From Briefing.com: 4:15 pm : Following an afternoon rally, U.S. equities failed to hold session highs and ended mixed. The Dow advanced by nearly 0.5%, while the S&P 500 was essentially unchanged and Nasdaq fell by 0.3%. Mixed earnings and a new home sales reading that missed expectations provided the day's headlines. Egan Jones issued a downgrade of Italy's sovereign rating to CCC+ from B+. Despite weak results from Apple (AAPL 574.97, -25.95), technology was the best performing sector in the S&P 500 today.
Symantec (SYMC 14.96, +1.79), Altera (ALTR 34.41, +3.74), and Juniper Networks (JNPR 16.51, +1.70) reported positive results combined with a better-than-expected outlook. As a result, all three stocks were up in excess of 10%. In addition, Symantec (SYMC 14.96, +1.79) announced the firing of Chief Executive Officer Enrique Salem who will be replaced by the company's Chairman, Steve Bennett.
Financials were also one of the top sectors today.
The SPDR Financial Select Sector ETF (XLF 14.27, +0.06) was up by 0.4%. Within the sector, Morgan Stanley (MS 12.96, +0.34) led the way, posting a 2.7% gain. Citigroup (C 25.79, +0.55) and Goldman Sachs (GS 95.96, +1.49) also advanced by 2.2%, and 1.6% respectively. Wells Fargo (WFC 33.16, -0.07) was the main underperformer, ending the day 0.2% down.
Natural Grocers (NGVC 17.86, +2.86) ended the day up 19% following this morning's initial public offering. The company has been compared to Whole Foods Market (WFM 84.53, +0.53) which will release its third quarter results following today's closing bell.
Shares of General Motors (GM 18.80, -0.22) were down 1.2% after rival Toyota Motor (TM 72.51, -0.47) grabbed the first-half global sales lead. The company announced first-half sales of 4.67 million vehicles, which fell approximately 300,000 short of Toyota's number. Today's selling has dropped the stock below the $19.00 level for the first time since the company emerged from bankruptcy in November 2010.
Netflix (NFLX 60.29, -20.10) was the S&P 500's worst performer after second quarter subscriber growth came in below expectations. Investors were also concerned over higher costs and increased competition going forward.
Precious metals climbed higher in today's pit trade as the dollar weakened on comments from European Central Bank council member Ewald Nowotny suggesting Europe's rescue fund should receive a banking license. Gold climbed to a session high of $1609.10 per ounce before settling just below that level at $1607.70 for a gain of 2.0%. Silver pulled-back slightly in morning action to a session low of $27.05 per ounce but quickly regained momentum. It booked a 2.5% gain as it closed near session highs at $27.48.
In addition to another set of earnings, Thursday's data includes initial and continuing unemployment claims, durable orders, and pending home sales.
Treasury will auction $29 billion 7-yr notes.DJ30 +58.73 NASDAQ -8.75 SP500 -0.42 NASDAQ Adv/Vol/Dec 1433/1.7 bln/1002 NYSE Adv/Vol/Dec 1631/783.1 mln/1398
3:35 pm : Crude oil slid into the red and to its floor session low of $86.82 per barrel following weak inventory data that showed a build of 2.717 mln barrels when a draw of 1.0 mln barrels was anticipated. Despite the fall, the energy component managed to gain momentum and popped back into positive territory in afternoon action. A rally heading into the close pushed prices higher such that crude settled with a 0.6% gain at $89.03 per barrel.
Natural gas fell deeper into negative territory, dipping as low as $3.05 per MMBtu in afternoon pit action. It closed floor trade 3.5% lower at $3.07 per MMBtu, posts its first loss in six sessions.
