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From Briefing.com: 4:32 pm Texas Instruments beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line (TXN) : Reports Q1 (Mar) earnings of $0.65 per share, $0.03 better than the Capital IQ Consensus of $0.62; revenues fell 4.5% year/year to $3.01 bln vs the $2.98 bln Capital IQ Consensus. Co issues in-line guidance for Q2, sees EPS of $0.67-0.77 vs. $0.71 Capital IQ Consensus Estimate; sees Q2 revs of $3.07-3.33 bln vs. $3.18 bln Capital IQ Consensus Estimate. "Revenue for the quarter was in the upper half of our expected range. Compared with a year ago, notable market activity for our products included continuing strength in automotive, as well as improvement in industrial and communications equipment. Revenue was down 5 percent due to weakness within the personal electronics market, which declined as expected. "Our core businesses of Analog and Embedded Processing comprised 87 percent of first-quarter revenue. From a year ago, Analog revenue declined 8 percent while Embedded Processing revenue grew 8 percent. Operating margin increased in both businesses. "Gross margin of 60.6 percent was a new record, reflecting the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter Analog production.

4:27 pm Xilinx beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs flat QoQ; raises quarterly dividend 6.5% to $0.33/share (XLNX) :

Reports Q4 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.52; revenues rose 0.7% year/year to $571 mln vs the $566.26 mln Capital IQ Consensus. Co issues guidance for Q1, sees EPS of $0.545-0.565 vs. $0.56 Capital IQ Consensus Estimate; sees Q1 revs of flat QoQ from $571 mln vs. $577.86 mln Capital IQ Consensus Estimate.

4:25 pm Infinera beats by $0.02, reports revs in-line (INFN) :

Reports Q1 (Mar) earnings of $0.19 per share, $0.02 better than the Capital IQ Consensus of $0.17; revenues rose 31.0% year/year to $244.82 mln vs the $246.16 mln Capital IQ Consensus.Non-GAAP gross margin for the quarter was 50.2% compared to 48.3% in the fourth quarter of 2015 and 47.8% in the first quarter of 2015. Non-GAAP operating margin for the quarter was 12.3% compared to 12.7% in the fourth quarter of 2015 and 12.2% in the first quarter of 2015.

4:22 pm TTM Tech beats by $0.06, reports revs in-line; guides Q2 EPS in-line, revs in-line (TTMI) :

Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.06 better than the two analyst estimate of $0.08; revenues rose 77.2% year/year to $583.3 mln vs the $584.97 mln Capital IQ Consensus. Co issues in-line guidance for Q2, sees EPS of $0.16-0.22, excluding non-recurring items, vs. $0.20 two analyst estimate; sees Q2 revs of $580-620 mln vs. $607.37 mln Capital IQ Consensus Estimate.

4:21 pm Cavium Networks reports EPS in-line, revs in-line (CAVM) :

Reports Q1 (Mar) earnings of $0.25 per share, in-line with the Capital IQ Consensus of $0.25; revenues rose 0.1% year/year to $101.9 mln vs the $102.01 mln Capital IQ Consensus.

4:19 pm FormFactor reports EPS in-line, revs in-line (co warned on March 29); guides Q2 EPS in-line, revs above consensus (FORM) :

Reports Q1 (Mar) loss of $0.11 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of ($0.11); revenues fell 24.3% year/year to $53.6 mln vs the $53.4 mln Capital IQ Consensus.Co had previously warned on March 29... co lowered Q1 EPS to ($0.12)-(0.10) from $0.03-0.07; rev to $53-54 mln from $65-70 mln Co issues guidance for Q2, sees EPS of $0.10-0.14, excluding non-recurring items, vs. $0.12 Capital IQ Consensus Estimate; sees Q2 revs of $76-80 mln vs. $75.73 mln Capital IQ Consensus Estimate.

Update on Pending Acquisition of Cascade Microtech:

The Company also provided an update on its pending merger with Cascade Microtech. The two companies have cleared the Hart-Scott Rodino waiting period and have filed the S-4 registration and proxy statement on April 1st. As previously communicated, the co is on track to close the acquisition of Cascade Microtech by mid-2016On April 26th, Cascade Microtech reported quarterly revenue of $34.8 million, record gross margin of 59.4%, and income from operations of $2.9 million. Cascade Microtech also provided second quarter revenue guidance of $38-42 million.

