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Saturday, April 25, 2015 10:13:56 AM
Weekly Recap - Week ending 24-Apr-15From Briefing.com: Dow +21.45 at 18080.14, Nasdaq +36.02 at 5092.08, S&P +4.76 at 2117.69
http://biz.yahoo.com/mu/update.html
The stock market wrapped up a strong week with a record finish even as economic data remained weak. The S&P 500 settled higher by 0.2% and registered a fresh record closing high at 2117.69 while the Nasdaq Composite (+0.7%) outperformed and posted another record close. Tragically, the Dow Jones Industrial Average could only add 0.1%, remaining 1.2% below its nominal record closing high from early March.
The Nasdaq surged out of the gate with several large components registering large gains in reaction to earnings. Amazon.com (AMZN 445.10, +55.11) surpassed revenue estimates and reported better than expected operating income. The retailer's loss of $0.12/share did not deter investors from sending the stock higher by 14.1%. Meanwhile another consumer discretionary component-Starbucks (SBUX 51.84, +2.41)-surged 4.9% after its in-line report overshadowed cautious guidance. Thanks to the two names, the consumer discretionary sector (+1.4%) ended well ahead of other groups.
However, Amazon and Starbucks were just partially responsible for the relative strength in the Nasdaq. Two tech sector (+0.9%) heavyweights-Google (GOOGL 573.66, +16.20) and Microsoft (MSFT 47.87, +4.53)-spiked 2.9% and 10.5%, respectively following earnings. Microsoft soared in reaction to better than expected results, while Google missed on earnings and revenue, which may explain why the stock "only" went up 2.9%.
It is worth noting that the handful of giants overshadowed a weak performance from many other Nasdaq components. For instance, chipmakers retreated across the board. The PHLX Semiconductor Index fell 1.7% with Maxim Integrated (MXIM 32.78, -1.96) leading the group lower. Shares of MXIM fell 5.6% after disappointing revenue overshadowed a bottom-line beat. Meanwhile, KLA-Tencor (KLAC 58.89, -0.96) beat estimates and announced plans to reduce its workforce, but still ended lower by 1.6% amid some concerns about the company's outlook.
Similar to chipmakers, biotech names struggled with iShares Nasdaq Biotechnology ETF (IBB 363.70, -3.98) falling 1.1%. Most notably, Biogen (BIIB 401.71, -28.57) fell 6.6% after missing earnings and revenue estimates even though the company still reported 20.0% year-over-year revenue growth. However, the bar was set even higher for this large component of an industry group that has made a major contribution to the Nasdaq's rally to record highs, today notwithstanding. For its part, the health care sector (-0.3%) spent the day in the red as biotech weighed.
Staying in the health care sector, Mylan (MYL 76.06, +2.37) made an intraday offer to acquire Perrigo (PRGO 192.89, -8.74) for $205/share in cash and stock, but Perrigo was quick to reject that offer. Elsewhere, another potential deal fell through with antitrust concerns likely playing a part as Comcast (CMCSA 59.64, +0.41) terminated its pursuit of Time Warner Cable (TWC 155.26, +6.50). Shares of TWC rallied 4.4% amid speculation the company may now be an attractive target for Charter Communications (CHTR 185.75, +2.17).
As mentioned earlier, consumer discretionary and technology sectors posted solid gains, which kept the S&P 500 in the green. Materials (+0.8%) and utilities (+1.0%) also posted solid gains, but the two groups account for just over 6.0% of the entire market.
Going back to influential sectors, financials (-0.2%), industrials (-0.4%), and energy (-0.6%) spent the entire day in negative territory. The energy sector was pressured by crude oil, which fell 1.0% to $57.18/bbl, while Dow component, ExxonMobil (XOM 86.97, -0.57), kept pace with the sector.
Moving on, the industrial sector was pressured by some of its large components like Dow member, Boeing (BA 148.40, -1.47), which fell 1.0% while transport stocks also lagged following disappointing results and guidance from Landstar (LSTR 64.49, -1.44). The freight carrier lost 2.2% while the Dow Jones Transportation Average shed 0.3%. To be fair, airlines bucked the trend after American Airlines (AAL 52.70, +1.25) beat estimates; however, the stock is not a member of the DJTA so its strength in that arena showed up through peers like Delta Airlines (DAL 46.98, +0.55) and United Continental (UAL 63.51, +0.71).
On the international front, representatives from Greece met with the Eurogroup in Riga today, but once again, the meeting ended without any concrete solutions. The prolonged negotiations appear to be getting more tense with Bloomberg reporting that unnamed euro area finance ministers have called Greek Finance Minister a "time-waster, gambler, and an amateur."
Treasuries posted modest gains with the 10-yr yield falling three basis points to 1.92%. The entire advance occurred in the wake of today's Durable Orders, which seemed ok at first glance:
Durable goods orders increased 4.0% in March after declining an unrevised 1.4% in February while the Briefing.com consensus expected an increase of 0.5%
The entire March gain resulted from increased transportation demand, specifically from the defense-related aircraft sector
Defense aircraft orders increased 112.8% in March with total aircraft orders increasing 43.8% after declining 8.3% in February
Motor vehicle and parts orders increased 5.4%
Excluding transportation, durable goods orders declined 0.2% in March after declining a downwardly revised 1.3% (from -0.6%) in February while the consensus expected an increase of 0.4%
After declining 2.2% in February, orders of nondefense capital goods excluding aircraft declined 0.5% in March
Shipments, which factor into first quarter GDP growth, declined 0.4% in March after increasing 0.1% in February
There is no data scheduled for Monday.
Week in Review: Nasdaq Sets Fresh Record Closing High
The stock market began the week on an upbeat note with the S&P 500 (+0.9%) erasing the bulk of its decline from Friday. The benchmark index reclaimed its 50-day moving average (2,086) at the start and spent the remainder of the day near its early high while the Dow Jones Industrial Average (+1.2%) and Nasdaq Composite (+1.3%) outperformed. Global equity markets enjoyed a strong start to the week after the People's Bank of China lowered the reserve requirement ratio for all banks to 18.5% from 19.5%. The 100-basis point cut was the largest such move since November 2008 and was implemented in hopes of avoiding a slowdown in China's economic growth. The easing news from China helped markets in Europe register broad gains with investors overlooking the latest Greece-related developments. Specifically, the Greek government has requested local governments to transfer their cash balances to the Bank of Greece as the troubled sovereign continues scrambling for funds ahead of the next IMF payment deadline. All ten sectors registered solid gains with five groups adding more than 1.0%. The top-weighted technology sector (+1.8%) ended in the lead after climbing throughout the session with large cap components fueling the move.
