Seeking Alpha
  • Today - Tuesday, November 25, 2014

  • 7:05 PM
    • Perfect World (NASDAQ:PWRD) expects Q4 revenue of RMB1.023B-RMB1.072B ($166.6M-$174.6M), in-line with a $171.9M consensus.
    • Thanks to the strong performance of mobile games such as CrossGate Mobile and Forsaken World, online game revenue rose 23% Y/Y to $149.8M. However, average concurrent users for PC games fell to 623K from 778K. Licensing revenue fell 1% to $6.3M.
    • Gross margin fell to 69% from 73.1% in Q2 and 77.8% a year ago. Opex rose 33% Y/Y (exceeding revenue growth of 17%) to $113.3M.
    • Q3 results, PR
    | Comment!
  • 6:54 PM
    • TIVO's FQ3 service & technology revenue totaled $88.1M, +8% Y/Y and slightly above an $87.9M consensus. However, S&T revenue is expected to be in a range of $87M-$90M in FQ4, below a $90.5M consensus.
    • 328K subscribers were added, up from 263K in FQ2. MSO subs grew by 337K to 4.2M, and TiVo-owned subs fell by 9K to 928K.
    • MSO service revenue +37% Y/Y to $10.6M; TiVo-owned service revenue -7% to $21.8M; all other services +86% to $4.3M, boosted by a 21% Q/Q increase in Digitalsmiths revenue.
    • Tech (licensing) revenue +7% to $51.4M; hardware revenue -15% to $30.4M.
    • GAAP opex -5% to $53.1M. $128M was spent on buybacks.
    • FQ3 results, PR
    | Comment!
  • 6:32 PM
    • State-owned Xinhua reports Microsoft's (NASDAQ:MSFT) Chinese subsidiary has agreed to pay RMB840M ($137M) in back taxes and interest, as well as over RMB100M/year in taxes going forward.
    • Though Xinhua doesn't specifically name Microsoft, the software giant is the only company fitting the paper's description - a U.S. multinational whose name starts with "M," is one of the world's 500 biggest companies, and which established a Beijing subsidiary in 1995.
    • Microsoft is still dealing with a Chinese antitrust probe amid intense post-NSA scrutiny of U.S. tech giants in general. The company has long complained about the huge impact of piracy on its Chinese sales.
    | 1 Comment
  • 6:16 PM
    • Steve Ortiz, Texas Roadhouse's (NASDAQ:TXRH) COO since 2004, will retire on Jan. 12. TXRH is "working on an agreement with Ortiz to become a franchisee in the San Diego area."
    • The steakhouse chain also announces Market Partner Doug Thompson has been promoted to the role of VP of operations.
    | Comment!
  • 6:07 PM
    • Though it beat Q3 estimates, Ctrip (NASDAQ:CTRP) is guiding for 30% Y/Y Q4 revenue growth. Consensus is for 32.5% growth.
    • Q3 accommodation revenue +56% Y/Y to $155M; transportation ticketing +32% to $130M; packaged tours +12% to $58M; corporate travel +45% to $17M.
    • However, aggressive spending led op. margin to fall to 11% from 27% a year ago, and EPS to $0.36 from $0.51. R&D spend +83% Y/Y to $100M; sales/marketing +69% to $97M; G&A +40% to $39M.
    • Gross margin was 72%, flat Q/Q but down from 75% a year ago. Mobile app downloads rose 75% Q/Q to 350M.
    • Price pressure: While accommodation and ticketing revenue respectively rose 56% and 32% Y/Y, volume growth was 69% and 98%.
    • Q3 results, PR
    | Comment!
  • 6:00 PM
    • S&P +0.01%.
    • 10-yr +0.01%.
    • Euro flat vs. dollar.
    • Crude +0.01% to $73.86.
    • Gold +0.04% to $1,201.00.
    | Comment!
  • 5:53 PM
    • CNBC reports Twitter (NYSE:TWTR) has held talks with Shots, a Justin Bieber-backed developer of iOS/Android apps for taking and sharing selfies.
    • Shots reportedly has 3M+ users, nearly 2/3 of whom are women under 24. Twitter, meanwhile, has built a huge base for its Vine 6-second video service, and recently said it's open to launching standalone apps for Vine and other services.
    • The report comes a day after CFO Anthony Noto accidentally tweeted out an apparent direct message about M&A talks. Noto: "I still think we should buy them. He is on your schedule for Dec 15 or 16 -- we will need to sell him. i have a plan."
    • Re/code also reports Twitter has talked with Shots.
  • 5:42 PM
    • Top gainers, as of 5:15 p.m.: PHMD +13.2%. VEEV +8.9%. BLOX +7.6%. CPE +3.8%. ANGI +2.7%.
    • Top losers, as of 5:15 p.m.: VNET -14.5%. IQNT -4.6%. SNC -4.4%. UCI -3.3%. AVAV -3.2%.
    | Comment!
