From Briefing.com: 4:18 pm AXT misses by $0.02, beats on revs (AXTI) : Reports Q4 (Dec) loss of $0.04 per share, $0.02 worse than the single analyst estimate of ($0.02); revenues fell 7.7% year/year to $18.1 mln vs the $17.52 mln Capital IQ Consensus."2015 was a year of transformation for AXT as we continued to realign our business with the trends that are driving growth in compound semiconductor substrates. We focused on strategic investments in our technology and manufacturing capabilities that would improve our competitive positioning, and enable us to drive better consistency and efficiency across our substrate portfolio. We are pleased with these investments, and in the early results of our efforts. Although raw material pricing is providing a near-term headwind, we expect to continue to see a positive shift in our revenue mix in 2016 driven by InP, providing the potential for both revenue and margin expansion."
4:50 pm Transocean beats by $1.04, beats on revs (RIG) :
Reports Q4 (Dec) earnings of $1.68 per share, excluding non-recurring items, $1.04 better than the Capital IQ Consensus of $0.64; revenues fell 17.3% year/year to $1.85 bln vs the $1.41 bln Capital IQ Consensus. Other revenues increased $356 million due to early contract terminations on the Polar Pioneer, Discoverer Americas, and Sedco 714. Contract drilling revenues decreased $113 million due to reduced activity and rig retirements partially offset by higher ultra-deepwater revenue efficiency and higher demobilization revenues.Cash flows from operating activities increased $312 million sequentially to $960 million due primarily to early contract terminations. Capital expenditures totaled $665 million, down from $940 million in the prior quarter. The decrease was associated with the company's newbuild program. During the quarter, the company took delivery of the newbuild ultra-deepwater drillship Deepwater Proteus, and the floater is expected to be placed into service in the second quarter of 2016.
4:10 pm HP reports EPS in-line, beats on revs; guides Q2 EPS in-line; reaffirms FY16 EPS guidance (HPQ) :
Reports Q1 (Jan) earnings of $0.36 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.36; revenues fell 11.6% year/year to $12.25 bln vs the $12.03 bln Capital IQ Consensus. Personal Systems net revenue was down 13% year over year (down 6% in constant currency) with a 3.1% operating margin. Commercial net revenue decreased 11% and Consumer net revenue decreased 16%. Total units were down 13% with Notebooks units down 8% and Desktops units down 13%. Printing net revenue was down 17% year over year (down 11% in constant currency) with a 17.0% operating margin.Total hardware units were down 20% with Commercial hardware units down 15% and Consumer hardware units down 23%. Supplies revenue was down 14% (down 8% in constant currency).Co issues in-line guidance for Q2, sees EPS of $0.35-0.40, excluding non-recurring items, vs. $0.39 Capital IQ Consensus Estimate. Co reaffirms guidance for FY16, sees EPS of $1.59-1.69, excluding non-recurring items, vs. $1.61 Capital IQ Consensus Estimate.
4:07 pm Applied Optoelectronics misses by $0.09, beats on revs; guides Q1 EPS in-line, revs above consensus (AAOI) :
Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus of $0.31; revenues rose 45.6% year/year to $53 mln vs the $50.61 mln Capital IQ Consensus. Co issues guidance for Q1, sees EPS of $0.21-0.28, excluding non-recurring items, vs. $0.25 Capital IQ Consensus Estimate; sees Q1 revs of $50-54 mln vs. $49.11 mln Capital IQ Consensus EstimateThe broader markets ended Wednesday above flat lines as a late surge took all three major US indices into positive territory. Leading the way higher was the Nasdaq Composite which added 39.02 points (+0.87%) to 4542.61. The S&P 500 was up 8.53 points (+0.44%) to 1929.80 when the session closed. Rounding out the bunch, the Dow Jones Industrial Average gained 53.21 points (+0.32%) to 16484.99. Market data today came in the form of the weekly MBA Mortgage Index which showed a seasonally adjusted decline of 4.3% in mortgage applications. Also, sales of single-family homes in January ran at a seasonally adjusted annual rate of 494,000.