4:13 pm First Solar beats by $0.63, misses on revs; guides FY16 EPS in-line, reaffirms FY16 revs guidance; Announces leadership transition (FSLR) :

Reports Q1 (Mar) earnings of $1.60 per share, excluding non-recurring items, $0.63 better than the Capital IQ Consensus of $0.97; revenues rose 80.7% year/year to $848 mln vs the $940.04 mln Capital IQ Consensus. Co issues guidance for FY16, sees EPS of $4.10-4.50 (Prior $4.10-4.50), excluding non-recurring items, vs. $4.24 Capital IQ Consensus Estimate; sees FY16 revs of $3.8-4.0 bln vs. $3.95 bln Capital IQ Consensus Estimate.

FY16 Outlook
Gross Margin raised to 18-19% from 17-18%.Operating Expenses reaffirmed at $380-400 mlnOperating Income raised to $300-370 mln from $260-330 mlnOperating Cash Flow raised to $500-700 mln from $400-600 mlnCapEx reaffirmed at $300-400 mlnShipments reaffirmed at 2.9-3.0 GW.

Leadership Transition

Co announced that current Chief Financial Officer Mark R. Widmar has been appointed Chief Executive Officer, effective July 1, 2016. He will also join the First Solar Board of Directors at that time. As part of a transition plan, Mr. Widmar will succeed James A. Hughes, who plans to step down as Chief Executive Officer effective June 30, 2016. Mr. Hughes will continue to support the company in an advisory role and remain on the Board.

4:12 pm SanDisk beats by $0.28, beats on revs (SNDK) :

Reports Q1 (Mar) earnings of $0.82 per share, $0.28 better than the Capital IQ Consensus of $0.54; revenues rose 2.5% year/year to $1.37 bln vs the $1.21 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 Newport shareholders approves its acquisition by MKS Instruments (MKSI); expects that the transaction will close on April 29 (NEWP) :

4:10 pm : The stock market ended its Wednesday affair on a mixed note as the major indices moved higher following the March policy statement from the Federal Open Market Committee. Other contributing factors to today's trade included below-consensus quarterly results from Apple (AAPL 97.82, -6.53), the underperformance of the technology sector (-0.8%), and a rally in crude oil. The Nasdaq Composite (-0.5%) ended its day behind the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.3%).

The stock market opened its day on a lower note as disappointing results and guidance from the likes of Apple (AAPL 97.82, -6.53) and Twitter (TWTR 14.86, -2.89) pressured the heavily-weighted technology sector (-0.8%) and the tech-heavy Nasdaq. However, the major averages were able to lift from their opening levels as investors eyed an uptick in oil and the impending rate decision from the FOMC.

The stock market carved out session lows mid-morning as participants weighed the latest stockpile data from the Department of Energy. The weekly inventory report showed a smaller-than-expected build in crude inventories (1.99 million barrels; est. 2.36 million), but a larger-than-expected build in gasoline stockpiles (1.60 million barrels; est. -0.40 million). WTI crude initially tumbled following the data, but reversed off its low ($43.88/bbl). The energy component ended its day higher by 2.9% at $45.21/bbl.

The latest policy directive from the FOMC struck a dovish tone and in turn helped the averages continue their advance off their lows. The FOMC voted 9-1 to leave its key interest rate unchanged. Furthermore, the committee voiced its concern for slowing economic conditions and diminishing inflation expectations in the near term.

Seven sectors ended above their flat lines as countercyclical telecom services (+1.9%) led energy (+1.7%) and utilities (+1.4%). Conversely, heavily-weighted technology (-0.8%), consumer discretionary (-0.1%) and health care (-0.1%) rounded out the board.

The energy space (+1.7%) demonstrated broad-based strength as pipeline companies, oilfield services names, and independent oil and gas companies gained. Conversely, ConocoPhillips (COP 48.11, +0.03) underperformed the broader market ahead of tomorrow morning's quarterly report. Meanwhile, Baker Hughes (BHI 46.94, +1.14) jumped 2.5% after reporting below-consensus results for the first quarter. In its report, Baker Hughes also estimated that its U.S. rig count would not stabilize until the second half 2016.

