From Briefing.com: Big earnings day so I copied everything from after the bell first... RtS 4:36 pm Texas Instruments beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs below consensus (TXN) :
Reports Q4 (Dec) earnings of $0.71 per share, ex-$0.09 in items, $0.02 better than the Capital IQ Consensus of $0.69; revenues fell 2.4% year/year to $3.19 bln vs the $3.2 bln Capital IQ Consensus.
"We experienced slowing demand within a sector of the personal electronics market late in the quarter. Our combined core businesses of Analog and Embedded Processing performed well in the quarter and comprised 87 percent of fourth-quarter revenue. Gross margin of 58.5 percent, a new record, reflects the quality of our product portfolio as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production."
Co issues guidance for Q1, sees EPS of $0.57-0.67 vs. $0.63 Capital IQ Consensus Estimate; sees Q1 revs of $2.85-3.09 bln vs. $3.12 bln Capital IQ Consensus. This outlook includes about a $150 million decline in revenue from a year ago within a sector of the personal electronics market. Aside from this, overall expectations for the remainder of our business are about even with the first quarter of 2015.
4:32 pm MKS Instruments beats by $0.07, beats on revs; guides Q1 EPS in-line, revs in-line (MKSI) :
Reports Q4 (Dec) earnings of $0.34 per share, $0.07 better than the Capital IQ Consensus of $0.27; revenues fell 15.3% year/year to $172 mln vs the $159.58 mln Capital IQ Consensus.
Co issues in-line guidance for Q1, sees EPS of $0.25-$0.38 vs. $0.37 Capital IQ Consensus Estimate; sees Q1 revs of $165-$185 mln vs. $174.93 mln Capital IQ Consensus Estimate.
4:13 pm Qualcomm beats by $0.06, beats on revs; guides Q2 below consensus (QCOM) :
Reports Q1 (Dec) earnings of $0.97 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.91; revenues fell 18.7% year/year to $5.78 bln vs the $5.71 bln Capital IQ Consensus.
Preannounced EPS at high end or above $0.80-0.90 range in December.
MSM chip shipments -10% to 242 mln.
Co issues downside guidance for Q2, sees EPS of $0.90-1.00, excluding non-recurring items, vs. $1.02 Capital IQ Consensus Estimate; sees Q2 revs of $4.9-5.7 bln vs. $5.67 bln Capital IQ Consensus Estimate.
4:11 pm SanDisk beats by $0.38, beats on revs (SNDK) :
Reports Q4 (Dec) earnings of $1.26 per share, $0.38 better than the Capital IQ Consensus of $0.88; revenues fell 11.1% year/year to $1.54 bln vs the $1.44 bln Capital IQ Consensus.
In light of the pending acquisition of SanDisk by Western Digital Corporation (WDC), SanDisk will not hold a conference call to discuss its financial results.
4:11 pm Facebook beats by $0.11, beats on revs (FB) :
Reports Q4 (Dec) earnings of $0.79 per share, $0.11 better than the Capital IQ Consensus of $0.68; revenues rose 51.7% year/year to $5.84 bln vs the $5.37 bln Capital IQ Consensus.
Daily active users (DAUs)- DAUs were 1.04 billion on average for December 2015, an increase of 17% year-over-year.
Mobile DAUs- Mobile DAUs were 934 million on average for December 2015, an increase of 25% year-over-year.
Monthly active users (MAUs)- MAUs were 1.59 billion as of December 31, 2015, an increase of 14% year-over-year.
Mobile MAUs- Mobile MAUs were 1.44 billion as of December 31, 2015, an increase of 21% year-over-year.
Mobile advertising revenue- Mobile advertising revenue represented approximately 80% of advertising revenue for the fourth quarter of 2015, up from 69% of advertising revenue in the fourth quarter of 2014.
Capital expenditures- Capital expenditures for the fourth quarter of 2015 were $692 million.
