• Today - Wednesday, October 26, 2016

  • 10:55 PM
    • NXP Semiconductors (NASDAQ:NXPI): Q3 EPS of $0.26 may not be comparable to consensus of -$0.08.
    • Revenue of $2.47B (+62.5% Y/Y) misses by $610M.
    • Shares -0.7% AH.
    • Press Release
    | 10:55 PM | 2 Comments
  • 8:52 PM
    • The car group's finances were separated from  Google's (GOOG, GOOGL) research lab X on Jan. 1 this year, says X chief Astro Teller, speaking at the WSJDLive 2016 conference. The team is now completing a series of corporate and legal moves to become its own business.
    • It's a major step in the vehicles' path to commercial operations, writes the WSJ's Jack Nicas, and as a stand-alone operation, the car group would likely be expected to soon begin generating revenue (though not necessarily a profit).
    • “The world is going to have cars that are sold to individuals and cars that are shared by individuals, and which one Alphabet does, we have our thinking on it,” says Teller. “But right now we’re very focused on safety.”
    • Teller says Alphabet's self-driving cars will likely roll out incrementally over the next several years as they improve with more time on the road. They will, however, be fully autonomous from the start. "You press a button and tell the car where you want to go."
    | 8:52 PM | 18 Comments
  • 7:59 PM
    • Spok Holdings (SPOK -3.6%) saw revenues dip slightly but profits remaining nearly flat in Q3 results posted today.
    • Of $45.4M in revenue, software revenue was $18.4M (up 9.5%), and wireless revenue was $27M (down 8.2%).
    • EBITDA of $9.3M made up 20.4% of revenue and declined from a year-ago total of $10.1M (21.8% of revenue).
    • Software bookings were $18.7M (up 11%-plus) and software backlog came to $38.8M, generally in line Q/Q.
    • The company reiterated guidance for full-year revenue of $174M-$192M, opex of $153M-$159M, and capex of $6M-$8M.
    • Conference call to come tomorrow at 10 a.m. ET.
    • Press Release
    | 7:59 PM
  • 7:52 PM
    • Nichele telecom provider ATN International (NASDAQ:ATNI) is up 2% in after-hours trade after it posted a Q3 earnings beat where revenues rose 43% following acquisitions in Bermuda and the Virgin Islands.
    • Net income rose to $7.2M from a year-ago $6.6M, and EBITDA of $46.4M beat an expected $38.9M.
    • Revenue by segment: U.S. Telecom, $47.6M (down 12%); International Telecom, $85.3M (up 125%, fed by acquisitions); Renewable Energy, $5.9M (up 17%).
    • Revenue by category: Wireless, $61.1M; Wireline, $66.1M; Renewable Energy, $5.8M; Equipment and other, $5.7M.
    • Cash and equivalents at Sept. 30 were $280.3M.
    • Conference call to come tomorrow at 10 a.m. ET.
    • Press Release
    | 7:52 PM
  • 7:42 PM
    • European telecoms have a stable outlook into the new year, Moody's says, thanks to flexibility in raising prices driven by customers' need for high-speed data -- and their willingness to spend.
    • "Customers are willing to pay more for better value, and telcos" -- including some of the largest, like Telefonica (NYSE:TEF), Orange (NYSE:ORAN) Deutsche Telekom (OTCQX:DTEGY), Vodafone (NASDAQ:VOD), Telia (OTCPK:TLSNY), and Telecom Italia (NYSE:TI) -- "will continue to offer higher speeds, more capacity, content and additional services, such as roaming, greater network security and cloud storage capacity, to support price increases," the firm says.
    • The demand should support industrywide revenue growth of 1-2% over the next 12-18 months, Moody's says, and margins will rise from around 35% now to 36% by 2017.
    • Another tailwind is regulators focused less on reducing consumer prices and more on pushing investments in high-speed networking, the report says. But big cross-border M&A isn't likely to occur with fewer synergies to be grabbed as well as less financial flexibility, and governments protecting incumbent firms.
    | 7:42 PM
  • 7:32 PM
    • Ericsson (ERIC +0.4%) "faces some tough decisions" of a strategic nature that will call for "courage," incoming CEO Börje Ekholm says, calling for reinvestment after a rough year where the company's market value has been nearly halved.
    • Ekholm was named early today to take over for interim chief Jan Frykhammar, who had taken over when Hans Vestberg left in July. Most observers had been expecting one of Hakan Eriksson, former company CFO Karl-Henrik Sundstrom and Vodafone CTO Johan Wibergh to take over.
    • Speaking to Barron's, Ekholm says "the struggles lately are more of an overall market question" than something fundamentally problematic at Ericsson.
    • "I don't think you can cut your way to success," he said, emphasizing some capital rearrangement: “We need to invest in technology and development, that’s what is going to drive the top line. We need to re-invest in our business.”
    • Mergers and acquisitions are on the table as well. “We will need to make acquisitions for our product offerings,” he says, “if we can buy complementary assets.” But he declined comment on whether a merger with a traditional firm like existing partner Cisco Systems might be possible.
    | 7:32 PM
  • 7:17 PM
    | 7:17 PM | 2 Comments
  • 7:04 PM
    • Those staring into tea leaves for a read on the likely approval of AT&T's (T -0.8%) deal for Time Warner (TWX +1.7%) would do well to heed the take of presidential candidate Hillary Clinton, who says the transaction calls for study.
