder approval in 2015
A special dividend of EUR 0.26 per share, subject to shareholder approval in 2014 (~EUR 1 billion)
A EUR 1.25 billion share repurchase program, subject to the authorization to the Board by the shareholders in 2014
Debt reduction of ~EUR 2 billion by the end of the second quarter 2016
Ultra Clean Holdings (UCTT) reported first quarter earnings of $0.27 per share, excluding non-recurring items, which is worse than expected, while revenues rose 43.5% year/year to $144.2 million which is higher than expected. The company issued guidance for the second quarter with EPS of $0.18-0.21 which is worse than expected with revenues of $128-133 million which is in line with estimates. 'Results for the last quarter were mixed for UCT. We had our best revenue results ever and we exceeded our revenue guidance for the quarter. However, our gross margins for the quarter were lower than expected when we compare this quarter to what we achieved in the previous quarter. As I have mentioned previously, one of our goals has been to achieve gross margins in the 15-18% range, and I am pleased that we continue to operate within this range."
Equity indices began the session on an upbeat note, slowly building on their early gains throughout the afternoon. The energy sector (+0.4%) powered the opening advance thanks to better than expected earnings from BP (BP 50.29, +1.25) and Valero Energy (VLO 56.84, -1.13). BP surged 2.6%, while Valero displayed early strength, but spent the session in a steady retreat from its opening high, which mirrored the price action of the entire sector.
The solid early gain in the energy sector kept the S&P 500 in the green during the first hour of action, while the Nasdaq briefly dipped into the red. The short-lived weakness in the tech-heavy index resulted from the underperformance of top-weighted components, but those names were able to rebound. For its part, the broader technology sector advanced 0.7%, finishing only behind the financial sector (+1.0%).
The economically-sensitive financial sector drew strength from a slew of top components, with Bank of America (BAC 15.24, +0.29) leading the charge. The stock gained 1.9% following yesterday's 6.3% loss. International financials had an even better showing, with Deutsche Bank (DB 44.45, +0.88) gaining 2.0% after reporting above-consensus results. Also of note, Standard & Poor's lowered the ratings of 15 European banks-including Deutsche Bank-to 'Negative' from 'Stable,' but the stock saw little reaction to the news.
In addition to receiving support from two of its largest sectors, the market was also underpinned by the health care space (+0.6%), where Dow component Merck (MRK 58.72, +2.04) rallied 3.6% in reaction to its bottom-line beat. Biotechnology, meanwhile, played along today as the iShares Nasdaq Biotechnology ETF (IBB 229.09, +6.03) gained 2.7%.
On the downside, consumer staples (-0.4%) and utilities (-0.4%) posted modest losses, with the utilities sector narrowing its 2014 gain to 13.4%.
Treasuries finished the session with slim gains, punctuating their session-long retreat from overnight lows. As a result, the benchmark 10-yr yield slipped one basis point to 2.69%.
Participation was essentially in line with average as 724 million shares changed hands at the NYSE floor.
Today's economic data featured two reports:
The Conference Board's Consumer Confidence Index fell to 82.3 in April from an upwardly revised 83.9 (from 82.3) in March. The Briefing.com consensus pegged the Consumer Confidence Index at 83.5. The Present Situation Index fell to 78.3 in April from 82.5 in March. The Expectations Index increased slightly, from 84.8 in March to 84.9 in April. The overall decline in confidence was a little unusual. Typically, confidence levels trend with employment conditions, equity prices, gasoline costs, and media reports. Extremely low layoff levels coupled with a generally rising stock market in April resulted in a large increase in the University of Michigan Consumer Sentiment Index. Those factors were expected, yet they failed to push the Consumer Confidence Index higher.
The Case-Shiller 20-city Home Price Index for February rose 13.2% while a 13.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 13.2%.
Tomorrow, the weekly MBA Mortgage Applications Index will be released at 7:00 ET and the ADP Employment Change for April (Briefing.com consensus 215,000) will be announced at 8:15 ET. The advance reading of Q1 GDP (Briefing.com consensus 1.0%) will be released at 8:30 ET, while the Chicago PMI report (consensus 56.5) for April will cross the wires at 9:45 ET. Finally, the Federal Open Market Committee will release its latest policy directive at 14:00 ET.