4:11 pm Intersil beats by $0.06, reports revs in-line; guides Q1 EPS in-line, revs in-line (ISIL) :
Reports Q4 (Dec) earnings of $0.20 per share, $0.06 better than the Capital IQ Consensus of $0.14; revenues fell 3.4% year/year to $126.6 mln vs the $127.29 mln Capital IQ Consensus.
Q4 non-GAAP gross margin declined as expected to 57.8% as a result of manufacturing variances and mix. Non-GAAP operating expenses declined to $47.9 million as the company continued to closely manage spending.
Co issues in-line guidance for Q1, sees EPS of $0.14-$0.16 vs. $0.14 Capital IQ Consensus Estimate; sees Q1 revs of $125-$131 mln vs. $127.27 mln Capital IQ Consensus Estimate.
4:11 pm Mellanox Tech beats by $0.07, beats on revs; guides Q1 revs above consensus (MLNX) :
Reports Q4 (Dec) earnings of $0.77 per share, $0.07 better than the Capital IQ Consensus of $0.70; revenues rose 25.4% year/year to $176.94 mln vs the $174.03 mln Capital IQ Consensus.
Co issues upside guidance for Q1, sees Q1 revs of $180-185 mln vs. $174.61 mln Capital IQ Consensus Estimate.
4:09 pm Lam Research beats by $0.15, reports revs in-line; guides MarQ EPS below consensus, revs below consensus (LRCX) :
Reports Q2 (Dec) earnings of $1.57 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $1.42; revenues rose 15.7% year/year to $1.43 bln vs the $1.41 bln Capital IQ Consensus.
Co issues downside guidance for Q3 (Mar), sees EPS of $0.97-1.17, excluding non-recurring items, vs. $1.34 Capital IQ Consensus Estimate; sees Q3 revs of $1.225-1.375 bln vs. $1.39 bln Capital IQ Consensus Estimate.
Non-GAAP operating margin came in at 20.8% vs 23.8% in Q1 (Sep).
4:05 pm Cirrus Logic beats by $0.01, reports revs in-line with pre-announcement; guides Q4 revs below consensus (CRUS) :
Reports Q3 (Dec) earnings of $0.82 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.81; revenues rose 16.5% year/year to $347.9 mln vs the $346.83 mln Capital IQ Consensus. Co pre-announced $347 mln in revs on January 7 vs $386.05 mln CIQ consensus at that time. Q3 GAAP gross margin of 47.4% and non-GAAP gross margin of 47.5%.
Co issues downside guidance for Q4, sees Q4 revs of $210-240 mln vs. $257.94 mln Capital IQ Consensus Estimate; sees Q4 GAAP gross margin is expected to be between 47-49%.
Briefing Note: CRUS is an Apple (AAPL) supplier.
FROM BRIEFING.COM: The broader market was higher when the day was done. The advance was led by the Dow Jones Industrial Average, which added 282.01 points (+1.78%) to 16167.23. The S&P 500 closed up 26.55 (+1.41%) to 1903.63. The Nasdaq Composite was higher by 49.18 points (+1.09%) to 4567.67. Broader market action was predicated by overnight action. Asian Equity Markets were weak, exacerbated by a nearly 6.4% nosedive in the Shanghai Composite. Additionally, the People's Bank of China disappointed participants when assistant governor Zhang Xiaohui held that the central bank had no plans to cut the reserve requirement ratio at this time. The central bank did offer new stimulus in the way of a 440 billion yuan injection through reverse repo operations. Oil and futures were kicked lower by the resulting volatility.
Market data today came in the form of the Case-Shiller 20-city Home Price Index for November, which rose 5.8% following a 5.5% increase in October; also, the FHFA Housing Price Index for November rose 0.5%. The Conference Board's Consumer Confidence Index increased to 98.1 in January from a downwardly revised 96.3 (from 96.5) in December.