    • "I think it raises questions and concerns, and they should be looked into," Clinton said on her campaign plane about the blockbuster deal. "If I'm fortunate enough to be president, I will expect the government to conduct a very thorough analysis before making a decision."
    • Meanwhile, according to what (currently anonymous) media execs are telling Reuters, media companies will press regulators to make AT&T/Time Warner divulge a mountain of customer data to blunt any potential unfair advantage in targeted ad sales.
    • The combination would give the two possibly unprecedented viewing data about its customers. But there's no precedent for data access issues in an antitrust review, so rivals are pressing a tough case.
    • AT&T chief Randall Stephenson had acknowledged not only that data was a deal driver but that other providers might get access -- "To the extent that it keeps their content costs down, we'd be open to it," he said -- which suggests a happy medium could be reached for some price.
    • Previously: Report: AT&T making millions off trading sensitive user info to law (Oct. 26 2016)
    • Previous AT&T/Time Warner coverage
    | 7:04 PM | 23 Comments
  • 6:54 PM
    • Results – revenue $1.78B (+6.6% Y/Y, $20M above estimates), EPS $1.14 ($0.04 above estimates), net income $485M (vs. $433M Y/Y), operating income $592M (+12% Y/Y), operating cash flow $620M, free cash flow $590M
    • Segment revenues – License $691M (vs. $681 Y/Y), Software maintenance $947M (vs. $863M Y/Y), Professional services $140M (vs. $128M Y/Y)
    • VMware (NYSE:VMW) CEO Pat Gelsinger: "Our very good third-quarter financial results reflect VMware's strength in delivering strategic value to our customers. We are helping customers run any application across their private, public and hybrid clouds with our new Cross-Cloud Architecture™, the industry's most complete and capable hybrid cloud offering."
    • Recently (October 13): Amazon AWS, VMware cloud partnership confirmed [updated]
    • Conference call
    • Earnings slides
    • Press release
    • 8-K
    | 6:54 PM | 2 Comments
  • 6:31 PM
    • Verizon (NYSE:VZ) -- in talks last month to acquire video firm Vessel -- has sealed the deal.
    • Terms weren't disclosed. The subscription video start-up was co-founded by former Hulu chief Jason Kilar.
    • He'll stay through a transition period to the end of 2016, but isn't expected to stay with the company long-term; co-founder Richard Tom will stick around to run the operation.
    • Verizon's acquiring the technology and software, so Vessel proper will be shut down Oct. 31 and refunds will be issued -- and no doubt Vessel tech will be applied to Verizon's Go90 mobile video service.
    | 6:31 PM | 9 Comments
  • 6:02 PM
    • Results – revenue $185.45M (-20.2% Y/Y, $10.88M below estimates), EPS $0.05 ($0.12 above estimates), gross margin 49.2% (vs. 50.4% Q/Q, 47.5% Y/Y), operating margin 3.6% (vs. 13.2% Q/Q, 14.4% Y/Y), net income $7.4M (vs. $30.9M Q/Q, $32.2M Y/Y)
    • CEO Tom Fallon: "As expected, weak demand across much of our business in the third quarter led to financial results that were below our standards. While the revenue environment is likely to remain challenging in the near term, we are making continued progress towards delivering our next generation of products and increasing the cadence in which we will introduce step function technology improvements. I firmly believe that we have the team and the core technologies that will enable us to recover from our current challenges and ultimately return to delivering differentiated financial results."
    • Infinera (NASDAQ:INFN) has been hit hard since guiding for the now-realized quarter, currently trading 34% lower since late July and 55% since last October.
    • Conference call (outlook forthcoming)
    • Press release
    • 8-K
    | 6:02 PM
  • 5:38 PM
    • Results – revenue $4.71B (+40.2% Y/Y, $190M above estimates), EPS $1.18 ($0.13 above estimates), operating income $632M (vs. $405M Y/Y, net income $341M (vs. $366M Y/Y)
    • Operating expenses – $1.103B vs. $633M Y/Y, $1.001B Q/Q
    • CEO Steve Milligan highlights strong hard drive and flash-based product demand across all customer categories, PC trends above expectations and continued progress in transition to 3D NAND.
    • The quarter marks the first of full integration with SanDisk subsequent merger closure in May.
    • Western Digital (NYSE:WDC) closed today higher by 5.4% and is up an additional 3.7% in extended trading on the release.
    • Financial statements
    • Conference call (outlook forthcoming)
    • Press release
    • 8-K
    | 5:38 PM | 4 Comments
  • 5:35 PM
    • Comms firm 8x8 (EGHT -2.6%) is up 6% in late trading after its record Q3 earnings report beat analyst estimates on the back of strength from mid-market, enterprise and channel sales, and the company raised guidance.
    • Overall revenue was up 24%; service revenue (the bulk of revenues) grew 23%, to $57.7M. The share of that from mid-market and enterprise customers (itself the bulk of service revenue) grew 36% organically.
    • Average monthly service revenue per business customer was $409 vs. a year-ago $360; gross monthly revenue churn came in at 0.6% (vs. prior 0.7%).
    • For fiscal 2017, the company boosted revenue guidance to $251M-$254M (up from $249M-$253M, and vs. consensus for $251.5M) and reiterated guidance for non-GAAP net income of $16M-$20M.
    • Press Release
    | 5:35 PM
  • 5:06 PM
    | 5:06 PM
  • 5:06 PM
    • ATN International (NASDAQ:ATNI): Q3 EPS of $0.44 beats by $0.05.