Precious metals climbed higher in today's pit trade as the dollar weakened on comments from ECB council member Ewald Nowotny suggesting Europe's rescue fund should receive a banking license. Gold climbed to a session high of $1609.10 per ounce and settled just below that level at $1607.70 per ounce for a gain of 2.0%. Silver pulled-back slightly in morning action to a session low of $27.05 per ounce but quickly regained momentum. It booked a 2.5% gain as it closed at $27.48 per ounce, just below its session high of $27.49 per ounce.DJ30 +57.52 NASDAQ -9.36 SP500 -0.73 NASDAQ Adv/Vol/Dec 1380/1446.6 mln/1055 NYSE Adv/Vol/Dec 1578/545 mln/14194
6:29PM Teradyne beats by $0.19, beats on revs; guides Q3 EPS below consensus, revs below consensus (TER) 13.45 +0.22 : Reports Q2 (Jun) earnings of $0.77 per share, $0.19 better than the Capital IQ Consensus Estimate of $0.58; the $0.77 figure excluded acquired intangible asset amortization, non-cash convertible debt interest, and included income taxes on a cash basis. Revenues rose 33.5% year/year to $548 mln vs the $510.87 mln consensus. Co issues downside guidance for Q3, sees EPS of 0.41-0.51 vs. $0.53 Capital IQ Consensus Estimate; sees Q3 revs of 420-460 mln vs. $483.01 mln Capital IQ Consensus Estimate.
4:39PM MKS Instruments misses by $0.03, misses on revs; guides Q3 EPS below consensus, revs below consensus (MKSI) 26.32 +0.84 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.38; revenues fell 7.1% year/year to $177.4 mln vs the $186.6 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.14-0.27 vs. $0.36 Capital IQ Consensus Estimate; sees Q3 revs of $140-160 mln vs. $182.44 mln Capital IQ Consensus Estimate.
4:37PM Lam Research misses by $0.04, misses on revs (LRCX) 34.24 +0.05 : Reports Q4 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $0.64; revenues fell 1.4% year/year to $741.8 mln vs the $810.98 mln consensus. Lam Research reports Q4 gross margin of 40.2% vs 45.0% in the same quarter as last year
4:36PM Cohu misses by $0.06, beats on revs (COHU) 8.74 +0.01 : Reports Q2 (Jun) loss of $0.09 per share, $0.06 worse than the Capital IQ Consensus Estimate of ($0.03); revenues fell 26.6% year/year to $59.4 mln vs the $58.51 mln consensus. Orders were $69.8 million for the second quarter of 2012 and $53.0 million for the first quarter of 2012. Orders for semiconductor equipment were $59.5 million in the second quarter of 2012 compared to $41.4 million in the first quarter of 2012. Total consolidated backlog was $62.0 million at June 30, 2012 compared to $51.6 million at March 31, 2012. Cohu expects third quarter 2012 sales to be approximately $60 million.
4:28PM Cadence Design beats by $0.01, beats on revs; guides Q3 EPS, revs above consensus; raises FY12 guidance above consensus (CDNS) 11.42 +0.20 : Reports Q2 (Jun) earnings of $0.19 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 15.2% year/year to $326 mln vs the $321.13 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.18-0.19, excluding non-recurring items, vs. $0.17 Capital IQ Consensus Estimate; sees Q3 revs of $325-335 mln vs. $323.64 mln Capital IQ Consensus Estimate. Co issues upside guidance for FY12, sees EPS of $0.70-0.74, excluding non-recurring items, vs. $0.70 Capital IQ Consensus Estimate; sees FY12 revs of $1.295-1.315 bln vs. $1.29 bln Capital IQ Consensus Estimate.
4:27PM Western Digital beats by $0.39, beats on revs (WDC) 32.47 +0.70 : Reports Q4 (Jun) GAAP earnings of $2.87 per share, $0.39 better than the Capital IQ Consensus Estimate of $2.48; revenues rose 97.8% year/year to $4.75 bln vs the $4.25 bln consensus. "In the June quarter, demand was in line with our forecast as industry shipments reached 157 million units, bringing total HDD shipments for the year to 599 million units. Our WD and HGST subsidiaries both performed ahead of plan in Q4, delivering great products with consistent execution, resulting in strong revenue growth, gross margin and cash flows."
4:22PM Flextronics beats by $0.01, misses on revs; guides Q2 EPS in-line, revs below consensus (FLEX) 6.25 +0.19 : Reports Q1 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 20.2% year/year to $5.99 bln vs the $6.07 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.21-0.25 vs. $0.25 Capital IQ Consensus Estimate; sees Q2 revs of $5.9-6.3 bln vs. $6.45 bln Capital IQ Consensus Estimate.