Influential technology (-0.8%) ended well off its low as the high-beta chipmakers outperformed. To that point, the PHLX Semiconductor Index ended higher by 1.0%. Meanwhile, Apple (AAPL 97.82, -6.53) finished off its lows as investors weighed a 10.0% increase to the stock's dividend and a $175 billion addition to the company's share buyback program. Separately, Facebook (FB 108.89, +0.13) ended higher by 0.1% ahead of this evening's quarterly earnings report.

In the health care space (-0.1%), Anthem (ANTM 144.76, -2.31) displayed relative weakness after disappointing investors with its 2016 guidance. However, the company did beat top- and bottom-line estimates for the first quarter. Elsewhere, biotechnology underperformed, evidenced by the 1.4% decline in the iShares Nasdaq Biotechnology ETF (IBB 277.49, -3.91).

The U.S. Dollar Index (94.50, -0.07) ended near its flat line as participants look ahead to the latest policy statement from the Bank of Japan. The euro/dollar pairs ended at 1.1313 (+0.2%) while the dollar finished higher by 0.2% against the yen (111.52).

The Treasury complex ended its day near its high with the yield on the 10-yr note falling seven basis point to 1.86%.

Today's participation was above the recent average with more than 971 million shares changing hands on the NYSE floor.

Today's economic data included March Pending Home Sales:

Pending home sales for March climbed 1.4% while the Briefing.com consensus expected an uptick of 0.3%. Meanwhile, the February reading was revised lower to 3.4% from 3.5%.

Tomorrow's economic data will include the advance reading of Q1 GDP (Briefing.com consensus +0.9%) and weekly initial claims (Briefing.com consensus 259k), which will each cross the wires at 8:30 ET.

Dow Jones +3.5% YTD
S&P 500 +2.5% YTD
Russell 2000 +1.6% YTD
Nasdaq -2.9% YTD

DJ30 +51.23 NASDAQ -25.17 SP500 +3.45 NASDAQ Adv/Vol/Dec 1559/1.759 bln/1362 NYSE Adv/Vol/Dec 2131/971.1 mln/888

3:30 pm :

The dollar index exhibited notable volatility this afternoon, currently down -0.7% at the 94.50 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.6% at 84.31
Crude oil staged an early afternoon rally off its low of the day around $43.79 after the release of EIA petroleum inventory data, closing near its high of the day
June crude oil futures rose $1.27 (+2.9%) to $45.21/barrel
EIA crude oil inventory released today showed a build of +1.999 mln, compared to consensus for a build of +2.4 mln
Gasoline inventories had a build of +1.608 mln
Distillate inventories had a draw of -1.695 mln
API data released yesterday after market close showed a draw of -1.1 mln barrels, compared to estimates for a build of +800,000 barrels
Natural gas reverses off its low, briefly trading above the previous session's close before consolidating lower to end afternoon pit trading
June Natural Gas closed $0.01 lower (-0.5%) at $2.15/MMBtu
EIA natural gas inventory data is scheduled to be released tomorrow at 10:30 am ET
In precious metals, gold experienced a notable selloff in the afternoon, but quickly recovered to close higher on the day
June gold ended today's session up $7.10 (+0.6%) to $1250.50/oz
Silver trended modestly lower in the afternoon, still closing above the previous session's closing price
May silver closed today's session $0.19 higher (+1.1%) at $17.30/oz
Base metal copper drifted lower in afternoon pit trading
May copper closed $0.02 lower (-0.9%) at $2.22/lb

4:11 pm Extreme Networks beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line (EXTR) : Reports Q3 (Mar) earnings of $0.03 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.02; revenues rose 4.1% year/year to $125.3 mln vs the $122.81 mln Capital IQ Consensus. Co issues in-line guidance for Q4, sees EPS of $0.08-0.12, excluding non-recurring items, vs. $0.09 Capital IQ Consensus Estimate; sees Q4 revs of $137-147 mln, excluding non-recurring items, vs. $141.03 mln Capital IQ Consensus Estimate. "Growth was driven by continued penetration of targeted education and hospitality/public venue enterprise customers in North America, and successful execution of our software-driven solutions selling approach for wireless and wired enterprise campus networking."