Equity indices ended Tuesday on a mixed note with the Dow and S&P 500 losing 0.5% and 0.2%, respectively, while the Nasdaq Composite (+0.4%) outperformed. The trading day was relatively quiet as equity indices diverged during the opening hour of action and maintained narrow ranges into the afternoon. The S&P 500 opened with a nine-point gain, but was back near its flat line before the opening hour ended. For its part, the Nasdaq spent the day near its early high thanks to solid gains among biotech names after Teva Pharmaceutical (TEVA 64.14, +0.85) offered to acquire Mylan (MYL 74.11, +6.06) for $82.00/share in cash and stock. The two names posted respective gains of 1.3% and 8.9% while the iShares Nasdaq Biotechnology ETF (IBB 364.50, +6.55) settled higher by 1.8%. Furthermore, the health care sector advanced 0.7% and was the only sector with a gain larger than 0.1%.
The major averages registered modest Wednesday gains with the S&P 500 (+0.5%) ending ahead of the Nasdaq Composite (+0.4%). Overall, the session was very quiet as the key indices spent the day in a slow advance. Intraday trading volume highlighted that dynamic, but more than 735 million shares changed hands at the NYSE floor by the close, representing the highest total of the week. All ten sectors registered gains with the top-weighted technology sector (+1.1%) ending in the lead. The influential group was underpinned by daylong strength in shares of MasterCard (MA 91.20, +3.43) and Visa (V 68.01, +2.66) after it was reported China will allow foreign card processors to compete with UnionPay, which is the only company that processes yuan-denominated card payments at this time. Meanwhile, tech heavyweights like Apple (AAPL 128.62, +1.71), Google (GOOGL 549.18, +6.25), and Microsoft (MSFT 42.98, +0.35) joined the rally in progress.
On Thursday, the stock market posted its second consecutive gain with the S&P 500 (+0.2%) notching a fresh intraday record high at 2,120.49. More notably, the Nasdaq Composite (+0.4%) set a fresh closing record high at 5,056.06, which eclipsed the previous peak (5,048.62), registered on March 10, 2000. Strikingly, the advance occurred after Manufacturing PMI readings from China (49.2; consensus 49.6) and Japan (49.7; expected 50.8) missed expectations while European economies also delivered disappointing manufacturing surveys. Economic data did not improve much by the start of the U.S. session with the New Home Sales report for March missing expectations (481K; Briefing.com consensus 520K). Furthermore, a large portion of quarterly reports received since Wednesday's close failed to show year-over-year revenue growth, which has been a recurring theme during this earnings season. Normally, the aforementioned combination would serve as a recipe for weakness in equities, but instead, the macro and micro concerns morphed into expectations that the Fed would remain at the zero-bound for longer. Treasuries agreed with this assessment and climbed alongside equities, pressuring the 10-yr yield four basis points to 1.94%. Meanwhile, the Dollar Index (97.29, -0.64) fell 0.7% with the euro gaining 0.9% against the greenback (1.0825).
Index Started Week Ended Week Change % Change YTD %
DJIA 17826.30 18080.14 253.84 1.4 1.4
Nasdaq 4931.81 5092.08 160.27 3.2 7.5
S&P 500 2081.18 2117.69 36.51 1.8 2.9
Russell 2000 1251.86 1267.54 15.68 1.3 5.2
After a surge to record highs yesterday, major indices capped the week off in a rather subtle fashion, although all except for the Russell 200 finished in the green.
Many well known bellwethers helped to lift the S&P 500 information technology sector (+1%) today, like Google (GOOG 565.06, +18.06, +3.3%), Microsoft (MSFT 47.87, +4.53, +10.45%), Apple (AAPL 130.28, +0.61, +0.47%), and Yahoo (YHOO 44.52, +0.83, +1.89%). However, not all tech stocks saw the same demand. Semiconductors were a clear underperformer, with the Philadelphia SOX Index falling 1.66% to end the week. Leading the Index lower were names like Maxim Integrated (MXIM 32.78, -1.96, -5.6%), Avago Tech (AVGO 119.50, -4.57, -3.68%), NXP Semiconductor (NXPI 95.33, -3.25, -3.3%), and Freescale Semi (FSL 38.86, -1.12, -2.8%)
Notable news items from sector components included the following:
Xerox (XRX 11.99, -1.15, -8.75%): Reported Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, in-line with the Consensus Estimate of $0.21. Revenues fell 6.3% year/year to $4.47 bln vs the $4.56 bln consensus, or 2% in constant currency. Additionally, the company issues downside guidance for Q2, forecasting EPS of $0.21-0.23 vs. $0.25 Estimate.
FLIR Systems (FLIR 30.53, -0.38, -1.23%): Reported Q1 (Mar) earnings of $0.34 per share, $0.02 better than consensus. Revenues fell 2.0% year/year to $344.5 mln vs the $364.07 mln consensus, impacted 5% by FX. FLIR reaffirmed guidance for FY15, noting EPS of $1.60-1.70 on revenues of $1.55-1.60 bln.
Elsewhere in the technology space:
Infosys (INFY 31.81, -3.15, -9%): Reported Q4 (Mar) earnings of INR27.10 per share, INR0.53 worse than the Estimate of INR27.63. Revenues rose 4.2% year/year to INR134.11 bln vs the INR139.06 bln consensus. INFY issued in-line guidance for FY16, noting FY16 revenues of +10%-12%. Revenues are expected to grow 8.4%-10.4% in INR terms. Additionally, the company announced a definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients. This acquisition was an all-cash deal, with an aggregate purchase consideration of $120 million including retention bonus and a deferred component.
Silicon Motion (SIMO 30.40, -2.75, -8.3%): Acquired Shannon Systems for $57.5 mln in cash, equity and contingency payments. The impact of this acquisition is expected to be slightly accretive to Silicon Motion's non-GAAP earnings per share in the second half of 2015 and more accretive in full-year 2016.
IMS Health Holdings (IMS 29.00, +1.02, +3.65%): Reported Q1 (Mar) earnings of $0.39 per share, $0.07 better than Estimates of $0.32. Revenues fell 2.0% year/year-$632 mln vs the $626.89 mln consensus. Solely due-the strengthening of the U.S. Dollar, the company is revising full-year reported revenue growth-approximately 10% and Adjusted EBITDA growth-approximately 4% for the Combined business. However, assuming current foreign exchange rates hold constant through the end of the year, IMS Health is maintaining full-year reported guidance for Adjusted Net Income growth of 8-11% and Adjusted Diluted Earnings per Share growth of 4-6% for the Combined business.
3D Systems (DDD 27.23, -2.92, -9.68%): Guided Q1 EPS and sales well below consensus, citing FX, among other issues. Given current uncertainties from continued macroeconomic pressures and foreign currency headwinds, management is undertaking a comprehensive evaluation of its full year guidance and plans to update investors during its scheduled first quarter 2015 earnings conference call on May 6, 2015.
