From Briefing.com: 6:18PM Monday After Hours prices levels vs. 4 pm ET: Market recovers some of its losses as the after hours trade sports a positive bias. Most earnings reports have come in better than expected, although no major names have released quarterly numbers tonight. Presently, the S&P futures, at 1138, are 4 points above fair value, and the Nasdaq 100 futures, at 1489, are 7 points above fair value.
The below table lists the evening's relevant news items, as well as the stocks' reactions.
After Hours Mover % Change Move Reason for Move Conexant Systems (CNXT) -3% Designer of semiconductor solutions for use in broadband applications reports Q2 (Mar) EPS of $0.06, twice that of the consensus estimate, on revenues that surged 74% to $243.8 mln; Management, however, guides Q3 (June) EPS and revenues to the low-end of analyst estimates; CNXT has recent fallen below its 50 and 200-day simple moving averages, adding to selling pressure EDS (EDS) -3% IT services firm matches the Q1 (Mar) Reuters Research bottom-line consensus estimate calling for a loss of $0.01 on better than expected revenues; Company's outlook for Q2 (June) and FY04 (Dec), though, is much worse than expected; EDS has demonstrated a lack of earnings consistency since 2000, and turnaround efforts have yet to take hold Immucor (BLUD) +10% Provider of automated instrument-reagent systems gets final FDA approval for Galileo, its second generation, bidirectional, fully automated walk-away instrument for hospital blood bank transfusion labs; BLUD has been retracing its losses since missing in its Q3 (Feb) report and warning for FY04 (May) and FY05 in late Mar; BLUD is a member of Briefing.com's Active Portfolio Metro-Gldwn-Myr (00C) unch Board of Directors declares a one-time dividend of $8 to stockholders of record as of May 7; Stock doesn't budge as speculation of the payout started March 15, sending shares 11% higher the next day; Today it was reported that Time Warner (TWX) was weighing whether to renew discussions to buy MGM after Sony expressed interest weeks ago Oxford Health (OHP)/UnitedHealth Group (UNH) OHP +1%; UNH unch After the Wall Street Journal broke the story in late afternoon trading, Oxford Health confirmed it will be acquired by UnitedHealth after WellChoice (WC) terminated merger talks last week; The new deal is valued at approximately $4.9 bln; OHP doesn't get a huge boost as it ran up 4% during the regular session off the WSJ story; The CT-based managed care name also reported upside in its Q1 (Mar) report
Tomorrow, earnings should command the market's attention with Dow components DuPont (DD) and Verizon (VZ) releasing their March quarter results. Economic data will also be in the mix with April Consumer Confidence and March Existing Home Sales. IBM (IBM) and Merck (MRK) will also be hosting their annual shareholder meetings tomorrow.
For more detail on these, and other developments, be sure to visit our Stock Market Update and Daily Sector Wrap.-- Heather Smith, Briefing.com
4:17PM Silicon Labs beats by 4 cents, guides Q2 revs above consensus (SLAB) 56.13 -0.21: Reports Q1 (Mar) earnings of $0.38 per share, $0.04 better than the Reuters Research consensus of $0.34; revenues rose 78.1% year/year to $113.6 mln vs the $107.1 mln consensus. Co expects Q2 sales of $120-$123 mln, vs consensus of $111.4 mln.
4:10PM TTM Tech beats by $0.02, guides Q2 EPS above consensus (TTMI) 12.59 +0.29: Reports Q1 (Mar) earnings of $0.15 per share, $0.02 better than the Reuters Research consensus of $0.13; revenues rose 45.6% year/year to $57.7 mln vs the $56.6 mln consensus. Company sees Q2 EPS of $0.16-0.18 on revs of $59-62 mln vs the Reuters Research consensus $0.15 & $60 mln respectively.
4:07PM Calif. Amplifier misses by $0.04 (CAMP) 13.92 +0.92: Reports Q4 (Feb) earnings of $0.18 per share, $0.04 worse than the Reuters Research consensus of $0.22; revenues rose 59.6% year/year to $41.6 mln vs the $42.8 mln consensus. Co expects Q1 (May) revs and EPS of $43-$50 mln and $0.06-$0.10 vs consensus of $39.5 mln and $0.14. Note, the co completed its merger with Vytek Corp on April 12, so Q1 results are unclear if comparable consensus.