Technology (XLK 40.30, +0.39 +0.98%) also displayed strength on the session. Component Corning (GLW 17.71, +0.95 +5.67%) reported better than expected Q4 results with EPS of $0.34 on revenues of $2.4 billion. Other sectors closed the day XLE +3.78%, IYZ +2.75%, XLI +1.89%, XLB +1.72%, XLF +1.68%, XLY +1.46%, XLP +0.90%, XLV +0.76%, XLU +0.69% with gains led by the Energy and the most modest advance registered by Utilities.
Telecoms (FCOM 26.31, +0.52 +2.02%) were again among the best performers in the market today. Component Sprint (S 2.99, +0.47 +18.65%) reported better than expected Q3 EPS loss of $0.21 per share on revenues which fell 9.7% year-over-year and missed expectations at $8.11 billion. On the docket tonight for quarterly results tonight is peer AT&T (T 35.40, +0.40 +1.14%). Other components that were in play today included FTR +5.49%, TMUS +4.06%, SBAC +3.55%, TDS +3.52%, IRDM +3.45%, CTL +3.37%, USM +2.69%, VZ +2.59%.
The S&P 500 Information Technology sector (669.13, +5.99 +0.90%) was an outperformer today, ending just shy of the highs from the session. Component Red Hat (RHT 70.96, -0.78 -1.09%) was pressured today as BofA/Merrill downgraded to stock ahead of the market open this morning to a Neutral rating. Other components which closed the session higher included WDC +6.76%, FSLR +5.08%, STX +5.08%, SNDK +3.81%, FFIV +2.65%, ORCL +2.59%, CSCO +2.37%.
Other notable news items among sector components:
Broadcom (BRCM 54.47, +0.42 +0.78%) and Avago Tech (AVGO 124.39, -0.10 -0.08%) reported preliminary election results of Broadcom shareholders. The merger is expected to close on February 1.
EMC/Dell (EMC 24.30, +0.32 +1.33%) merger review by EU regulators given a provisional deadline of February 29.
Cisco (CSCO 23.72, +0.55 +2.37%) commented on Arista's (ANET 60.01, +0.18 +0.30%) antitrust lawsuit - called the filing 'bogus.'
TE Connectivity's (TEL 57.02, +0.65 +1.15%) Tyco Electronics Group priced a $350 million offering of 3.7% senior notes due 2026.
Insight Enterprises' (NSIT 22.80, +0.58 +2.61%) US operations announced a collaboration with Red Hat (RHT) enabling Insight to serve as a distributor to service providers under the Red Hat Certified Cloud and Service Provider program in North America.
Limelight Networks (LLNW 1.28, +0.02 +1.59%) filed a petition seeking review by the Supreme Court of the Federal Circuit's decision to reinstate the 2008 jury verdict that Limelight infringed an Akamai (AKAM 46.20, +0.50 +1.09%) patent.
Elsewhere in the technology sector:
Lockheed Martin (LMT 209.93, -1.08 -0.51%) to separate and combine IT and technical services businesses with Leidos (LDOS 48.83, -4.83 -9.00%) in a Reverse Morris Trust transaction.-
Twitter (TWTR 17.01, -0.01 -0.06%) named former American Express (AXP 55.09, +0.08 +0.15%) executive Leslie Berland as Chief Marketing Officer.
CenturyLink's (CTL 24.56, +0.80 +3.37%) Qwest Corporation agreed to sell $235 million aggregate principal amount of 7% Notes due 2056.
CTL also appointed Martha Bejar to its board of directors effective January 19, 2016.
CTL also announced Joseph Zimmel advised the board on January 19, 2016 that he was resigning effective immediately.
Greenlight Capital disclosed an increased 7.8% active stake in SunEdison (SUNE 3.05, +0.33 +12.13%). The firm also detailed recent discussions with representatives of the Board.
iDreamSky Technology (DSKY 12.96, -0.15 -1.14%) appointed Kevin Lei as CFO. Also announced the resignation of former CFO Jun Zou for personal reasons effective Jan 31.
Juniper Networks (JNPR 26.65, +0.46 +1.76%) to acquire BTI Systems. Financial terms of the deal were not disclosed.