4:06 pm Facebook beats by $0.15, beats on revs (FB) :

Reports Q1 (Mar) earnings of $0.77 per share, $0.15 better than the Capital IQ Consensus of $0.62; revenues rose 51.8% year/year to $5.38 bln vs the $5.26 bln Capital IQ Consensus.Advertising revenue increased 57% y/y to $5.2 bln.Daily active users (DAUs)- DAUs were 1.09 billion on average for March 2016, an increase of 16% year-over-year. Mobile DAUs- Mobile DAUs were 989 million on average for March 2016, an increase of 24% year-over-year. Monthly active users (MAUs- MAUs were 1.65 billion as of March 31, 2016, an increase of 15% year-over-year. Mobile MAUs- Mobile MAUs were 1.51 billion as of March 31, 2016, an increase of 21% year-over-year. Mobile advertising revenue- Mobile advertising revenue represented approximately 82% of advertising revenue for the first quarter of 2016, up from 73% of advertising revenue in the first quarter of 2015. Capital expenditures- Capital expenditures for the first quarter of 2016 were $1.13 billion. Free cash flow for the first quarter of 2016 was $1.85 billion.Following the Fed Policy Statement today, broader market action ended on a higher note (albeit split). The Dow Jones Industrial Average posted the best advance, adding 51.23 points (+0.28%) to close 18041.55. The S&P 500 closed up 3.45 points (+0.16%) to 2095.15. The lone laggard was the tech-heavy Nasdaq Composite which lost 25.14 points (-0.51%) to 4863.14 on the heels of some disappointing earnings among tech companies.







As mentioned, the Federal Open Market Committee left rates unchanged as widely expected, and removed the reference from its statement to global events posing risks to the economic outlook. Additionally, economic data was light, as the only figure released was the pending home sales reading for March which climbed 1.4%.

As it were, the Technology (XLK 43.04, -0.21 -0.49%) sector was lower all day, ultimately finishing near high, though. Component eBay (EBAY 25.27, +0.78 +3.18%) was one of the best performers today following the company's solid Q1 performance, reporting both EPS and revenues which beat Street expectations; also, EBAY guided Q2 mixed. Other sectors as measured by the S&P closed today XLE +1.90%, XLU +1.45%, XLB +0.84%, IYZ +0.83%, XLI +0.71%, XLP +0.48%, XLF +0.17%, XLY -0.10%, XLV -0.11% as Energy was the outperformer as June Crude Oil Futures were up 2.9% and Tech and Healthcare finished at the bottom of the pack.

Semis (SOX 681.26, +6.84 +1.01%) were also strong today following components Cree (CREE 26.00, +1.41 +5.73%) and KLA-Tencor's (KLAC 72.23, +0.39 +0.54%) quarterly results. On tap for quarterly results tonight, semi names CAVM, SNDK, TER, TXN and XLNX are expected to release the latest quarterly results. Other names in the space which displayed relative strength today included MRVL +4.22%, ASML +2.94%, ARMH +2.85%, NXPI +2.60%, NVDA +2.28%, INTC +1.11%.

In the S&P 500 Information Technology (712.80, -6.05 -0.84%), trading ended in the red, pressured by lackluster quarterly results among select holdings. Component Apple (AAPL 97.82, -6.53 -6.26%) finished the day well lower following its disappointing Q2 print which was compounded by worse than expected Q3 guidance and tepid iPhone, iPad and Mac sales; the company reported worse than expected Q2 results and guided Q3 revenues worse than expected. Other names in the space which were notably weak today included EA -3.03%, FLIR -1.53%, MSFT -0.97%, CRM -0.68%, GOOGL -0.54%, ADBE -0.53%, YHOO -0.43%, INTU -0.39%, GOOG -0.32%.

Other notable news items among sector components:

In addition to reporting to quarterly results, Apple (AAPL) announced authorization of a $50 billion increase to the capital return program - total now stands at $250 billion by the end of March 2018. Additionally, the company raised its quarterly dividend to $0.57 from $0.52 per share.

Accenture (ACN 115.48, +0.87 +0.76%) has been selected Sky (SKYAY 55.95, -1.30 -2.27%) to ensure viewers have an optimal experience when streaming and watching shows through the newly launched premium TV service, Sky Q. The Accenture StormTest platform will provide Sky customers with a consistent service through continuous monitoring and testing.

