MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 22, 2013
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7:50 PM More on Pacific Sunwear (PSUN): Q1 beat across the board as total sales rose by 4.7% Y/Y. But net losses widened, as the retailer was hit by store-closure costs and losses on derivatives, which led to gross margins narrowing to 25.1% from 38.1%. The company offered a better picture for the current quarter however, now expecting its bottom line EPS to range between a loss of $0.05 and a profit of $0.02. It also projects revenue of $209M to $219M. Analysts were expecting a per-share loss of $0.04 a share on revenue of $198M. Shares +19.5% AH. Comment!
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6:37 PM In its earnings call today, Hewlett-Packard (HPQ) CEO Meg Whitman remarked that its position in the PC market has been boosted by recent efforts to sell tablets powered by Google's (GOOG) Android, thus allowing it to compete in tablets again after discontinuing its Palm/webOS TouchPad in 2011. "If we have the right product and the right price, the channel still loves H-P and they want to sell our products," Whitman said. "Frankly, having Android products helps a lot." (Webcast) Shares +13.3% AH. 1 Comment
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4:45 PM More on DryShips (DRYS) Q1 earnings: "Even though there has been a recent spike in some drybulk charter rates, we continue to be defensive about the short-term prospects of the shipping markets. Asset prices seem to be holding up but we do not expect any positive sustainable development in charter rates this year." CC tomorrow at 9 ET. Shares -5.3% AH. (PR) Comment!
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4:44 PM More on Semtech (SMTC): Q1 comes in line on earnings but beats on revenue. Net sales rose 39% Y/Y on record revenues and higher margins. For Q2, the company expects net sales to be in the range of $164M to $172M, splitting the Street consensus of $167M. Gross profit margin for the quarter is expected to be in the range of 61.0% to 61.5%. Comment!
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4:36 PM More on Synopsys (SNPS): FQ2 beats on all counts as total sales jump 15% Y/Y. Net earnings more than tripled on higher revenue growth and lower expenses. The company also raises its full-year earnings guidance to a range of $2.37 to $2.42 per share, and reaffirms its revenue at between $1.96B and $1.98B. For the current quarter, is sees its EPS at $0.53 and $0.55 on revenue between $475M and $485M. Analysts were looking for $0.57 on revenue of $496M. Shares +1.7% AH. Comment!
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4:34 PM More on Workday (WDAY) 2014 FQ1 earnings: Full year revenue guidance of $425M-$440M upped from previous $420M-$435M. Subscription revenue of $68.4M, up 85% from a year ago. Unearned revenue balance of $224M, up 12.5% Q/Q. Operating expenses up 62% Y/Y - Sales and Marketing +54%, R&D +75%. CC at 5 ET. Shares reverse a quick early tumble, now +1.4% AH. (PR) Comment!
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4:21 PM More on 8x8 (EGHT): FQ4 beats slightly on revenue but comes up short on a per share basis. Revenue from business customers increased 23% Y/Y, but business service revenue churn was 1.5%, compared with 1.6% in the same period last year. Business customer churn was 1.7%, compared with 2.0% in the prior year period. Shares -8.4% AH. Comment!
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4:20 PM More on Hewlett-Packard (HPQ) FQ2 earnings: FY2013 EPS guidance is upped to $3.50-$3.60 from $3.40-$3.60 previously. Operating margin of 8.6%, up from 7.9% in FQ1, down from 8.9% a year ago. PC sales down 20% Y/Y. Printers -1%. Enterprise hardware -10%. Services -8%. Software -3%. CC at 5 ET. Shares +12% AH. (PR) 9 Comments
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