In Energy, oil remained pressured this morning as a bearish reading from the API inventory report and commentary from Saudi Arabia's oil minister weighed on the commodity overnight. However, WTI crude was able to rally off its low after the Department of Energy's weekly inventory report showed a draw of 2.236 million barrels from the gasoline inventory compared to the forecast 1.033 million barrel draw. Additionally, largely in-line results regarding a crude oil build (3.502 mln barrels vs est. 3.427 mln) bolstered the commodity. April Crude Oil futures closed up $0.41 (+1.3%) to $32.21 per barrel.
Action in Technology (XLK 40.86, +0.31 +0.76%) was mixed today as component First Solar (FSLR 69.45, +7.66 +12.40%) showed strength following the company's Q4 report. FSLR posted a beat on EPS and revenues for the period and gave certain FY16 guidance. Other sectors closed the session IYZ +1.85%, XLB +1.04%, XLE +1.01%, XLY +0.58%, XLU +0.47%, XLV +0.33%, XLP +0.31%, XLI +0.06%, XLF -0.24%.
Telecoms (FCOM 27.78, +0.33 +1.20%) were among the best performers today as components TMUS, CCI, AMT, T, FTR, VZ, S, CTL, WIN and SBAC were all initiated at Deutsche Bank ahead of the open. Other telecom names which performed well today included GSAT +9.40%, USM +7.01%, FTR +4.33%, VG +3.41%, S +3.39%, SBAC +3.17%, CTL +2.60%, EGHT +2.57%, WIN +2.48%, TMUS +1.60%, LVLT +1.21%, T +0.98%.
In the S&P 500 Information Technology sector (673.38, +5.95 +0.89%), trading was mixed as component Motorola Solutions (MSI 72.84, +2.06 +2.91%) outperformed following an upgrade of shares at Macquarie. Other sector components which displayed relative strength included HPQ +4.95%, SNDK +4.94%, MCHP +3.36%, MSI +2.91%, TSS +2.80%, PYPL +2.79%, NTAP +2.75%, EA +2.73%, WDC +2.69%, QCOM +2.18%, ADS +2.08%, LRCX +1.79%, SWKS +1.74%.
Other notable news items among sector components:
HP (HPQ 10.81, +0.51 +4.90%) announced it is extending its collaboration with iPass Inc (IPAS 0.95, +0.04 +5.38%) to bring iPass' global Wi-Fi network to HP customers on select HP notebook and tablet PCs worldwide.
Oc, a Canon (CAJ 29.17, +0.04 +0.14%) company, has partnered with Intel Security (INTC 29.19, +0.39 +1.35%) to further strengthen security of its PRISMAsync controller driven production printers. Intel Security will be providing McAfee Embedded Control to be included on PRISMAsync printers.
Motorola Solutions (MSI) and Ericsson (ERIC 9.21, -0.01 -0.11%) will develop next-generation push-to-talk communications for the public safety market, creating a way for traditional radio communications to integrate and extend via LTE broadband networks.
The European Commission Directorate-General for Informatics has selected a consortium of Accenture (ACN 99.55, -0.12 -0.12%), Comparex and Microsoft (MSFT 51.36, +0.18 +0.35%) to provide public cloud services to institutions in the EU, enabling access to new cloud and digital capabilities for public services. The contract is for two years with the option for two one-year extensions. Accenture and Comparex will lead the consortium, with Microsoft as subcontractor.
BlackBerry (BBRY 7.34, +0.08 +1.10%) announced Microsoft (MSFT) customers now have access to BBRY's secure enterprise mobility solutions in the open, flexible, enterprise-grade cloud computing platform Azure.
Juniper Networks (JNPR 24.84, +0.28 +1.14%) priced $350 million of its 3.125% senior notes due 2019 and $150 million of its 4.500% senior notes due 2024.
Xilinx (XLNX 47.58, -0.88 -1.82%) announced that Jon Olson plans to retire from his full-time role as CFO in May this year, soon after the company's FY2016 financial closing process. At that time, Lorenzo Flores, Corporate Vice President of Finance and Corporate Controller for Xilinx, will be appointed SVP and CFO. Jon will continue to support the transition through July in an advisory role.