Yahoo! (YHOO 36.95, -0.16 -0.43%) reached an agreement with Starboard Value LP and its affiliates under which four new independent directors, Tor R. Braham, Eddy W. Hartenstein, Richard S. Hill, and Jeffrey C. Smith, Starboard's CEO and Chief Investment Officer, will join the board, effective immediately. Jeff Smith will also join the Strategic Review Committee. Additionally, Starboard has withdrawn its director nominees for Yahoo's board as part of the agreement.

Bsquare (BSQR 6.26, +0.03 +0.48%) extended the terms of its distribution agreement for Microsoft (MSFT 50.94, -0.50 -0.97%) Windows Embedded, including IoT products such as Windows 10 IoT, through June 30, 2017.

Elsewhere in the tech space:
According to a Wall Street Journal report, Comcast (CMCSA 61.30, +0.25 +0.41%) could possibly be in discussions regarding a possible purchase of Dreamworks Animation (DWA 32.20, +5.08 +18.73%) for $3 billion.

Upland Software (UPLD 7.02, -0.33 -4.49%) acquired Advanced Processing & Imaging platform for an undisclosed sum. The transaction is expected to be immediately accretive to the company's adjusted EBITDA per share.

Guidance Software (GUID 5.04, +0.06 +1.20%) announced a North American distribution agreement with Arrow Electronics (ARW 65.10, +0.43 +0.66%).

Vantiv (VNTV 56.49, +2.19 +4.03%) promoted Stephanie Ferris to CFO.

In reaction to quarterly results:

Apple (AAPL) reported worse than expected Q2 EPS and revenues of $1.90 and $50.56 billion, respectively. Also, AAPL reported iPhone unit sales of 51.2 million for Q2, down from 61.2 million YoY; iPad sales in Q2 were 10.2 million, down from 12.6 million a year ago; Mac sales in Q2 were 4.0 million, down from 4.5 million last year. For Q3, AAPL guided worse than expected revenues in the range of $41-43 billion; also, gross margins in Q3 are expected in the range or 37.5-38.0% (worse than Street expectations).

AT&T (T 38.72, +0.63 +1.65%) reported better than expected Q1 EPS of $0.72 on in-line revenues which rose 24.4% versus last year to $40.53 billion.

eBay (EBAY) reported better than expected Q1 EPS and revenues of $0.47 and $2.14 billion, respectively. EBAY guided Q2 EPS worse than expected at $0.40-0.42; EBAY sees Q2 revenues ahead of expectations at $2.14-2.19 billion. For the FY16 period, the company sees revenues of $8.6-8.8 billion.

CGI Group (GIB 47.00, -0.63 -1.32%) reported better than expected Q2 EPS of C$0.90 on in-line revenues of C$2.75 billion.

KLA-Tencor (KLAC) reported better than expected Q3 EPS of $1.15 and worse than expected revenues of $712 million.

Twitter (TWTR 14.86, -2.89 -16.28%) reported better than expected Q1 EPS of $0.15 on worse than expected revenues which rose 36.5% to $595 million. TWTR also guided Q2 revenues worse than expectations at $590-610 million. They see adjusted EBITDA in the range of $145-155 million for Q2.

Comcast (CMCSA) reported better than expected Q1 EPS of $0.84 on in-line revenues which rose 5.2% versus last year to $18.79 billion. Cable Communications revenue increased 6.7%, customer relationships increased by 269,000, a 35.5% increase from the first quarter of 2015 and high-speed internet customers increased by 438,000.

Total System (TSS 52.69, +0.76 +1.46%) reported better than expected Q1 EPS and revenues of $0.66 and $739.4 million, respectively. The company also gave FY16 EPS and revenue guidance of $2.78-2.85 and $4.18-4.26 billion, respectively.

Cree (CREE) reported better than expected Q3 EPS of $0.17 on in-line revenues of $366.9 million. The company also issued in-line guidance for the Q4 period on EPS of $0.16-0.22 and revenues of $370-395 million.