S&P 500 +1.6% YTD
Dow Jones Industrial Average -0.3% YTD
Nasdaq Composite -1.8% YTD
Russell 2000 -3.6% YTD
DJ30 +86.63 NASDAQ +29.14 SP500 +8.90 NASDAQ Adv/Vol/Dec 1385/1.79 bln/1242 NYSE Adv/Vol/Dec 1835/723.8 mln/1226
3:30 pm :
June gold chopped around slightly below the unchanged level for most of today's floor trade as the dollar index traded higher. The FOMC began a two-day meeting on rates and policy and will issue a rate decision tomorrow. The yellow metal lifted from its session low of $1289.20 per ounce set in early morning action and peaked at a session high of $1302.00 per ounce. It eventually settled at $1296.20 per ounce, or 0.2% lower.
July silver spent its entire pit session in the red, trading as low as $19.36 per ounce. It settled with a 0.4% loss at $19.54 per ounce, slightly below its session high of $19.57 per ounce.
June crude oil extended yesterday's gains, advancing as high as $102.25 per barrel. Prices pulled back in late morning action and brushed a session low of $100.87 per barrel. The energy component eventually settled with a 0.4% gain at $101.27 per barrel.
June natural gas climbed into positive territory after touching a session low of $4.76 per MMbtu in morning action. It brushed a session high of $4.85 per MMBtu and settled with a 0.8% gain at $4.83 per MMBtu.
5:01PM Brooks Automation announces agreement to acquire DMS, a provider of automated systems to the semiconductor front-end market, for ~$31 mln (BRKS) 10.11 -0.32 : Co announced that it has entered into a definitive agreement to acquire Dynamic Micro Systems Semiconductor Equipment GmbH ("DMS"). DMS, based in Radolfzell, Germany, provides automated cleaner and stocker products for wafer and reticle carrier devices used in the global semiconductor front-end markets. The cash purchase price is approximately $31 million, subject to an adjustment for working capital at closing. The acquisition is expected to close within the next two weeks upon satisfaction of customary closing conditions.
DMS generated approximately $28 million in revenue for calendar 2013 and because of its many synergies with Brooks, management expects it to become accretive to Brooks' earnings by the first half of fiscal 2015. The Company indicated that further details related to the acquisition will be provided on the regularly scheduled second quarter earnings conference call on May 8, 2014.
4:54PM Juniper Networks collaborates with Gainspeed to deliver virtualized converged cable access platform (JNPR) 24.28 +0.25 :
Co announced the Virtual Converged Cable Access Platform, a solution from its collaboration with Gainspeed that will enable cable operators to readily address growing consumer demand for data services over cable networks.
The Juniper Networks and Gainspeed integrated Virtual CCAP solution will allow cable operators to deliver nearly a 10 times increase in scale and data capacity, while enabling new revenue and service models by leveraging advances in modern silicon, systems packaging, cloud computing and software defined networking
4:31PM Cray misses by $0.03, beats on revs; guides Q2 revs below consensus; guides FY14 revs in-line (CRAY) 32.43 +0.93 : Reports Q1 (Mar) loss of $0.46 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of ($0.43); revenues fell 30.7% year/year to $55.11 mln vs the $51.1 mln consensus.
Co issues downside guidance for Q2, sees Q2 revs of $75 mln vs. $98.30 mln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY14, sees FY14 revs of $600 mln vs. $599.40 mln Capital IQ Consensus Estimate.
Revenue is expected to ramp quarterly during 2014, with about $75 mln for the second quarter and somewhat more
than 50% of the year weighted to the fourth quarter
Non-GAAP gross margin for 2014 is anticipated to be in the mid-30% range
Total non-GAAP operating expenses for the year are anticipated to be about $175 mln
Company expects to be profitable on both a GAAP and non-GAAP basis for 2014
4:24PM SolarWinds beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY14 EPS in-line, revs in-line (SWI) 42.51 +0.91 : Reports Q1 (Mar) earnings of $0.41 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 31.5% year/year to $95.91 mln vs the $93.68 mln consensus.
Co issues mixed guidance for Q2, sees EPS of $0.35-0.37 vs. $0.38 Capital IQ Consensus Estimate; sees Q2 revs of $96.5-98.5 vs. $98.71 mln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY14, sees EPS of $1.60-1.70 vs. $1.61 Capital IQ Consensus Estimate; sees FY14 revs of $409-421 mln vs. $415.62 mln Capital IQ Consensus Estimate.