Texas Instruments (TXN 52.46, +0.22 +0.42%) filed a mixed securities shelf offering for an undisclosed amount.
Elsewhere in the tech sector:
BlackBerry (BBRY) announced the acquisition of Encription Limited. Financial terms of the deal were not disclosed.
Monolithic Power (MPWR 57.29, -0.93 -1.60%) announced Meera Rao has informed the company of her intention to retire. The company has retained an executive search firm to secure a successor. Ms. Rao will continue in her role at MPS until March 31, 2016 and will remain available in an advisory capacity until the transition is complete. Following Ms. Rao's departure, Bernie Blegen, MPS' corporate controller, will serve as the interim CFO until a permanent replacement is found.
In addition to reporting quarterly results, RealPage (RP 19.77, +1.86 +10.39%) to acquire NWP Services Corp for about $68 million in cash.
US Cellular (USM 39.86, +2.73 9 +7.35%) filed a $500 million debt securities shelf offering.
JetPay (JTPY 2.75, +0.15 +5.77%) announced the signing of a merger agreement with CollectorSolutions. CSI is expected to bring about $700 million of annual credit and debit card processing volume and about $4.50 billion of annual e-check processing volume to JetPay.
Ingram Micro (IM 35.82, +0.09 +0.25%) entered into a separation agreement with President and Chief Operating Officer Paul Read.
In addition to reporting quarterly results, Cinemark (CNK 31.55, +0.88 +2.87%) raised the quarterly dividend to $0.27 per share from $0.25 per share.
Discovery's (DISCA 25.20, +0.01 +0.04%) CFO, Andrew Warren, will resign from the company effective December 31.
Computer Programs (CPSI 54.90, -0.61 -1.10%) filed a common stock offered by selling stockholders for about 1.965 million shares.
In reaction to quarterly results:
Mobileye N.V. (MBLY 29.27, +0.52 +1.81%) reported better than expected Q4 EPS and revenues of $0.15 and $71.8 million, respectively. MBLY also guided FY16 EPS of $0.68-0.70 on revenues of $336-440 million.
Cinemark (CNK) reported better than expected Q4 EPS of $0.50 on revenues which rose 7.2% year-over-year to $707.2 million.
Convergys (CVG 26.09, +1.67 +6.84%) reported better than expected Q4 EPS of $0.53 on revenues which fell 1.6% year-over-year to $752 million. CVG guided FY16 EPS in-line with expectations of +5-8% which equates to about $1.85-1.91.
First Solar (FSLR) reported better than expected Q4 EPS and revenues of $1.60 and $942 million, respectively. Also, FSLR guided FY16 EPS of $4.00-4.50 and FY16 revenues in the range of $3.88-4.00 billion.
WebMD Health (WBMD 56.89, +4.96 +9.55%) reported better than expected Q4 EPS and revenues of $0.60 and $192.1 million, respectively. WBMD also guided for better than expected Q1 revenues of $154.5-157.5 million. For the FY16 period, WBMD sees EPS of $1.75-1.90 on revenues of $685-705 million.
Sinclair Broadcast (SBGI 29.46, -0.80 -2.64%) reported worse than expected Q4 EPS of $0.61 on better than expected revenues of $611.8 million.
Dreamworks Animation (DWA 25.63, +4.57 +21.70%) reported better than expected Q4 EPS and revenues of $0.55 and $319.3 million, respectively.
RealPage (RP) reported better than expected Q4 EPS of $0.16 on revenues which rose 16.3% year-over-year to $121.2 million. RP also gave guidance for Q1 EPS of $0.16 on non-GAAP revenues of $125-127 million. For the FY16 period, EPS is expected in the range of $0.68-0.72 on revenues of $565-575 million.