4:03PM KEMET beats by $0.03 (KEM) 13.60 +0.10: Reports Q4 (Mar) loss of $0.02 per share, ex items, $0.03 better than the Reuters Research consensus of ($0.05); revenues rose 10.0% year/year to $117.1 mln vs the $116.5 mln consensus.
4:01PM MKS Instruments names Leo Berlinghieri as new President and COO (MKSI) 21.48 -0.71:
Close Dow -28.11 at 10,444.73, S&P -5.12 at 1,135.48, Nasdaq -13.00 at 2,036.77: Despite a higher open, the major averages spent the entirety of the session drifting with a slight negative bias... Like through most of the past two weeks, this morning's generally upbeat earnings and guidance reports were ignored, while the stronger than expected New Home Sales report at 1.228 mln (consensus 1.168 mln) was used as an excuse to take some money off the table, as it re-fueled concerns over rising interest rates and accelerating inflation... Looking at sector action, the bulk of the groups closed in the red... Among the laggards of note were the hardware, networking, semiconductor, computer storage, wood products, and personal services sectors... Leaders to the upside were harder to come by, but included the biotech sector, which surged on speculation surrounding the news that OSI Pharmaceuticals (OSIP 91.10 +52.96) and Genentech (DNA 131.86 +13.64) reported that Tarceva extended survival of patients with relapsed non-small cell lung cancer... Elsewhere, the bond market was little changed, with the 10-year note up 4/32, bringing its yield down to 4.44%...NYSE Adv/Dec 1186/2127, Nasdaq Adv/Dec 1325/1828
7:40AM KEM upgraded at Thomas Weisel 13.50: Thomas Weisel upgrades Kemet to Peer Perform from Underperform, given the improving fundamentals, successful internal restructuring efforts and earnings, while still very depressed, are more likely to be revised upward than not. Datapoints point to continue improvements in demand. Arrow is seeing lead times stretch and pricing firm for both tantalum and ceramic capacitors in Asia. Several EMS customers have pointed out that lead times for components, and capacitors in particular, are stretching. The datacom and telecom markets (60% of revenue) are clearly picking up. The firm believes that KEM and AVX shares should now trade at a similar multiple.
7:37AM Xilinx chosen by Lucent; announces new RapidIO availability (XLNX) 36.59: Co announces that Lucent (LU) has selected Xilinx FPGAs for its new 10Gb/s Tunable Optical Translator Unit, a key component in one of its DWDM-based metro optical equipment offerings.... Separately, the co announces the availability of a new RapidIO Serial Endpoint intellectual property core. Coupled with Xilinx' parallel RapidIO endpoint IP core and PICMG-compliant AdvancedTCA Development platform, this combination provides the industry's only complete FPGA-based solution.
7:34AM Anadigics beats by a penny, guides Q2 in line (ANAD) 6.21: Reports Q1 (Mar) loss of $0.40 per share, $0.01 better than the Reuters Research consensus of ($0.41); revenues rose 31.7% year/year to $21.2 mln vs the $20.4 mln consensus. Co also guides, sees Q2 loss of $0.37-0.39 vs the R.R. consensus of ($0.37).
7:08AM Veeco Instruments beats by $0.03, guides Q2 below consensus, annouces order (VECO) 27.43: Reports Q1 (Mar) earnings of $0.11 per share, $0.03 better than the Reuters Research consensus of $0.08; revenues rose 22.9% year/year to $94.5 mln vs the $88.8 mln consensus. Company sees Q2 EPS of $0.11-0.14 vs consensus of $0.16 on revenues of $95-100 mln, consensus $97.4 mln. VECO also announces that it received an order in excess of $10 mln for multiple metal organic chemical vapor deposition production systems from Fujian Quanzhou Sanan, Chinese manufacturer of high brightness light-emitting diodes (HB-LEDs).
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