    • Revenue of $138.8M (+43.4% Y/Y) beats by $3.41M.
    • Shares +2% AH.
    • Press Release
    | 5:06 PM
  • 5:04 PM
    • Teradyne (NYSE:TER): Q3 EPS of $0.33 beats by $0.05.
    • Revenue of $410.47M (-11.9% Y/Y) beats by $11.47M.
    • Shares +0.1% AH.
    • Press Release
    | 5:04 PM
  • 4:56 PM
    • Majesco (NYSEMKT:MJCO): FQ2 EPS of $0.01 beats by $0.02.
    • Revenue of $31.1M (+10.3% Y/Y) misses by $4.51M.
    • Press Release
    | 4:56 PM
  • 4:55 PM
    • Results – revenue $3.68B (+7.3% Y/Y, $200M above estimates), EPS $0.94 ($0.08 above estimates), net income $968M (+21% Y/Y), operating profit $1.395B (+20% Y/Y)
    • Dividend – Quarterly dividend increased 32% to $0.50 per share, payable November 21 to shareholders on record November 7.
    • Segment results – Analog (revenue $2.323B, +6% Y/Y; operating profit $949M, +17% Y/Y), Embedded Processing (revenue $795M, +10% Y/Y; operating profit $220M, +26% Y/Y), Other (revenue $557M, +7% Y/Y; operating profit $226M, +27% Y/Y)
    • Projections – Revenue for Q4 of $3.17B-$3.43B, EPS of $0.76-$0.86. For FY 2016, guide of 30% annual effective tax rate maintained.
    • Texas Instruments' (NYSE:TXN) chairman, president and CEO Rich Templeton highlights strong automotive and industrial market demand, while further noting personal electronics market demand came in unmoved on the year-ago period.
    • Shares presently unchanged, though remain active after hours.
    • Conference call
    • Press release
    | 4:55 PM | 1 Comment
  • 4:54 PM
    • Arris (NASDAQ:ARRS) is 10.1% lower after hours following Q3 results that beat expectations but featured downside guidance for Q4.
    • Revenues grew 42% on an adjusted basis (revenues saw noncash adjustments, tied to customer warrants).
    • Cash from operations came to $297M (vs. a year-ago $208M).
    • Order backlog came to $1.034B, vs. a year-ago $559M and Q2's $1.239B; Book-to-bill ratio was 0.88 (vs. last year's 0.92, and Q2's 0.94).
    • For Q4, the company's guiding to GAAP revenues of $1.665B-$1.715B and adjusted revenues of $1.675B-$1.725B (vs. consensus for $1.712B), and non-GAAP EPS of $0.68-$0.72 (below consensus for $0.77).
    • Conference call to come at 5 p.m. ET.
    • Press Release
    | 4:54 PM
  • 4:43 PM
    • PTC (NASDAQ:PTC): FQ4 EPS of $0.20 misses by $0.10.
    • Revenue of $289.12M (-7.7% Y/Y) misses by $8.79M.
    • Shares +1.2%.
    • Press Release
    | 4:43 PM
  • 4:38 PM
    • Ultra Clean Holdings (NASDAQ:UCTT): Q3 EPS of $0.17 beats by $0.05.
    • Revenue of $146.2M (+19.0% Y/Y) beats by $11.31M.
    • Press Release
    | 4:38 PM | 1 Comment
  • 4:35 PM
    | 4:35 PM
  • 4:31 PM
    • Texas Instruments (NYSE:TXN): Q3 EPS of $0.94 beats by $0.08.
    • Revenue of $3.68B (+7.3% Y/Y) beats by $200M.
    • Shares -3.5%.
    • Press Release
    | 4:31 PM | 3 Comments
  • 4:30 PM
    • Results – revenue $525.35M (+4.8% Y/Y, +6% Q/Q; $5.03M above estimates), EPS $2.11 ($0.17 above estimates), net income $139.9M (vs. $121.7M Q/Q, $130.7 Y/Y)
    • Projections – For Q1 2017, revenue of $510M-$520M, EPS of $1.92-$1.95.
    • F5 Networks (NASDAQ:FFIV) President and CEO John McAdam: "We believe there are several emerging market conditions that are driving an increased appeal of our products with our customers. These include the ability to orchestrate SSL traffic flows, provision our proxy based security solutions to deploy a consistent security stack across on-premise, off-premise and public cloud infrastructures, and customers moving workloads to public and private cloud architectures. We believe these trends, combined with our new product offerings will drive our business forward in fiscal 2017 and beyond."
    • Conference call
    • Press release
    | 4:30 PM
  • 4:21 PM
    • Tyler Technologies (NYSE:TYL): Q3 EPS of $0.94 beats by $0.04.
    • Revenue of $194.49M (+28.9% Y/Y) misses by $3.1M.
    • Shares +0.01%.
    • Press Release
    | 4:21 PM
  • 4:21 PM
    • Groupon (NASDAQ:GRPN) is off 8% after hours after narrow beats in its Q3 earnings that also featured news it's agreed to acquire LivingSocial.
    • The company boosted revenue guidance for 2016 to $3.075B-$3.15B, vs. consensus for $3.103B, and narrowed EBITDA guidance to $150M-$165M (vs. consensus for $154.5M).