Analyst Action:
Gigamon (GIMO 29.75, +6.16, +26.11%): upgraded to Buy from Neutral at DA Davidson; price target raised to $32 from $22
Microsoft (MSFT 47.87, +4.53, +10.45%): upgraded to Neutral from Buy at Nomura... price target raised to $50 from $47 at RBC Capital; Outperform
Juniper Networks (JNPR 26.14, +2.14, +8.92%): upgraded to Outperform from Sector Perform at RBC Capital; price target raised to $29 from $22
Maxwell Tech (MXWL 6.33, -0.85, -11.84%): downgraded to Hold from Buy at Canaccord Genuity; price target lowered to $7 from $9
Ubiquiti Networks (UBNT 31.29, -0.14, -0.45%): downgraded to Market Perform from Market Outperform at JMP Securities... downgraded to Market Perform from Outperform at Wells Fargo... price target lowered to $32 from $45 at Wunderlich; Buy
KLA-Tencor (KLAC 58.89, -0.96, -1.6%): downgraded to Neutral from Buy at Citigroup; price target lowered to $66 from $80... price target lowered to $62 from $72 at RBC Capital; Sector Perform... price target lowered to $70 from $78 at Needham; Strong Buy
Freescale Semi (FSL 38.86, -1.12, -2.8%): price target lowered to $45 from $46 at Topeka Capital; Buy
Avnet (AVT 43.47, -0.28, -0.64%): price target lowered to $49 from $51 at Stifel; Buy
Altera (ALTR 40.89, -1.20, -2.85%): price target raised to $38 from $37 at Topeka Capital; Hold... reiterated Outperform at FBR Capital; price target $42... price target lowered to $40 from $42 at RBC Capital; Outperform... price target raised to $43 from $33 at Northland Capital; Market Perform
Synaptics (SYNA 85.69, -3.35, -3.76%): price target raised to $102 from $93 at Stifel; Buy
Microsemi (MSCC 32.40, -3.33, -9.32%): price target raised to $45 from $40 at Stifel; Buy
Google (GOOG 565.06, +16.06, +3.3%): price target lowered to $550 from $565 at Oppenheimer; Perform... price target raised to $615 from $608 at Axiom Capital; Hold... price target raised to $640 from $630 at RBC Capital; Outperform... price target raised to $672 from $632 at FBR Capital; Outperform... pirce target raised to $650 from $600 at JP Morgan; Overweight
Plexus (PLXS 44.20, -0.32, -0.72%): price target raised to $50 from $47 at Needham; Strong Buy
CoreLogic (CLGX 39.45, +0.23, +0.59%): price target raised to $45 from $40 at Oppenheimer; Outperform
Netgear (NTGR 30.00, -4.17, -12.2%): price target raised to $34 from $31 at Northland Capital; Market Perform
Qlik Tech (QLIK 35.30, +1.65, +4.9%): price target raised to $34 from $31 at BMO Capital; Market Perform... price target raised to $40 from $35 at Mizuho; Buy(Disclosure: Briefing.com has a business relationship with Microsoft)
5:01 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top 20 % gainers
Healthcare:AGEN (7.12 +27.83%),CO (7.22 +23.63%),MDSO (57.59 +23.12%),VASC (35.31 +20.8%),ADXS (23.34 +19.88%),RIGL (4.88 +19.19%)
Materials:VALE (7.92 +34.92%),VALE.P (6.32 +28.72%),SID (2.39 +21.32%)
Industrials:ECHO (32.68 +28.16%),SALT (2.48 +22.77%)
Consumer Discretionary:SKX (89.66 +21.97%)
Information Technology:GIMO (29.75 +29.35%),CCIH (14.38 +24.61%),CAMP (20.34 +23.8%),ARRS (35.76 +19.92%)
Financials:ASPS (23.24 +33.64%),CISG (11 +25.28%)
Utilities:EBR (2.52 +24.14%),EBR.B (3.03 +22.67%)
This week's top 20 % losers
Healthcare:AMPE (2.73 -65.31%),AERI (12.87 -62.31%),CALA (13.41 -27%),SPNC (26.52 -23.62%),ASMB (15.46 -21.03%),CLDN (13.68 -17.22%),CPRX (3.69 -16.14%),PTX (7.09 -15.09%)
Materials:FTK (14.06 -21.1%)
Industrials:TRN (28.7 -19.65%)
Consumer Discretionary:CZR (9.83 -18.42%),ICON (26.77 -16.42%)
Information Technology:FARO (43.44 -30.19%),MOBL (6.98 -27.34%),SMCI (30.44 -17.31%),AWAY (27.18 -16.68%),ADTN (15.98 -14.45%)
Energy:NRP (5.26 -27.85%),CRR (31.6 -18.93%),MHR (2.26 -15.99%)
4:32 pm Marvell sees Q1 revs of $710-740 mln (lowered from $810-830 mln) vs $814.66 mln Capital IQ Consensus Estimate (MRVL) : Co announced that first quarter of fiscal 2016 revenue is expected to be below the company's previous outlook. The company now expects first quarter of fiscal 2016 revenue to be in the range of $710 million to $740 million (vs $814.66 mln Capital IQ Consensus Estimate), compared to the previous expectation of $810 million to $830 million. The revised revenue outlook is primarily due to weaker than previously expected PC and storage markets and lower than expected emerging market demand. All other financial outlook expectations have been withdrawn and will be updated on the company's first quarter earnings call on May 21, 2015.
3:33 pm Earnings Preview for the week of April 27 - May 1 (:SUMRX) : Of the companies reporting earnings for the week of April 27 - May 1 some of the bigger names include:
Monday:
Pre Market - TEN, LH, QSR, ROP, MCY, PDS, BPOP, SOHU, HAE, OSIS
After Hours - AAPL, HIG, CHRW, OMI, ABX, UHS, PRE, WRB, RE, JLL, AFG, SWFT, RCII, AMKR, WCN, OSTK
Tuesday:
Pre Market - BP, F, VLO, AET, UPS, YNDX, PFE, MRK, TMUS, CNC, WHR, PHG, NOV, CMI, PAG, SVU, BMY, ECL, PH, JEC, TXT, GLW, GPI, CHTR, MAS, BSX, AKS, AXE, JBLU
After Hours - ESRX, AFL, WDC, X, EIX, GNW, NCR, OI, KBR, WYNN, WSH, ACGL, SFS, IACI, GPRE, TPX, PNRA, CLF, TWTR, BWLD,
Wednesday:
Pre Market - UMC, FCAU, SPIL, ANTM, HUM, ABB, MDLZ, GD, EXC, TWX, IP, NOC, ETN, SO, GT, PCG, NEE, WM, TRI, CVE, PX, GIB, NSC, HLT, MA, VRX, BEN, FDML, SPR, OCR, AVY, HES, HOT, MWV, CG
After Hours - BSAC, SU, FLEX, MAR, LNC, UNM, RKT, ES, WMB, TX, PPC, BIDU, XL, AXS, NXPI, TEX, CNW, ASH, ARRS, MEP, ESV, YELP
Thursday:
Pre Market - SNE, XOM, RDS.A, PSX, ABC, NVO, CAH, MPC, BG, EPD, COP, CI, TWC, CTRX, BCE, ARW, TEVA, CL, FMS, DLPH, MMC, VIAB, XEL, ADP, NOK, HUN, LLL, APD, NI, MOS, CELG, SHPG, UFS, GG, CME, WWE
After Hours - INT, GILD, FLR, AIG, FE, V, EMN, TS, EEP, EXPE, WU, MRC, THG, YRCW, EVHC, LYV, FLS, FBHS, LNT, SCSC, LNKD, FSLR,
Friday: Pre Market - CVS, CVX, DUK, PEG, AON, VFC, TRP, WY, BPL, CPN, CLX, TDS
After Hours - VNR, AEC
1:11 pm 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
AMZN (449.24 +15.19%): Reported Q1 operating income and revs above estimates; guided Q2 revs in-line; AWS profitable with rev +49%; Upgraded at JP Morgan, Raymond James, Janney, others.