4:09PM Intersil misses by $0.03, misses on revs; guides Q3 EPS below consensus, revs below consensus (ISIL) 9.56 -0.07 : Reports Q2 (Jun) earnings of $0.08 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.11; revenues fell 22.0% year/year to $163 mln vs the $166.03 mln consensus. Co issues downside guidance for Q3, sees EPS of 0.10-0.12 vs. $0.19 Capital IQ Consensus Estimate; sees Q3 revs of $156-163 mln vs. $178.25 mln Capital IQ Consensus Estimate. "Our bookings rate grew during most of the second quarter, but began to deteriorate in June. We closed the second quarter with a book-to-bill ratio slightly less than one," said Bell. "Given continued uncertainty about the worldwide economy, we are forecasting sub-seasonal revenue for the third quarter. However, our significantly reduced operating expenses will drive strong EPS improvement in the third quarter."
4:08PM Applied Micro beats by $0.02, beats on revs (AMCC) 5.08 +0.19 : Reports Q1 (Jun) loss of $0.18 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of ($0.20); revenues fell 32.1% year/year to $41.3 mln vs the $40.06 mln consensus. "Although market conditions remain challenging we remain cautiously optimistic about the remainder of our fiscal year and are tracking to our plan at this time."
4:07PM LSI Logic beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line (LSI) 6.07 +0.12 : Reports Q2 (Jun) earnings of $0.21 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 31.8% year/year to $660 mln vs the $644.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.14-0.20 vs. $0.18 Capital IQ Consensus Estimate; sees Q3 revs of $620-660 mln vs. $658.64 mln Capital IQ Consensus Estimate. "We are pleased with our performance in the second quarter as we delivered strong growth and further expanded our profitability in a challenging macroeconomic environment,..Demand, particularly for our flash-related products, was driven by rapid adoption across client and datacenter computing where customers are increasingly turning to LSI to enhance or accelerate application performance."
4:05PM TriQuint Semi beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs below consensus (TQNT) 4.93 +0.07 : Reports Q2 (Jun) loss of $0.09 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.12); revenues fell 22.2% year/year to $178 mln vs the $177.59 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.00, excluding non-recurring items, vs. $0.00 Capital IQ Consensus Estimate; sees Q3 revs of $195-205 mln vs. $205.28 mln Capital IQ Consensus Estimate.
3:27PM Hewlett-Packard slips under yesterday's low of 17.81 to set a new multi-year low of 17.77 (HPQ) 17.77 -0.22 :
9:39AM Semiconductor Hldrs ETF provides early leadership (SMH) 31.18 +0.86 : Aggressive run in ALTR +16% (nearing its 200 ema at 35.74) has helped propel the SMH sharply higher in early dealings -- BRCM +8.9%, INTC +1.6%, TXN +1.6%, ASML +1.9%, AMAT +1.9%, ADI +1.6%, TER +1.8%, XLNX +2.7%, SNDK +1.2%, LLTC +1.5%.
Applied Micro Circuits (AMCC) has shipped two mln 10G Optical Transport Network ports to system providers.
Stonestreet One has partnered with Freescale Semiconductor (FSL) on the development of a radio module supporting Bluetooth Smart that will bring ultra-low power connectivity to a wide variety of healthcare devices.
7:33AM Silicon Labs beats by $0.04, beats on revs; guides Q3 revs above consensus (SLAB) 34.94 : Reports Q2 (Jun) earnings of $0.51 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 7.5% year/year to $135.7 mln vs the $132.05 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $140-145 mln vs. $139.10 mln Capital IQ Consensus Estimate. All three of the co's major product categories, Access, Broadcast and Broad-based, grew sequentially in the second quarter. Co states: "Our business is hitting on all cylinders, underscoring the strength of our portfolio and ability to gain market share...The global build-out of infrastructure to support growing bandwidth needs, the emergence of the Internet of Things, and the increasing importance of energy efficient and green technology all require analog-intensive, mixed-signal ICs."
7:33AM STEC: SEC Provides Investigation Closure Letters to STEC and Its Presidend (STEC) 7.12 : Co has received investigation closure letters that the Staff of the SEC does not intend to recommend any enforcement action against either STEC or Mark Moshayedi, STEC's president, chief operating officer and chief technical officer.