  • 5:41 PM
    • In a new 13D, Carl Icahn discloses he now owns 49.3M Hertz (NYSE:HTZ) shares, up from a prior 38.8M and good for a 10.8% stake.
    • Icahn landed three Hertz board seats in September, and has backed its hiring of John Tague as CEO.
    • HTZ +2.3% AH
    | 1 Comment
  • 5:37 PM
    • AeroVironment (NASDAQ:AVAV) still expects FY15 (ends April '15) revenue of $250M-$270M (in-line with a $258.6M consensus) and gross margin of 34.5%-37.5%.
    • Funded backlog totaled $125.2M at the end of FQ2, up from $82M at the end of FQ1 but down from $133.8M a year earlier.
    • UAV division revenue fell 23% Y/Y to $43M; EV charging division revenue rose 9% to $9.6M.
    • Gross margin fell to 34% from 37%. GAAP SG&A spend rose 3% Y/Y to $13.5M; R&D spend rose 24% to $8.5M.
    • FQ2 results, PR
    | Comment!
  • 5:35 PM
  • 5:34 PM
    • Herbalife (NYSE:HLF) calls it a vote of confidence, but others are skeptical, given the CEO parted with exactly $0 on the deal.
    • Michael Johnson was granted 750K in stock options 10 years ago which are set to expire next month. "Because of his complete confidence in the continued and future success of the company," he's holding onto all the shares except for those he needs to sell to cover the exercise price and taxes. The net effect: Johnson is boosting his stake in the company by about 292K shares for no additional cash investment.
    • Source: Press release
    • The stock's higher by 0.6% after-hours.
  • 5:30 PM
  • 5:18 PM
    • Analog Devices (NASDAQ:ADI) expects FQ1 revenue of $745M-$775M and EPS of $0.58-$0.64 vs. a consensus of $766.4M and $0.62.
    • FQ4 gross margin was 66.4%, -10 bps Q/Q and +80 bps Y/Y, and slightly above guidance of 66.2%. GM is expected to fall to 65% in FQ1.
    • Opex fell to 33.1% of revenue from 33.8% a year ago. $187.4M was spent on buybacks.
    • Thanks to the Hittite acquisition, telecom chip revenue rose 56% Y/Y to $218.2M, and made up 27% of total revenue. Industrial chip sales, which received a smaller boost from Hittite, rose 19% and were 45% of revenue. Auto (17% of revenue) +2%; consumer (11% of revenue) -3%.
    • FQ4 results, PR
    | Comment!
  • 5:18 PM
    • McCormick & Company (NYSE:MKC) declares $0.40/share quarterly dividend, 8.1% increase from prior dividend of $0.37.
    • Forward yield 2.20%
    • Payable Jan 14; for shareholders of record Dec. 31; ex-div Dec. 29.
    | Comment!
  • 5:16 PM
    • Capital City Bank (NASDAQ:CCBG) declares $0.03/share quarterly dividend, 50.0% increase from prior dividend of $0.02.
    • Forward yield 0.81%
    • Payable Dec. 22; for shareholders of record Dec. 8; ex-div Dec. 4.
    | Comment!
  • 5:14 PM
    • (NASDAQ:CTRP): Q3 EPS of $0.36 beats by $0.04.
    • Revenue of $347M (+37.8% Y/Y) beats by $11.3M.
    • Press Release
    | 1 Comment
  • 5:11 PM
    • Xunlei Limited (NASDAQ:XNET): Q4 EPS of $0.0345
    • Revenue of $49.2M (+1.4% Y/Y).
    • Press Release
    | Comment!
  • 5:04 PM
    • Perfect World (NASDAQ:PWRD): Q3 EPS of $0.41 beats by $0.01.
    • Revenue of $158.7M (+16.6% Y/Y) misses by $2.19M.
    • Press Release
    | Comment!
  • 5:03 PM
    • Raising his earnings estimates for "the biggest beneficiaries," BlackRock (NYSE:BLK) and Legg Mason (NYSE:LM), Wells Fargo's Chris Harris, notes few assets followed Bill Gross to Janus (NYSE:JNS), but instead went to large fixed-income shops with strategies consistent with Gross' style.
    • Harris says the 20%+ redemption rate for Gross' previously-managed funds is well below the 40-60% rate seen in cases of other high-profile PM departures, leading him to believe institutional withdrawals - slower to react - are likely to pick up. Competitors like BLK and LM are likely to see an incremental $80B of inflows over the next 8-10 months.
    • Don't just focus on the Total Return Fund (MUTF:PTTAX), says Harris (it's lost $30B), noting $5B of redemptions at Pimco Low Duration (MUTF:PTLAX) and nearly $8B at Pimco Unconstrained Bond (MUTF:PUCPX).
    | Comment!
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