NEM (25.27 +7.76%): Reported Q1 (Mar) earnings of $0.35 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 11.8% year/year to $1.97 bln vs the $1.93 bln consensus.
SBUX (51.81 +4.81%): Reported Q2 EPS in-line, revs in-line; guided Q3 EPS in-line; guided Q4 (Sep) EPS below consensus; reaffirmed FY15 EPS guidance, revs guidance; Price tgt raised at Oppenheimer, Telsey Group, others.
Large Cap Losers
RMD (65.37 -10.92%): Reported Q3 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.65; revenues rose 6.2% year/year to $422.5 mln vs the $426.71 mln consensus; Downgraded at Macquarie.
XRX (11.95 -9.06%): Reported Q1 EPS in-line, misses on revs; guided Q2 EPS below consensus; lowered FY15 guidance.
BIIB (404.57 -5.98%): Reported Q1 (Mar) earnings of $3.82 per share, $0.09 worse than the Capital IQ Consensus Estimate of $3.91; revenues rose 20.0% year/year to $2.56 bln vs the $2.66 bln consensus; TECFIDERA sales down 10% QoQ to $825 mln, well below estimates.
Mid Cap Gainers
AAN (32.74 +11.47%): Beat Q1 consensus EPS estimates by $0.18, beat on revs; guided FY15 EPS above consensus, revs above consensus.
CPHD (59.25 +11.16%): Beat Q1 consensus EPS estimates by $0.16, beat on revs; raised FY15 EPS guidance above consensus, revs in-line; Price tgt raised to $66 at Needham.
JNPR (26.04 +8.51%): Beat Q1 consensus EPS estimates by $0.01, beat on revs; guided Q2 EPS to higher end of analysts' estimates; Upgraded at RBC Capital Mkts.
Mid Cap Losers
AWAY (27.51 -14.49%): Beat Q1 consensus EPS estimates by $0.12, reported revs in-line; guided Q2 revs below consensus; guided FY15 revs below consensus; Announced its President and COO is resigning as well as the co-founder and Chief Strategy and Development Officer.
DV (32.46 -13.6%): Reported Q3 (Mar) earnings of $0.72 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.68; revenues fell 1.3% year/year to $489.83 mln vs the $495.95 mln consensus; Price tgt lowered at Compass Point.
DDD (27.43 -9.02%): Guided Q1 EPS and sales well below consensus, citing FX and lower oil, among other issues; sees Q1 EPS $0.02-0.04 vs $0.17 Capital IQ Consensus Estimate.
11:49 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (185) outpacing new lows (30) (:SCANX) : Stocks that traded to 52 week highs: AAIT, AAXJ, ACWI, ADRA, ADXS, AGEN, AKRX, ALG, ALSK, AMCN, AMOT, AMZN, AOS, APB, ARIA, ASMI, ASR, ATRA, AVOL, AYR, AZO, BCR, BDC, BLBD, BLKB, BMI, BONA, BT, BTX, CARZ, CCO, CDW, CFGE, CHL, CII, CLGX, CNC, CO, COLM, COWN, CPHD, CSFL, CSL, CYNO, DATA, DDC, DEPO, DG, DIS, DL, DNKN, DNP, DPZ, DRRX, DSW, DTV, EBS, EEMA, ELNK, ENI, EOS, EVI, EXPE, EXPR, FBR, FDP, FICO, FLT, FMD, FNF, FONE, FPXI, FRAN, FTNT, FWP, GIMO, GNE, GWPH, HALO, HMC, HMHC, HOLX, HSKA, IGTE, IMH, IMS, INFA, INNL, INSM, INSY, IPCM, IPKW, ISL, JD, JFC, JNPR, KCG, KMI, LEA, LMAT, LPNT, LVNTA, LXU, LYTS, MACK, MMSI, MTG, MYL, NAP, NAT, NI, NJ, NPD, NRZ, NTES, NTT, NVEE, NVO, NXTM, ONEQ, OSHC, OXM, PETS, PMD, PNQI, PSCH, PSG, QLIK, QQEW, QQQ, QQQC, QQXT, RARE, RAX, RDI, RDN, RIGL, RVBD, SBUX, SCHL, SEIC, SFBS, SFG, SHAK, SHI, SHOO, SIRO, SIVB, SIX, SKX, SKYY, SMFG, SNA, SOCL, SOHU, SPSC, SQNM, SSNC, STON, SUPN, SYBT, TECH, TFX, TNP, TQQQ, TREE, TSRO, TTHI, TTMI, TWOU, UEC, UHS, ULTA, USCR, USNA, VASC, VONG, WD, WOOF, WUBA, WWW, XRM, YUM, ZBRA, ZIXI
Stocks that traded to 52 week lows: AIXG, AXE, BRT, BWEN, CHCI, CHEK, DV, ELTK, ESIO, FNJN, FREE, FTK, LPTN, LSTR, MXWL, NGD, NURO, OSGB, PRGN, RXII, SIF, SNAK, SPEX, SQQQ, SSYS, STEM, TIS, VRA, XGTI, XRX
ETFs that traded to 52 week highs: EWJ, EWT, FDN, IGV, IWC, IWF, PPH, QQQ, SKYY, SOCL, XLY
ETFs that traded to 52 week lows: VXX
8:08 am 3D Systems follow up: Guides Q1 EPS and sales well below consensus, citing FX and lower oil, among other issues (DDD) : Co sees Q1 EPS $0.02-0.04 vs $0.17 Capital IQ Consensus; revs $158-160 mln vs $182.62 mln Capital IQ Consensus.
The co believes that economic weaknesses attributable to several factors, including the decline in the Euro and Yen relative to the U.S. Dollar and the aftershock of lower oil prices, caused the majority of its aerospace, automotive and healthcare customers to curb new printer purchases during the quarter and curtail their materials and service purchases. In addition, certain metal and nylon applications and performance issues delayed the company's ability to sell additional printers during the quarter. The combined impact of these factors compressed the company's expected revenue growth for the quarter to 9% over the comparable quarter of 2014, or 17% at first quarter 2014 exchange rates. A stronger U.S. Dollar reduced total quarterly revenues by ~ $12 million at comparable Q1 2014 currency rates.Stronger consumer products performance that yielded a 169% consumer printer units increase and continued direct metal demand that generated 46% metal printer units growth, were not enough to make up for the revenue shortfall from postponed industrial customers' purchases.Given current uncertainties from continued macroeconomic pressures and foreign currency headwinds, management is undertaking a comprehensive evaluation of its full year guidance and plans to update investors during its scheduled first quarter 2015 earnings conference call on May 6, 2015.
http://biz.yahoo.com/mu/update.html
The stock market wrapped up a strong week with a record finish even as economic data remained weak. The S&P 500 settled higher by 0.2% and registered a fresh record closing high at 2117.69 while the Nasdaq Composite (+0.7%) outperformed and posted another record close. Tragically, the Dow Jones Industrial Average could only add 0.1%, remaining 1.2% below its nominal record closing high from early March.