Companies scheduled to report quarterly results tonight/tomorrow morning: AAOI AXTI RATE CLGX PMTS DTLK DMRC FARO FLTX HPQ IMAX IL KEYW NTES FUEL RBCN CRM TXTR ZPIN/ACIW AMCX ANSS CVC CCOI CNSL GOGO IRDM MITL NEWM NXST WIN XCRA ZBRA
Analyst actions:
MLNX was upgraded to Buy from Hold at Topeka Capital Mkts,
XXIA was upgraded to Buy from Hold at Wunderlich,
MSI was upgraded to Neutral from Underperform at Macquarie,
EXLS was upgraded to Buy from Hold at Needham;
NEWP was downgraded to Hold from Buy at Needham
4:10 pm : The stock market ended the Wednesday affair on a positive note as the major indices managed to recover from steep morning losses. Today's trade saw equity markets moving in tandem with oil while heavily-weighted sectors like financials (-0.2%) and industrials (+0.1%) recovered from respective morning losses of 2.2% and 1.8%. The Nasdaq Composite (+0.9%) ended its session ahead of the S&P 500 (+0.4) and the Dow Jones Industrial Average (+0.3%).
This morning oil conceded to heavy selling pressure as a bearish reading from the weekly API inventory report and concerns over the effectiveness of a supply cap weighed on the commodity. The energy component found room to rally after the Department of Energy reported a gasoline inventory draw of 2.236 million barrels compared to the forecast 1.033 million barrel draw. Additionally, largely in-line results regarding a crude oil build (3.502 mln barrels vs est. 3.427 mln) bolstered the commodity. WTI crude rallied off its session low of $30.70/bbl to end its day higher by 1.3% at $32.21/bbl.
As a result of this rally in crude oil, the commodity-sensitive energy space (+0.9%) was able to move from laggard to leader. Independent oil and gas companies saw the largest rebound but Chevron (CVX 85.27, +0.36) and Exxon Mobil (81.52, +0.29) were able to end their day with gains of 0.4% apiece. Separately, Chesapeake Energy (CHK 2.69, +0.50) surged 22.8% after reporting above consensus bottom-line results and announcing plans to divest $700 million in assets by the end of the second quarter.
The early underperformance of heavily-weighted sectors contributed to the sharp opening losses as technology (+0.9%) and consumer discretionary (+0.6%) weighed on the benchmark index. Meanwhile, financials (-0.2%) and industrials (+0.1%) underperformed the broader market throughout the day.
In the financial sector, money center banks demonstrated relative weakness after JPMorgan Chase (JPM 56.14, +0.02) admitted Tuesday that it increased its loan loss reserves for its oil, gas, and mining exposures. The broader financial sector was to recover from a 2.2% loss to end its day down 0.1%.
In the heavyweight technology space, top-weighted constituent Apple (AAPL 96.10, +1.41) gained 1.5% while the high-beta chipmakers outperformed. The PHLX Semiconductor Index climbed 1.4% today as SanDisk (SNDK 69.90, +3.29) led the index. Separately, HP (HPQ 10.82, +0.51) jumped 5.0% ahead of its earnings report after today's closing bell.
Retail names boosted the consumer discretionary space after TJX (TJX 74.24, +1.55) reported an earnings beat while Target (TGT 76.94, +2.95) impressed investors with above-consensus guidance.
The Dow Jones Transportation Average (-0.5%) underperformed with components Avis Budget (CAR 22.04, -7.95) and Matson (MATX 38.39, -1.84) displaying relative weakness after disappointing investors with their earnings reports and guidance. Meanwhile, industrial large-caps General Electric (GE 28.96, -0.26) and Boeing (BA 115.59, -1.31) also underperformed.
Today's trade saw a steady retreat from safe haven assets as the Treasury complex slid to its lows. The yield on the 10-yr note ended higher by two-basis points at 1.74%. On a related note, the U.S. Dollar Index (97.47, -0.02) climbed back to its flat line as the safe haven yen pulled back from its session high (111.07). The dollar/yen pair ended at 111.91. The euro also fell from its high (1.1044), pressuring the euro/dollar pair to 1.1012 (-0.1%).
Today's participation fell beneath the recent average with fewer than 1.012 billion shares changing hands on the NYSE floor.
Today's economic data was limited to the weekly MBA Mortgage Index and the January New Home Sales Report:
The weekly MBA Mortgage Index showed a seasonally adjusted decrease of 4.3% in mortgage applications.