7:14AM Corning reports EPS in-line, misses on revs (GLW) 12.06 : Reports Q2 (Jun) earnings of $0.31 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.31; revenues fell 4.8% year/year to $1.91 bln vs the $2.01 bln consensus. "LCD glass retail and supply chain market statistics were generally in line with our expectations. As a whole, our other businesses grew 2% year-over-year...However, we are concerned about the continuing economic challenges in Europe and China's decelerating GDP growth. We have seen signs that the unsettled global economy impacted some of our businesses in the past quarter. For example, in Europe our Environmental Technologies segment saw reduced sales of light-duty filters for auto emission systems. We are alert to the fact that the economic woes may grow, and consumers may reduce their spending, which could impact our customers. If we see further weakness, we will respond with appropriate actions," For the third quarter, Flaws noted that Corning expects LCD glass volume for the company's wholly owned business and Samsung Corning Precision to grow in the low double digits sequentially.
7:11AM Motorola Solutions beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs in-line; raised FY12 revs in-line (MSI) 45.32 : Reports Q2 (Jun) earnings of $0.70 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 8.3% year/year to $2.15 bln vs the $2.11 bln consensus. Co issues mixed guidance for Q3, sees EPS of $0.69-0.74 vs. $0.78 Capital IQ Consensus Estimate; sees Q3 revs of ~+3% YoY Growth calc to ~$2168.15 vs. $2.19 bln Capital IQ Consensus Estimate. Co raised guidance for FY12, sees FY12 revs of 5-6% growth from prior guidance of +5% calc to ~$8.603-$8.695 bln vs. $8.67 bln Capital IQ Consensus Estimate. Government segment sales were $1.5 billion, up 14 percent from the year-ago quarter, driven by growth in all regions. "Our strong revenue and earnings growth continues to demonstrate the strength and resiliency of our business. We also are pleased to continue to return capital to our shareholders through an increased dividend and expanded share repurchase program."
7:08AM ATMI beats by $0.02, misses on revs (ATMI) 18.74 : Reports Q2 (Jun) earnings of $0.35 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.33; revenues rose 1.8% year/year to $105.9 mln vs the $107.65 mln consensus. "We see wafer starts for 2012 modestly stronger than 2011, with typical seasonal patterns expected during the second half. Our customers are continuing to ramp and develop leading-edge technology nodes, and we are working with them to help them solve their material challenges. The SDS Direct transition is behind us and we should experience full-quarter benefits going forward. Our LifeSciences customers continue to move to high-volume production using our single-use technology, although the third quarter is typically affected by the seasonal business cycle in Europe."
6:49AM ARM Holdings beats Q2 ests; guides FY12 revs in-line (ARMH) 22.34 : Reports Q2 (Jun) earnings of GBP0.036 per share, better than the Capital IQ Consensus Estimate of GBP0.03; revenues rose 15.0% year/year to GBP135.5 mln vs the GBP129.84 mln consensus. Co sees FY12 revs in-line with GBP553.06 mln Capital IQ Consensus Estimate. Outlook: ARM enters the second half of 2012 with a record order backlog and a robust opportunity pipeline. Relevant data for the second quarter, being the shipment period for ARM's Q3 royalties, points to a small sequential increase in industry revenues. Q4 royalties are harder to predict as macroeconomic uncertainty may impact consumer confidence, and some analysts have become less confident in the semiconductor industry outlook in the second half. However, building on our strong performance in the first half, we expect overall Group dollar revenues for full year 2012 to be in line with market expectations.
Mattson Technology (MTSN) announced that a major foundry has placed an order for the paradigmE etch system, which is now in production in this third etch customer's fab.
Apple (AAPL $578.48 -22.52) reported third quarter earnings of $9.32 per share, $1.06 worse than the Capital IQ Consensus of $10.38, while revenues rose 22.6% year/year to $35.02 billion versus the $37.35 bln consensus. The company issued downside guidance for Q4, sees EPS of ~$7.65 versus the $10.23 consensus and revenues of approximately $34 billion versus the $37.94 bln consensus. Co typically guides conservatively but this looks particularly low. Co reports 26 mln iPhones sold in Q3 vs Street est of ~29 mln; 17 mln iPads sold in Q3 vs Street est of approximately 16 million, 4.0 mln Macs sold in Q3 vs Street est of approximately 4.5 mln. Gross margin was 42.8% vs Street est of 43.8% and 41.5% guidance, compared to 41.7 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue. "We've also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall. We are also really looking forward to the amazing new products we've got in the pipeline." Apple's Board of Directors has declared a cash dividend of $2.65 per share of the Company's common stock. The dividend is payable on August 16, 2012, to stockholders of record as of the close of business on August 13, 2012.