The Nasdaq surged out of the gate with several large components registering large gains in reaction to earnings. Amazon.com (AMZN 445.10, +55.11) surpassed revenue estimates and reported better than expected operating income. The retailer's loss of $0.12/share did not deter investors from sending the stock higher by 14.1%. Meanwhile another consumer discretionary component-Starbucks (SBUX 51.84, +2.41)-surged 4.9% after its in-line report overshadowed cautious guidance. Thanks to the two names, the consumer discretionary sector (+1.4%) ended well ahead of other groups.
However, Amazon and Starbucks were just partially responsible for the relative strength in the Nasdaq. Two tech sector (+0.9%) heavyweights-Google (GOOGL 573.66, +16.20) and Microsoft (MSFT 47.87, +4.53)-spiked 2.9% and 10.5%, respectively following earnings. Microsoft soared in reaction to better than expected results, while Google missed on earnings and revenue, which may explain why the stock "only" went up 2.9%.
It is worth noting that the handful of giants overshadowed a weak performance from many other Nasdaq components. For instance, chipmakers retreated across the board. The PHLX Semiconductor Index fell 1.7% with Maxim Integrated (MXIM 32.78, -1.96) leading the group lower. Shares of MXIM fell 5.6% after disappointing revenue overshadowed a bottom-line beat. Meanwhile, KLA-Tencor (KLAC 58.89, -0.96) beat estimates and announced plans to reduce its workforce, but still ended lower by 1.6% amid some concerns about the company's outlook.
Similar to chipmakers, biotech names struggled with iShares Nasdaq Biotechnology ETF (IBB 363.70, -3.98) falling 1.1%. Most notably, Biogen (BIIB 401.71, -28.57) fell 6.6% after missing earnings and revenue estimates even though the company still reported 20.0% year-over-year revenue growth. However, the bar was set even higher for this large component of an industry group that has made a major contribution to the Nasdaq's rally to record highs, today notwithstanding. For its part, the health care sector (-0.3%) spent the day in the red as biotech weighed.
Staying in the health care sector, Mylan (MYL 76.06, +2.37) made an intraday offer to acquire Perrigo (PRGO 192.89, -8.74) for $205/share in cash and stock, but Perrigo was quick to reject that offer. Elsewhere, another potential deal fell through with antitrust concerns likely playing a part as Comcast (CMCSA 59.64, +0.41) terminated its pursuit of Time Warner Cable (TWC 155.26, +6.50). Shares of TWC rallied 4.4% amid speculation the company may now be an attractive target for Charter Communications (CHTR 185.75, +2.17).
As mentioned earlier, consumer discretionary and technology sectors posted solid gains, which kept the S&P 500 in the green. Materials (+0.8%) and utilities (+1.0%) also posted solid gains, but the two groups account for just over 6.0% of the entire market.
Going back to influential sectors, financials (-0.2%), industrials (-0.4%), and energy (-0.6%) spent the entire day in negative territory. The energy sector was pressured by crude oil, which fell 1.0% to $57.18/bbl, while Dow component, ExxonMobil (XOM 86.97, -0.57), kept pace with the sector.
Moving on, the industrial sector was pressured by some of its large components like Dow member, Boeing (BA 148.40, -1.47), which fell 1.0% while transport stocks also lagged following disappointing results and guidance from Landstar (LSTR 64.49, -1.44). The freight carrier lost 2.2% while the Dow Jones Transportation Average shed 0.3%. To be fair, airlines bucked the trend after American Airlines (AAL 52.70, +1.25) beat estimates; however, the stock is not a member of the DJTA so its strength in that arena showed up through peers like Delta Airlines (DAL 46.98, +0.55) and United Continental (UAL 63.51, +0.71).
On the international front, representatives from Greece met with the Eurogroup in Riga today, but once again, the meeting ended without any concrete solutions. The prolonged negotiations appear to be getting more tense with Bloomberg reporting that unnamed euro area finance ministers have called Greek Finance Minister a "time-waster, gambler, and an amateur."
Treasuries posted modest gains with the 10-yr yield falling three basis points to 1.92%. The entire advance occurred in the wake of today's Durable Orders, which seemed ok at first glance:
Durable goods orders increased 4.0% in March after declining an unrevised 1.4% in February while the Briefing.com consensus expected an increase of 0.5%
The entire March gain resulted from increased transportation demand, specifically from the defense-related aircraft sector
Defense aircraft orders increased 112.8% in March with total aircraft orders increasing 43.8% after declining 8.3% in February
Motor vehicle and parts orders increased 5.4%
Excluding transportation, durable goods orders declined 0.2% in March after declining a downwardly revised 1.3% (from -0.6%) in February while the consensus expected an increase of 0.4%
After declining 2.2% in February, orders of nondefense capital goods excluding aircraft declined 0.5% in March
Shipments, which factor into first quarter GDP growth, declined 0.4% in March after increasing 0.1% in February
There is no data scheduled for Monday.
Week in Review: Nasdaq Sets Fresh Record Closing High
The stock market began the week on an upbeat note with the S&P 500 (+0.9%) erasing the bulk of its decline from Friday. The benchmark index reclaimed its 50-day moving average (2,086) at the start and spent the remainder of the day near its early high while the Dow Jones Industrial Average (+1.2%) and Nasdaq Composite (+1.3%) outperformed. Global equity markets enjoyed a strong start to the week after the People's Bank of China lowered the reserve requirement ratio for all banks to 18.5% from 19.5%. The 100-basis point cut was the largest such move since November 2008 and was implemented in hopes of avoiding a slowdown in China's economic growth. The easing news from China helped markets in Europe register broad gains with investors overlooking the latest Greece-related developments. Specifically, the Greek government has requested local governments to transfer their cash balances to the Bank of Greece as the troubled sovereign continues scrambling for funds ahead of the next IMF payment deadline. All ten sectors registered solid gains with five groups adding more than 1.0%. The top-weighted technology sector (+1.8%) ended in the lead after climbing throughout the session with large cap components fueling the move.
Equity indices ended Tuesday on a mixed note with the Dow and S&P 500 losing 0.5% and 0.2%, respectively, while the Nasdaq Composite (+0.4%) outperformed. The trading day was relatively quiet as equity indices diverged during the opening hour of action and maintained narrow ranges into the afternoon. The S&P 500 opened with a nine-point gain, but was back near its flat line before the opening hour ended. For its part, the Nasdaq spent the day near its early high thanks to solid gains among biotech names after Teva Pharmaceutical (TEVA 64.14, +0.85) offered to acquire Mylan (MYL 74.11, +6.06) for $82.00/share in cash and stock. The two names posted respective gains of 1.3% and 8.9% while the iShares Nasdaq Biotechnology ETF (IBB 364.50, +6.55) settled higher by 1.8%. Furthermore, the health care sector advanced 0.7% and was the only sector with a gain larger than 0.1%.