Sales of new single-family houses in January ran at a seasonally adjusted annual rate of 494,000 (Briefing.com consensus 523,000)
That was 9.2% below the sales rate in December and new home sales in January were down 5.2% year-over-year.
Weather can't really be blamed as the culprit for the drop in sales for a few reasons. First, the Northeast, which was struck by a blizzard late in the month, saw sales increase 3.4%. Secondly, the West, which did not have to contend with blizzard conditions, saw a huge 32.1% month-over-month decline in new home sales. Separately, sales were down 5.9% in the Midwest and up 1.8% in the South.
Pricing can't be thought of as the culprit either. The median sales price of $278,800 was down 5.8% from the prior month and down 4.5% year-over-year.
This January downturn, then, has the appearance at first blush of simply being the result of a drop off in demand. As a reminder, new home sales are counted when the contract is signed versus existing home sales which are counted when the sale is closed.
At the sales pace seen in January, the inventory of new homes for sale stretched to a 5.8-months supply from 5.1 months in December. That is the highest inventory level since September 2015.
Separately, St. Louis President and Federal Open Market Committee voting member James Bullard will speak at 19:00 ET.
Tomorrow's economic data will include the 8:30 ET release of weekly initial claims (Briefing.com consensus 270k) and Durable Orders for January (Briefing.com consensus +2.0%). Meanwhile, the FHFA Housing Price Index for December will cross the wires at 9:00 ET.
Russell 2000: -10.1% YTD
Nasdaq -9.3% YTD
S&P 500 -5.6% YTD
Dow Jones -5.4% YTD
DJ30 +53.21 NASDAQ +39.02 SP500 +8.53 NASDAQ Adv/Vol/Dec 1817/1.799 bln/1102 NYSE Adv/Vol/Dec 1955/1.011 bln/1084
3:45 pm :
Oil prices have fully recovered today weakness and is now at today's high
In floor trading, Apr crude finished +1.3% at $32.21/barrel
Apr natural gas rose one cent to $1.84/MMBtu
Precious metals reversed today's rally
However, Apr gold did end with a gain, closing +1.4% at $1239.20/oz, while Mar silver ended +0.5% at $15.30/oz
Apr gold is now at $1230.00/oz
9:02 am Xilinx appoints Lorenzo Flores as CFO; Jon Olson to retire after FY16 (XLNX) : Lorenzo joined the co as VP of Finance & Corporate Controller in 2008. Prior to joining Xilinx, he spent 10 years at Intel (INTC), served as CFO of a venture funded start up, & was assistant VP of Financial Planning & Analysis at Cognizant Technology Solutions (CTSH).
9:01 am GigOptix signs UKC Holding as its distributor for all product line sales in Japan (GIG) : Co today announced that it has signed UKC Holding Corporation, the largest distributor of electronic components in Japan, as its distributor for all its product lines sales in Japan.
8:02 am Juniper Networks prices $350 mln of its 3.125% senior notes due 2019 and $150 mln of its 4.500% senior notes due 2024 (JNPR) :
Juniper intends to use the net proceeds from this offering for general corporate purposes, which is expected to include repayment of $300 million aggregate principal amount of the Company's outstanding 3.100% senior notes that mature on March 15, 2016, share repurchases and payment of dividends under its program to return capital to shareholders and funding for working capital, capital expenditures, other corporate expenses and acquisitions of products, technologies or businesses; however, the Company does not currently have any agreements with respect to any such material acquisitions.
8:01 am Benchmark Electronics: Engaged Capital delivers letter to co nominating four individuals for Board (BHE) :
Engaged Capital, a 4.8% shareholder, delivers a letter to the Board nominating the four individuals for election to the Board
at the upcoming 2016 Annual Meeting of Stockholders.The four nominees are:
Robert K. Gifford -- former President of Supply Chain at Ingram Micro;
Lisa M. Kelley -- current Chief Audit Executive at Avnet and former Vice President of Corporate Development at Plexus;
Jeffrey S. McCreary -- former Senior Vice President at Texas Instruments; and
Brendan B. Springstubb -- Senior Analyst at Engaged Capital.