Combined maintenance and subscription revenue for the first quarter of $59.6 million, representing 41% year-over-year growth in recurring revenue.
License revenue for the first quarter of $36.4 million, representing 18% year-over-year growth.
4:20PM eBay beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs in-line; reaffirms FY14 EPS guidance, revs guidance (EBAY) 54.54 +0.90 : Reports Q1 (Mar) earnings of $0.70 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.67; revenues rose 13.7% year/year to $4.26 bln vs the $4.22 bln consensus.
PayPal net total payment volume (TPV) grew 27% with Merchant Services volume up 32% and on-eBay volume up 15%. Revenue grew to $1.8 billion. PayPal gained 5.8 million new active registered accounts to end the quarter at 148 million, up 16%.
eBay Marketplaces gross merchandise volume (GMV) grew 12%, with the U.S. up 11% and International up 13%. Revenue grew to $2.2 billion. Marketplaces gained 4.7 million new buyers to end the quarter with 145 million active buyers, up 14%.
Co issues mixed guidance for Q2, sees EPS of $0.67-0.69, excluding non-recurring items, vs. $0.70 Capital IQ Consensus Estimate; sees Q2 revs of $4.325-4.425 bln vs. $4.39 bln Capital IQ Consensus Estimate.
Co reaffirms guidance for FY14, sees EPS of $2.95-3.00, excluding non-recurring items, vs. $2.99 Capital IQ Consensus Estimate; sees FY14 revs of $18.0-18.5 bln vs. $18.25 bln Capital IQ Consensus Estimate.
4:16PM FEI misses by $0.08, misses on revs; guides Q2 EPS below consensus, revs below consensus (FEIC) 88.80 -1.20 : Reports Q1 (Mar) earnings of $0.59 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.67; revenues rose 2.3% year/year to $226.3 mln vs the $235.21 mln consensus. The gross margin in the first quarter was 47.0%, compared with 46.4% in the first quarter of 2013 and 47.0% the fourth quarter of 2013. Bookings in the first quarter were $247.3 million, compared with bookings of $230.7 million in the first quarter of 2013 and $256.8 million in the fourth quarter of 2013. The book-to-bill ratio in the quarter was 1.09-to-1 and the backlog at the end of the quarter was $494.6 million.
Co issues downside guidance for Q2, sees EPS of $0.65-0.75 vs. $0.93 Capital IQ Consensus Estimate; sees Q2 revs of $230-240 mln vs. $262.74 mln Capital IQ Consensus Estimate.
4:16PM Nanometrics beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (NANO) 16.16 -0.84 : Reports Q1 (Mar) earnings of $0.09 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 109.8% year/year to $51.6 mln vs the $51.16 mln consensus.
Co issues downside guidance for Q2, sees EPS of (0.03) - $0.08, excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; sees Q2 revs of $47-51 mln vs. $53.95 mln Capital IQ Consensus Estimate.
4:13PM Twitter beats by $0.03, beats on revs; guides Q2 revs in-line; guides FY14 revs in-line (TWTR) 42.62 +1.89 : Reports Q1 (Mar) net of breakeven, $0.03 better than the Capital IQ Consensus Estimate of ($0.03); revenues rose 119.7% year/year to $250.5 mln vs the $241.71 mln consensus.
Revenues
Ad revs $226 mln, up 125% y/y, Q4 ad revs $220 mln
Mobile ad revenue approx 80% of ad revs
International revenue $70 mln, up 183% y/y
TWTR reports Q1 Average Monthly Active Users were 255 mln; Street expectations were 255 mln, Q4 was 241 mln. Mobile MAUs reached 198 mln, an increase of 31% y/y, represents 78% of total MAU
Timeline views reached 157 bln, up 15% y/y, 148 bln in Q4
Advertising Revenue per thousand views was $1.44, up 96% y/y; $1.49 in Q4
Co issues in-line guidance for Q2, sees Q2 revs of $270-280 mln vs. $273.21 mln Capital IQ Consensus Estimate.
Adjusted EBITDA expected to be between $25-30 mln
Co issues in-line guidance for FY14, sees FY14 revs of $1.200-1.250 bln vs. $1.24 bln Capital IQ Consensus Estimate; Prior guidance $1.150-1.200 bln
Adjusted EBITDA expected to be between $180-225 mln, prior guidance $150-180 mln
CapEx expected to be in the range of $330-390 mln, in line with prior guidance
4:09PM Riverbed Technology beats by $0.01, reports revs in-line (RVBD) 19.70 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 7.8% year/year to $265.4 mln vs the $265.83 mln consensus.