In reaction to quarterly results:
Sprint (S) reported a better than expected Q3 EPS loss of $0.21 per share on revenues which fell 9.7% year-over-year and missed expectations at $8.11 billion. The company also raised FY15 EBITDA guidance to $7.7-8 billion (from $6.8-7.1 billion). Also, sees FY16 EBITDA of about $9.5-10 billion.
Corning (GLW) reported better than expected Q4 results with EPS of $0.34 on revenues of $2.4 billion. Also , GLW announced it expects a mid-to-high single-digit % QoQ LCD glass volume decline in Q1.
Sanmina (SANM 19.09, +1.71 +9.84%) reported Q1 EPS in-line at $0.58 and worse than expected revenues of $1.53 billion. The company also issued better than expected guidance for the Q2 period of EPS in the range of $0.55-0.59 and revenues of $1.55-1.65 billion.
Companies reporting quarterly results tonight/tomorrow morning: AAPL, T, BBOX, CA, MRCY, PLCM, TSS, VMW/BAH, GIB, CVLT, EMC, ERIC, OIIM, SILC, STM, UMC
Analyst actions:
AMX upgraded to Overweight from Equal Weight at Morgan Stanley,
SANM upgraded to Neutral from Sell at Citigroup,
TU upgraded to Outperform from Neutral at Macquarie;
RHT downgraded to Neutral from Buy at BofA/Merrill,
N, PCTY and MKTO were downgraded to Underperform from Neutral at BofA/Merrill,
SSYS was downgraded to Neutral from Overweight at JP Morgan
4:10 pm : The stock market ended its Wednesday affair under heavy selling pressure as the major indices sold off in response to the Federal Open Market Committee's policy statement for January. Today's trade saw a break with tradition as a jump in crude prices was not enough to alter the trajectory of the market. The S&P 500 (-1.1%) and the Dow Jones Industrial Average (-1.4%) returned all of their inter-day gains, but finished ahead of the tech-heavy Nasdaq (-2.2%), which spent the day in negative territory.
A rebound in crude oil helped lift equity markets from their opening lows, but the stock market stopped following oil once the FOMC statement crossed the wires. As for oil, WTI crude managed to attract buyers despite the commodity showing larger than expected builds in both the EIA and API weekly inventories. This bullish activity in the face of poor data and increasing chatter regarding production cut agreements between OPEC and non-OPEC states may have been enough to signal a bottom to some investors, or at the very least a spot to cover short positions. WTI crude ended its pit session higher by 2.5% at $32.22/bbl.
In the early afternoon, the latest directive from the Federal Open Market Committee demonstrated less dovish undertones than market participants may have been expecting. The statement partly acknowledged that growth had slowed and that inflation is expected to remain low in the near-term. However, the Fed's belief that inflation is expected to rise to 2.0% over the medium term in the face of declines in energy and import prices creates doubt as to whether the central bank will revise its glide path. Stocks ticked up immediately after the release, but followed that move with a slide to new lows.
A key earnings miss in the influential technology sector (-2.5%) helped keep the group at the bottom of the leaderboard. Technology was joined by heavily-weighted consumer discretionary (-1.5%) and health care (-1.1%) while telecom services (+0.8%) and utilities (+0.2%) ended in the green.
In the top-weighted technology space Apple (AAPL 93.44, -6.54) underperformed after issuing Q2 guidance below expectation while reporting a miss on revenue in their Q1 earnings report. Other heavyweight constituents like Alphabet (GOOLG 717.58, -16.21) and Facebook (FB 94.45, -2.89) shed 2.2% and 3.0%, respectively, with Facebook set to report after today's close.
Elsewhere, large-cap component Amazon (AMZN 583.35, -17.90) demonstrated relative weakness in the consumer discretionary space. Meanwhile, fellow heavyweight Disney (DIS 94.32, -1.95) outpaced the losses in the sector with a decline of 2.0%. Also of note, Netflix (NFLX 91.15, -6.68) slid 6.8% as the company continues to show weakness after reporting earnings last week.