The major averages registered modest Wednesday gains with the S&P 500 (+0.5%) ending ahead of the Nasdaq Composite (+0.4%). Overall, the session was very quiet as the key indices spent the day in a slow advance. Intraday trading volume highlighted that dynamic, but more than 735 million shares changed hands at the NYSE floor by the close, representing the highest total of the week. All ten sectors registered gains with the top-weighted technology sector (+1.1%) ending in the lead. The influential group was underpinned by daylong strength in shares of MasterCard (MA 91.20, +3.43) and Visa (V 68.01, +2.66) after it was reported China will allow foreign card processors to compete with UnionPay, which is the only company that processes yuan-denominated card payments at this time. Meanwhile, tech heavyweights like Apple (AAPL 128.62, +1.71), Google (GOOGL 549.18, +6.25), and Microsoft (MSFT 42.98, +0.35) joined the rally in progress.
On Thursday, the stock market posted its second consecutive gain with the S&P 500 (+0.2%) notching a fresh intraday record high at 2,120.49. More notably, the Nasdaq Composite (+0.4%) set a fresh closing record high at 5,056.06, which eclipsed the previous peak (5,048.62), registered on March 10, 2000. Strikingly, the advance occurred after Manufacturing PMI readings from China (49.2; consensus 49.6) and Japan (49.7; expected 50.8) missed expectations while European economies also delivered disappointing manufacturing surveys. Economic data did not improve much by the start of the U.S. session with the New Home Sales report for March missing expectations (481K; Briefing.com consensus 520K). Furthermore, a large portion of quarterly reports received since Wednesday's close failed to show year-over-year revenue growth, which has been a recurring theme during this earnings season. Normally, the aforementioned combination would serve as a recipe for weakness in equities, but instead, the macro and micro concerns morphed into expectations that the Fed would remain at the zero-bound for longer. Treasuries agreed with this assessment and climbed alongside equities, pressuring the 10-yr yield four basis points to 1.94%. Meanwhile, the Dollar Index (97.29, -0.64) fell 0.7% with the euro gaining 0.9% against the greenback (1.0825).
Index Started Week Ended Week Change % Change YTD %
DJIA 17826.30 18080.14 253.84 1.4 1.4
Nasdaq 4931.81 5092.08 160.27 3.2 7.5
S&P 500 2081.18 2117.69 36.51 1.8 2.9
Russell 2000 1251.86 1267.54 15.68 1.3 5.2
After a surge to record highs yesterday, major indices capped the week off in a rather subtle fashion, although all except for the Russell 200 finished in the green.
Many well known bellwethers helped to lift the S&P 500 information technology sector (+1%) today, like Google (GOOG 565.06, +18.06, +3.3%), Microsoft (MSFT 47.87, +4.53, +10.45%), Apple (AAPL 130.28, +0.61, +0.47%), and Yahoo (YHOO 44.52, +0.83, +1.89%). However, not all tech stocks saw the same demand. Semiconductors were a clear underperformer, with the Philadelphia SOX Index falling 1.66% to end the week. Leading the Index lower were names like Maxim Integrated (MXIM 32.78, -1.96, -5.6%), Avago Tech (AVGO 119.50, -4.57, -3.68%), NXP Semiconductor (NXPI 95.33, -3.25, -3.3%), and Freescale Semi (FSL 38.86, -1.12, -2.8%)
Notable news items from sector components included the following:
Xerox (XRX 11.99, -1.15, -8.75%): Reported Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, in-line with the Consensus Estimate of $0.21. Revenues fell 6.3% year/year to $4.47 bln vs the $4.56 bln consensus, or 2% in constant currency. Additionally, the company issues downside guidance for Q2, forecasting EPS of $0.21-0.23 vs. $0.25 Estimate.
FLIR Systems (FLIR 30.53, -0.38, -1.23%): Reported Q1 (Mar) earnings of $0.34 per share, $0.02 better than consensus. Revenues fell 2.0% year/year to $344.5 mln vs the $364.07 mln consensus, impacted 5% by FX. FLIR reaffirmed guidance for FY15, noting EPS of $1.60-1.70 on revenues of $1.55-1.60 bln.
Elsewhere in the technology space:
Infosys (INFY 31.81, -3.15, -9%): Reported Q4 (Mar) earnings of INR27.10 per share, INR0.53 worse than the Estimate of INR27.63. Revenues rose 4.2% year/year to INR134.11 bln vs the INR139.06 bln consensus. INFY issued in-line guidance for FY16, noting FY16 revenues of +10%-12%. Revenues are expected to grow 8.4%-10.4% in INR terms. Additionally, the company announced a definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients. This acquisition was an all-cash deal, with an aggregate purchase consideration of $120 million including retention bonus and a deferred component.
Silicon Motion (SIMO 30.40, -2.75, -8.3%): Acquired Shannon Systems for $57.5 mln in cash, equity and contingency payments. The impact of this acquisition is expected to be slightly accretive to Silicon Motion's non-GAAP earnings per share in the second half of 2015 and more accretive in full-year 2016.
IMS Health Holdings (IMS 29.00, +1.02, +3.65%): Reported Q1 (Mar) earnings of $0.39 per share, $0.07 better than Estimates of $0.32. Revenues fell 2.0% year/year-$632 mln vs the $626.89 mln consensus. Solely due-the strengthening of the U.S. Dollar, the company is revising full-year reported revenue growth-approximately 10% and Adjusted EBITDA growth-approximately 4% for the Combined business. However, assuming current foreign exchange rates hold constant through the end of the year, IMS Health is maintaining full-year reported guidance for Adjusted Net Income growth of 8-11% and Adjusted Diluted Earnings per Share growth of 4-6% for the Combined business.
3D Systems (DDD 27.23, -2.92, -9.68%): Guided Q1 EPS and sales well below consensus, citing FX, among other issues. Given current uncertainties from continued macroeconomic pressures and foreign currency headwinds, management is undertaking a comprehensive evaluation of its full year guidance and plans to update investors during its scheduled first quarter 2015 earnings conference call on May 6, 2015.