"Our first quarter results are a strong proof point supporting our strategy to bring value to our customers by optimizing the delivery of applications and data on a global scale and to deliver profitable returns to our shareholders...Year-over-year revenue growth was led by WAN optimization and strength in enterprise and international sales. We are also very encouraged by our performance management business with increasing revenue from channel partners and significant growth in Europe."
4:09PM RF Micro Device beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (RFMD) 8.09 -0.02 : Reports Q4 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.09; revenues fell 8.8% year/year to $256 mln vs the $255.61 mln consensus. Non-GAAP Gross Margin was 42%.
Co issues upside guidance for Q1, sees EPS of $0.17 vs. $0.11 Capital IQ Consensus Estimate; sees Q1 revs of $305 mln vs. $277.19 mln Capital IQ Consensus Estimate.
Expects Q1 non-GAAP gross margin to expand sequentially by approximately 150 to 200 basis points
Expects non-GAAP operating expenses to be approximately flat sequentially
Expects a non-GAAP tax rate of approximately 15%
4:06PM Seagate Tech beats by $0.09, reports revs in-line (STX) 53.49 +0.89 : Reports Q3 (Mar) earnings of $1.34 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.25; revenues fell 3.4% year/year to $3.41 bln vs the $3.42 bln consensus and $3.4 bln guidance; non-GAAP margin 28.5%.
4:06PM Lam Research initiates quarterly dividend of $0.18 per share; announces $850 mln share repurchase authorization (LRCX) 56.27 -0.25 : LRCX announced that its Board of Directors has approved a $1.0 billion capital return program with the initiation of co's first ever quarterly dividend and an $850 million share repurchase authorization with execution currently planned over the next two year timeframe.
Co plans to declare a quarterly dividend of $0.18 per share of common stock equivalent to an annual yield of approximately 1.27% based on the April 28, 2014 closing stock price of $56.52. On an annualized basis, this will return approximately $117 million to shareholders based on shares outstanding as of March 30, 2014. The first dividend payment has been declared and will be made on July 2, 2014 to holders of record on June 11, 2014. Future dividend payments are subject to review and approval by the Board.
Additionally, co is authorized to repurchase up to $850 million of common stock, which includes approximately $49 million available under the company's prior authorization in the amount of $250 million. Repurchases may be made through both public market and private transactions, and may include the use of derivative contracts and structured share repurchase agreements. The share repurchase program may be suspended or discontinued at any time and does not have a set expiration.
4:01PM Cray signs $70 mln supercomputer contract with the National Energy Research Scientific Computing Center (CRAY) 32.43 +0.93 : Co announced that it has been awarded a $70 million contract to provide a next-generation Cray XC supercomputer to the U.S. Department of Energy's (DOE) National Energy Research Scientific Computing Center (NERSC).
12:30PM Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
BSBR (6.66 +15.22%): Banco Santander (SAN) announced an offer to acquire 25% of its Brazilian subsidiary, BSBR; SAN will offer a 20% premium over the last closing market price.
S (8.13 +9.42%): Beat on EPS by $0.04, beat on revs; raised FY14 adjusted EBITDA guidance.
MGM (24.83 +7.86%): Beat on EPS by $0.12, beat on revs; Q1 Strip Rev Par topped co's guidance; sees Q2 LV Strip RevPAR +5% vs. 14% in Q1; Gaming Board reported March gaming win +10.9% YoY to $560.8 mln on the Las Vegas Strip; +7.6% YoY to $982.2 mln statewide.
Large Cap Losers
COH (46.14 -8.49%): Beat on EPS by $0.07, missed on revs; Q3 N Am comps of -21%; tgt lowered to $42 at Canaccord Genuity.
ABB (24.15 -8.04%): Missed on EPS by $0.10, missed on revs; downgraded to Hold from Buy at Societe Generale.
ROK (116.76 -6.24%): Missed on EPS by $0.09, reported revs in-line; guided FY14 EPS in-line, revs in-line.
Mid Cap Gainers
WLK (72.75 +13.34%): Announced filing of registration statement for Westlake Chemical Partners LP IPO.
WWW (29.44 +11.1%): Beat on EPS by $0.08, reported revs in-line; reaffirmed FY14 EPS guidance, revs guidance.