Companies scheduled to report quarterly results tonight/tomorrow morning: AFOP AMKR AVG BKFS BLKB CACI CAVM CMPR DTLK DWRE DMRC DLB ECHO EXTR FB FSLR FORM FORR HTCH INFN KS LLNW LOGI MANT MSTR NCIT NTGR OTEX OSIS PYPL RNG SNDK SGI SIMO SPRT TER TXN TTMI TYL XLNX/AUO ADP AVT BCOR CCMP CRCM CLFD COMM CY DBD IQNT I IDCC IPGP IRDM LVLT MA MITK SFE SQNS SPIL TZOO WNS YNDX

Analyst actions:

TSS was upgraded to Outperform from Market Perform at Wells Fargo,
STM was upgraded to Buy from Hold at Craig Hallum,
KT was upgraded to Buy from Hold at HSBC;
TWTR was downgraded at JP Morgan and BofA/Merrill,
AKAM was downgraded to Hold from Buy at Craig Hallum,
SPIL was downgraded to Neutral from Buy at Citigroup,
SKM was downgraded to Hold from Buy at HSBC,
MIICF was downgraded to Neutral from Overweight at JP Morgan;
PSTG was initiated with a Buy at Needham8:45 am Marvell announces agreement with Starboard regarding the composition of its Board, will add five new independent directors (MRVL) :

The co announced that it has entered into an agreement with Starboard Value LP, which has a beneficial ownership of ~6.5% of the Company's outstanding common stock, regarding the composition of Marvell's Board of Directors. Under the terms of the agreement, Marvell's Board of Directors will elect Peter A. Feld, Richard S. Hill and Oleg Khaykin to the Board. Starboard will designate an additional independent director to be added to the Marvell Board as soon as practical, subject to the reasonable approval of the Board.

Marvell will also elect Robert E. Switz to the Board. Mr. Feld, Mr. Hill, Mr. Khaykin and the additional independent director named in accordance with the agreement will stand for election as nominees of Marvell at the Marvell 2016 annual meeting of shareholders, together with Mr. Switz and incumbent independent directors Juergen Gromer, John Kassakian, Arturo Krueger and Randhir Thakur.
The Board of Directors will elect a non-executive Chairman of the Board from among the independent members of the Board.
Separately, Marvell's Board has commenced a search to identify a Chief Executive Officer. The search will be overseen by the Nominating and Corporate Governance Committee of the Board of Directors, which will be chaired by Mr. Feld, and of which Mr. Krueger, Dr. Thakur and Mr. Khaykin will be members. The Company has retained an executive search firm to assist in identifying candidates.As part of the agreement, Starboard has agreed to vote all of its shares in favor of the Marvell nominees at the 2016 annual general meeting of shareholders and has entered into other customary standstill and voting commitments.


7:08 am Silicon Labs beats by $0.06, beats on revs; guides Q2 in-line ex-patent sale (above including patent sale) (SLAB) :

Reports Q1 (Mar) adj. earnings of $0.51 per share, $0.06 better than the Capital IQ Consensus of $0.45; revenues fell 1.0% year/year to $162 mln vs the $159.78 mln Capital IQ Consensus. IoT revenue exceeded expectations and established a new record, increasing to $70.9 million, or 5.5% sequentially Infrastructure revenue established a new record, increasing to $31.6 million, or 3.3% sequentially Broadcast revenue declined to $38.4 million, or 3.1% sequentially Access revenue declined to $21.1 million, or 6.7% sequentially.Co issues in-line guidance for Q2 excluding $5 mln in patent sales rev ($0.09 EPS), sees EPS of $0.52-0.59, excluding non-recurring items, vs. $0.54 Capital IQ Consensus Estimate; sees Q2 revs of $163-168 mln, excluding non-recurring items, vs. $165.09 mln Capital IQ Consensus Estimate. 6:14 am United Micro misses by $0.11, beats on revs (UMC) :

Reports Q1 (Mar) earnings of $0.02 per share, $0.11 worse than the Capital IQ Consensus of $0.13; revenues fell 8.6% year/year to $34.4 bln vs the $33.84 bln Capital IQ Consensus.Q2 quarter-over-quarter guidance: Wafer Shipments: To increase by approximately 5% ASP in NTD: To increase by 1-2% Profitability: Gross profit margin will be in low 20% range Foundry Segment Capacity Utilization: Approximately high 80% range 2016
CAPEX for Foundry Segment: US$2.2bn
"Looking into 2Q16, new product launches in wireless devices will serve as a positive catalyst, leading to stronger end market demand. As a result, we foresee a significant increase in 28nm shipments for the second quarter. We also expect to receive many new 28nm tape outs during 2016 that include mobile and consumer applications, which will further diversify our 28nm product pipeline and contribute to 28nm revenue growth."