    • EBITDA of $32.1M beat an expected $28.4M. Meanwhile, gross billings fell 2% to $1.43B, "impacted by dispositions and country exits in connection with Groupon’s restructuring efforts." On a same-country basis and excluding forex, gross billings were up 1%, and gross billings grew 6% in North America. (In EMEA, down 8%; rest of world, down 23%).
    • Country exits also depressed global units sold, down 5% to 49M. Again, units in North America were up 4%. Again, EMEA units were down 8%; rest of world, down 31%.
    • The company says it plans to close on LivingSocial relatively quickly, by early November, and that the consideration is "not material."
    • Operating cash flow was $78.9M; free cash flow was -$53.7M, reflecting adverse impacts from restructuring, country exits and funding litigation settlement.
    • Conference call to come at 5 p.m. ET.
    • Press Release
    | 4:21 PM | 1 Comment
  • 4:20 PM
    • Quantum (NYSE:QTM): FQ2 EPS of $0.02 beats by $0.03.
    • Revenue of $134.74M (+15.1% Y/Y) beats by $2.19M.
    • Press Release
    | 4:20 PM | 1 Comment
  • 4:20 PM
    • Dolby Laboratories (NYSE:DLB): FQ4 EPS of $0.37 beats by $0.17.
    • Revenue of $233M (+0.1% Y/Y) beats by $6.55M.
    • Shares +0.25%.
    • Press Release
    | 4:20 PM
  • 4:18 PM
    • VMware (NYSE:VMW): Q3 EPS of $1.14 beats by $0.04.
    • Revenue of $1.78B (+6.6% Y/Y) beats by $20M.
    • Shares +2.84%.
    • Press Release
    | 4:18 PM
  • 4:18 PM
    • Infinera (NASDAQ:INFN): Q3 EPS of $0.05 beats by $0.12.
    • Revenue of $185.45M (-20.2% Y/Y) misses by $10.88M.
    • Shares +1.3%.
    • Press Release
    | 4:18 PM
  • 4:17 PM
    • Western Digital (NYSE:WDC): FQ1 EPS of $1.18 beats by $0.13.
    • Revenue of $4.71B (+40.2% Y/Y) beats by $190M.
    • Shares -0.04%.
    • Press Release
    | 4:17 PM
  • 4:15 PM
    • TTM Technologies (NASDAQ:TTMI): Q3 EPS of $0.39 beats by $0.07.
    • Revenue of $641.7M (-1.6% Y/Y) in-line.
    • Shares -0.09%.
    • Press Release
    | 4:15 PM
  • 4:13 PM
    • AXT (NASDAQ:AXTI): Q3 EPS of $0.07 beats by $0.03.
    • Revenue of $21.87M (+19.1% Y/Y) beats by $0.79M.
    • Press Release
    | 4:13 PM | 8 Comments
  • 4:12 PM
    • NCI (NASDAQ:NCIT): Q3 EPS of $0.24 beats by $0.01.
    • Revenue of $79.75M (-3.1% Y/Y) beats by $0.47M.
    • Press Release
    | 4:12 PM
  • 4:11 PM
    • 8X8 (NASDAQ:EGHT): Q3 EPS of $0.06 beats by $0.03.
    • Revenue of $63.2M (+24.1% Y/Y) beats by $2.34M.
    • Shares +0.01%.
    • Press Release
    | 4:11 PM
  • 4:11 PM
    • Mindbody (NASDAQ:MB): Q3 EPS of -$0.09 beats by $0.03.
    • Revenue of $35.3M (+35.4% Y/Y) beats by $0.28M.
    • Press Release
    | 4:11 PM
  • 4:09 PM
    • Smith Micro Software (NASDAQ:SMSI): Q3 EPS of -$0.19 misses by $0.08.
    • Revenue of $6.5M (-32.2% Y/Y) misses by $0.85M.
    • Press Release
    | 4:09 PM
  • 4:08 PM
    • F5 Networks (NASDAQ:FFIV): FQ4 EPS of $2.11 beats by $0.17.
    • Revenue of $525.35M (+4.8% Y/Y) beats by $5.03M.
    • Shares +4.5%.
    • Press Release
    | 4:08 PM | 1 Comment
  • 4:07 PM
    • ARRIS International (NASDAQ:ARRS): Q3 EPS of $0.77 beats by $0.01.
    • Revenue of $1.74B (+42.6% Y/Y) in-line.
    • Press Release
    | 4:07 PM
  • 4:06 PM
    • Plexus (NASDAQ:PLXS): FQ4 EPS of $0.82 beats by $0.02.
    • Revenue of $653M (-2.4% Y/Y) misses by $17.53M.
    • Shares +0.25%.
    • Press Release
    | 4:06 PM
  • 4:04 PM
    • Groupon (NASDAQ:GRPN): Q3 EPS of -$0.01 beats by $0.01.
    • Revenue of $720.47M (+1.0% Y/Y) beats by $10M.
    • Shares -4.5%.
    • Press Release
    | 4:04 PM | 16 Comments
  • 4:03 PM
    • NETGEAR (NASDAQ:NTGR): Q3 EPS of $0.76 beats by $0.05.
    • Revenue of $338.5M (-1.0% Y/Y) beats by $14.68M.
    • Shares -0.64%.
    • Press Release
    | 4:03 PM
  • 4:02 PM
    | 4:02 PM | 51 Comments
  • 4:02 PM
    • ServiceNow (NYSE:NOW): Q3 EPS of $0.24 beats by $0.03.
    • Revenue of $357.7M (+37.0% Y/Y) beats by $5.54M.