SGY (49.35 +10.45%): Announced Cardona South drilling success on the deep water Cardona South well at Mississippi Canyon 29; tgt raised to $53 from $48 at MLV & Co.
Mid Cap Losers
DDD (44.67 -9.32%): Reported EPS in-line, beat on revs; reaffirmed FY14 guidance.
JEC (56.45 -9.24%): Missed on EPS by $0.26, missed on revs.
SLAB (44.97 -8.18%): Reported EPS in-line, beat on revs; guided Q2 EPS below consensus, revs in-line.
11:46AM Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (110) outpacing new lows (68) (SCANX) : Stocks that traded to 52 week highs: AAPL, AAV, ACMP, AEP, AGN, AGRO, AHGP, ALL, AMKR, ANDE, ARLP, ATK, ATO, AVA, AWK, BAH, BRK.A, BRK.B, BTI, BUD, BXE, CHD, CHDX, CHSP, CLR, CM, CMI, CNQ, CNX, COP, DYN, EBR, ECA, EGY, ERF, ESXB, ETR, EXR, FPI, FUR, GAS, GIS, HFC, IMO, IPHS, IRS, ITUB, JNJ, KED, KLIC, KR, LAWS, LO, LSI, MDLZ, MDU, MEMP, MO, MRK, NGG, NORD, NS, NU, NWE, OABC, OILT, OKE, ORAN, ORB, PAC, PAM, PEG, PF, PNM, PNY, POM, POR, PRE, PSA, PSX, RDNT, RDS.B, ROIC, SAN, SE, SGY, SJT, SLB, SOHO, SPIL, SRE, STO, SU, SWHC, SYX, TCP, TFSL, TOT, TSLX, UGI, UTL, VET, VLO, VNO, VTL, VTNR, VVC, WLK, WNR, XOM
Stocks that traded to 52 week lows: ACFN, ACPW, AMBT, AMWD, ANAD, AQXP, ATEA, AVD, AVEO, AXGN, BGC, BHLB, BLFS, BNFT, BNNY, BV, CAS, CCCL, CHOP, CNSI, CTHR, CVLT, CVT, EGRX, ESIO, ESNT, EVRY, FLXN, FSBW, GLMD, GTLS, HEAR, HELI, HWCC, IMPV, IPCM, LEI, MCGC, MGT, MITK, MTH, N, NEWL, NMBL, NSR, OIBR, OIBR.C, OPWR, PTSX, QNST, QTM, QTWO, RMGN, RTEC, SEAC, SIGM, STAY, SUSQ, SWSH, TCS, TECUA, TEU, TGE, TIGR, TOPS, TWMC, TXTR, ZNH
ETFs that traded to 52 week highs: DIG, DVY, EWC, EWK, EWQ, EZU, FXB, IGE, IOO, IXC, IYE, PPH, SDY, XLE, XLU
ETFs that traded to 52 week lows: none
Vicor (VICR) announced that its Intel (INTC) VR12.5-compliant, 48 V direct-to-processor power conversion solution is now shipping in volume to OEMs.
8:32AM Apple announced an updated MacBook Air, now starting at $899 (AAPL) 594.09 : Apple announced an updated MacBook Air with faster processors and lower prices, "making the perfect everyday notebook an even better value."
"Now starting at $899, MacBook Air features powerful processors, fast flash storage, 802.11ac Wi-Fi, up to 12 hours of battery life and Apple's iLife and iWork apps, giving you everything you need to handle all your work, all day long."
The 11-inch MacBook Air comes with a 1.4 GHz processor with Turbo Boost speeds up to 2.7 GHz, 4GB of memory and is available with 128GB of flash storage starting at $899 (US), and 256GB of flash storage starting at $1,099 (US). The 13-inch MacBook Air comes with a 1.4 GHz processor with Turbo Boost speeds up to 2.7 GHz, 4GB of memory and is available with 128GB of flash storage starting at $999 (US), and 256GB of flash storage starting at $1,199 (US).
NXP Semiconductors (NXPI) announced that in its recent report, 'Competitive Landscaping Tool -- Annual Detail - 2014 Worldwide Semiconductor Market Share', industry analyst HIS reported that NXP notched a significant increase in total sales. The report also confirmed that NXP has continued to extend its overall leadership in standard products worldwide.