7:08 am Canadian Solar enters into a $26 mln financing agreement for its 10.2 MWp Aomori-Misawa Solar Power Plant in Rokunohe-cho, Kamikita-gun, Aomori Prefecture, Japan (CSIQ) :
6:03 am Photronics beats by $0.01, reports revs in-line; guides Q2 EPS, revs below consensus (PLAB) :
Reports Q1 (Jan) earnings of $0.17 per share, $0.01 better than the Capital IQ Consensus of $0.16; revenues rose 5.2% year/year to $129.96 mln vs the $129.1 mln Capital IQ Consensus.
"Looking into the second quarter, we expect continued strong demand from high-end memory and FPD. We anticipate continued softness in high-end logic due to low demand from Asian foundries, as well as potential headwinds in Asia due to the Chinese New Year." Co issues downside guidance for Q2, sees EPS of $0.08-0.16 vs. $0.19 Capital IQ Consensus Estimate; sees Q2 revs of $120-130 mln vs. $134.67 mln Capital IQ Consensus Estimate.
5:29 am BlackBerry announces acquisition of Encription Limited; terms not disclosed (BBRY) : As part of the new Professional Cybersecurity Services practice - and aligned with BlackBerry's core emphasis on securing mobile communications across all platforms - BlackBerry acquired UK-based Encription Limited. The acquisition of Encription was completed on February 19, 2016. Encription's specialties range from deep technical skills in software security to hardware capabilities.
BlackBerry (BBRY) announced Microsoft customers now have access to BlackBerry's secure enterprise mobility solutions in the open, flexible, enterprise-grade cloud computing platform Microsoft (MSFT) Azure. NXP Semiconductors (NXPI) and Xiaomi introduced its next-generation flagship Mi 5 equipped with NXP's Secure Element and Near Field Communication (:NFC) solution, which will help accelerate the adoption of mobile payments in China.
5:09 am Advanced Semi receives extension for review of ASX's proposed acquisition of Siliconware Precision Industries (SPIL) to March 17 (from Feb 16 prior) (ASX) :
5:07 am Siliconware Precision proposes cash distribution of NT$2.8 cash dividend per share and NT$1.0 capital reserve per share (SPIL) :
Motorola Solutions (MSI) and Ericsson (ERIC) announced that they will develop next-generation push-to-talk communications for the public safety market, creating a way for traditional radio communications to integrate and extend via LTE broadband networks. Juniper Networks (JNPR) announced that Saudi Telecom Company has for the first time in the region deployed Juniper Networks PTX5000 Series Packet Transport Routers to expand its fixed and mobile Internet backbone.Skyworks Solutions (SWKS) launched SkyOne Ultra 2.0, a highly integrated, single LTE SKU solution that solves harmonically-related carrier aggregation challenges through design while delivering the highest linear RF power as well as power added efficiency in the world.
2:29 am Anadigics receives revised offer from II-VI (IIVI) for $0.81 per share (ANAD) :
Anadigics (ANAD) announced that it received from II-VI Incorporated (IIVI) a further revised set of proposed amendments and agreements to the previously announced January 15, 2016 agreement and plan of merger pursuant to which an affiliate of II-VI has offered to acquire all of the outstanding shares of Anadigics common stock on a fully diluted basis for $0.66 per share net in cash, pursuant to an all-cash tender offer and second-step merger.
Among the proposed amended terms set forth in the February 23, 2016 II-VI Proposed Amendment is the increase from $0.66 to $0.81 of the per-share offer price set forth in the II-VI Merger Agreement and the extension of a loan to ANADIGICS, on the terms set forth in a proposed loan agreement submitted as part of the February 23, 2016 II-VI Proposed Amendment.After consultation with its financial and legal advisors, the Company's Board has unanimously determined in good faith that the February 23, 2016 II-VI Proposed Amendment renders the Acquisition Proposal received by the Company on February 20, 2016 from the competing bidder that has been identified by the Company as Party B no longer a Superior Offer, as defined in the II-VI Merger Agreement. The Company's Board of Directors has directed the Company to enter into the February 23, 2016 II-VI Proposed Amendment
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