Biotechnology showed relative weakness in the health care space, evidenced by the 3.1% decline in the iShares Nasdaq Biotechnology ETF (IBB 273.40, -8.68). This downshift came despite a strong performance from Biogen (BIIB 273.26, +13.39), which climbed 5.2%, after the company reported an earnings beat before today's open.
Treasuries moved to their lows during today's rally but were able to climb to session highs during the pullback in equity markets. The yield on the benchmark note ended its day unchanged at 2.00%.
Today's participation was true to recent form with more than a billion shareschanging hands at the NYSE floor.
Today's economic data included the weekly MBA Mortgage Index and the New Home Sales report. Later today the FOMC policy statement for January (Briefing.com consensus 0.5%) will be announced at 14:00 ET
The MBA Mortgage Index showed a seasonally adjusted increase of 8.8% in mortgage application from last week's 9.0 increase.
New home sales were up 10.8% month-over-month in December to a seasonally adjusted annual rate of 544,000 (Briefing.com consensus of 506,000) versus 491,000 in December (revised from 490,000).
An estimated 501,000 new homes were sold in 2015, which is up 14.5% from 2014.
Tomorrow's economic data includes weekly Initial Claims (Briefing.com consensus 285k) and Durable Orders for December (Briefing.com consensus -0.5%) being reported at 8:30 ET. Meanwhile, Pending Home Sales for December (Briefing.com consensus 0.8%) will cross the wires at 10:00 ET.
Russell 2000 -11.8% YTD
Nasdaq -10.8% YTD
Dow Jones -8.5% YTD
S&P 500 -7.9% YTD
DJ30 -222.77 NASDAQ -99.51 SP500 -20.68 NASDAQ Adv/Vol/Dec 845/1.926 bln/2094 NYSE Adv/Vol/Dec 1153/1.091 bln/1899
3:40 pm :
Post-FOMC, the dollar index slid lower, pushing gold and silver futures higher in electronic trade
Feb gold ended pit trading -$5.40 at $1115.30/oz, but rose as high as $1128/oz following the Fed
Meanwhile, Mar silver ended floor trading -0.8% at $14.43/oz, but rose near $14.60 in more recent trade
WTI crude oil has been volatile again, rallying in floor trade today. Mar crude ended the session +3% at $32.31/barrel, but pulled back below $32 in electronic trade
Mar nat gas ended the day flat at $2.18/MMBtu
8:36 am Silicom Limited beats by $0.31, beats on revs (single estimate) (SILC) :
Reports Q4 (Dec) non-GAAP earnings of $0.86 per share, $0.31 better than the single analyst estimate of $0.55; revenues rose 20.2% year/year to $27.4 mln vs the $20.38 mln single analyst estimate.
"Our rising sales demonstrate our continued success in our traditional networking appliance markets as well as in our 'hot' new target markets, including those driven by the Cloud Computing, SDN, NFV, IoT, Virtualization and other trends."
8:31 am Ixia increases maximum aggregate amount available on its revolving credit facility from $75 mln to $150 mln and extends the term by an additional 2 years (XXIA) : The amended credit facility also includes additional covenant flexibility and an accordion option, which allows the company to increase the size of the revolving credit facility by up to an additional $100 million under certain circumstances, potentially extending its total line of credit borrowing capacity to $250 million.
8:03 am O2Micro misses by $0.35, beats on revs; guides Q1 revs in-line (OIIM) :
Reports Q4 (Dec) loss of $0.50 per share, $0.35 worse than the Capital IQ Consensus of ($0.15); revenues fell 7.0% year/year to $13.3 mln vs the $13.1 mln Capital IQ Consensus.
Lower operating expense levels reflect new cash breakeven level estimate of $16.5-$17.5 million and new profitability breakeven level estimate of $18.5-$19.5 million on a quarterly basis
Co issues in-line guidance for Q1, sees Q1 revs down 5% to up 2% sequentially (approx $12.63-13.97 mln) vs. $12.80 mln Capital IQ Consensus Estimate.