    • Shares -1.46%.
    • Press Release
    | 4:02 PM | 3 Comments
  • 3:22 PM
    • Rocket Fuel (NASDAQ:FUEL) recorded $62.6M in revenue, versus issued forecasts of $63M-$66M, attributed to political and EMEA business weakness.
    • Q4 outlook – Revenue $56M-$62M, adjusted EBITDA $1M-$6M
    • CEO Randy Wootton: "While we are disappointed with our top-line performance, we are pleased to see steady growth in our platform solutions business, with revenue increasing 141% year-over-year. Our ongoing focus to drive further operational improvements was evident, as we delivered adjusted EBITDA at the high-end of our guidance range, representing strong improvement both sequentially and year-over-year. Additionally, we had a good quarter from a free cash flow perspective, and made progress towards our stated goal of being free cash flow positive for 2016. We remain committed to our plans to return the company to growth and build a successful platform solutions business."
    • Management shift
    • Earnings slides
    • Press release
    | 3:22 PM
  • 3:20 PM
    • With AT&T beginning a long journey to acquire Time Warner, is T-Mobile (TMUS +0.7%) the next big acquisition target in the media/telecom space? Analysts are talking up the carrier's prospects after it logged another successful quarter.
    • For its part, T-Mobile has been and still is "very interested" in strategic options, COO Mike Sievert says.
    • "The takeout target over the next 12 months has got to be T-Mobile," says New Street Research's Spencer Kurn, noting potential suitors in Comcast (NASDAQ:CMCSA) -- which is exercising a clause with Verizon to launch MVNO service -- as well as Dish Network (NASDAQ:DISH) and America Movil (NYSE:AMX).
    • Dish has a lot of spectrum but no wireless business -- and it's lost a potential buyer in AT&T, which now has its hands full with Time Warner, notes BTIG's Walt Piecyk.
    • Rival Sprint (S -1.8%) could be a takeover target as well, as CEO Marcelo Claure noted "we've had a lot of bankers placing more calls than usual over the weekend" in yesterday's earnings call.
    | 3:20 PM | 94 Comments
  • 3:12 PM
    | 3:12 PM
  • 3:03 PM
    | 3:03 PM
  • 2:35 PM
    • Telefonica Brasil (NYSE:VIV) is up 2.4% in U.S. trading today after its Q3 earnings showed signs of light for recession-plagued Brazil.
    • And exiting CEO Amos Genish -- he's being replaced by Eduardo Navarro, set to take over sooner than a planned Jan. 1 start -- said the worst was in the rear-view mirror. He said yesterday that the company, which does business as Vivo, would be the highlight of global Telefonica's results, due tomorrow.
    • J.P. Morgan is sticking with an Overweight rating and a December 2017 price target of 54 reais (implying about 21% upside), noting "(1) strong positioning among Brazilian telcos, given GVT’s strong fixed line execution and Vivo’s superior mobile growth; (2) returns are poised to increase as the market gets more rational in terms of pricing; (3) good outlook on a consolidated basis, with revenues growing 4.8% pa, EBITDA 6.7% pa, EBT 11.2% pa, and earnings 12.7% pa for the 2016-19E period; (4) potential to improve positioning as competitors are reducing investments; (5) turnaround opportunities in São Paulo wireline using GVT expertise."
    • Shares are up 3.3% in São Paulo.
    | 2:35 PM
  • 2:20 PM
    • General Electric ([[GE] +0.8%) says it is dropping its €672M bid for 3-D printing company SLM Solutions after activist investor Elliott Management amassed enough shares to kill the deal.
    • GE's offer for SLM depended on securing 75% of the German company’s shares, but last week Elliott said it held more than 20% of SLM; Elliott had said previously it believed the GE offer was not in the best interests of SLM shareholders.
    • GE’s bid for SLM was part of a planned $1.4B push into 3-D printing in Europe; GE also bid ~$700M for Sweden’s Arcam, but that deal also is in question because of Elliott's 10.1% holding in the company and a minimum acceptance threshold of at least 90% of shareholders agreeing to the deal.
    | 2:20 PM
  • 2:00 PM
    • Verizon's (VZ -0.4%) $4.83B deal to acquire the core of Yahoo (YHOO -1.3%) still makes sense even in light of Yahoo's massive security breach, says Verizon exec Marni Walden.
    • That doesn't mean Verizon doesn't still need more information about the intrusion, says Walden, the president of Product and New Business Innovation, speaking at a WSJ conference.
    • "The reason we wanted to get this asset is we wanted to increase the audience scale that we had at AOL," she says. "So it very much makes sense, but what we have to be careful about is what we don't know ... we're working closely with that team to try and better understand. And so I've got an obligation to make sure that we protect our shareholders and our investors ... so we're not gonna jump off a cliff blindly."
    • "We're hoping that in the next 60 days or less that we can have an outcome," she adds, "but right now they're conducting the investigation and will be providing us information."
    • Can she think of a scenario that would make Verizon walk away? "Why don't we move on to your next question?"
    • Previously: Reuters: Yahoo mail-scanning government order unlikely to be publicized (Oct. 25 2016)
    • Previously: Verizon call: Lawyers are talking over materiality of Yahoo breach (Oct. 20 2016)
    • Verizon/Yahoo coverage
    | 2:00 PM | 3 Comments
  • 1:44 PM
    • Roku and comScore (SCOR -0.7%) have teamed up to make Roku the first streaming platform to allow for syndicated measurement of video ads.