Analyst Action:
Gigamon (GIMO 29.75, +6.16, +26.11%): upgraded to Buy from Neutral at DA Davidson; price target raised to $32 from $22
Microsoft (MSFT 47.87, +4.53, +10.45%): upgraded to Neutral from Buy at Nomura... price target raised to $50 from $47 at RBC Capital; Outperform
Juniper Networks (JNPR 26.14, +2.14, +8.92%): upgraded to Outperform from Sector Perform at RBC Capital; price target raised to $29 from $22
Maxwell Tech (MXWL 6.33, -0.85, -11.84%): downgraded to Hold from Buy at Canaccord Genuity; price target lowered to $7 from $9
Ubiquiti Networks (UBNT 31.29, -0.14, -0.45%): downgraded to Market Perform from Market Outperform at JMP Securities... downgraded to Market Perform from Outperform at Wells Fargo... price target lowered to $32 from $45 at Wunderlich; Buy
KLA-Tencor (KLAC 58.89, -0.96, -1.6%): downgraded to Neutral from Buy at Citigroup; price target lowered to $66 from $80... price target lowered to $62 from $72 at RBC Capital; Sector Perform... price target lowered to $70 from $78 at Needham; Strong Buy
Freescale Semi (FSL 38.86, -1.12, -2.8%): price target lowered to $45 from $46 at Topeka Capital; Buy
Avnet (AVT 43.47, -0.28, -0.64%): price target lowered to $49 from $51 at Stifel; Buy
Altera (ALTR 40.89, -1.20, -2.85%): price target raised to $38 from $37 at Topeka Capital; Hold... reiterated Outperform at FBR Capital; price target $42... price target lowered to $40 from $42 at RBC Capital; Outperform... price target raised to $43 from $33 at Northland Capital; Market Perform
Synaptics (SYNA 85.69, -3.35, -3.76%): price target raised to $102 from $93 at Stifel; Buy
Microsemi (MSCC 32.40, -3.33, -9.32%): price target raised to $45 from $40 at Stifel; Buy
Google (GOOG 565.06, +16.06, +3.3%): price target lowered to $550 from $565 at Oppenheimer; Perform... price target raised to $615 from $608 at Axiom Capital; Hold... price target raised to $640 from $630 at RBC Capital; Outperform... price target raised to $672 from $632 at FBR Capital; Outperform... pirce target raised to $650 from $600 at JP Morgan; Overweight
Plexus (PLXS 44.20, -0.32, -0.72%): price target raised to $50 from $47 at Needham; Strong Buy
CoreLogic (CLGX 39.45, +0.23, +0.59%): price target raised to $45 from $40 at Oppenheimer; Outperform
Netgear (NTGR 30.00, -4.17, -12.2%): price target raised to $34 from $31 at Northland Capital; Market Perform
Qlik Tech (QLIK 35.30, +1.65, +4.9%): price target raised to $34 from $31 at BMO Capital; Market Perform... price target raised to $40 from $35 at Mizuho; Buy(Disclosure: Briefing.com has a business relationship with Microsoft)
5:01 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top 20 % gainers
Healthcare:AGEN (7.12 +27.83%),CO (7.22 +23.63%),MDSO (57.59 +23.12%),VASC (35.31 +20.8%),ADXS (23.34 +19.88%),RIGL (4.88 +19.19%)
Materials:VALE (7.92 +34.92%),VALE.P (6.32 +28.72%),SID (2.39 +21.32%)
Industrials:ECHO (32.68 +28.16%),SALT (2.48 +22.77%)
Consumer Discretionary:SKX (89.66 +21.97%)
Information Technology:GIMO (29.75 +29.35%),CCIH (14.38 +24.61%),CAMP (20.34 +23.8%),ARRS (35.76 +19.92%)
Financials:ASPS (23.24 +33.64%),CISG (11 +25.28%)
Utilities:EBR (2.52 +24.14%),EBR.B (3.03 +22.67%)
This week's top 20 % losers
Healthcare:AMPE (2.73 -65.31%),AERI (12.87 -62.31%),CALA (13.41 -27%),SPNC (26.52 -23.62%),ASMB (15.46 -21.03%),CLDN (13.68 -17.22%),CPRX (3.69 -16.14%),PTX (7.09 -15.09%)
Materials:FTK (14.06 -21.1%)
Industrials:TRN (28.7 -19.65%)
Consumer Discretionary:CZR (9.83 -18.42%),ICON (26.77 -16.42%)
Information Technology:FARO (43.44 -30.19%),MOBL (6.98 -27.34%),SMCI (30.44 -17.31%),AWAY (27.18 -16.68%),ADTN (15.98 -14.45%)
Energy:NRP (5.26 -27.85%),CRR (31.6 -18.93%),MHR (2.26 -15.99%)
4:32 pm Marvell sees Q1 revs of $710-740 mln (lowered from $810-830 mln) vs $814.66 mln Capital IQ Consensus Estimate (MRVL) : Co announced that first quarter of fiscal 2016 revenue is expected to be below the company's previous outlook. The company now expects first quarter of fiscal 2016 revenue to be in the range of $710 million to $740 million (vs $814.66 mln Capital IQ Consensus Estimate), compared to the previous expectation of $810 million to $830 million. The revised revenue outlook is primarily due to weaker than previously expected PC and storage markets and lower than expected emerging market demand. All other financial outlook expectations have been withdrawn and will be updated on the company's first quarter earnings call on May 21, 2015.
3:33 pm Earnings Preview for the week of April 27 - May 1 (:SUMRX) : Of the companies reporting earnings for the week of April 27 - May 1 some of the bigger names include:
Monday:
Pre Market - TEN, LH, QSR, ROP, MCY, PDS, BPOP, SOHU, HAE, OSIS
After Hours - AAPL, HIG, CHRW, OMI, ABX, UHS, PRE, WRB, RE, JLL, AFG, SWFT, RCII, AMKR, WCN, OSTK
Tuesday:
Pre Market - BP, F, VLO, AET, UPS, YNDX, PFE, MRK, TMUS, CNC, WHR, PHG, NOV, CMI, PAG, SVU, BMY, ECL, PH, JEC, TXT, GLW, GPI, CHTR, MAS, BSX, AKS, AXE, JBLU
After Hours - ESRX, AFL, WDC, X, EIX, GNW, NCR, OI, KBR, WYNN, WSH, ACGL, SFS, IACI, GPRE, TPX, PNRA, CLF, TWTR, BWLD,
Wednesday:
Pre Market - UMC, FCAU, SPIL, ANTM, HUM, ABB, MDLZ, GD, EXC, TWX, IP, NOC, ETN, SO, GT, PCG, NEE, WM, TRI, CVE, PX, GIB, NSC, HLT, MA, VRX, BEN, FDML, SPR, OCR, AVY, HES, HOT, MWV, CG
After Hours - BSAC, SU, FLEX, MAR, LNC, UNM, RKT, ES, WMB, TX, PPC, BIDU, XL, AXS, NXPI, TEX, CNW, ASH, ARRS, MEP, ESV, YELP
Thursday:
Pre Market - SNE, XOM, RDS.A, PSX, ABC, NVO, CAH, MPC, BG, EPD, COP, CI, TWC, CTRX, BCE, ARW, TEVA, CL, FMS, DLPH, MMC, VIAB, XEL, ADP, NOK, HUN, LLL, APD, NI, MOS, CELG, SHPG, UFS, GG, CME, WWE
After Hours - INT, GILD, FLR, AIG, FE, V, EMN, TS, EEP, EXPE, WU, MRC, THG, YRCW, EVHC, LYV, FLS, FBHS, LNT, SCSC, LNKD, FSLR,
Friday: Pre Market - CVS, CVX, DUK, PEG, AON, VFC, TRP, WY, BPL, CPN, CLX, TDS
After Hours - VNR, AEC
1:11 pm 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
AMZN (449.24 +15.19%): Reported Q1 operating income and revs above estimates; guided Q2 revs in-line; AWS profitable with rev +49%; Upgraded at JP Morgan, Raymond James, Janney, others.
