MARKET CURRENTS
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MARKET CURRENTS
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Monday, June 17
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6:19 PM More on Korn/Ferry (KFY): FQ4 beats across the board, as quarterly fee revenue jumps to $227.9M, an increase of 17%. Fee revenue in Leadership & Talent Consulting services grew 92% Y/Y. Looking forward, the company sees Q113 revenue of $215M - $227M, versus consensus estimates of $217.47M. Shares +2.1% AH. Comment!
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4:47 PM Rambus (RMBS) +2% AH after announcing a patent settlement/licensing deal with STMicroelectronics (STM). The deal resolves all outstanding claims - ST has been one of Rambus' ITC legal adversaries, covers the licensing of Rambus' memory and cryptography IP, and gives Rambus access to ST's silicon on insulator tech for use in future memory/interface tech development. Separately, Rambus is narrowing its Q2 revenue guidance range to $56M-$58M from $53M-$58M (consensus is at $57M). (SK Hynix deal) (LSI deal) Comment!
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2:12 PM An upbeat analyst day helps 3D Systems (DDD +2.9%) outperform. In page 53 of its presentation slides (.pdf), 3D guides for 2013 revenue of $460M-$510. That's better than prior guidance of $440M-$485M, and the midpoint is above a $476.8M consensus. 3D also promises continued gross/operating margin expansion, and notes a Wohler's Report forecast for the 3D printer market to post a 23% CAGR from 2013-2020. Stratasys (SSYS +2.6%) and ExOne (XONE +4.4%) are also faring well; the latter has made new post-IPO highs. Comment!
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