    • Customers will be able to measure dynamically inserted ads through comScore's validated Campaign Essentials offering.
    • Roku holds almost half of the streaming device market share, comScore estimates, and Roku's OS-integrated ad framework helps enable faster development of measurement for dynamic advertising.
    • Media buyers and sellers will get access to metrics comparable for other platforms (desktop, mobile, linear TV), such as reach/frequency, GRPs, and demographics, the companies said.
    | 1:44 PM
  • 1:38 PM
    • Analyst Mark Delaney cites On Semiconductor's (ON -1.3%) positioning within the image sensors market as a positive, though attributes valuation, competition and sector volatility to the rating.
    • Price target set at $13 target (current price $11.78).
    | 1:38 PM
  • 1:26 PM
    • Microwave radio supplier DragonWave (DRWI +2.8%) is up after again pointing to successes with its Harmony radios, noting today that it's finished 10 successful trials with its Harmony Enhanced MC product.
    • That microwave system operates with smaller antennas than a traditional one, but doubles capacity.
    • Eight customers are showing demand (and order activity), including "a Tier 1 carrier, enterprise end-users and distributors," the company says.
    • Production shipments begin this quarter and will ramp during the next (fourth) fiscal quarter.
    • Shares have gotten steady small boosts with contract wins lately, but got their big move (up 47.1% in a day) last week after being chosen to take part in Sprint's network optimization.
    | 1:26 PM
  • 1:24 PM
    • Oracle's set a final, November 4, deadline for tender expiration involving the deal. Should minimum terms (20.4M affiliated shares, 40.8M unaffiliated shares) not be met, Oracle plans to terminate the arrangement.
    • Analyst Kash Rangan projects if this happens, NetSuite shares would fall dramatically. His current price target is $68, NetSuite's current price is hovering around $100.
    • Deal offered at $109 per share terms.
    • NetSuite (N -0.8%) and Oracle (ORCL -0.1%) are both are trading 7% lower since the plan was fist announced in late July.
    | 1:24 PM | 5 Comments
  • 1:14 PM
    • Pandora Media (NYSE:P) is 5.3% lower today after its Q3 earnings miss yesterday, and a few analysts take the opportunity to downgrade shares.
    • Albert Fried dinged the stock two notches, lowering its rating to Underweight from Overweight. "Given the negative guidance, negative FCF, and convoluted business model we think Pandora is no longer a takeover target," says analyst Rich Tullo.
    • A lull alone would still support a deal, he says, but burning cash while taking risks with the user base (potentially driving customers to iTunes or Spotify) makes it less attractive. He's got an $8 price target, implying 30%-plus downside from today's lowered price.
    • FBR Capital also downgraded, to Market Perform, but with a $12 price target (vs. current $11.54). But Mizuho is sticking with a Buy rating (while lowering its target to $12 from $13) due to some positives from Investor Day: "While we like the long-term opportunity of subscription, proof will be in execution over the next few quarters."
    • Nomura stayed Neutral and reiterated its $14 price target (21% upside from today), as management reiterated its ambitious growth targets and subscription initiatives. The Street will get more optimistic if Pandora can prove its $10/month product against fierce competition from Spotify, Apple, Amazon and YouTube, it said.
    | 1:14 PM
  • 12:49 PM
    • Microsoft's (MSFT -0.1%) New York event began with the reveal of Windows 10 Creators Update, Paint 3D and a focus on mixed-reality (virtual, augmented, holographic).
    • Disclosure of standalone VR headsets, through various partnerships, Surface Book i7 and Surface Studio, however, marked eventual highlights.
    • Surface Book i7 (video) – 30% better battery, doubled graphics performance, Intel i7 processors
    • Surface Studio, Surface Dial (video 1, video 2) – all-in-one PC, hinged design, PixelSense display
    • Standalone, mid-range headsets, something Facebook's Oculus is also working to bring to life, are in the works through partnerships with HP, Dell, Lenovo, Asus, and Acer. The devices, cited at a $299 price point, would be distinct from HoloLens.
    • As Microsoft continues the trend of melding software and hardware innovation with an emphasis on ecosystem, eyes will now shift to Apple's "hello again" event going down tomorrow.
    • 90 second recap
    | 12:49 PM | 16 Comments
  • 12:28 PM
    | 12:28 PM
  • 12:16 PM
    • Usually in a steady state, Comcast (NASDAQ:CMCSA) shares are down 2.6% after today's Q3 earnings beat paced by an Olympic boost to revenues as well as customer gains.
    • Overall revenues beat after growing 14%, and net income attributable to Comcast grew 12%. Cable Communications revenues rose 6.9% (and operating cash flow up 5.5%), while NBCUniversal revenues rose 28.3% and operating cash flow 31.5%.
    • Cable revenue breakout: Video, $5.59B (up 4.5%); High-speed Internet, $3.41B (up 8.8%); Voice, $878M (down 2.4%); Business services, $1.4B (up 15.5%); Advertising, $634M (up 7.7%); Other, $650M (up 13%).
    • The company reversed video subscriber losses from the year-ago quarter, adding 32,000 video subs to hit 22.258M. High-speed Internet customer adds rose 3.1%, to 330,000 (22.87M total). Net adds in single-product customers were 72,000; double product customers, 141,000; triple play, 4,000. Overall customer relationships rose 216,000 to 27.4M.