NEM (25.27 +7.76%): Reported Q1 (Mar) earnings of $0.35 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 11.8% year/year to $1.97 bln vs the $1.93 bln consensus.
SBUX (51.81 +4.81%): Reported Q2 EPS in-line, revs in-line; guided Q3 EPS in-line; guided Q4 (Sep) EPS below consensus; reaffirmed FY15 EPS guidance, revs guidance; Price tgt raised at Oppenheimer, Telsey Group, others.
Large Cap Losers
RMD (65.37 -10.92%): Reported Q3 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.65; revenues rose 6.2% year/year to $422.5 mln vs the $426.71 mln consensus; Downgraded at Macquarie.
XRX (11.95 -9.06%): Reported Q1 EPS in-line, misses on revs; guided Q2 EPS below consensus; lowered FY15 guidance.
BIIB (404.57 -5.98%): Reported Q1 (Mar) earnings of $3.82 per share, $0.09 worse than the Capital IQ Consensus Estimate of $3.91; revenues rose 20.0% year/year to $2.56 bln vs the $2.66 bln consensus; TECFIDERA sales down 10% QoQ to $825 mln, well below estimates.
Mid Cap Gainers
AAN (32.74 +11.47%): Beat Q1 consensus EPS estimates by $0.18, beat on revs; guided FY15 EPS above consensus, revs above consensus.
CPHD (59.25 +11.16%): Beat Q1 consensus EPS estimates by $0.16, beat on revs; raised FY15 EPS guidance above consensus, revs in-line; Price tgt raised to $66 at Needham.
JNPR (26.04 +8.51%): Beat Q1 consensus EPS estimates by $0.01, beat on revs; guided Q2 EPS to higher end of analysts' estimates; Upgraded at RBC Capital Mkts.
Mid Cap Losers
AWAY (27.51 -14.49%): Beat Q1 consensus EPS estimates by $0.12, reported revs in-line; guided Q2 revs below consensus; guided FY15 revs below consensus; Announced its President and COO is resigning as well as the co-founder and Chief Strategy and Development Officer.
DV (32.46 -13.6%): Reported Q3 (Mar) earnings of $0.72 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.68; revenues fell 1.3% year/year to $489.83 mln vs the $495.95 mln consensus; Price tgt lowered at Compass Point.
DDD (27.43 -9.02%): Guided Q1 EPS and sales well below consensus, citing FX and lower oil, among other issues; sees Q1 EPS $0.02-0.04 vs $0.17 Capital IQ Consensus Estimate.
11:49 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (185) outpacing new lows (30) (:SCANX) : Stocks that traded to 52 week highs: AAIT, AAXJ, ACWI, ADRA, ADXS, AGEN, AKRX, ALG, ALSK, AMCN, AMOT, AMZN, AOS, APB, ARIA, ASMI, ASR, ATRA, AVOL, AYR, AZO, BCR, BDC, BLBD, BLKB, BMI, BONA, BT, BTX, CARZ, CCO, CDW, CFGE, CHL, CII, CLGX, CNC, CO, COLM, COWN, CPHD, CSFL, CSL, CYNO, DATA, DDC, DEPO, DG, DIS, DL, DNKN, DNP, DPZ, DRRX, DSW, DTV, EBS, EEMA, ELNK, ENI, EOS, EVI, EXPE, EXPR, FBR, FDP, FICO, FLT, FMD, FNF, FONE, FPXI, FRAN, FTNT, FWP, GIMO, GNE, GWPH, HALO, HMC, HMHC, HOLX, HSKA, IGTE, IMH, IMS, INFA, INNL, INSM, INSY, IPCM, IPKW, ISL, JD, JFC, JNPR, KCG, KMI, LEA, LMAT, LPNT, LVNTA, LXU, LYTS, MACK, MMSI, MTG, MYL, NAP, NAT, NI, NJ, NPD, NRZ, NTES, NTT, NVEE, NVO, NXTM, ONEQ, OSHC, OXM, PETS, PMD, PNQI, PSCH, PSG, QLIK, QQEW, QQQ, QQQC, QQXT, RARE, RAX, RDI, RDN, RIGL, RVBD, SBUX, SCHL, SEIC, SFBS, SFG, SHAK, SHI, SHOO, SIRO, SIVB, SIX, SKX, SKYY, SMFG, SNA, SOCL, SOHU, SPSC, SQNM, SSNC, STON, SUPN, SYBT, TECH, TFX, TNP, TQQQ, TREE, TSRO, TTHI, TTMI, TWOU, UEC, UHS, ULTA, USCR, USNA, VASC, VONG, WD, WOOF, WUBA, WWW, XRM, YUM, ZBRA, ZIXI
Stocks that traded to 52 week lows: AIXG, AXE, BRT, BWEN, CHCI, CHEK, DV, ELTK, ESIO, FNJN, FREE, FTK, LPTN, LSTR, MXWL, NGD, NURO, OSGB, PRGN, RXII, SIF, SNAK, SPEX, SQQQ, SSYS, STEM, TIS, VRA, XGTI, XRX
ETFs that traded to 52 week highs: EWJ, EWT, FDN, IGV, IWC, IWF, PPH, QQQ, SKYY, SOCL, XLY
ETFs that traded to 52 week lows: VXX
8:08 am 3D Systems follow up: Guides Q1 EPS and sales well below consensus, citing FX and lower oil, among other issues (DDD) : Co sees Q1 EPS $0.02-0.04 vs $0.17 Capital IQ Consensus; revs $158-160 mln vs $182.62 mln Capital IQ Consensus.
The co believes that economic weaknesses attributable to several factors, including the decline in the Euro and Yen relative to the U.S. Dollar and the aftershock of lower oil prices, caused the majority of its aerospace, automotive and healthcare customers to curb new printer purchases during the quarter and curtail their materials and service purchases. In addition, certain metal and nylon applications and performance issues delayed the company's ability to sell additional printers during the quarter. The combined impact of these factors compressed the company's expected revenue growth for the quarter to 9% over the comparable quarter of 2014, or 17% at first quarter 2014 exchange rates. A stronger U.S. Dollar reduced total quarterly revenues by ~ $12 million at comparable Q1 2014 currency rates.Stronger consumer products performance that yielded a 169% consumer printer units increase and continued direct metal demand that generated 46% metal printer units growth, were not enough to make up for the revenue shortfall from postponed industrial customers' purchases.Given current uncertainties from continued macroeconomic pressures and foreign currency headwinds, management is undertaking a comprehensive evaluation of its full year guidance and plans to update investors during its scheduled first quarter 2015 earnings conference call on May 6, 2015.
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