MARKET CURRENTS
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MARKET CURRENTS
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Today - Wednesday, May 22
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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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11:09 AM Syneron Medical (ELOS +2.3%) moves up after reporting a slightly better Q1 on the top line. Total revenue decreased on a Y/Y basis however, largely due to lower PAD segment revenue in EMEA and Japan, which was partially offset by moderate revenue growth in all other geographies and growth in EBU segment revenue. The company also said its board of directors has appointed Amit Meridor as the company's new president, reporting directly to CEO, Shimon Eckhouse. Existing board member David Schlachet has also been appointed as chairman. Comment!
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8:54 AM More on Zale's (ZLC) FQ3: As in FQ2, the company reiterates its expectation of a profitable full year. Same-store sales rise 2.6% (constant currency basis and adjusting for February 29) while gross margin and operating margin expand 130 and 80 basis points respectively. YTD earnings are essentially double what they were after two quarters in 2012. The company realizes a $4M reduction in interest rate expense thanks to last year's refinancing. Additionally, ZLC appoints Terry Burman chairman of the board. Shares +26.3% premarket. (PR) Comment!
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8:10 AM More on American Eagle (AEO): Comparable-store sales fell 5% as they ran up against a tough comparable from last year when warmer weather lines were introduced earlier. Profit was helped by favorable products costs and sourcing efficiencies, but the retailer noted a higher rate of markdowns during the period. For Q2, flat comparable-store sales and EPS of $0.19-$0.21 are forecast. AEO -1.5% premarket. (PR) Comment!
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7:55 AM More on Target's (TGT) Q1: After guiding for flat comparable store sales just a little while ago, the 0.6% dip looks troubling to retail analysts. The number of transactions processed fell 1.9% during Q1, but the average transaction amount rose 1.3%. REDcard penetration rose impressively to 17.1% from 11.6% a year ago. Total store count +6 M/M and +20 Y/Y (not including Canada). TGT -2.0% premarket. (PR) Comment!
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7:45 AM More on Target's (TGT) Q1: The retailer cites soft sales in apparel and other seasonal and weather-sensitive categories as part of the reason for the mild Y/Y gain and slight top-line miss. Comparable-store sales in U.S. stores were off 0.6% during the period. Canada generated sales of $86M with a gross margin rate of 38.4%, though start-up expenses kept the launch of the 24 stores in the nation from adding to profitability. For full-year 2013, EPS of $4.70-$4.90 is forecast - lower than Target's prior guidance of $4.85-$5.05. (PR) Comment!
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7:31 AM Target (TGT): Q1 EPS of $1.05 beats by $0.13. Revenue of $16.7B (+1% Y/Y) misses by $0.12B. (PR) 3 Comments
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7:05 AM More on Toll Brothers (TOL) FQ2 earnings: Home deliveries up 33% in units, up 38% in dollars Y/Y. Average price of $577K, up from $557K a year ago. Average price of signed contracts of $678K, up from $585K a year ago. Backlogs up 52% in units (to 3,655) and 69% in dollars. Gross margin of 23.3% vs. 23.2% a year ago. "One year ago we were somewhat reluctant to raise home prices ... now we are finding ... a sense of urgency takes hold and demand continues to rise." Shares -0.6% premarket. CC at 2 ET. (PR) Comment!
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6:59 AM More on Staples' (SPLS) Q1: Sales fell off amid widespread store closings with comparable store sales down 2% Y/Y. The retailer saw more weakness in computer and tech categories which was only partially offset by growth in tablet sales. Staples.com sales were up 3%. The company generated $348M of operating cash flow during the quarter. Full-year EPS forecast to be $1.30-$1.35. (PR) Comment!
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6:25 AM More on Lowe's (LOW): Unlike competitor Home Depot (HD), the company misses on the top and bottom line as sales fall 0.5% Y/Y and comps decrease 0.7%. Exterior categories were impacted by cool temperatures and "greater precipitation" which "delayed [the] spring selling season." March's performance was "particularly soft." FY13 outlook: sales growth of ~4%, comps growth of ~3.5%, EPS of $2.05 against consensus of $2.08. Shares -4% premarket. (PR) 6 Comments
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6:01 AM Lowe's (LOW): Q1 EPS of $0.49 misses by $0.02. Revenue of $13.1B (-0.5% Y/Y) misses by $0.35B. (PR) 3 Comments
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