    • NBCUniversal revenue breakout: Cable Networks, $2.94B (up 22%; excluding the Olympics, up 4.1% to $2.51B); Broadcast TV, $3.09B (up 56.6%; excluding Olympics and Super Bowl, down 3.6% to $1.899B); Filmed Entertainment, $1.79B (down 7.9%); Theme Parks, $1.44B (up 60.6%).
    • Net cash from operations was $4.1B and free cash flow came to $1.4B for the quarter.
    • Press Release
    | 12:16 PM | 7 Comments
  • 12:15 PM
    | 12:15 PM
  • 12:00 PM
    • Despite unrealized hope for a blow-out Q4, Apple CEO Tim Cook spotlights this week's upcoming "hello again" event, Q4 revenue ($46.9B) and gross margin (38%) that came in at the high-end of company guidance, improvement in Y/Y iPhone unit (45.5M) growth, 24% Services revenue ($6.3B) growth and expectations for the segment to represent the size of a Fortune 100 entity by FY 2017, Music revenue higher by 22%, continued Apple Pay expansion and 500% Y/Y Apple Pay transactions growth (more transactions in September than entire FY 2015 noted).
    • On iPhone, Cook notes demand is outweighing supply, though the company is "working very hard to get them into customers' hands as quickly as possible." CFO Luca Maestri points out demand for the 7 Plus is particularly outpaced. Further, ASPs for the device in the quarter increased from $595 in the June quarter to $619.
    • Regarding cars: "I can't speak about rumors, but as you know, we look for ways that we can improve the experience and the customers' experience on different sets of products. And we are always looking at new things, and the car space in general is an area that it's clear that there is a lot of technologies that will either become available or will be able to revolutionize the car experience. And so it's interesting from that point of view, but nothing to, certainly nothing to announce today." [Tim Cook]
    • On increasing R&D: "...we're very much, we're confidently investing in the future." [Tim Cook]
    • Cook's further bullish on China, a region where revenues declined in Q4 (-30% Y/Y, -1% Y/Y), citing the potential for opportunity resulting from a growing middle class and increasing LTE adoption rate. Pressed on potential for large-scale acquisitions, notes "we're definitely open and we definitely look."
    • "Intense interest" in television cited.
    • Though reaction to the quarter has pressured shares lower by 2.8% to an overall-unmoved level on the year, Apple's (NASDAQ:AAPLhigher by more than 18% over the last three months.
    • Full earnings call transcript
    | 12:00 PM | 14 Comments
  • 11:44 AM
    • Teva Pharmaceutical Industries (TEVA +0.1%) expands its existing e-Health alliance with IBM leveraging the IBM Watson Health Cloud. The new partnership features a three-year research collaboration to develop cognitive computing technologies that will enable a systematic approach to drug repurposing, an emerging field focused on finding new uses for existing medicines.
    • The first targets will be focused on respiratory and central nervous system diseases under the companies' chronic disease management initiative, the first project to integrate data from IBM's The Weather Company into the analyses.
    • Teva says that 30% of relatively recent FDA approvals have been for new uses of previously approved drugs and vaccines. A repurposing approach to drug discovery and development would streamline the process since existing medicines have been extensively tested and have well-known safety and efficacy profiles.
    • Financial terms are not disclosed.
    | 11:44 AM
  • 11:24 AM
    • Most solar companies likely will miss expectations in Q3, “extending the challenging setup for stocks that has persisted recently,” Goldman Sachs’ Brian Lee says, but adds that the upcoming U.S. election could offset company specific issues and act as a bigger catalyst.
    • Lee considers Sunrun (RUN -2.8%) a top Q3 idea, maintaining a Buy and $10 price target, and thinks RUN could deliver an earnings beat since the company appears “best positioned to capitalize on the current cycle that has sent input prices sharply lower."
    • Lee maintains a Sell rating and $13 price target on Solaredge Technologies (SEDG -0.8%), believing that while EPS could beat expectations, there is more risk to the guidance, with checks suggesting “growth is not accelerating into year-end and mix could be weaker (slower HDWave uptake).”
    • The firm maintains Neutral ratings for First Solar (FSLR +1.5%), SolarCity (SCTY +0.6%), SunPower (SPWR -0.4%) and Vivint Solar (VSLR -1.5%).
    • ETF: TAN
    | 11:24 AM | 15 Comments
  • 10:19 AM
    • Sunrun (RUN -2.6%) announces a partnership to launch LG Chem's (OTC:LGCLF) energy storage technology in the U.S. residential solar market; financial terms are not disclosed.
    • RUN says it will offer LG Chem's best-in-class lithium-ion RESU batteries through Sunrun BrightBox solar generation plus energy storage systems.
    • The move will put LG in direct competition with Tesla (TSLA -0.9%), which unveiled its own Powerwalls home battery packs last year; RUN has been using TSLA batteries in its home storage systems in Hawaii, and the latest deal will add LG to its list of suppliers.
    • "Tesla makes all the headlines, but LG manufactures most of the lithium ion batteries," says RUN CEO Ed Fenster, adding that LG's entry into the market will help bring down battery prices and help them make economic sense for more households.
    | 10:19 AM | 52 Comments
  • 10:12 AM
    • Garmin (NASDAQ:GRMN) is riding high, up 3.9% after beating on top and bottom lines in its Q3 results and raising guidance.
    • Overall revenue grew 6% as strong results in fitness, outdoor, marine and aviation revenues (collectively 70% of total revenues) more than made up for a drop-off in auto.