8:07AM SunEdison closes financing to build 60 MW utility solar power plant (SUNE) 18.82 : Co announces that it has closed on construction financing underwritten by Deutsche Bank Securities. The funds will be used to construct the 60 megawatt alternating current Regulus solar power plant located in Kern County.
"Regulus is our largest North America project to date and is evidence of the momentum we are building in the California utility scale solar market. In the past month we've announced completion on the Adobe and Cascade projects which total nearly 40 MW AC. We look forward to participating in the continued growth of the California solar market."
STMicroelectronics (STM 9.46, +0.25): +2.7% after beating earnings estimates on below-consensus revenue.
7:45AM Aixtron misses by EUR0.04, misses on revs; reaffirms FY14 guidance (AIXG) 15.98 : Reports Q1 (Mar) loss of 0.11 per share, 0.04 worse than the Capital IQ Consensus Estimate of ( 0.07); revenues rose 9.2% year/year to 43.9 mln vs the 44.56 mln consensus.
AIXTRON's order intake in Q1/2014 improved by 26% year-on-year to EUR 37.7m. Sequentially, orders remained stable reflecting a slightly more positive market sentiment (Q1/2013: EUR 29.9m; Q4/2013: EUR 37.1m).
Co reaffirms guidance for FY14, sees FY14 revs in-line with last year (EUR 182.9 mln) vs. 215.39 mln Capital IQ Consensus. Management reiterates its guidance made at the end of February for 2014, for this year's revenues to be in line with those of last year. Concurrently, the Company is not expected to be profitable on an EBIT basis over the course of this year. Nevertheless, mgmt expects a year-on-year improvement in earnings due to progress made in cost savings and restructuring.
Microsemi (MSCC) expanded the co's mainstream SmartFusion2 SoC FPGA and IGLOO2 FPGA families with full military temperature-qualified and tested devices (-55 degrees C to +125 degrees C).
7:09AM LKQ reports EPS in-line, beats on revs; guides FY14 EPS in-line (LKQ) 27.22 : Reports Q1 (Mar) earnings of $0.34 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.34; revenues rose 35.9% year/year to $1.63 bln vs the $1.57 bln consensus.
Co issues in-line guidance for FY14, sees EPS of $1.30-1.40 vs. $1.37 Capital IQ Consensus Estimate.
Co sees organic growth of its parts & services to be 8-10%. Sees 2014 cash flow from operations of approx $375 mln.
Sees CapEx in the range of $110-140 mln.
6:57AM Kulicke & Soffa beats by $0.01, reports revs in-line; guides Q3 revs above consensus (KLIC) 12.63 : Reports Q2 (Mar) earnings of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 7.6% year/year to $114.2 mln vs the $115 mln consensus.
Co issues upside guidance for Q3, sees Q3 revs of $165-175 mln vs. $154.42 mln Capital IQ Consensus Estimate.
"Revenue in our second fiscal quarter was in the mid-range of our guidance and represented a 44% sequential increase. Our ability to generate strong gross margins was due, in part, to the strong contributions from wedge bonding, stud bumping, tools, and our service solutions, and the positive impact of our flexible manufacturing model. In addition, efforts in advanced packaging continue to produce outstanding results as the development team continues to innovate and produce deliverables against an aggressive road map."
6:08AM Silicon Labs reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs in-line (SLAB) 48.98 : Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.42; revenues rose 0.2% year/year to $145.7 mln vs the $144.01 mln consensus.
Business Highlights
Gross margin was 60.2%
Broad-based revenue was $72.3 million, essentially flat sequentially, as expected.
Broadcast exceeded expectations with revenue of $50.7 million, including record revenue in video.
Access revenue decreased slightly, as expected, to $22.7 million.
Guidance:
Co issues guidance for Q2, sees EPS of $0.43-0.47, excluding non-recurring items, vs. $0.49 Capital IQ Consensus Estimate; sees Q2 revs of $147-151 mln vs. $149.91 mln Capital IQ Consensus Estimate.
5:40AM Nokia reports EPS in-line, misses on revs (NOK) 7.03 : Reports Q1 (Mar) earnings of EUR0.03 per share, in-line with the Capital IQ Consensus Estimate consensus of EUR0.03; revenues fell 54.5% year/year to EUR2.66 bln vs the EUR2.84 bln consensus.