Riverbed Technology (RVBD $16.60 +4.10) Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 16.5% year/year to $198.5 mln vs the $194.3 mln consensus.
Juniper Networks (JNPR $16.29 +1.47) reported second quarter earnings of $0.19 per share, $0.03 better than the Capital IQ consensus of $0.16, while revenues fell 4.1% year/year to $1.07 billion versus the $1.05 billion consensus. The company says "...While the long-term fundamentals driving demand for high-performance networking remain solid, our outlook for the September quarter reflects continued near-term macro uncertainty. While our new products are resonating with our customers, many customers continue to be cautious about their investment prioritization and timing around project deployments. We remain focused on prudently managing our business to ensure disciplined operational execution..." Juniper estimates that its non-GAAP gross margin for the third quarter will be roughly flat, at the high end of the revenue range. Juniper expects its non-GAAP operating margin for the third quarter will be in the range of 13% to 14%. Co issues downside guidance for Q3, sees EPS of $0.17-0.20, excluding $0.02 due to net interest expense from debt, vs. $0.21 consensus and revenues of 1.04-1.075 billion versus the $1.11 billion consensus.
Broadcom (BRCM $33.37 +2.60) reported second quarter earnings of $0.72 per share, excluding non-recurring items, $0.05 better than the Capital IQ consensus of $0.67, while revenues rose 9.7% year/year to $1.97 billion versus the $1.95 billion consensus.
RF Micro Device (RFMD $3.85 -0.43) reported first quarter earnings of $0.01 per share, in-line with the Capital IQ consensus of $0.01, while revenues fell 5.4% year/year to $202.7 million versus the $201.93 mln consensus. The company issued downside guidance for the second quarter with EPS of $0.00-0.01 versus the $0.05 consensus and revenues of "flat to down 5% sequentially" (roughly $192.6-202.7 million ) versus the $222.42 million consensus.
09:16 am Cymer downgraded to Hold at Stifel Nicolaus: . Stifel Nicolaus downgrades CYMI to Hold from Buy following earnings and based on near term valuation reasons. Firm notes the company generally met consensus expectations and its outlook also reflected current industry trends (some softness in September and a likely pickup in December). Their downgrade is driven by the near term limited upside they see with the stock at current prices, particularly given the uncertainty in the marketplace as well as the volatility in the group.
09:27 am Netflix shares plunge nearly 20% following disappointing guidance
Netflix (NFLX $64.29 -16.10) reported second quarter earnings of $0.11 per share, $0.06 better than the Capital IQ consensus of $0.05, while revenues rose 12.8% year/year to $889 million versus the $889.02 million consensus. The company issued in-line guidance for the third quarter with EPS of -0.10-0.14 versus the $0.09 consensus and revenues of $890-911 million versus the $910.12 million Capital IQ Consensus Estimate.
09:23 am Riverbed shares soar over 25% following better than expected earnings
Riverbed Technology (RVBD $18.30 +3.75) reported second quarter earnings of $0.23 per share, excluding non-recurring items, $0.02 better than the Capital IQ consensus of $0.21, while revenues rose 16.5% year/year to $198.5 million versus the $194.3 million consensus.
09:21 am Apple shares fall 4% following miss on earnings; several key metrics disappoint
Apple (AAPL $572.99 -28.07) reported third quarter earnings of $9.32 per share, $1.06 worse than the Capital IQ consensus of $10.38, while revenues rose 22.6% year/year to $35.02 billion versus the $37.35 bln consensus. The company issued downside guidance for Q4, sees EPS of ~$7.65 versus the $10.23 consensus and revenues of approximately $34 billion versus the $37.94 bln consensus. The company typically guides conservatively but this looks particularly low. Co reports 26 mln iPhones sold in Q3 vs Street est of ~29 mln; 17 mln iPads sold in Q3 vs Street est of approximately 16 million, 4.0 mln Macs sold in Q3 vs Street est of approximately 4.5 mln. Gross margin was 42.8% vs Street est of 43.8% and 41.5% guidance, compared to 41.7 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue. "We've also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall. We are also really looking forward to the amazing new products we've got in the pipeline." Apple's Board of Directors has declared a cash dividend of $2.65 per share of the Company's common stock. The dividend is payable on August 16, 2012, to stockholders of record as of the close of business on August 13, 2012.
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