MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, June 20, 2013
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7:46 AM Oracle's (ORCL) FQ4 results are due out after the bell, with analysts predicting that EPS rose to $0.87 from $0.82 a year earlier as revenue inched up 1.6% to $11.12B. "We expect the company to report muted growth as it continues to face significant challenges in its hardware business," says SA author Trefis. "However, its software business could get back on the growth track after a dismal performance last quarter." Comment!
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7:32 AM More on Rite Aid's (RAD) FQ1: Sales fell due to the sharp impact of lower cost generics on the market, with same store sales registering a 2.5% loss for the period. The company says it remodeled 108 stores during the quarter to bring the number of wellness stores company-wide to 905. FY14 revenue guidance is confirmed at $24.9B-$25.3B. RAD -3.6% premarket. (PR) Comment!
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Wednesday, June 19, 2013
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5:57 PM Micron (MU) -2.1% AH in spite of its FQ1 beat, as investors take profits following a 120% YTD run-up. DRAM sales +23% Q/Q in FQ1, thanks to a 16% ASP increase and 6% volume growth. NAND flash sales +7%, largely due to an 8% increase in trade NAND ASPs. The ASP gains led gross margin to jump 600 bps Q/Q and 1300 bps Y/Y to 24%. Capex was $235M (10% of revenue), and free cash flow was $389M, a big improvement from FQ4's $78M and a reversal from the cash burn reported in many recent quarters. RBC notes DRAM sales were better than expected, but adds NAND shipments were light. SanDisk (SNDK) +0.8%. 5 Comments
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5:39 PM Red Hat (RHT) guides on its FQ1 call for FQ2 EPS of $0.32-$0.33 and FY13 EPS of $1.31-$1.35, in-line with Street estimates of $0.33 and $1.34 and better than feared. Aided by strong demand from telco and cloud customers, FQ1 billings rose 14% Y/Y, a solid improvement from the 9% FQ4 growth that had disappointed some investors. Deferred revenue balance -3% Q/Q and +16% Y/Y to $1.06B, and $179M was spent on buybacks. Shares +3.9% AH, thanks in part to low expectations. (PR) (yesterday) Comment!
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5:20 PM In tandem with its FQ3 results, Jabil (JBL) is announcing a restructuring. The contract manufacturer plans to cut an undisclosed number of jobs, and record $188M in charges (cash charges will total $140M). FQ4 guidance is for revenue of $4.55B-$4.65B and EPS of $0.50-$0.58, below a consensus of $4.59B and $0.60. Jabil sees its High Velocity manufacturing sales rising 15% Y/Y in FQ4, and its Diversified Manufacturing and Enterprise & Infrastructure sales holding steady. Shares -0.3% AH. (PR) 1 Comment
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4:28 PM Finisar (FNSR) +8.9% AH following its FQ4 beat. FQ1 guidance is for revenue of revenue of $245M-$260M and EPS of $0.22-$0.26, mostly above a consensus of $248.9M and $0.20. A 150 bps Q/Q increase in gross margin to 32.2%, caused by a favorable mix, contributed to the EPS beat. Finisar says it's seeing strong demand for 10G/100G Ethernet components for datacom gear - 10G is being rapidly adopted in data centers, and some firms are starting to embrace 100G. Opex +4% Y/Y. a little above rev. growth of 2%. JDSU +3%, NPTN +4.3%, and CIEN +1% in sympathy. FN, OCLR, and OPLK could also rally. CC at 5PM ET (webcast). (PR) Comment!
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4:05 PM Micron (MU): Q1 EPS of $0.04 beats by $0.01. Revenue of $2.3B beats by $0.06B. Shares -1% AH. (PR) 4 Comments
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