Outlook:
Co Reaffirms FY14 Networks' non-IFRS operating margin to the higher end of 5-10% target, now expects net sales to grow YoY
Co Reaffirms FY14 capex EUR200M
Continues to expect the Technologies annualized net sales run rate to expand to approximately EUR 600 million during 2014, now that Microsoft has become a more significant intellectual property licensee in conjunction with the sale of substantially all of our Devices & Services business.
Expects software sales to comprise a lower proportion of Networks' second quarter 2014 net sales compared to the first quarter 2014, which is expected to negatively affect Networks' second quarter 2014 non-IFRS operating margin
3:47AM Jacobs misses by $0.26, misses on revs (JEC) 62.20 : Reports Q2 (Mar) earnings of $0.63 per share, $0.26 worse than the Capital IQ Consensus Estimate of $0.89; revenues rose 12.0% year/year to $3.18 bln vs the $3.33 bln consensus.
Backlog:
Jacobs also announced total backlog of $18.4 billion at March 28, 2014, including a technical professional services component of $12.6 billion. This is up approximately 10% from total backlog and up approximately 15% from technical professional services backlog of $16.8 billion and $10.9 billion, respectively, at March 29, 2013.
Designed to enable the best user experience on today's most popular and innovative PCs, AMD (AMD) announced its 3rd-generation Mainstream and Low-Power Mobile Accelerated Processing Units.
2:15AM Cirrus Logic agrees to acquire Wolfson Microelectronics; expected to be accretive in first full Q after closing (CRUS) 22.01 : Cirrus Logic and Wolfson Microelectronics announce the terms of a recommended transaction under which Cirrus Logic would acquire Wolfson at a price of 2.35 per share in cash, implying an enterprise value of 278 million, or ~$467 million. The transaction, if approved, is expected to strengthen Cirrus Logic's ability to expand its customer base with highly differentiated, end-to-end audio solutions for portable audio applications. The transaction will be financed by a combination of existing cash on Cirrus Logic's balance sheet and $225 million in debt funding.
The acquisition is expected to be completed in the second half of 2014.
Cirrus Logic expects the acquisition to be accretive to non-GAAP earnings per share in the first full quarter after the transaction closes
1:56AM Nokia appoints Rajeev Suri as President and CEO and announces new strategy, program to optimize capital structure, and leadership team (NOK) 7.03 : Having completed the sale of substantially all of its Devices & Services business to Microsoft on April 25, 2014, Nokia today announced the following:
The appointment of Rajeev Suri as President and Chief Executive Officer, effective May 1, 2014
A vision to be a leader in technologies important in a connected world
A strategy to realize that vision by building on Nokia's three strong businesses in networks, location and technologies
Plans for a EUR 5 billion program to optimize its capital structure, including the Nokia Board's proposal to the Annual General Meeting 2014 for the dividend and for an authorization for the Board to repurchase shares
A new governance structure and the appointment of a new leadership team, effective May 1, 2014.
To improve the efficiency of Nokia's capital structure, the Nokia Board is announcing plans for a EUR 5 billion capital structure optimization program which focuses on recommencing ordinary dividends, distributing deemed excess capital to shareholders, and reducing interest bearing debt. This comprehensive program consists of the following components:
Recommencement of ordinary dividend payments, with at least EUR 800 million of ordinary dividends in total planned for 2013 and 2014, as follows:
An ordinary dividend for 2013 of EUR 0.11 per share (~EUR 400 million), subject to shareholder approval in 2014
A planned ordinary dividend for 2014 of at least EUR 0.11 per share (at least ~EUR 400 million), subject to shareholder approval in 2015
A special dividend of EUR 0.26 per share, subject to shareholder approval in 2014 (~EUR 1 billion)
A EUR 1.25 billion share repurchase program, subject to the authorization to the Board by the shareholders in 2014
Debt reduction of ~EUR 2 billion by the end of the second quarter 2016
Ultra Clean Holdings (UCTT) reported first quarter earnings of $0.27 per share, excluding non-recurring items, which is worse than expected, while revenues rose 43.5% year/year to $144.2 million which is higher than expected. The company issued guidance for the second quarter with EPS of $0.18-0.21 which is worse than expected with revenues of $128-133 million which is in line with estimates. 'Results for the last quarter were mixed for UCT. We had our best revenue results ever and we exceeded our revenue guidance for the quarter. However, our gross margins for the quarter were lower than expected when we compare this quarter to what we achieved in the previous quarter. As I have mentioned previously, one of our goals has been to achieve gross margins in the 15-18% range, and I am pleased that we continue to operate within this range."
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