    • Auto products faced "ongoing PND market contraction and headwinds caused by additional revenue deferrals associated with certain auto OEM products," though gross margin improved to 44%.
    • Meanwhile, wearables pushed heavy gains in fitness and outdoor, which both saw improvements in gross margins and operating margins.
    • Net sales by segment: Fitness, $189.2M (up 32%); Outdoor, $141M (up 28%); Marine, $70M (up 12%); Aviation, $107.4M (up 14%); Auto, $214.6M (down 21%).
    • Garmin raised full-year guidance on revenues to $2.95B (above consensus for $2.91B), with a stronger outlook in all segments but auto, and full-year pro forma EPS of $2.65 (above an expected $2.52) based on a gross margin of 55%.
    • Free cash flow was $199M; the company ended the quarter with cash and marketable securities of $2.4B.
    • Conference call to come at 10:30 a.m. ET.
    • Press Release
    | 10:12 AM
  • 9:48 AM
    • Logitech (NASDAQ:LOGI) registered 14% retail sales growth, marking the highest-ever level for the company. Operating income posted at $65M (vs. $47M Y/Y), EPS at $0.35 (vs. $0.25 Y/Y, $0.10 above estimates) and cash flow from operations at $74M (vs. $11M Y/Y).
    • Projections – For FY 2017, 8%-10% retail sales increase (constant currency) and $195M-$205M in operating income.
    • President and CEO Bracken Darrell: "Once more this quarter shows our strategy clearly: new product launches that again demonstrate the power of our innovation engine, ongoing operational excellence, and profitable growth across all our regions and in almost all our market opportunities. As we enter the second half of the year and our biggest quarter, we’ve got momentum, a winning product portfolio and a terrific team."
    • Financial results
    • Press release
    | 9:48 AM
  • 9:43 AM
    • GrubHub (NYSE:GRUB) turned lower in later premarket trading and has opened down 4.3% following record Q3 earnings where it beat on top and bottom lines with revenues that jumped 44%.
    • Net income gained 92% to $13.2M on a GAAP basis and 73% on a non-GAAP basis (to $19.9M).
    • Active diners rose 19% to 7.69M.
    • "Daily Average Grubs" rose 26% to 267,500, and gross food sales were up 33% to $735M.
    • It's guiding to Q4 revenues of $136M-$138M (vs. expectations for $136.2M) and EBITDA of $38M-$40M, in line with expectations.
    • Conference call coming at 10 a.m. ET.
    • Press Release
    | 9:43 AM
  • 9:25 AM
    • Vonage Holdings (NYSE:VG) is enjoying a premarket boost of 5.9% after a Q3 earnings report where revenues grew 11%, profits tripled on a GAAP basis, and the company beat expectations thanks to continuing strong business sales.
    • Adjusted net income rose to $19M from a year-ago $11M, and adjusted OIBDA rose to $41M.
    • Revenue by segment: Consumer, $142M (-14.6%); Business, $106.3M (up 24%).
    • Ending seats at Vonage Business were 616,000, up from a year-ago 514,000; Business revenue churn was 1.4% vs. a prior 1.3%. Consumer customer churn improved slightly to 2.2% from a year-ago 2.3%.
    • With better visibility, it's boosting full-year guidance on its business revenues to $374M-$377M from a previous $365M-$370M, and raising guidance on adjusted OIBDA to $158M-$160M from "at least $150M." It still expects GAAP revenue of $950M-$960M, in line with expectations.
    • Press Release
    | 9:25 AM | 3 Comments
  • 9:18 AM
    • Microsoft (NASDAQ:MSFT) is holding an event this morning, setting Windows 10 as the focal point.
    • This, however, hasn't held back speculation on what else the company may be planning to disclose.
    • Not expected – news involving Microsoft Band, Microsoft-branded phones, Surface Pro 5, Surface Book 2, Project Scorpio
    • Expected – software news, all-in-one Surface PC, Windows Holographic developments
    • Speculated – an Amazon Echo, Google Home-type product, potential existing Surface device refreshes, gaming announcements
    • Microsoft's event goes live from New York at 10AM ET, stream it here.
    | 9:18 AM | 8 Comments
  • 9:02 AM
    • LG Display (NYSE:LPL): Q3 net income of KRW190B.
    • Revenue of KRW6.72T (-6.1% Y/Y)
    • Press Release
    | 9:02 AM
  • 9:01 AM
    • GrubHub (NYSE:GRUB): Q3 EPS of $0.23 beats by $0.04.
    • Revenue of $123.46M (+44.1% Y/Y) beats by $5M.
    • Shares +3% PM.
    • Press Release
    | 9:01 AM
  • 8:35 AM
    • AVX (NYSE:AVX): FQ2 EPS of $0.15 may not be comparable to consensus of $0.17.
    • Revenue of $327.46M (+7.6% Y/Y) beats by $11.06M.
    • Press Release
    | 8:35 AM
  • 8:06 AM
  • 8:02 AM
    • Vonage Holdings (NYSE:VG): Q3 EPS of $0.09 beats by $0.04.
    • Revenue of $248M (+11.0% Y/Y) beats by $1.08M.
    • Press Release
    | 8:02 AM
  • 7:56 AM
    • Telenor ASA (OTCPK:TELNF): Q3 revenue of NOK32.79B (+3.0% Y/Y)
    • EBITDA before other items increased 5% to an all-time high NOK12.5B.
    • Press Release
    | 7:56 AM
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