7:06 am EMC reports EPS in-line, misses on revs -- merger with Dell on track (EMC) :
Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.65; revenues fell 0.5% year/year to $7.01 bln vs the $7.13 bln Capital IQ Consensus.
"Together, EMC and Dell will be better positioned in the market. We believe that the coming together of the companies is the best strategic option for all stakeholders. I'm pleased to report that progress on closing the transaction remains on track under the original terms and timeline."
No guidance given merger with Dell.
6:51 am SunEdison and Greenlight Capital announce two mutually agreed upon corporate governance initiatives, new independent director appointed effective immediately (SUNE) :
Under the arrangement, SunEdison's Board of Directors appointed Claire Gogel as an independent director, effective immediately. Ms. Gogel is a private investor and a former Partner at Greenlight Capital, with 20 years of experience in portfolio and hedge fund management. She will also be joining the Nominating and Corporate Governance Committee and the Finance and Investment Committee of SunEdison's Board of Directors.
Under the same arrangement, following the closing of its pending acquisition of Vivint Solar (VSLR), SunEdison will amend its bylaws to provide that, for a period of two years, the Company will not be permitted to make equity issuances without a supermajority vote of the Board (which is not obtained if two or more directors vote against such issuances), except in limited circumstances. This bylaw amendment will not affect any of the Company's contractual commitments existing at the time it is adopted. Until the bylaw amendment is effective, the Company will consult with Greenlight Capital regarding issuances of equity securities, with certain exceptions.
4:56 am United Micro beats by $0.13, reports revs in-line (UMC) :
Reports Q4 (Dec) earnings of $0.25 per share, $0.13 better than the Capital IQ Consensus of $0.12; revenues fell 9.1% year/year to $33.85 bln vs the $33.71 bln Capital IQ Consensus.
Quarter-over-Quarter Guidance:
Wafer Shipments: To remain flat
ASP in USD: ASP softness offset by favorable USD to NTD exchange rate
Profitability: Gross profit margin will be in high teens % range
2016 CAPEX for Foundry Segment: $2.2bn
4:39 am STMicroelectronics misses by $0.01, reports revs in-line; guides Q1 revs above consensus; to restructure Set Top Business (STM) :
Reports Q4 (Dec) net of breakeven, $0.01 worse than the Capital IQ Consensus of $0.01; revenues fell 8.8% year/year to $1.67 bln vs the $1.66 bln Capital IQ Consensus.
Co issues upside guidance for Q1, sees Q1 revs of -3% sequentially to ~$1.62 bln vs. $1.61 bln Capital IQ Consensus Estimate.
Review of co's Set Top Business
As a result of this, the Company announced a global workforce review, including:
A global workforce re-alignment that may affect approximately 1,400 employees worldwide, of which about 430 in France through
Annualized savings are estimated at $170 million upon completion and restructuring costs at about $170 million.
Advancers & Decliners
NYSE AMEX NASDAQ BB
Advancing Issues 1,148 (37%) 516 (37%) 745 (28%) 92 (39%)
Declining Issues 1,892 (60%) 849 (60%) 1,824 (69%) 94 (39%)
Unchanged Issues 91 (3%) 42 (3%) 82 (3%) 52 (22%)
Total Issues 3,131 1,407 2,651 238
New Highs 22 4 8 1
New Lows 50 13 90 43
Up Volume 2,143,208,074 (499%) 511,377,773 (61%) 456,539,641 (22%) 26,582,598 (4%)
Down Volume 2,533,475,576 (590%) 316,863,886 (38%) 1,613,101,724 (77%) 563,875,012 (87%)
Unchanged Volume 47,860,600 (11%) 10,342,921 (1%) 19,807,190 (1%) 58,066,511 (9%)
Total Volume 429,576,9541 838,584,5801 2,089,448,5551 648,524,1211
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